Connect with us

Blockchain

Companies are now playing the FTX Crypto Victim Card

Avatar

Published

on

join us cable A channel to stay up to date on breaking news coverage

In its brief history, it was Cryptocurrency The industry has had many booms and busts, but nothing quite like it. US securities regulator accused Sam Bankman-Fried, who is currently being held in the Bahamasto plot a multi-year plan to steal billions of dollars from clients of the offshore underground exchange FTX and turn them into a now bankrupt business empire.

It is understood that nearly 1 million creditors FTX outraged, and that investors are reluctant to withdraw funds from other cryptocurrency exchanges such as binance. Despite Bankman-Best Fried’s best efforts to portray himself as a naive 30-year-old who fell off his skates, new information about the complex insider strategies Alameda Trading uses to shore up its profits emerges every day.

Less comprehensible is the victim narrative coming from cryptocurrency-friendly companies dealing with FTX, an ostensibly reliable counterparty.

Advertisement

That includes companies that themselves failed months ago, such as cryptocurrency hedge fund Three Arrows Capital, whose co-founder recently alleged FTX plotted to bring him down, and cryptocurrency lender Voyager Digital, which expressed shock, indignation and dismay at FTX’s demise. (In September, Voyager agreed to buy its FTX out of bankruptcy.)

Three members of the US Senate are currently searching Silvergate Capital Corp., which provided banking services to FTX and Alameda. They want details about the money transfer between the two organisations. Silvergate claims she was a “victim” and is willing to cooperate fully.

Ironically, some of these claims are causal, with companies like Three Arrows Capital and Voyager explicitly stating when they initially failed that The collapse of the tera stablecoin It caused a general loss of confidence in cryptocurrencies. Large portions of the cryptocurrency market were collapsing before FTX’s ultimately meaningless promises of a bailout.

Greed and fear are the real causes

The biggest issue is that these institutions are highly developed financial institutions, and their responsibility is to manage counterparty risk. Even without knowing the horrific details of Fred’s deception by Bankman, it was clear that FTX was an offshore exchange in the Bahamas whose revenues came primarily from illegal trading instruments in the United States. This was true in a sector where exchanges often take on contradictory roles, such as broker and lender, issuing tokens with little regulation.

There was too much greed and not enough fear. According to Kyle Davis, co-founder of Three Arrows Capital, his fund initially had doubts about FTX but eventually decided to use it in part because of the tacit endorsement it received from venture capitalists like Sequoia. However, it is likely that these large cryptocurrency exchanges have become intractable due to their sheer scale and success in bringing in huge sums of money from customers with high-risk products. In addition, FTX helped Silvergate increase its customers’ cryptocurrency deposits from $1.2 billion to $14 billion in just over a year.

Advertisement

Well, that’s life

Was it really a “black swan” event that FTX turned into a “fraudulent bucket shop” trading against its customers, as Davies recently told hedge financier Hugh Hendry on a podcast, in an era when so-called “hedge” funds were pouring money into web3 and DeFi games rather than actual hedges? Perhaps not for an industry smaller than the iPhone and where a young billionaire could describe his company in terms more like a Ponzi scheme. “Well, that’s life,” Hendry said in a stalemate.

If the victim’s card needs to be questioned, it’s not because it will protect Bankman-Fried from all allegations of fraud, but because it is selfish to those who play it from a legal point of view. The co-founders of 3AC are clearly interested in the opportunity for redemption while the company goes through its liquidation process. The legal team representing the liquidators recently pointed out that Davis and a fellow co-founder only began blaming FTX after the stock market crash and warned that they had not helped settle creditors’ claims.

Without greater humility, transparency and stronger Anti-fraud With the mindset of both regulators and participants, the chances of cryptocurrency markets moving beyond speculative booms and busts would be slim to none. So all organizations in the sector that are currently marketing FTX as an unpredictable one-off in a healthy market must face the consequences of their actions. We still have a ways to go.

Related

FightOut (FGHT) – Move to earn in the Metaverse

Advertisement

  • The early stage pre-sale is now live
  • Earn free crypto and learn about your fitness goals
  • KYC verified by CoinSniper
  • LBank Labs project
  • Partnership with Transac Block Media
  • Staking bonuses and rewards

symbolic fight


join us cable A channel to stay up to date on breaking news coverage

Source link

Advertisement

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Blockchain

BNT/USD is trading near the $0.50 resistance

Avatar

Published

on

By

join us cable A channel to stay up to date on breaking news coverage

The Bancor price prediction shows that BNT is crossing the 9-day and 21-day moving averages while the coin is taking off to the upside.

Bancor Prediction Statistics Data:

  • Bancor price now – $0.34
  • Bancor’s market capitalization is $55.8 million
  • The circulating supply of Bancor – 162.5 million
  • The total supply of Bancor – 162.5 million
  • Bancor Coinmarketcap Ranking – #287

BNT/USD market

Key levels:

Resistance levels: $300, $310, $320

Support levels: $130, $120, $110

Advertisement
BNTUSD – daily chart

BNT / USD It is currently trading at $0.345 after touching a daily high of $0.490, and is likely to return above the 9-day and 21-day moving averages. However, in case the buyers can push the price above the $0.50 resistance level, then the daily candlestick may close above this level, and the price may rise towards the upper boundary of the channel.

Bancor Price Prediction: Bancor is preparing for an upward movement

According to the daily chart, the Bancor price It is moving near the $0.40 resistance level as the coin is preparing for additional gains. The technical indicator’s RSI (14) is also moving to cross above the 50 level, where the signal line is pointing up to signal a buy signal.

However, if buyers are able to push the price and hold it above the 9-day and 21-day moving averages, Bancor price could rise towards the upper boundary of the channel to reach the potential resistance levels at $0.50, $0.55, and $0.60. While crossing below the lower border of the channel, it could lift the currency to the support levels at $0.25, $0.20, and $0.15, respectively.

Against Bitcoin, Bancor is following a bullish rally, and it could swing higher to cross above the upper boundary of the channel that could identify the resistance at 2400 SAT and above. On the other hand, if the market price crosses the lower boundary of the channel, it may reach the support level of 1800 SAT and below.

BNTBTC – Daily Chart

However, the technical indicator’s RSI (14) is currently moving to cross above the 50 level as the signal line is pointing north to confirm the upward move. Moreover, any further upward movement may create additional gains above the channel.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

Related

Dash 2 Tadawul – High Potential Pre-Selling

Advertisement

Dash 2 Trading
  • Active pre-sale is live now – dash2trade.com
  • Featured in Cointelegraph – $10 Million Raised
  • Know Your Customer verified and reviewed
  • The original code for the crypto signals ecosystem

Dash 2 Trading


join us cable A channel to stay up to date on breaking news coverage

Advertisement

Source link

Continue Reading

Blockchain

DYDX/USD could rise above $1.20

Avatar

Published

on

By

join us cable A channel to stay up to date on breaking news coverage

Since the coin starts the upward movement towards the upside, the dYdX price forecast is likely to move steadily inside the channel.

dYdX prediction stats data:

  • DYDX price now – $1.10
  • DYDX market capitalization – $72.7 million
  • Circulating supply of DYDX – 65.5 million
  • Total supply of DYDX – 1 billion
  • DYDX Coinmarketcap Rank – #198

DYDX/USD Market

Key levels:

Resistance levels: $2.00, $2.20, $2.40

Support levels: $0.50, $0.30, $0.10

Advertisement
DYDXUSD – daily chart

DYDX/USD is likely to cross above the 9-day and 21-day moving averages as the currency begins its upward movement. in the past few days, dYdX price Struggles to cross over to the positive side. According to the daily chart, the RSI (14) technical indicator moved to cross above the 40 level, confirming the bullish movement of the currency.

dYdX Price Prediction: DYDX is ready for an uptrend

the dYdX price It is currently moving north. If the currency continues its upward movement, the bulls may cross above the 9-day and 21-day moving averages, which could reach the resistance levels at $2.00, $2.20, and $2.40. At the time of writing, DYDX/USD is showing a slight bullish movement on the daily chart.

Conversely, if the coin slips below the lower boundary of the channel, it may bring the coin back to the $0.50, $0.30, and $0.10 support levels, respectively. Meanwhile, long-term buyers should not be alarmed by the small impact down the road, as the future of DYDX is assured as evidenced by the technical indicator’s RSI (14).

Against Bitcoin, dYdX price is hovering below its 9-day and 21-day moving averages as the coin is poised for an upward move. The technical indicator’s RSI (14) also confirms the upward movement as the signal line encounters the 40 level. On the contrary, a potential downside move could emerge if the market price crosses below the lower boundary of the channel, which could reach the support level 200 SAT and below.

DYDXBTC – Daily Chart

Meanwhile, any further bullish move above the moving averages could push the coin to the 1200 SAT resistance level and above, and this could take the coin to a new high, and the market could remain in the bullish zone.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

Related

Dash 2 Tadawul – High Potential Pre-Selling

Advertisement

Dash 2 Trading
  • Active pre-sale is live now – dash2trade.com
  • Featured in Cointelegraph – $10 Million Raised
  • Know Your Customer verified and reviewed
  • The original code for the crypto signals ecosystem

Dash 2 Trading


join us cable A channel to stay up to date on breaking news coverage

Advertisement

Source link

Continue Reading

Blockchain

SBF to Enter Plea Deal, Mango Exploiter Arrested, Celsius News: Hodler’s Digest, Dec. 25-31

Avatar

Published

on

By

Source link

Advertisement
Continue Reading
Advertisement

Trending