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SEC criticized by crypto executives for lack of clarity

SEC – After the current events in the crypto field, some executives from crypto businesses have expressed their dissatisfaction with the US government.

Several have chastised them for a lack of understanding of the industry’s regulations.

Yet, the Securities and Exchange Commission is a key target of the crypto community’s fury owing to its aggressive efforts against crypto businesses.

US & crypto

While other countries are becoming receptive of Bitcoin, the United States is lagging behind.

The government has yet to adopt a complete set of legislation that would allow cryptocurrency and blockchain enterprises to operate without fear of being targeted by officials.

With the collapse of cryptocurrency exchange FTX in 2022, the US Securities and Exchange Commission (SEC) has taken the initiative to increase legal measures against firms.

The clash

The SEC issued a Wells notice to Coinbase, one of the leading cryptocurrency exchanges, on Wednesday.

It issued a warning to the corporation after discovering probable breaches of US securities law.

In addition, the SEC charged crypto entrepreneur Justin Sun with fraud and unregistered securities against celebrities who promoted digital currency he was advocating.

The SEC is now involved in a legal battle with numerous other cryptocurrency startups, including Gemini, Genesis, and Ripple.


“It feels uncollaborative,” said an anonymous crypto executive over the Paris Blockchain Week event.

“It’s very frustrating for players that have been doing right the whole time.”

Meanwhile, ConsenSys CEO and Ethereum co-founder Joe Lubin voiced alarm about the ecosystem.

“I think we’re sort of continuing to watch the SEC play this game of punishing the people that are still surviving,” said president Nicolas Cary.

“And it’s a little bit, you know, sort of frustrating thing to observe.”

The majority of the SEC’s activities include applying contemporary restrictions to the crypto business decades after the Howey Test.

The Howey Test is an important test for determining whether or not something is secure.

Yet, many in the cryptocurrency business believe that is not the best approach to go.

“Where I think you have less successful regulatory regimes is when you try to analyze crypto through the lens of traditional finance,” said Oliver Linch, the CEO of Bittrex Global.

“You say, ‘Well, is it a bit like a security? Is it a commodity?’ No, it’s kind of none of those things. It’s crypto.”

Read also: TikTok ban would be better for China than selling

Clarity & sympathy

The Paris Blockchain Week is one of Europe’s most famous crypto events, and the SEC’s actions were one of the most hotly debated subjects among guests.

Some executives asked US regulators for clarification.

“We’d love to have a little more clarity in regulation,” said Silvio Micali, the founder of blockchain company Algorand.

Some, on the other hand, were more sympathetic to SEC.

They said that the watchdog is following the regulations as they are, and that the US government has the authority to amend them.

“What are they supposed to do? If all you’re given is a hammer, the whole world looks like a nail,” said Linch.

However, Cary stated that the SEC is simply doing its job in order to safeguard customers.


In an editorial article published on The Hill this month, SEC Chair Gary Gensler addressed the issues, claiming that the agency was clear on the laws.

“I find the talking point that there’s a lack of clarity in the securities laws unpersuasive,” he said.

“Some crypto companies might message that the laws are unclearer rather than admitting that their platforms don’t have sufficient investor protection.”

Gensler also identified examples of crypto enterprises that are subject to traditional securities rules, such as when they provide loan products.

Furthermore, he stated that crypto middlemen are not lined up to register with the SEC and comply with Congress’ legislation.

Additionally, the SEC chair stated that enforcement proceedings are another tool in the regulator’s arsenal for weeding out noncompliance.

Falling behind

CEOs cautioned that the United States’ lack of effective regulation might cause the country to slip behind other countries and jurisdictions.

“It’s incumbent, I think, on Congress to actually create a legal regulatory framework that regulates crypto properly, because… crypto is here to stay,” said Linch.

Governments throughout the world are debating how to regulate bitcoin.

Dubai and Switzerland have both recognized themselves as crypto-friendly jurisdictions with favorable regulations.

Meanwhile, the European Union plans to implement the Markets in Crypto-Assets Regulation, or MiCA, in 2023.

It is intended to impose regulations on and around digital currency enterprises.

Ripple’s president, Monica Long, fears the United States may slip behind other jurisdictions in the crypto economy.

“Europe is really emerging as a leader in terms of setting really clear regulations and rules that allow crypto companies and also traditional finance to embrace crypto,” said Long.

Image source: The American Prospect

MapleStory set to be the next game to break into the Web3 space

MapleStory – As the Web3 space continues to evolve, developers have also taken the initiative to stay with the times.

Web3 gained a lot of attention in recent years, particularly with the NFT boom, which saw thousands of projects surface.

It has also attracted the attention of major brands, celebrities, and influencers, who have taken a keen interest in the new technology.

Nexon, a prominent name in game publishing from Asia, is the latest entity to dive into Web3 with a game within the space.

The news

Nexon is looking to catch up with the times by developing a new Web3 game based on MapleStory.

MapleStory is the company’s popular pixelated 2D role-playing project that was developed by South Korean firm Wizet and published by Nexon.

During the Game Developers Conference in San Francisco on Tuesday, Nexon announced the development of MapleStory Universe.

The Web3 game will be launched on a private Supernet on Polygon, showing the company’s determination to make its mark.

The game

MapleStory is one of the longest-running games, spanning over two decades after its launch in 2003.

According to a Nexon announcement earlier this year, the game has generated more than $4 billion in revenue.

It has also raked in more than 180 million registered users.

To gain a better perspective of MapleStory’s success, its Steam page boasts a large tally of over 260 million players total.

MapleStory Universe Group Leader Hwang Sun-Young released a statement expressing his enthusiasm for the project’s development saying:

“We are looking forward to expanding the NFT ecosystem envisioned by MapleStory Universe by building on Polygon.”

“We will work closely with the team at Polygon Labs to develop and market the game.”

The Supernets

Polygon is widely renowned as an Ethereum scaling network, enabling faster and cheaper transactions compared to the Ethereum mainnet.

Nexon’s upcoming PC game uses Polygon Supernet that will allow it to have its own dedicated app chain, according to Polygon Labs VP, Global Games and Platform Business Development Urvit Goel.

“They have the ability to scale in a way that you can’t scale on a shared blockchain,” said Goel regarding Nexon and its planned Supernet.

“They have a very broad vision of how many transactions they think they’ll do daily, because the game and the IP is so large.”

The Polygon Supernets have a similar approach 

For example, they provide a dedicated sub-network that individual projects can use.

In addition, the Supernets provide creators with customization options and insulate decentralized apps (dapps) and games from possible performance issues on the broader public network.

Read also: Alameda payments gave SBF bulks of cash

Early announcements

In 2022, MapleStory Universe was announced, but until today, it doesn’t have a release date confirmed yet.

However, Goel said there would be no NFT presales.

Instead, players would have to earn items as NFTs by playing the game.

“They’re not pushing for in-app purchases,” said Goel, referring to the typical microtransactions in mobile games.

The MapleStory Universe

The upcoming MapleStory Universe is an NFT-centric game, which means tokenized assets are an integral part of the game that can be traded or transferred through the game’s marketplace.

According to Nexon, the MapleStory Universe will have a crypto token in the long run.

However, the details have yet to be finalized.

“We plan on issuing our unique coin, and specific details about this will be revealed later with our tokenomics,” said the game studio.

South Korean companies diving into Web3

Nexon is a South Korean and Japanese company that takes most of its revenue from the South Korean market.

With its strong roots with the South Korean market, Polygon Labs’ Urvit Goel assured that it’s not the only South Korean studio diving into the Web3 world.

“Korea has been by far the leader from a developer standpoint,” he said.

“If you look at the top 10 gaming companies in Korea, 8 out of 10 have publicly stated that they’re building something on the blockchain, which is very unique globally.”

Other major South Korean game developers and publishers trying their hand on Web3 projects include NCSoft and Netmarble.

The two companies are building an upstart blockchain network called Sui.

Krafton, the creator of the popular first-person shooter games PUBG: Battlegrounds, is also collaborating with Solana Labs to launch various blockchain initiatives.

Ryan Wyatt, the president of Polygon Labs, released a statement emphasizing the importance of South Korea as a market in Web3 gaming.

Image source: NFT Insider

Alameda payments gave SBF bulks of cash

Alameda – On Wednesday, the new management of discredited crypto exchange firm FTX made an unexpected disclosure about its founder’s payouts.

Sam Bankman-Fried, the company’s co-founder and ex-boss, allegedly received $2.2 billion in payments and loans from Alameda Research.

The amount is astounding and stands out when compared to other bosses.

Caroline Ellison, the former CEO of Alameda Research, was paid only $6 million.

According to documentation provided by the new management, a total of $3.2 billion was distributed to ex-FTX employees, the majority of whom came from the company’s sister trading firm.


When FTX went bankrupt in late 2022, Alameda Research was at the epicenter of the turmoil.

Sam Bankman-Fried also created the quantitative trading business.

Alameda has the authority to exploit FTX client assets for its own purposes without monitoring, according to newly appointed FTX CEO John J. Ray III, who inherited leadership when SBF fled.

Conversely, FTX was once considered one of the pinnacles of the Web3 era.

It was a digital asset exchange where clients could buy, trade, and speculate on the future prices of various cryptocurrencies.

Before collapsing, FTX had over 134 firms under its banner and was based in the Bahamas, which was more receptive to cryptocurrency.

SBF launched Alameda in 2019, although he claims he quit the trading firm’s leadership role in 2021, putting day-to-day operations in the hands of others.

Prosecutors believe that FTX’s abrupt insolvency was caused by management placing extremely hazardous wagers with client funds provided by Alameda Research.

The payouts

SBF got the majority of the $3.2 billion in compensation, according to records revealed this week by FTX’s new administration.

While he got the biggest share of the pie, former FTX director of engineering Nishad Singh got $587 million.

Meanwhile, Gary Wang, co-founder, received $246 million.

Former FTX Digital Markets co-CEO Ryan Salame received $87 million, while former Alameda Research co-head Sam Trabucco received $25 million.

They did not include the large sum of more than $240 million spent to purchase luxury property in the Bahamas, according to the release.

Also, it should be noted that Trabucco resigned as CEO of Alameda in August.

He hasn’t been seen or heard from since.

Prosecutors have neglected to charge Sam Trabucco, despite the fact that the rest of SBF’s inner circle has already been charged.

Read also: Sam Bankman-Fried made donations to lawmakers before elections


Caroline Ellison was elevated to be Alameda Research’s sole CEO in October 2021, following Trabucco’s retirement.

They were previously the platform’s co-CEOs.

Ellison had an on-again, off-again romance with Sam Bankman-Fried.

While her participation in the company’s demise was well publicized, her history drew her even more attention, since her now-deleted Tumblr blog provided a fairly unusual view on what happened in the Bahamas penthouse.

The penthouse had ten housemates, including Ellison and SBF, who made high-level decisions there.

The group was defined as a “polycule,” or a network of people in a polyamorous relationship, so choices were not the only thing going on around the house.

Ellison’s blog, which was active from 2014 until 2022, displayed material in November that corresponded precisely with her history.

The contents of her blog revealed a great interest in racial science and polyamory.

It also gave greater insight into the author’s perspective on the crypto sector, as stated in one post:

“I didn’t get into this as a crypto true believer. It’s mostly scams and memes when you get down to it.”

The charges and the company today

In the United States, Sam Bankman-Fried is now facing 12 criminal counts, some of which were handed down in a superseding indictment in February.

The charges also involve a conspiracy to perpetrate fraud on FTX clients in connection with derivatives purchases and sales.

SBF pleaded not guilty to the original accusations in January.

He has been awaiting his trial in October since then.

Meanwhile, Ellison, Wang, and Singh have admitted to the deception and are collaborating with authorities.

Now, billions of dollars in FTX customer funds are missing, with a large portion alleged to have been stolen.

Image source:

Core Scientific joins list of crypto companies filing for bankruptcy

Image source: Twitter

Core Scientific: Core Scientific is one of the most well-known publicly traded cryptocurrency mining companies with American headquarters.

However, rumors claim that the Texas-based company would file for Chapter 11 bankruptcy protection on Wednesday morning.

After a year of escalating energy costs and declining cryptocurrency values, the corporation decided to file for bankruptcy.

The company

When mining Bitcoin and other proof-of-work currencies, Core Scientific has always been one of the most prolific companies.

The company uses a technique to provide electricity to data centers nationwide.

It is filled with highly specialized computers to validate transactions and create new tokens.

The process requires the following:

  • Expensive equipment
  • Technical know-how
  • Plenty of electricity

Market cap

At the end of trading on Tuesday, Core Scientific had a market value of $78 million.

The company’s current value was lower than its $4.3 billion valuation when Core Scientific went public in July 2021 through a special purpose acquisition vehicle (SPAC).

The stock fell more than 98% in the previous year.

Despite the company’s positive cash flow, it is not enough to cover the debt related to the equipment it was leasing.

The senior security noteholders, who are in charge of the majority of the company’s debt, will be bargained with while Core Scientific continues to operate as usual.

Most of the information was obtained from an unnamed source who asked to remain anonymous to discuss sensitive business matters.


The company issued a bankruptcy warning toward the end of October.

At the time, Core Scientific’s stock price had decreased by 97%.

The company also cautioned ordinary stockholders that their investments might be lost.

It might not be the case, though, if the industry recovers.

If the Bitcoin economic environment improves, the deal with Core’s convertible note holders is structured so that common equity investors wouldn’t lose everything.

Additionally, Core Scientific revealed that it wouldn’t make the loan installments due in late October and early November.

The company also said that they could be sued for nonpayment by creditors.

Read also: Elon Musk addresses Tesla shares decline, cites other factors

Token drops

The token’s value fell from a record high of $69,000 in November 2021 to over $16,800 at Core Scientific, which primarily mines Bitcoin.

Reduced value, heightened mining rivalry, and rising energy prices constrained its profit margins.


The company is based in Austin, Texas and has operations in North Dakota, North Carolina, Georgia, and Kentucky.

As further mentioned in the October filing, operating performance and liquidity were impacted by the prolonged decrease in the price of Bitcoin and the increase in electricity rates.

Core Scientific also noted the increase in the hash rate—a metric used to show the computational power of miners in the Bitcoin network—across the whole Bitcoin network.


In July, the crypto-lending site Celsius filed for bankruptcy.

The company stated that it had $167 million in cash on hand to cover expenses while stabilizing its business.

Celsius made headlines for locking off customer accounts a month before filing for bankruptcy.

The crypto-lending company was one of Core Scientific’s clients.

The pressure that Celsius’s bankruptcy proceedings placed on Core’s balance sheets is an example of how the crypto industry was impacted in 2022.

Read also: Sherrod Brown seeks to ban crypto in the United States

Other companies

Core Scientific is one of the largest hosting and blockchain infrastructure providers in North America.

In addition, it is one of the major digital asset miners.

Despite its significance, Core is just one of several businesses that are having trouble.

Compute North, which provides hosting and infrastructure for cryptocurrency mining, filed for Chapter 11 bankruptcy in September.

Marathon Digital Holdings, another miner, declared an $80 million exposure to Compute North.

Meanwhile, a vertically integrated cryptocurrency miner called Greenidge Generation reported second-quarter net losses of more than $100 million in August.

The company eventually gave up on its plans to expand in Texas.

Last but not least, shares of Argo dropped 60% after the company announced plans to raise $27 million with a strategic partner on October 31.

But that was no longer happening.


Bitcoin miner Core Scientific is filing for Chapter 11 bankruptcy – but plans to keep mining

Embattled crypto lender Celsius files for bankruptcy protection

Bitcoin miner Core Scientific issues bankruptcy warning and the stock is down 97% for the year

Sherrod Brown seeks to ban crypto in the United States

Image source: CNN

Sherrod Brown: US senator Sherrod Brown recently recommended that US federal agencies take cryptocurrency prohibition into account.

He specifically mentioned the Commodity Futures Trading Commission (CFTC) and the Securities Exchange Commission (SEC).

The news

In spite of proposing the ban, Brown admitted during an appearance on NBC’s “Meet the Press” that it would be “extremely tough” to implement.

The US senator believes that the bitcoin market may expand abroad.

Additionally, he mentioned some American regulators, saying:

“We want them to do what they need to do at the same time – maybe banning it.”

“Although banning it is very difficult because it will go offshore and who knows how that will work.”

To bolster his arguments, Sherrod Brown cited several instances, such as “the threat to national security from Korean cyber criminals to drug trafficking and human trafficking and financing of terrorism and all things that can come out of crypto.” 

FTX’s demise is yet another instructive example.

The FTX collapse

The crypto exchange FTX failed and filed for bankruptcy at the start of November.

The business announced that it would declare bankruptcy under Chapter 11 before examining and selling its assets.

Alameda Research, a business entity and affiliated corporation, also filed for bankruptcy.

However, a few companies are left out of the file, including:

  • Ledger X LLC
  • FTX Digital Markets Ltd.
  • FTX Australia Pty Ltd.
  • FTX Express Pay Ltd.

Sam Bankman-Fried, the company’s founder and CEO, announced his resignation in the release.

Taking over, John J. Ray III said:

“The FTX Group has valuable assets that can only be effectively administered in an organized, joint process.”

Read also: Sam Bankman-Fried made donations to lawmakers before elections

What happened

Sam Bankman-Fried formerly had rockstar status in crypto but quickly lost it.

As part of an equity departure from the company, Binance started selling its holdings of FTT, the native exchange token for FTX, last year.

Investors began withdrawing money from the FTX as the token’s value fell, which prompted the platform to halt withdrawals and proclaim a panic.

Brown’s sentiments

Sherrod Brown requested that various federal agencies work together to address the issue of banning crypto earlier this month.

“Single regulatory agencies currently generally do not have a comprehensive view of crypto asset entities’ activities,” he declared in a statement.

Brown, a Democrat who has represented Ohio in the US Congress since 2007, is not the only senior figure who has pushed for more crypto rules.

Last month, Senator Elizabeth Warren introduced a new measure to regulate bitcoin.

The Digital Asset Anti-Money Laundering Act is the name of the proposed legislation.

It tries to have producers of crypto assets furnish audited financial records.

The law also seeks to implement capital standards similar to those employed by banks and other traditional financial entities.

Last but not least, the proposal would give the SEC more authority over the asset class.

Read also: Maxine Water grows strict with SBF invitation on Twitter

Offshore crypto movement

The crypto industry is already shifting activities outside of the US due to the US government’s uncertain regulatory future, in contrast to what the US Senator suggested.

Coinbase CEO Brian Armstrong addressed the issue in a tweet from November.

“ was an offshore exchange not regulated by the SEC.”

“The problem is that the SEC failed to create regulatory clarity here in the US,” he continued.

“So many American investors (and 95% of trading activity) went offshore.”

Armstrong proceeded by labeling the idea of penalties against US companies as absurd.

Brian Armstrong reiterated his desire for US lawmakers to take the initiative and drive the race toward crypto legislation after FTX’s bankruptcy.

He asserted that Coinbase has been a major advocate for the regulation of cryptocurrencies and contrasted his website’s strategies with those of the “offshore exchange” with headquarters in the Bahamas.


Banking committee chair: US regulators should ‘maybe’ ban crypto

FTX files Chapter 11 bankruptcy, SBF steps down as CEO

FTX crisis an ‘opportunity’ for US to clarify crypto regulations: Coinbase CEO

Sam Bankman-Fried made donations to lawmakers before elections

Image source: NBC News

Sam Bankman-Fried has been the topic of conversation ever since the failure of his crypto exchange platform FTX at the start of last month.

His recent detention by Bahamas authorities.

However, according to federal records, SBF donated to at least 11 members of the House Financial Services Committee a sizable sum of money (almost $95,000).

The donations were suspect to the 11 MPs who were on the committee investigating the FTX collapse since they took place prior to the midterm elections.

The donations

The majority of Sam Bankman-contributions Fried’s went to Democrats.

Ritchie Torres, a New York representative, received a total of $35,000 from numerous donors associated to FTX, according to The Post’s analysis of Federal Election Commission campaign information.

Rep. Jake Auchincloss was certain that he would not follow Torres’ example and donate the proceeds from the FTX campaign to a charitable organization.

Others, in the meantime, have not yet addressed the issue.

1. Rep. Ritchie Torres

According to the FEC, Sam Bankman-Fried gave the New York Democrat’s campaign $2,900.

Gabriel Bankman-Fried provided him about $32,400 for his campaign and win.

In a subsequent interview with CoinDesk, Torres admitted that the donation was “unsolicited” but insisted that he would still donate the money.

“My ties to him are minimal,” said Torres.

The Democrat went on to say that SBF was a pathological liar.

2. Rep. Josh Gottheimer

Records show that Sam Bankman-Fried personally donated $5,800 to the New Jersey representative.

Mark Wetjen, an FTX official, gave Gottheimer two separate donations of $2,900 each.

Prior employment at the Commodity Futures Trading Commission is a strength of Wetjen’s.

It is confirmed that the lawmaker would donate the funds to a charitable organization.

3. Rep. Jake Auchincloss

SBF and Wetjen gave the vice chair of the committee $5,800.

Auchincloss announced he wouldn’t return the funds, citing the fact that they had been given to other Democrats competing in more competitive elections as his justification.

“I’m not going to send money to a guy in a Bahaman jail, that’s for sure,” said the Massachusetts Rep.

“That money is out the door, helping to elect Democrats.”

4. Rep Jesus ‘Chuy’ Garcia

The Illinois Democrat’s reelection campaign received a $2,900 donation.

Last month, a spokeswoman claimed that Garcia had already donated the funds to the Northwest Center, a Chicago-based organization that fosters financial literacy.

5. Rep Joyce Beatty

Sam Bankman-Fried also donated $2,900 to the Ohio Democrat.

Read also: Twitter employees laid off get early win over Musk

6. Rep. Cindy Axne

Sam Bankman-Fried gave the Iowa Democrat two distinct contributions during the election period.

SBF gave Cindy Axne for Congress $2,900, but her AXNE PAC received a larger $5,000 donation.

7. Rep. Lee Zeldin

According to records, FTX executive Ryan Salame gave Zeldin’s campaign $5,800 before the midterm elections.

8. Rep Sean Casten

According to FEC records, Gabriel Bankman-Fried contributed a total of $1,000 to Casten’s campaign through two separate contributions.

9. Rep. Tom Emmer

The Minnesota Republican received a few donations from about two FTX executives.

Zach Dexter from FTX and Salame both gave $2,900.

10. Rep. Ted Budd

Salame gave $2,900 to the Republican lawmaker in North Carolina.

11. Rep Jim Himes

FTX executive Danielle Barrett donated $2,800 to the Connecticut lawmaker’s campaign.

Francesca Capodilupo, his campaign manager, spoke on his behalf and said:

“The contributions we received… was unsolicited and is being donated.”

Other donations

Sam Bankman-Fried provided a donation to a congressional office that requested anonymity.

They stated they wouldn’t distribute the funds until they were certain of their legal ownership.

The office was previously warned not to donate the money to a charitable organization in case the victims later requested it back.

FTX funds were also given to members of the House Financial Services Committee.

According to reports, Sam Bankman-Fried alone gave thousands of dollars to several PACs and campaigns for a variety of people, including:

  • Jimmy Panetta
  • Kim Schrier
  • Angie Craig

Read also: Study finds TikTok suggests harmful content for teens

Jurisdiction on the contributions

By taking the gifts from Sam Bankman-Fried and FTX affiliates, the committee members erred, according to government ethics experts who spoke on Thursday.

Gene Tempel is a professor of philanthropic studies and a founding dean emeritus of Indiana University’s Lilly Family School of Philanthropy.

Tempel said:

“These contributions…were unethical because they represented a conflict of interest on both the part of FTX and the regulatory body.”

“Politicians have typically made contributions to charity in the amount of tainted money they have received.”

“In this case, since FTX defrauded individuals, a victims’ fund might be developed,” he continued.

“Which would be an appropriate place for politicians to make payments.”

John P. Pelissaro and Tempel both agreed that the donations shouldn’t have been accepted, saying:

“Members of the House Financial Services Committee should have declined to accept campaign donations from any company or individuals associated with such that has or could have legislation considered at the committee that affects their businesses.

Pelissaro is a senior researcher and political scientist at the Markkula Center for Applied Ethics at Santa Clara University.

He asserted that the committee members’ only “ethical” choice was to return the money.

“If the funds are not returned by the congress members, they may create the perception that they are beholden to a company – now a failed business and under legal scrutiny – that was seeking to influence public policy before the committee,” said Pelissaro.


These lawmakers probing FTX’s collapse got donations from Sam Bankman-Fried and cronies

Olga Kideava: From TV Star to Bitcoin Queen

Olga Kideava, a former TV star from Russia, has gone through many career transitions to get where she is today. From working in finance to volunteering in Haiti, to becoming a corporate flight attendant, Olga has been successful in everything she has pursued.

However, it was during the COVID pandemic that Olga found her true calling. She became interested in the stock market and forex, and after some initial ups and downs, she discovered the secret to making money in the digital asset space.

Today, Olga is making $25,000 a day from Bitcoin mining and forex trading, and she’s traveling the world while doing it. Her business ventures include selling Bitcoin machines, turning $1,000 investments into $1,000,000 in a year, trading 

But Olga’s business is not just about making money for herself. She is also dedicated to helping others make money from their investments. Olga is passionate about sharing her knowledge and experience, so that others can experience the same success and freedom that she has found.

Olga Kideava:

To this end, Olga offers advice on how to make money from investments, as well as tips for avoiding burnout and staying motivated. She also emphasizes the importance of surrounding yourself with the right people, and of never being afraid to try something new.

Despite all her success, Olga remains humble and grounded. She credits her social skills and her ability to make friends easily as the key to her success. She believes that success is not just about making money, but also about helping others achieve their goals and live their best lives.

In her free time, Olga loves to travel and stay active. She dreams of becoming a Victoria’s Secret model and acting in Oscar-nominated movie and is working hard to make that dream a reality. After all, Olga can do anything she sets her mind into.

Olga’s story is one of perseverance, hard work, and embracing change. She has proven that with the right mindset and a willingness to take risks, anyone can achieve their dreams and find success in life.

To learn more about Olga Kindaeva, follow her on Instagram.

Debunking the Most Common Myths about Cryptocurrency

 Cryptocurrencies have been receiving a lot of attention in recent times. There is a lot of hype around them, and many people are investing in them, with some keeping a close eye on cryptocurrency news. However, there is also a lot of speculation that cryptocurrencies might be a bubble.

Their sentiments are understandable because cryptocurrency is relatively new and is widely misunderstood. This unfamiliarity led to the rise of numerous myths. Here are some of them:

Only Seasoned Investors Should Dabble with This  

With the rise of digital currencies, much has been discussed about whether these digital assets are only for seasoned investors. Let us look at this prevalent myth and see if it has any truth.

First, it is critical to understand what cryptocurrency is and how it works. It is a digital or virtual asset that uses cryptography to secure its transactions and control the creation of new units. Cryptocurrencies are decentralized and not subject to government or financial institution control.

So, what does this have to do with whether or not cryptocurrency is only for seasoned investors? Because governments or financial institutions do not regulate cryptocurrencies, they are often seen as more volatile and risky investments. It is one of the main reasons some people believe cryptocurrency is only for seasoned investors.

However, this does not mean the cryptocurrency market is only for seasoned stockbrokers. Anyone can invest in cryptocurrency. Yes, more risk is involved, but huge rewards are also potential.

If you are considering investing in cryptocurrency, do not let the myth that it is only for seasoned investors stop you. Anyone can invest in cryptocurrency, no matter their level of experience.

Cryptocurrencies Are Immaterial

There is a popular misconception that cryptocurrencies are not backed by anything. This belief could not be further from the truth! Cryptocurrencies are supported by the underlying technology that powers them – blockchain.

Blockchain is a distributed ledger system that is incredibly secure and tamper-proof. It is the perfect foundation for a new form of currency that is not subject to the same manipulation and control as traditional fiat currencies.

Cryptocurrencies are also backed by the faith and confidence of their users. Like any other currency, if people lose faith in a cryptocurrency, its value will plummet. However, the reverse is also true. If more and more people believe in cryptocurrency, its value will increase.

So, saying that the cryptocurrency market backs nothing is invalid. They are supported by the innovative technology of blockchain and the faith of their users.

It Will Soon Burst

Many make the mistake of assuming that the cryptocurrency world will collapse soon. However, this is far from the truth. The cryptocurrency world is relatively stable and has much growth potential. Below are some of the reasons why the cryptocurrency world is not going to burst anytime soon:

  1. Cryptocurrencies are still in their early stages, meaning they have a lot of room for growth. Only a few hundred million people use cryptocurrencies, a tiny fraction of the world’s population. As more and more people learn about cryptocurrencies and use them, the market will continue to grow. 
  2. Cryptocurrencies are becoming more mainstream. More and more businesses are starting to accept them as payment, and they are being featured more in the media. As cryptocurrencies become more mainstream, their popularity will continue to grow.


Like any investment, you must understand what you are getting into to maximize your cryptocurrency investment. With the proper due diligence, research and understanding of the risks involved, you can be in a position to maximize your investment return.

You can get your fill of finance and cryptocurrency news from Market Daily. We offer digestible facts and information about the world of finance to the everyday person, making it more manageable for you to decide on your finances. So, subscribe to our newsletter now!

FTX collaborators charged, both plead guilty

Image source: The Wall Street Journal

FTX: On Wednesday, Caroline Ellison, the former co-CEO of Alameda Research, and Gary Wang, a co-founder of FTX, both entered guilty pleas to federal charges.

The charges

The two FTX associates pleaded guilty in the Southern District of New York, according to US Attorney Damian Williams.

Gary Wang entered a guilty plea to the following offenses:

  • Conspiracy to commit wire fraud
  • Wire fraud
  • Conspiracy to commit commodities fraud
  • Conspiracy to commit securities fraud

However, Caroline Ellison was accused of more, including the following:

  • Two counts of wire fraud
  • Two counts of conspiracy to commit wire fraud
  • Conspiracy to commit commodities fraud
  • Conspiracy to commit securities fraud
  • Conspiracy to commit money laundering

The evening before Sam Bankman-Fried, the former CEO of FTX, was scheduled to depart from the Bahamas for New York, their charges were made public.

He is prosecuted with eight federal felonies by the same federal prosecutors who authorized the plea bargains for Ellison and Wang.

Prior to SBF’s anticipated departure for the US after a contentious court appearance in the Bahamas, their plea deals were finalized on Monday.

“As I said last week, this investigation is very much ongoing,” said Williams in a prerecorded message.

“I also said that last week’s announcement would not be our last. And let me be clear, once again, neither is today’s.”

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Sam Bankman-Fried was charged in the Southern District of New York following his arrest in the Bahamas the previous week.

Intense court hearings have been going on for the last few days regarding whether or not he would consent to his extradition to the US.

After a tense courtroom exchange on Monday, in which a reported plan for him to resist his extradition to the US stalled, he was taken to a Bahamas jail.

Media reports state that later that day, he gave his Bahamian attorney instructions to start the extradition procedure.

Later this week, Sam Bankman-Fried will make another court appearance.

According to earlier reports, he would agree to extradition, but SBF on Monday provided a different account.

Before deciding to return to the US, he insisted on viewing a copy of his federal indictment.

Bankman-Fried, however, chose to stay in jail rather than hand himself in to US authorities.


Gary Wang and Caroline Ellison were the targets of civil lawsuits from the Securities and Exchange Commission and the Commodity Futures Trading Commission, respectively.

The cryptocurrency trading platform FTX, which Samuel Bankman-Fried and Wang co-founded, was the target of a “multiyear scheme to defraud equity investors,” according to the SEC.

The following allegations are contained in the CFTC’s expanded complaint:

“Ellison with fraud and material misrepresentations in connection with the sale of digital asset commodities in interstate commerce.”

Wang is charged with fraud “in connection with the sale of digital asset commodities in interstate commerce,” according to the indictment.

Wang and Ellison allegedly agreed to the accusations against them, according to the CFTC statement.

Caroline Ellison was singled out for intentionally manipulating FTT (FTX’s self-issued token) to enhance Alameda Research’s available collateral for loans.

According to the SEC, Ellison and Wang are cooperating with the investigation.

Read also: Core Scientific joins list of crypto companies filing for bankruptcy

FTX and Alameda

Numerous loans from well-known cryptocurrency companies that declared bankruptcy, most notably Voyager Digital and BlockFi Lending, were connected to Alameda Research.

Damian Williams didn’t go into detail about the accusations against Ellison and Wang.

According to the SEC, they allegedly helped Sam Bankman-Fried cheat FTX clients while serving in their respective roles at Alameda and FTX.

Alameda purportedly gained access to user funds via the FTX platform through a backdoor Wang allegedly added to the software.

Before Caroline Ellison and Sam Trabucco took over in 2021 (Trabucco left the company in August 2022), Sam Bankman-Fried served as Alameda’s CEO.

The second and third people charged concerning the FTX collapse were Ellison, 28, and Wang, 29.

This month, Sam Bankman-Fried, 30, was charged with a federal crime.

“Bankman-Fried and Wang thus gave Alameda and Ellison carte blanche to use FTX customer assets for Alameda’s trading operations and for whatever other purposes Bankman-Fried and Ellison saw fit,” said the SEC.

They said that Trabucco was not connected to any misconduct.

During this time, Wang’s lawyer issued the following statement:

“Gary has accepted responsibility for his actions and takes seriously his obligations as a cooperating witness.”


FTX’s Gary Wang, Alameda’s Caroline Ellison plead guilty to federal charges, cooperating with prosecutors

FTX founder Bankman-Fried sent back to Bahamas jail in day of courtroom chaos

A beginner’s guide to buying crypto with IBINEX

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