Tag: crypto news

Want To Get Into XRP? Crypto Analyst Reveals The Ideal Price
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As the market continues to rally, many begin to feel that they have missed the chance to get in early on their favorite altcoins, including XRP. However, a prominent crypto analyst has provided hope to those still looking to get in on the token as he talks of the possibility of a correction and the ideal price to accumulate the crypto token.

The Right Time To Be A “Buyer”

In a post shared on his X (formerly Twitter) platform, the CEO and founder of MN Trading, Michaël van de Poppe, acknowledged how the price of XRP has been rallying in recent times. He further went on to hint at the fact that XRP has always corrected whenever it experienced such rallies. The one that he pinpointed was when the token corrected from $0.93 to $0.45 before its resurgence.

As such, his belief seems to be that the XRP will dip once again. This time, he stated that an ideal time to be a buyer will be if XRP is able to correct to around $0.54.

However, many in the XRP community will be hoping that XRP continues to rally from henceforth, especially considering that it just recently hit the $0.7 price mark. The technical and fundamental analysis surrounding the XRP ecosystem seems to be bullish, with many predicting more upward trend from the $0.7 mark.

In a recent X post, renowned crypto analyst Egrag, who had predicted that a god candle was coming for XRP, mentioned that that XRP just witnessed an “exciting development.” This is because the 21 Exponential Moving Average (EMA) has crossed over the 55 MA. According to him, this “bullish crossover” historically signifies the beginning of “significant price explosions.”
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To consolidate this development, he stated how XRP closing above the $51.3 billion Fib 0.702 level was critical as it could be the “watershed moment for our victory.”

XRP Fundamentals Are Also Bullish

The Ripple Swell Conference 2023 is currently ongoing, and the event has lived up to the hype following Ripple’s latest announcements. Apart from the rebranding of its payment service as Ripple Payments, the crypto company also announced how its partner Onafriq will begin utilizing its payment service. This move would see Ripple open up the cross-border payments structure across three continents: Africa, Europe, and Australia.

The crypto company is also expected to make more announcements before the conference comes to a close on November 9. Ripple isn’t resting on its laurels, as the company feels more confident than ever to keep expanding. By extension, this will increase the utility of the XRP token, which is an important piece in its Ripple Payments service.
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Token price readies to retest $0.7 | Source: XRPUSD on Tradingview.com
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Featured image from Decrypt, chart from Tradingview.com
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Scott Matherson

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November 9, 2023
Crypto Analyst Says XRP Price Has Entered Markup Phase, Why This Is Important
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The XRP price is still in an incredibly bullish position despite the recent pullback and the general sentiment in the community matches this bullishness. One crypto analyst explains the current trend as the altcoin having entered what is referred to as a “markup phase.”

XRP Price Leaves Accumulation To Markup Phase

Crypto analyst and trade The Signalyst took to TradingView to share an interesting phase that the XRP price had entered. Using a chart, the crypto analyst outlined where the altcoin’s price had been in the past, where it is now, and where it is headed using distinct terms.

The first phase outlined in the chart is the markdown phase which took place after the price surge following Ripple’s first victory over the United States Securities and Exchange Commission (SEC) in July. This markdown phase saw the price go from as high as $0.9 to as low as $0.45 when all was said and done.

What came after the markdown phase was complete was the accumulation phase. Here, the XRP price traded in a pretty tight range, offering an opportunity for investors to buy as many coins as possible. During this phase, the price never crossed above $0.55.
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Source: TradingView.com
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Next came the markup phase which is where the XRP price is currently residing. This markup phase is when the price starts to recover. “After breaking above the 0.55 level mentioned in my previous idea, XRP exited the accumulation phase and entered the markup phase,” the analyst said.

This markup phase is important in the fact that it possesses the strength for the XRP price to continue to grow. However, like with any rally, it faces a good measure of resistance from bears who continue to try to pull the price down.
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XRP recovers above $0.68 | Source: XRPUSD on Tradingview.com
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The most important level for bulls to break in this markup phase, according to the analyst, is $0.7345, from which the price has already been rejected once on Monday. The Signalyst believes that if this level is broken, then bulls can maintain control of the price. The chart suggests a rise as high as $0.8 following a break of this resistance; an event that would cement XRP’s bull rally.

“Meanwhile, XRP could still face rejection at the resistance, which can be confirmed on lower timeframes,” the analyst warned. “In this scenario, a correction towards the 0.55 support level would be anticipated.”

Despite the drawdown, the XRP price is still showing bullishness and a high level of interest from investors. Its daily trading volume is up 32% in the last day, breaking above $3.3 billion. Its price is currently sitting at $0.69, up 1.63% and 21% on the daily and weekly charts, respectively.
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Best Owie

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November 7, 2023
WAVES Return To Glory: Crypto Analyst Charts 2400% Growth Trajectory To $49 | Bitcoinist.com
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Waves (WAVES) was one of the blockchains launched back in 2016 around the time when blockchains like Ethereum and Cardano were just coming into the market. At the time, WAVES was promising but it has been unable to keep up with the times and has fallen out of favor with investors. That is, until now, when one crypto analyst sees an explosive recovery that could send it back toward its 2022 all-time highs.

WAVES Gearing Up For 2400% Explosion

Crypto analyst and trader AlanSantana presented an incredibly bullish scenario for WAVES in an analysis that carried four total price targets for the digital asset. Santana explains that the WAVES price has been trading very close to its January 2023 lows, which means that it has not really followed the recent market recovery as much as the other altcoins.

There had been times when the altcoin’s price had seen recovery. But it was to a much smaller extent compared to where the market currently is. Instead, WAVES has continued to consolidate for the better part of a year, which makes it primed for a breakout.

Due to this sustained consolidation, the crypto analyst believes that WAVES’s next move up “can be really strong.” This is also backed by other factors such as the increase in trading volume, as well as a strong RSI for the token. Mainly, the RSI backing this move is that it has remained strong at 75 even while prices were down as the analyst explains.
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Price recovers above $2 | Source: WAVESUSDT on Tradingview.com
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Mapping Out The Price Targets

In the chart shared on TradingView, Santana outlines where they are looking for the price to land. The main targets are four, but the first move, and perhaps the most important one, will be the one that takes WAVES from its current under $2 price level to above $7. This first target will mean an approximate 290% increase from its present market value.

Then moving on from this $7 mark, the expectations start to get interesting with even bigger price targets. The next target sits at $18, translating to an 8.15% move in price. Next in line is another $10 move to reach the $28 mark, a 1,323% increase.
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Source: Tradingview.com
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Not ending there, the next price level sits at the $28 mark which is a 1,872% increase. Last but not least is the last price level at $49.2, an over 2,400% increase from $1.98. Reaching this level would push it very close to its previous all-time high price of $62.

As for a timeframe, the crypto analyst does not provide one for when WAVES might hit these levels. However, given that the last time that the digital asset saw such a move, it’s safe to say that the forecast could play out in the next crypto bull market.
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Best Owie

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November 6, 2023
XRP Price Rises Above $0.68 To Outperform All Crypto Large Caps, Here’s Why | Bitcoinist.com
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The XRP price has been on a massive tear, rising over 10% on the last day to cross the $0.68 level. Its gains now put it in front of other crypto large caps such as Bitcoin and Ethereum. As this outperformance grows, there are factors that have been driving it and these factors could indeed provide more fuel for it to continue.

Rise In Daily Transactions Could Be Driving The XRP Price

Over the weekend, XRP saw some interesting metrics that could point to why the price has been rallying lately. One of these has been the rise in the number of transactions being carried out on the XRP Ledger.

According to the data available on BitInfoCharts, there has been a marked rise in the number of XRP transactions being carried out on a daily basis. The figure had dropped below the 1 million daily mark toward the end of October. However, November came with good tidings.
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Daily transaction count crosses 1 million | Source: BitInfoCharts
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By November 1, XRP daily transactions were back above 1 million and there was a jump above 1.1 million on November 5. What this suggests is an increase in interest among participants of the blockchain, which is likely one of the factors driving the price.

Ripple Lawsuit Coming To A Natural End

After securing multiple victories against the United States Securities and Exchange Commission (SEC) this year, Ripple is likely moving toward the end of a very bitter and long battle with the regulator. A potential settlement has been circulating the airways with the SEC wanting $770 million. But legal experts have said they expect this figure to be lowered.

Pro-XRP attorney John Deaton talked about the possibility that Ripple ends up paying $20 million and that this would mean a 99.9% victory for Ripple. Another pro-XRP lawyer Jeremy Hogan also chimed in to share that the settlement figure between the two parties will likely end up being “something much less.”

While both the SEC and Ripple are yet to comment on a possible settlement figure, the talks signal an end to a lawsuit that has adversely affected the XRP price over the years. As such, community members expect a conclusion to give the XRP price room to grow.

A Possible IPO

A possible Ripple IPO is still very much dominating conversations in the community given the implications of such a move. Pundits anticipate that going public will send Ripple’s valuation to cross $100 billion and expectations are that the XRP price will follow the same growth trajectory.

There are some who believe that an IPO will eventually be bad for the XRP price. However, crypto expert Panos Mourkas believes such a move would actually increase the awareness of Ripple and any asset associated with it, such as the XRP token. “And remember: Ripple is one company, while XRP is a universal digital asset with multiple use cases & unlimited potential,” Mourkas argues.
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XRP sitting above $0.68 | Source: XRPUSD on Tradingview.com
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Featured image from AMB Crypto, chart from Tradingview.com
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Scott Matherson

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November 6, 2023
Ethereum Insider Drops Bombshell: ETH Founders’ Fraud Bigger Than FTX Fraud | Bitcoinist.com
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An Ethereum insider has made allegations against Ethereum’s founders, claiming that their fraudulent activities far surpass those seen in the notorious FTX fraud case.

Ethereum’s Credibility Under Spotlight

Attorney and former Advisor for ETH, Steven Nerayoff recently published a shocking piece about Ethereum in an X (formerly Twitter) post on Thursday.

The lawyer who has personal knowledge of ETH having worked for the blockchain network previously, has come forward with explosive allegations regarding the actions of Ethereum founders, Vitalik Buterin, and Joseph Lubin.

According to Nerayoff, these two Ethereum founders have allegedly orchestrated fraudulent activities regarding the ETH blockchain that exceed the scale of the actions committed by Former CEO and founder of FTX, Sam Bankman-Fried.

“Ethereum is the fraudulent elephant in the room in plain sight 1000x bigger than SBF,” Nerayoff stated.

The FTX case which has been in the headlines for about a year was one of the leading crypto fraud cases which resulted in the financial loss of many investors. About $8 billion in customer funds were found misappropriated in FTX accounts and millions were transferred into a subsidiary company, Alameda Research owned by Bankman-Fried.

The founder of FTX was recently found guilty on all seven charges of fraud and conspiracy on Thursday. Bankman-Fried also stands to serve potentially over 100 years in prison which is the amount the charges lead to.

Nerayoff has not provided any concrete evidence to support his claims against ETH founders’ alleged fraudulent activities. But this is also not the lawyer’s first time targeting ETH founders with corrupt accusations.

Earlier in September, the former Ethereum advisor accused Vitalik Buterin and his father, Dmitry Buterin of a combined effort to ruin his reputation by accusing him of the extortion of an ETH ICO.

Insider Says ETH Linked With Corrupt US Officials

Following his statement of Ethereum allegedly being involved in fraudulent schemes higher than Sam Bankman-Fried’s FTX fraud case, Steven Nerayoff disclosed that founders Joseph Lubin and Vitalik Buterin have allegedly been colluding with corrupt US government officials from some of the highest federal agencies.

The former advisor mentioned prominent government figures that Ethereum may have had secret dealings with including present United States Securities and Exchange Commission (SEC) Chairman, Gary Gensler and former US SEC Chairperson Jay Clayton.

“Joe Lubin and Vitalik Buterin have been at the front with corrupt officials at the highest levels of federal agencies such as Clayton, Gensler & many others,” Nerayoff said.

Nerayoff’s allegations suggest that Ethereum’s corruption runs deep and high, allowing the platform to have an unfair advantage in the crypto space. The claims which are yet to be verified, have raised questions and concerns among many crypto community members.
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ETH bulls maintain control | Source: ETHUSD on Tradingview.com
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Featured image from CoinGape, chart from Tradingview.com
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Scott Matherson

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November 4, 2023
Why This Fidelity Investments Director Believes Bitcoin Is ‘Exponential Gold’
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The Director of Global Macro at Fidelity Investments, Jurrien Timmer, recently provided insights into the potential of the flagship cryptocurrency, Bitcoin, and went as far as labeling the crypto token as “exponential gold.”

A Glance At Bitcoin’s Adoption Curve

In a post released on his X (formerly Twitter) platform, Timmer mentioned that Bitcoin’s scarcity and adoption curve potentially allow it to be a “high-powered hedge against monetary shenanigans,” likely alluding to the fact that the token’s features make it a great option to hedge against inflation. That is why he sees the token as “exponential gold.”
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Source: X
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He further elaborated on Bitcoin’s adoption curve, stating that it has so far followed a “typical S-curve shape,” which places it in good company with other major innovations that went through such an adoption journey. One of them is mobile phones, as Timmer noted that Bitcoin’s adoption curve in 2020 resembled that of mobile phones in the ‘80s and ‘90s.
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Bitcoin, however, seems to have moved to another stage in the adoption curve, as Timmer stated that the “real-rate narrative changed from dovish in 2020 to hawkish in 2022.” He further suggested that Bitcoin has moved past the stage of a rapid rise as its adoption curve has flattened out. With this, Timmer believes that it now shares similarities with the adoption curve of the internet in the 2000s as the crypto token “has not made much progress since 2021.”

Bitcoin Volatility: Good Or Bad?

In a subsequent post, Timmer put Bitcoin’s volatility in perspective as he compared it with other asset classes. First, he shared a risk-reward chart for the pandemic and post-pandemic era ranging from 2020 to this year. The SPX seemed to provide the best risk-reward with close to 24% return.
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Timmer then went on to share another chart, which included Bitcoin this time around. The foremost cryptocurrency notably stood out from the rest, as he mentioned that Bitcoin was “in a different universe,” with a 58% return.
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Source: X
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Bitcoin’s high volatility seems to have contributed to such returns in no small way, as Timmer mentioned that the crypto token’s huge drawdowns also come with large gains. To drive home his point, he shared another chart that showed drawdowns and rallies, which various asset classes have experienced from their 2-year high and low, respectively.
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Source: X
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The chart showed that Bitcoin experienced a 54% drawdown from its two-year high but is also up by 84% from its low in the same period.

This is more impressive when one considers how other asset classes have fared in the same period as Timmer stated that Government bonds “can’t hold a candle” to Bitcoin’s risk-reward math.
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BTC jumps back to $34,800 | Source: BTCUSD on Tradingview.com
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Featured image from Capital.com, chart from Tradingview.com
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Scott Matherson

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November 4, 2023
US Treasury Cracks Down: Sanctions Crypto Money Launderer Tied To Russian Elite

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In a significant move to combat sanctions evasion and illicit financial activities, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on Ekaterina Zhdanova, a Russian national allegedly involved in laundering and transferring funds using crypto on behalf of Russian elites.

According to the announcement, the action aligns with the G7’s commitment to closing loopholes that allow Russian state actors, oligarchs, and proxies to exploit virtual currency to circumvent international sanctions.

Crypto Money Laundering Exposed

Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E. Nelson emphasized the alleged role played by key facilitators like Zhdanova in aiding Russian elites, ransomware groups, and other illicit actors in evading US and international sanctions through the abuse of cryptocurrencies.

Nelson stated that the Treasury remains steadfast in its efforts to safeguard the global financial system against such exploitation and other risks within the crypto ecosystem.

Allegedly, Zhdanova’s involvement in obfuscating the source of wealth for a Russian client, enabling the transfer of over $2.3 million into Western Europe via fraudulent investment accounts and real estate purchases, drew OFAC’s attention.

Zhdanova’s services provided sanctioned Russian individuals access to Western financial markets that would otherwise be restricted due to US and international prohibitions.

The US Treasury Department alleges that such illicit financial activities enable the evasion of multilateral sanctions and undermine efforts to hold Russia accountable for its unprovoked war and aggression.

Utilizing cryptocurrencies as a facilitator of large cross-border transactions, Zhdanova relied on entities lacking Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) controls, including the OFAC-designated Russian cryptocurrency exchange, Garantex Europe OU.

Zhdanova employed various methods to transfer funds internationally, including cash transactions and leveraging connections with other money laundering associates and organizations.

Additionally, she utilized traditional businesses, such as a luxury watch company with global offices, to maintain access to the international financial system.

Furthermore, it is alleged that Zhdanova conducted crypto exchange transfers on behalf of oligarchs who relocated internationally, facilitating the movement of over $100 million to the United Arab Emirates.

Unveiling The Scheme

Zhdanova also provided a tax residency service in the UAE to Russian clients, potentially participating in identity obfuscation. This service offered clients a UAE tax residency, identification card, and bank account, with payments made in cash or virtual currency, subsequently transferred to foreign bank accounts at the client’s discretion.

Notably, Zhdanova’s services extended to individuals associated with the notorious Russian Ryuk ransomware group. Zhdanova allegedly laundered approximately $2.3 million in suspected victim payments for a Ryuk ransomware affiliate, which has targeted numerous victims worldwide, including the United States, particularly in the healthcare sector.

As a consequence of this action, all US persons must report any property or interests in property belonging to Zhdanova or any entities directly or indirectly owned by her. Transactions involving such property are generally prohibited unless authorized by OFAC.

The total crypto market cap consolidation above the $1.20 trillion mark. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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November 3, 2023
PayPal’s $158M PYUSD Stablecoin Market Cap Shaken By SEC Subpoena | Bitcoinist.com

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In a recent report by Reuters, online payment system company PayPal announced plans to bolster its market value by $4 billion, seeking to streamline operations to appease investors. However, investor optimism was tempered by disclosing a subpoena from the US Securities and Exchange Commission (SEC) related to PayPal’s stablecoin PYUSD.

PayPal’s $4 Billion Value Boost Amidst SEC Subpoena

Before market opening on Thursday, PayPal’s shares surged by 7% to reach $55.16, fueled by a full-year profit forecast that assuaged concerns of a spending slowdown.

The company’s new CEO, Alex Chriss, acknowledged the need for cost reduction, stating, “Simply put, our cost base remains too high.” Chriss emphasized aligning resources with the most profitable growth priorities in their strategic realignment.

Per the report, the positive forecast reflects consumers’ “resilient” financial health, enabling them to sustain their spending habits despite lingering economic uncertainties.

Analysts, including Tien-tsin Huang from J.P. Morgan, praised Chriss’ remarks, citing his “insightful assessment” of the company’s challenges and a solid framework for improving growth and profitability. William Blair, a leading brokerage firm, also expressed encouragement regarding PayPal’s narrowed focus on profitable growth.

While PayPal’s market value expansion was well-received, the disclosed SEC subpoena signifies continued regulatory scrutiny in the cryptocurrency industry.

Despite a recent high-profile court loss against Grayscale Investments, the SEC’s Enforcement Division sent the subpoena to PayPal, requesting document production.

Notably, PayPal made history as the first major financial technology firm to embrace digital currencies for payments and transfers when it launched its dollar-backed stablecoin in August.

Acknowledging the SEC’s scrutiny, PayPal reiterated its cooperation with the subpoena, according to the report.

PYUSD Stablecoin Gains Traction

According to data from CoinMarketCap, PayPal’s PYUSD stablecoin has garnered significant attention in the digital currency space, boasting a notable market cap and significant trading volume.

With a market cap of approximately $158,763,822, PYUSD currently ranks 240th among digital assets. Furthermore, PYUSD has experienced a 24-hour trading volume of $2,847,923, ranking it at 482nd.

The volume-to-market cap ratio, a key metric that measures the liquidity and relative trading activity of an asset, stands at 1.80% for PYUSD. This figure highlights the notable trading activity surrounding the stablecoin, with a significant portion of its market cap being actively traded within 24 hours.

PYUSD’s circulating supply currently stands at 158,956,937 tokens. This signifies the number of stablecoins in circulation and utilized for various transactions and financial activities.

The total supply of PYUSD also aligns with the circulating supply, indicating that there are no additional tokens planned for issuance beyond the current amount. This fixed supply ensures stability and predictability for PYUSD users and investors.

All around, despite the SEC’s subpoena, PYUSD has emerged as a significant player in the stablecoin ecosystem. The unfolding situation and potential further actions by the SEC against PayPal’s PYUSD stablecoin, along with their potential implications for the company’s operations, are yet to be determined.

The total crypto market cap’s retracement after reaching the $1,30 trillion mark on Tuesday. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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November 2, 2023
You Won’t Believe How Much Crypto Whistleblowers Made From The CFTC | Bitcoinist.com

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The CFTC has paid a staggering amount of money to crypto whistleblowers for providing sensitive information that led to the successful launch of several enforcement actions.

CFTC Whistleblowers Cash In

This year, the Commodity Futures Trading Commission (CFTC) received an influx of tips from informants on illegal dealings in cryptocurrency and environmental fraud.

According to the annual report on the Whistleblower Program, the CFTC has released $16 million in rewards to whistleblowers this year. The agency granted over $15 million to two informants alone who had been actively involved in major enforcement cases, providing crucial information and assistance to the agency.

Collectively, the CFTC has awarded close to $350 million to whistleblowers and has ordered $3 billion worth of enforcement sanctions in cases related to the awards.

In an X (formerly Twitter) post released on October 31, Official Account Commissioner at the CFTC, Christy Goldsmith Romeo stated her optimism on the progress the agency has continuously achieved in executing enforcement actions due to the information provided by whistleblowers this year.

Romeo said that she was well aware of the importance of informants in the agency’s investigation processes. She commemorated the bravery and actions of the informers, stating that whistleblowers were crucial to safeguarding customers.

“Very proud of these offices and their outsized results. As a former IG, I know firsthand how important whistleblowers are. The CFTC could not fully protect customers and markets w/o them,” Romeo stated.

She added, “As a former Inspector General who knows firsthand how important whistleblowers are, I wholeheartedly support whistleblowers and the CFTC’s Whistleblower Program, and am very proud of the Program’s outsized results.”

Total market cap at $1.24 trillion | Source: Crypto Total Market Cap on Tradingview.com

CFTC’s Latest Reports On Crypto Scams

The CFTC Commissioner has disclosed that a significant portion of the information provided by whistleblowers this year has revolved around cryptocurrency illegalities.

Romeo commented on the increase in crypto scams, stating that the rapid growth of the crypto industry has attracted reprobate crypto fraudsters and encouraged illegal activities in the digital asset space.

“The majority of the tips received this year involved crypto—an area that continues to have pervasive fraud and other illegality,” Romeo stated.

Over the years the cryptocurrency industry has experienced many forms of fraud and scams including Ponzi schemes, phishing attacks, rug pulls, and more, and the CFTC has been active in its pursuit of illegal operations in the crypto industry.

One of its most recent investigations was focused on Binance, one of the world’s largest crypto exchanges. The CFTC filed a lawsuit against Binance, accusing the exchange of offering illegal commodities trading products to residents in the United States. Responding to the lawsuit, Binance filed a motion to dismiss the complaint.

The regulator’s commissioner stated that many retail customers are under the jurisdiction of the CFTC, and as such, more severe efforts have been taken by the CFTC Whistleblower Program to protect customers during this period of elevated cryptocurrency scam activities.

Additionally, Romeo commended the CFTC’s Office of Customer Education and Outreach on its efforts towards enlightening customers on crypto scams. She welcomed CFTC’s newly announced initiative, the Environmental Fraud Task Force, and stated that she was looking forward to favorable results from whistleblowers in these areas.

Featured image from CNBC, chart from Tradingview.com

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Scott Matherson

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November 1, 2023
Sam Bankman-Fried’s Defense Breaks Down: Testifies To Issues Within FTX | Bitcoinist.com
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The trial of the former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), continued on October 31, with the prosecution cross-examining the defendant. Despite the line of questioning from the prosecutor, SBF managed to spin his narrative on what went on at the crypto exchange. However, it remains to be seen if this will be enough to sway the jury.

Sam Bankman-Fried Says He Didn’t Know Much About The Bug

So far, the prosecution had been able to establish that Sam Bankman-Fried was in the know of everything that went on at the defunct crypto exchange and trading firm Alameda Research and, in fact, was the mastermind of all the illicit activities that went on there.

With this in mind, the defendant was hell-bent on creating doubts in the minds of the jury members. While on cross-examination, the defendant feigned ignorance to some of the questions put forward by the federal prosecutor as to what went on at both companies.

The prosecution asked the defendant if his employees had told him about the bug in the fiat account. In response, he stated that he only became aware because he overheard when they were talking about it. However, he was too preoccupied to deal with the situation at the time.

As to why he didn’t follow up on it, Sam Bankman-Fried stated that his employees had told him that they were working on it, and considering the amount of faith he had in them, he trusted them to handle it. He also alluded to how they worked as a team at the crypto exchange, and he wasn’t necessarily in charge of handling everything, as everyone had tasks delegated to them.

FTX Founder Feigns Ignorance To Happenings At Alameda

While still on cross-examination, the FTX founder was asked about who made the trading decisions at Alameda, of which he suggested that he wasn’t aware of some of the things that went on in the firm despite being the CEO at the time.

He was quick to point out that former associate and Alameda’s ex-CEO Caroline Ellison was the head of trading at the time the North Dimension account was set up.

The defendant, however, seemed to shoot himself in the leg when he stated that he believed that spending customers’ deposits “folded” into risk management. Probably to show good faith, he then stated that he was simply concerned about customers’ portfolios during his time as CEO of Alameda.

Meanwhile, Bankman-Fried also admitted that he “was paying attention but not as much” but as much as he should have as the CEO of FTX. From his testimony, it is evident that the defendant is simply trying to counter the statements of his former associates that he was totally in control of everything that went on in both companies.

The trial is set to continue on November 1, with the defense expected to close its case this week, after which the case will move on to rebuttals. The case is expected to come to a close by the end of next week, with a verdict from the jury coming soon after.
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FTT bulls maintain dominance above $1.2 | Source: FTTUSDT on Tradingview.com
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Featured image from Shutterstock, chart from Tradingview.com
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Scott Matherson

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November 1, 2023
Ripple Partner’s Staggering XRP Holdings Revealed, Do They Know Something You Don’t?
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In a recent development, the crypto holdings of Ripple’s most recent partner, Uphold, have been highlighted as further evidence that the Web3 financial platform is very bullish on the Ripple ecosystem and the utility token XRP, which is used to facilitate transactions on Ripple Payments (formerly known as ODL).

Uphold’s Largest Crypto Holding

In a post on his X (formerly Twitter) platform, pro-XRP legal expert John Deaton quoted a report that stated that XRP made up Uphold’s largest crypto holding. The platform is said to hold $1.25 billion worth of the token in customer funds. This is more impressive as Uphold’s customers only hold $168 million worth of Bitcoin on the platform.

Deaton could not hold back his surprise at these figures as it meant that there were almost 10 times more XRP on the platform in comparison to BTC. As to the reason why Uphold may have such a large XRP holding, YouTuber Matt stated that it could be from the platform getting all the businesses from their competitors when they delisted the token.

Major crypto exchanges, including the second largest crypto exchange by trading volume, Coinbase, delisted the XRP token after the Securities and Exchange Commission (SEC) filed a lawsuit against the company and its executives back in 2020.

While agreeing with Matt’s comment, Deaton also mentioned how XRP contributed to Uphold’s growth, noting that the token represented “62%” of the company’s trading fees for over two years. He further mentioned how Uphold only had five million users when he signed up on the platform, but now, it boasts 30 million users.

XRP On The Platform Set To Increase

The XRP holdings on the platform are expected to increase with the newly forged partnership between Ripple and Uphold. As part of the partnership, Uphold will provide its infrastructure to be used in furtherance of the Ripple Payments service, which focuses on cross-border transactions.

Uphold will further provide Ripple with the liquidity needed to process these transactions. To achieve this, Uphold has stated that it won’t use its existing customers’ XRP holdings but will instead use its “expertise” to source XRP on the open market.

Uphold has, over time, shown to be a firm believer in Ripple’s vision, and many in the XRP community seem to be very supportive of the partnership, with some highlighting how Uphold stuck by the token through “thick and thin.”

At the time of writing, XRP is trading at around $0.57, up over 2% in the last 24 hours, according to data from CoinMarketCap.
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Token price surges pasts $0.6 | Source: XRPUSD on Tradingview.com 
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Featured image from Shutterstock, chart from Tradingview.com
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Scott Matherson

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October 31, 2023
Crypto Halloween Nightmare: MEME, MEMEPAD, And TITANX Tokens Collapse, Traders Lose 100%

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In a chilling development on Halloween Day, the crypto community was hit with disturbing news as PeckShield, a renowned blockchain security company, revealed a series of rug pulls over the past few hours.

Rug pulls, a form of cryptocurrency scam, involve sudden and deliberate value drops in specific tokens, accompanied by the perpetrators swapping the native tokens for Ethereum (ETH). The meme coins affected by the rug pulls were identified as MEME, MEMEPAD, and TITANX.

Multiple Rug Pulls Shake Crypto Market On Halloween

According to PeckShield’s X (formerly Twitter) post, the MEME token on the Ethereum blockchain experienced a jaw-dropping 100% drop in value. The address 0xBd72…5871 was responsible for swapping a staggering 4,854,740,126,240,000 MEME tokens for approximately 43.68 ETH.

It is important to note that the rug pull token shared the same name as the legitimate MEME token, adding to the confusion.

Similarly, the MEMEPAD token on Ethereum suffered an identical 100% value drop. The address 0xBd72…5871 conducted a swap of 4,854,740,126,240,000 MEMEPAD tokens for around 44.84 ETH.

MEMEPAD’s rug pull. Source: MEMEPAD on TradingView.com

Once again, the fraudulent crypto rug pull shared the same name as the genuine MEMEPAD token, compounding the deceitful nature of the scam.

Additionally, the TITANX token launched two days ago, October 28, on Ethereum experienced a staggering 100% value decline.

The address 0xBd72…5871 executed a swap of 4,854,740,126,240,000 TITANX tokens for approximately 46 ETH. Mirroring the previous instances, the rug pull token masqueraded under the same name as the legitimate TITANX crypto token.

Fantom Foundation Funds Vanish

In alarming events, the Fantom (FTM) Foundation finds itself entangled in a harrowing tale of fund drains and swift token swaps. PeckShield has reported two significant incidents involving the Fantom Foundation’s finances, leaving the organization with substantial losses.

The first incident occurred on October 17, 2023, when wallets associated with the Fantom Foundation were drained of approximately $7 million worth of cryptocurrencies, equivalent to around 4,500 ETH.

Additionally, on October 26, the Fantom Foundation faced another devastating event. An unidentified entity, the “Fantom Foundation Drainer,” executed a bold move by swapping a staggering 8,087,377.97 DAI for 4,560.52 ETH.

The gravity of the situation intensified when the Fantom Foundation Drainer swiftly executed another swap on October 30, converting the 4,560.52 ETH back into approximately 8.3 million DAI within a mere 30 minutes.

The Fantom Foundation is now faced with the daunting task of investigating the breaches, identifying the culprits, and fortifying its security infrastructure to prevent future incidents.

FTM’s token uptrend over the past 30 days on the daily chart. Source: FTMUSDT on TradingView.com

Despite recent developments, the native token of the Fantom protocol, FTM, is trading at $0.2388, reflecting a 1% increase in the past 24 hours.

Notably, the token has experienced a substantial surge across various time frames. Presently, it has maintained an upward trend, with gains of over 6% and 30% in the seven-day and fourteen-day periods, respectively.

Over the year-to-date period, the token has recorded a 5% increase. These figures indicate the token’s positive performance and growth trajectory.

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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October 30, 2023
Crypto Innovation Unleashed? UK HMT Unveils Significant New Regulatory Update | Bitcoinist.com

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In a significant development for the crypto industry, the United Kingdom’s His Majesty’s Treasury (HMT) has released its long-awaited update on the regulatory framework for crypto assets.

According to Brian Quintenz, Head of Policy at a16z Crypto, a venture capital fund, the announcement signals the UK’s commitment to fostering an open, well-regulated, and technologically advanced capital market that embraces the potential of cryptocurrencies and blockchain technology.

UK Takes Proactive Stance, Setting Clear Path For Crypto Regulation

The HMT’s response to the crypto asset regulatory regime covers several key aspects. Firstly, it excludes airdrops from the token issuance regulatory perimeter, recognizing that they do not constitute a public offering.

Additionally, the statement clarifies that non-fungible tokens (NFTs), including in-game purchases and sales of digital items, are considered out of scope, emphasizing their classification as non-financial services activity.

According to Quintenz, the UK government’s approach to decentralized finance (DeFi) reflects a cautious yet forward-thinking stance. The HMT acknowledges the potential role of DeFi in financial services as the crypto asset sector expands and blockchain-based solutions gain wider adoption.

Importantly, the government emphasizes that it does not intend to ban DeFi, aligning with its innovation-forward approach.

Addressing concerns over crypto trading, the HMT strongly disagrees with characterizing it as gambling or advocating for an outright ban. It highlights the divergence such approaches would have from international regulatory workstreams and the potential negative impact on crypto-based innovation.

However, the statement acknowledges the need for additional clarity on concepts of decentralization and protection of customers from legacy risks associated with centralization.

Furthermore, the regulatory framework emphasizes managing risks while encouraging innovation, recognizing the developing nature of the crypto asset sector and its evolving complexities.

Additionally, the government is exploring the potential benefits of Distributed Ledger Technology (DLT) in financial market infrastructures and sovereign debt management.

Clearing The Path For Innovation?

The proposed regulatory framework aims to establish a proportionate and clear regulatory environment that enables firms to innovate while maintaining financial stability and regulatory standards. It includes plans to bring centralized crypto exchanges, custody services, lending platforms, and other core activities under financial services regulation for the first time.

According to the update, the UK government acknowledges the transformative potential of digital assets and the need for an enhanced regulatory framework to realize their benefits while effectively managing risks. The proposed regulatory regime will be incorporated within the existing framework established by the UK’s Financial Services and Markets Act 2000 (FSMA), leveraging its credibility and regulatory clarity.

The HMT’s regulatory framework is subject to consultation and stakeholder engagement. The government will carefully consider the responses and issue further technical consultations on specific rules.

An engagement group, chaired by the Economic Secretary to the Treasury, will facilitate ongoing dialogue with key industry participants, ensuring their insights inform establishing a clear regulatory framework that supports innovation and consumer protection.

As the UK takes proactive steps towards effective crypto asset regulation, it aims to strike a delicate balance between encouraging innovation, managing risks, and providing regulatory clarity. The unveiled framework positions the UK as a global hub for web3 and reinforces its commitment to embracing the transformative potential of digital assets in the financial landscape.

The total crypto market cap continues to climb to levels not seen since April. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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October 30, 2023
XRP Price Prediction: Analyst Points Out Incoming Mega Bounce, Here’s The Target
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Another bullish prediction has come in for the XRP price which is arguably more optimistic than many would expect. This time around, a crypto analyst is expecting XRP to use up its stored energy for an explosive rally that could see the altcoin rally to $27, well above its all-time high.

XRP Price Suppressed During Last Bull Run Because Of SEC Lawsuit

Crypto analyst ERGAG CRYPTO recently predicted that XRP is poised for a massive 4,000% price surge. ERGAG made this prediction in an X post, detailing how this price surge can be actually possible. According to the analyst, XRP’s price was suppressed during the last major crypto bull run in 2021 due to an ongoing lawsuit from the SEC against Ripple Labs, XRP’s creator.

While Bitcoin and other altcoins were hitting new all-time highs, the XRP price struggled to keep up due to fears the lawsuit could severely impact the project’s future. For instance, during this time period, Bitcoin skyrocketed by 23X, and Ethereum also went up a whopping 58X.

A federal judge in the United States has since determined that the programmatic sales of XRP do not constitute the selling of securities. Now that the lawsuit seems to be coming to an end with a settlement in sight, XRP is poised to make up for lost time and shoot up with this lost energy.

The analyst predicts the XRP price could rally 40 times from its current level to $27 in the subsequent bull run, which would exactly coincide with the Fibonacci 1.618 indicator from the 2017 peak to the 2020 bottom.
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Source: X
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Although a timeline for the next bull run is not known at the moment, ERGAG puts this spike to happen around mid-2024.

One day for sure. But suggestion March – May 2024 will be fire works.

— EGRAG CRYPTO (@egragcrypto) October 26, 2023

What’s Next For XRP?

The entire crypto market has witnessed gains since the middle of October, and the XRP price hasn’t been left out. Bitcoin, for instance, attained a new yearly high of $35,150. At the time of writing, XRP is trading at $0.547, up by 5.73% in the past seven days.

Although its price is relatively low compared to other altcoins, XRP is still one of the strongest in the entire market, occupying the 5th spot in terms of market cap.

ERGAG CRYPTO has also had some very optimistic price predictions for XRP in the past. While a $27 price point seems very overachieving, XRP could easily smash through its previous all-time high of $3.84 in the next bull market. The analyst had initially predicted that the altcoin might not see a new all-time high by July 2028.
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XRP sees slight retracement | Source: XRPUSD on Tradingview.com
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Featured image from iStock, chart from Tradingview.com
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Scott Matherson

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October 28, 2023
What Happened To The Plan To Sell FTX To Binance? Sam Bankman-Fried Tells All | Bitcoinist.com
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The former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), took the stand once again on October 27. This time, it was in front of the jury as Bankman-Fried had a lot to say about what went on at his former company, including revelations about how he planned to sell the exchange to its one-time competition, Binance.

Why Sam Bankman-Fried Wanted To Sell FTX To Binance

According to a live report by CNN, SBF stated that he saw himself selling FTX to Binance when he and co-founder Gary Wang first started it in 2019 due to the number of crypto exchanges that already existed and the fact that he had no idea of how the company was going to get customers.

However, that idea was quickly shut down as Binance is said to have used an internal team to build its exchange platform. Following this, Sam Bankman-Fried noted that he was more motivated than ever to build something out of FTX despite the initial challenge of growing its customer base.

In the weeks after that, the defendant began to feel more hopeful and felt there was a “20% of success,” which he saw as “a huge opportunity” considering the profitability that the biggest exchanges enjoyed.

FTX went on to become one of the biggest exchanges, even surpassing the second-largest crypto exchange by trading volume, Coinbase, at some point. While on the stand, Bankman-Fried revealed that he felt the “design philosophies” of some exchanges then “didn’t make a lot of sense,” so the exchange capitalized on that to create a niche for itself.

The crypto exchange was seen as more alluring to high-volume traders due to its cheaper trading fees and the fact that the crypto exchange had a more advanced risk engine. The risk engine (which was responsible for liquidations) considered the trader’s account (rather than just a particular trade) whenever it liquidated a customer’s position.

Bankman-Fried Sticks To His Story

Meanwhile, SBF, who has continued to deny any wrongdoing in how he ran FTX and Alameda Research, once again stated on the stand that he didn’t defraud customers. The defendant responded in the negative while replying to a question from his primary counsel, Mark Cohen, on whether he defrauded anyone or not.

While giving his testimony, Sam Bankman-Fried sought to counter the testimonies of witnesses like Wang, Caroline Ellison, and Nishad Singh, as he suggested that they had more leeway than they seemed to have suggested. His close associates had earlier heaped all the blame on the defendant by suggesting that they simply followed Bankman-Fried’s orders as he was totally in control.

Ellison, in particular, had accused Bankman-Fried of directing her to commit the crimes when she used FTX customers’ funds to repay lenders and for other purposes. However, SBF noted that Caroline was the one in charge of Alameda Research and that she even declined when he asked her if she wanted another co-CEO after Sam Trabucco resigned.
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FTT token remains on an upward trajectory | Source: FTTUSDT on Tradingview.com
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Featured image from Fox Business, chart from Tradingview.com
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Scott Matherson

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October 28, 2023
FTX Founder Sam Bankman-Fried Admits Limited Cryptocurrency Knowledge During Fraud Trial | Bitcoinist.com

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During the ongoing trial of Sam Bankman-Fried, co-founder of the now-defunct FTX crypto exchange, startling revelations have emerged regarding his understanding of cryptocurrency.

FTX Co-Founder’s Shocking Testimony

According to live coverage of the trial by The Guardian, Bankman-Fried confessed to knowing “basically nothing” about cryptocurrency before launching FTX and its affiliated hedge fund, Alameda Research. On the stand, Bankman-Fried admitted:

I had absolutely no idea how they worked. I just knew they were things you could trade.

According to the report, when Bankman-Fried teamed up with co-founder Gary Wang, who testified against him in the trial, they had no idea how to attract customers.

As for FTX’s collapse, US Attorney Mark Cohen’s questioning suggested that there was nothing particularly wrong with the exchange’s operations or Bankman-Fried’s business decisions.

The attorney highlighted FTX’s terms of service, finalized in early to mid-2022, which included provisions allowing a client’s balance to be used to cover others’ losses in certain situations, such as futures trading.

Bankman-Fried also discussed FTT, the cryptocurrency created by FTX. Its role in the collapse of FTX and Alameda Research cannot be overstated. Customers rushed to withdraw funds from FTX after reports revealed that Alameda’s loans heavily relied on FTT.

Per the report, Bankman-Fried portrayed FTT as a beneficial token for FTX users, providing account benefits if held. He explained the concept of “buy and burn,” where FTX used a portion of its weekly earnings to buy and eliminate FTT tokens, effectively giving value to FTT holders.

Management Mistakes Admitted

According to The Guardian, Throughout his testimony, Bankman-Fried attempted to portray the growth of his exchanges as a result of growing pains rather than intentional wrongdoing.

Bankman-Fried argued that borrowing from FTX was in line with the setup of the exchange and its sister hedge fund, Alameda Research. As long as the risk was managed and assets exceeded liabilities, they did not concern themselves with how users utilized funds/

Furthermore, Bankman-Fried acknowledged making management mistakes, admitting that the lack of a dedicated risk management team was the most significant oversight. The defense sought to present Bankman-Fried as an overwhelmed math savant, mitigating allegations of criminal intent.

As the trial unfolds, the question of whether Bankman-Fried is a crypto criminal mastermind or an unfortunate “math nerd” remains central.

While Bankman-Fried denies committing fraud, he acknowledges significant oversights. Bankman-Fried’s personal history, including his time at MIT and associations with FTX co-founder Gary Wang and exchange developer Adam Yedida, has also come under scrutiny during the trial.

FTT’s uptrend continues on the 4-hour chart. Source: FTTUSDT on TradingView.com

As of the time of writing, the exchange’s token FTT is trading at $1,2714, representing a 1.4% increase. This surge follows a substantial upward trend observed over the past 30 days.

Featured image from FOX Business, chart from TradingView.com

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Ronaldo Marquez

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October 27, 2023
Nigerian Crypto Twitter Up In Arms As Prominent Influencer Rug Pulls STIMMY Coin | Bitcoinist.com
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Unfortunately, rug pulls have become synonymous with the crypto market as scammers see it as an opportunity to make quick cash. One such rug pulls has hit the Nigerian crypto X (formerly Twitter) community, where what is assumed to be one of the most trusted influencers rug-pulled a project that raised $300,000 in its presale.

The Genesis Of Stimmy Coin (STIMMY)

Surfing through the X (formerly Twitter) posts related to the Stimmy Coin, it looks to be that the coin was created as a parody of the stimulus checks received by United States residents during the COVID-19 lockdowns.

The coin seemed to gain popularity quickly due to the founder being widely known in the Nigerian crypto community. The founder Feyi, whose X (formerly Twitter) account @feyi_x has over 84,000 followers, was able to get widespread popularity for the STIMMY project by organizing social media contests, and the likes.

Interestingly, browsing posts of the founder revealed that he had always been a vocal critic of founders who rug-pulled or scammed investors, which is how he garnered such a loyal following. This following grew as he readied to launch his project.

On the day of the presale, Feyi would go the unconventional route of asking investors to send ETH to a personal wallet address instead of using an established presale platform like Pinksale. From this point onward, the project seems to be doomed.

After raising $300,000 in the presale, tokens were distributed to participants and STIMMY coin was listed on decentralized exchanges, which is where the cracks began to show. At first, there was less than half of the presale funds added to the liquidity pool, which meant participants were in losses right out the gate. Nevertheless, many kept the faith as they believed in Feyi.

The next crack to show was that marketing for the STIMMY coin seemed to be nonexistent despite the founder holding around $150,000 in his personal wallet. The funds were never deployed for marketing and presalers were never once in profit. Not long after, Feyi disappeared from social media and began moving the spoils of his scam to Binance. However, this was not the end.

Feyi And Developer Pull Liquidity Pool For STIMMY Crypto

The STIMMY liquidity pool was initially locked for four months and even this gave investors a pause as it showed the founder of the cryptocurrency may be up to no good. Investors will eventually be proven right in their assumptions when the liquidity was unlocked on Friday, October 27.

Just got information that the $STIMMY LP that was pulled and moved to Kucoin was @DevPanther999 which was Feyi’s dev. He scammed them of the LP ($85,000) and other funds he moved from the project. This isn’t his first scam as he did same to another project too. He is fully doxxed https://t.co/AvgAxZU0gE

— Somto (@Ogcsn) October 27, 2023

As soon as the unlock happened, the $85,000 in ETH left in the liquidity pool was promptly moved out and bounced through multiple wallets in what looks to be a strategy to conceal the funds, and apparently ended up on the KuCoin exchange.

In true X fashion, users began their own investigations and figured out the developer behind the project who reportedly goes by the X handle @DevPanther999. The developer’s LinkedIn page has since been doxxed and is being circulated on social media already. The founder, Feyi, has also been doxxed with his images being circulated on social media by victims of the rug.

The dev behind the infamous $STIMMY rug pull

He is responsible for pulling liquidity from $STIMMY pic.twitter.com/z8BAIpyQBr

— King.sol 🇶🇦 (@teddi_speaks) October 27, 2023

By pulling the liquidity, the founder and team behind the STIMMY project have done a complete rug pull, leaving investors who were already sitting in losses holding completely worthless coins that they can no longer sell.

The project comes as a warning of the dangers of investing in untested and unproven crypto founders. Additionally, it is also a big blow to a country (Nigeria) that has struggled to have projects from the region taken seriously on the global stage, further damaging an already fragile reputation.
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Total market cap at $1.23 trillion | Source: Crypto Total Market Cap on Tradingview.com
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Featured image from Cryptoknowmics, chart from Tradingview.com
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Scott Matherson

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October 27, 2023
The Plot Thickens: Sam Bankman-Fried Incriminates Lawyers In FTX Fraud | Bitcoinist.com
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Former FTX CEO Sam Bankman-Fried has finally testified in court as his legal team begins to construct a defense against charges of two counts of fraud and five counts of conspiracy. It would seem the 31-year-old former billionaire is now taking a different tactic in his latest attempt to wiggle out of the fraud charges.

While taking the stand, SBF claimed his legal team gave the green light for all of his shady actions leading up to the epic collapse of the exchange.

Sam Bankman-Fried Takes The Witness Stand

The case against the former FTX CEO is making headway in court as the failed crypto exchange continues to struggle to bounce back from insolvency and possibly restart its operations.

The prosecution closed its case last week after 12 trial days after calling on several key witnesses, including Alameda Reserach’s ex-CEO Caroline Ellison, FTX’s co-founder Gary Wang, and former Director of Engineering Nishad Singh. Although these witnesses have also implicated Bankman-Fried, the defense continues to work on a not-guilty stand.

SBF’s defense team presented him as the third witness after Krystal Rolle, Bankman-Fried’s lawyer in the Bahamas, and database expert Joseph Pimbley. US District Judge Lewis Kaplan allowed SB to take to the stand at his fraud trial On October 26, outside the jury’s presence.

In his testimony, SBF claimed his lawyers at the time, including Dan Friedberg, approved all of his actions, making him believe he was acting in good faith and everything was fine.

The FTX founder said lawyers were involved in setting this system for diverting customer funds into an Alameda bank account. However, prosecutors have said SBF should not allowed to suggest that the involvement of lawyers in decision-making is an indication of innocence of any wrongdoing.

SBF counters that he was acting without criminal intent on the advice of his attorneys. But when the prosecution’s attorney Danielle Sassoon cross-examined him, he found it difficult to cite specific instances in which his attorneys gave their approval.

“The witness has what I’ll simply call an interesting way of responding to questions,” Judge Kaplan said.

The defense also made the point that testimonies from former FTX top employees were tailored to implicate Bankman-Fried in the hopes of them receiving lenient sentences.

What’s Next For The FTX Founder’s Defense?

Prosecutors say Sam Bankman-Fried was key in diverting customer funds to Alameda Research, while also donating more than $100 million to political campaigns in the US. If convicted, the former FTX CEO could spend up to 20 years in prison.

SBF’s defense seems bleak at the moment, and Judge Kaplan has already disqualified seven of its witnesses. Bankman-Fried is expected to testify to the jury on Friday, where Kaplan is to decide if he could speak to the jurors about lawyers approving his actions.
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FTT Token makes a break above $1.3 | Source: FTTUSDT on Tradingview.com
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Featured image from KRDO, chart from Tradingview.com
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Scott Matherson

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October 27, 2023
Crypto Analyst Who Called Bitcoin’s Parabolic Rally Picks Altcoin Set To Pop
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Predicting the Bitcoin price movements and when altcoin prices will rally again is not a small feat but one analyst has managed to do so. Crypto analyst TonyTheBull has been calling for a bull market, saying that this cycle differs from previous ones in the fact that there will be a rally this year.

This proved to be true last week when the price of Bitcoin started surging and hit as high as $35,100. Now the analyst has called the next altcoin to outperform, and it already is.

Fetch (FET) Is Next Altcoin In Line

In the latest iteration of the CoinChartist (VIP) newsletter, crypto analyst TonyTheBull revealed that Fetch (FET) was his next pick after the Bitcoin breakout. He revealed that he had previously bought FET which ended up outperforming in January, and believes the same will be the case here as well.

FET which is one of the top AI-powered crypto tokens is already on the rise after the analyst called it at the $0.24 level. TonyTheBull also posits that a Raging Bull indicator flipping on would be able to confirm further upside. “Waiting for the Raging Bull to turn on would help confirm increased bullishness in the altcoin,” the newsletter read.
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Source: CoinChartist
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The Raging Bull Indicator, explained the analyst, “was designed using the Relative Strength Index to help indicate when Bitcoin or other assets are in a bull market, and more importantly, and impulsive like trend.” Basically, this indicator helps to show the strength of a cryptocurrency.

Looking at FET’s performance since the call, it has already climbed over 30% and is now trading above $0.3, hitting a local peak of $0.32 on Wednesday.
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FET price sitting above $0.29 | Source: FETUSD on Tradingview.com
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Bitcoin Not The Only One Looking Good

Despite Bitcoin still looking incredibly bullish on the charts, the analyst points out some altcoins that have had their Raging Bull Indicators turned on this year as well. The first on the list is Solana whose indicator turned on for the first time since 2022. Following this, the digital asset went on a massive run but it might not be done.

TonyTheBull revealed that the last time this indicator was turned on, Solana blew up by 500%, and then continued on to do a 17,000% rally. So if it sticks to historical performance, the Solana rally might only be in its early stages.
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Source: CoinChartist
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The next altcoin to appear on the list is Chainlink’s LINK. LINK moved from around $7 to over $11 in a matter of days. But just like Solana, this coin may only be in its early stages. LINK’s Raging Bull Indicator last turned on in 2019 and the coin saw a “700% in the near term, and more than 9,000% in total.” The analyst further added, “This might not be a setup to sleep on.”
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Best Owie

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October 26, 2023
CoinFLEX And 3AC Founders Under Fire For Misappropriating Creditor Assets | Bitcoinist.com

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In a revelation brought to light by an account on X (formerly Twitter) under the name “CoinFLEX Real,” allegations have emerged indicating that the founder of CoinFLEX, a derivatives exchange based in Hong Kong, along with their partners at Three Arrows Capital (3AC), have allegedly engaged in the misappropriation of creditor assets for personal gain.

Mark Lamb, the founder of CoinFLEX, along with Zhusu and Kyle Davies of 3AC, stand accused of utilizing funds entrusted to them as their personal “piggy bank.”

CoinFLEX Founder Accused Of Manipulation

CoinFLEX suffered significant losses, amounting to $160 million, leading to its collapse in June 2022, triggered by a negative balance from one of its customers, Roger Ver. Subsequently, a group of creditors developed a restructuring proposal to revive the exchange.

In September 2022, CoinFLEX’s leadership presented a restructuring plan that granted creditors a majority stake and control of the board. The company retained $10 million to finance litigation against Roger Ver and facilitate a reboot.

However, in January 2023, Mark Lamb suddenly established a separate exchange called OPNX, seemingly unrelated to CoinFLEX. Despite this, the exchange’s funds supported OPNX’s operations.

Mark allegedly misled regulators by presenting OPNX as part of CoinFLEX and manipulated FLEX tokens for “personal benefit.” The new venture heavily relied on CoinFLEX’s technology, funds, staff, and the FLEX token.

CoinFLEX’s website even encouraged users to migrate to OPNX despite the lack of authorization to develop this new business, which contradicted the terms of the restructuring order pending approval by the Seychelles courts.

Over the following six months, CoinFLEX stakeholders received minimal information from Mark Lamb, Kyle Davies, and Su regarding the status of remaining funds and spending.

According to the allegations, proper reporting for creditors was never completed, keeping them “in the dark” and impeding their ability to take action. Furthermore, allegations have emerged that the founders intentionally manipulated the token’s price.

Employees were allegedly instructed to freeze account withdrawals for users with substantial FLEX balances, preventing them from cashing out. FLEX and OX assets were frozen on-chain to boost the token price artificially. Influencers were allegedly paid with creditor assets to promote OX.

Additionally, the founders reportedly used the proceeds from the sale of creditor assets to inflate the same tokens they had previously sold over-the-counter (OTC)

Controversial Settlement

According to CoinFLEX Real’s allegations, requests for information in the company were ignored, and any employee communicating with the creditor group was promptly terminated.

It wasn’t until August 2023 that a board was finally formed, but Mark Lamb allegedly refused to attend most board meetings, providing little meaningful information.

Exploiting the absence of a clear structure, Mark demanded additional funds from creditors to cover legal expenses and personal costs related to his support of arbitration.

Mark allegedly met secretly with Roger Ver to settle an $84 million lawsuit over the advice of arbitration lawyers who believed CoinFLEX had a strong case. Notably, as the truth began to unravel, it appeared that Mark, Kyle, and Su planned to shut down CoinFLEX to destroy evidence and conceal their misdeeds.

Two weeks ago, evidence of the scale of wrongdoing was uncovered when investigators entered CoinFLEX’s Hong Kong office. Staff members were allegedly cut off from systems to obstruct access to crucial evidence. Given these alleged developments, the X account under the pseudonym “CoinFLEX Real” concluded:

These grifters cannot remain unpunished and continue to infect our space. We owe a duty to protect the crypto community and its reputation. We have the evidence to pursue justice and ask for the support of the community to make it happen.

FLEX’s extended sideways price action on the 4-hour chart. Source: FLEXUSDT on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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October 26, 2023