Debunking the Most Common Myths about Cryptocurrency

Karla Perry on February 27, 2023

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:

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.
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.

Conclusion

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

Lilian Swift on December 26, 2022

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.”

SBF

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.

The SEC

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.

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.”

References:

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

Sarah White on December 22, 2022

Digital currency prices have skyrocketed over the past few months, leaving many wondering. Are cryptocurrencies worth investing in? The short answer is yes. The broader answer is that cryptocurrency as an investment and its effectiveness depends on your goals, time horizon and risk tolerance.

For patients, cryptocurrency will prove to be an excellent long-term investment. It has a long track record as an investment vehicle that delivers huge returns. For those of you who don’t know, cryptocurrencies have been around for over a decade and investors have been using them for years to buy everything from real estate to stocks to art and more. I’ve been Similar to what we see in the stock market, there are obvious downsides – no one knows what will happen to Bitcoin and other cryptocurrencies in particular – but why so many people stay away from this type of investment. It’s easy to see why you’re making such a big profit. We continue to make small profits every day.

If you are interested in investing in cryptocurrencies and diversifying your portfolio and are willing to take risks but looking in the right direction, check out IBINEX. IBINEX is a platform where you can buy, sell or trade cryptocurrency tokens. The reason this is the best platform for new beginners is due to the extremely simple user interface and the fact that setting up an account and making your first purchase on this platform is very easy. Having a one-stop solution for all your needs is very important and IBINEX does just that. Buy with a credit card, invest in different tokens, and manage your portfolio while measuring performance. IBINEX is easy and safe to use and you won’t regret using the app. See for yourself!

How this Iranian genius is influencing the world of cryptocurrency

Karla Perry on December 20, 2022

It takes a certain amount of insight and time spent understanding any particular skill for it to be called a “mastery.” To some, this mastery manifests as a talent- doing things right the first time, like birds upon first flight. For others, it’s the slow, arduous challenge of unearthing each and every preconceived notion of a skill, then reinventing it as your own strength.

Even in the competitive field of crypto, it’s a challenge to rise above misinformation through well-taught, adaptable strategies. Indeed, cryptopreneurs are birds of their own kind- every dive and dip in the air is a calculated measure of either success, or a desire to win. There are no losses here, only the endless pursuit of innovation.

Given the volatility of the crypto market, people often associate the term crypto with charts, trends, and timelines. This common misconception is further expanded upon by renowned social media influencers who spread misinformation about NFTs, crypto, and blockchains, leaving it up to modern-day cryptopreneurs and blockchain developers to clear the air.

An active example of this case is the Iranian crypto expert, investor, and entrepreneur Barbod Massoumi, more popularly known as BitBod. The founder and CEO of BitBod Inc. – a financial consultancy agency that focuses on crypto and forex trading – Barbod Mass realized this flaw in the system and decided to do something about it. He began to work against it by making it his goal to educate people on the fundamentals of trading.

According to a piece published by TechCrunch, the introduction of cryptocurrency and blockchain technology has changed the world of finances, as businesses have moved from conventional methods of transactions to decentralized systems managed by individuals who oversee blockchain transactions. The cryptocurrency genius shared his thoughts on the subject by saying, “When I was learning about crypto, I realized that the information was very scattered. Like there was no one book that had all the answers. Especially the influencers – the so-called crypto experts on social media – the things they taught, most of them were useless or wrong. So I had to download PDFs and read books like Mastering Bitcoin by Andreas Antonopoulos to get my facts straight.” He further went on to add, “Cryptocurrency will play a vital role in the future; there’s no denying that, and I want the people who come after me to be equipped with all the right tools and knowledge.”

Barbod Massoumi explained how Bitcoin and Ethereum, the two largest cryptocurrencies in the world – despite experiencing stalls in the first quarter of 2022 – would rise as the metaverse gained traction among the populace. According to BitBod, this rise is “inevitable” due to the recent fluctuations in the global economy. “Entrepreneurs and investors come to me because I have what they need, the knowledge and the experience. What makes me different from the others in my field is the fact that since I’m a dropout, I don’t rely on textbook strategies. I go and explore everything on my own because I like to have quantifiable proof behind the strategies that I personally devise,” he elaborated.

When asked about his journey, the expert opened up and revealed, “There were a lot of moments where my company was inches away from going bankrupt. That actually happened to me three times. I was on the verge of bankruptcy, and when you’re so close to losing your dream, it just hits differently; you try to do everything in your power to save it and sometimes it works and sometimes it doesn’t.”

As far as how this Iranian crypto genius is influencing the world of cryptocurrency is concerned, BitBod is putting efforts into building an innovative education system. He firmly believes that collective intelligence is way more effective and powerful compared to individual intelligence. According to him, we can achieve outstanding results if we focus on collective intelligence. In fact, it can not only create the perfect way to educate, but it can also change the world’s fate.

On what he would advise up-and-coming cryptopreneurs, BitBod suggested, “I always ask people to never stop learning because everything worth learning, especially in the crypto market, takes its own sweet time, not to mention its dynamic and volatile nature.” He continued, “People are still learning, and though it has come a long way, it’s a community that’s still growing, so I advise people to always approach it with an open mind.”

As one of Iran’s leading cryptopreneurs, Barbod Massoumi, along with his proficient team, is on a mission to educate people on the latest advancements in the crypto market. His entrepreneurial venture BitBod acts as a global hub of knowledge where people from different backgrounds can gather and learn how to grow while shaping the future of cryptocurrency together.

Sam Bankman-Fried under Bahamian arrest on Monday

Ken Jacobs on December 13, 2022

The founder and former CEO of bankrupt crypto exchange FTX, Sam Bankman-Fried, was arrested in the Bahamas on Monday night.

According to a Bahamian government statement, the arrest follows US prosecutors filing criminal charges against him.

The news

The Southern District of New York investigated Sam Bankman-Fried and the collapse of FTX and trading company Alameda.

They also confirmed his arrest, announcing the news on Twitter.

US Attorney Damian Williams shared about the arrest in a tweet:

“Earlier this evening, Bahamian authorities arrested Samual Bankman-Fried at the request of the US government, based on a sealed indictment filed by the SDNY.”

“We expect to move to unseal the indictment in the morning and will have more to say at that time.”

The arrest

Sam Bankman-Fried was a cryptocurrency celebrity until November, when his company faced a liquidity crunch that forced it to file for bankruptcy.

It quickly became an outcast overnight, leaving over a million depositors stranded with no access to their money.

SBF was arrested Monday night without incident in the Bahamas at his apartment complex.

He is due for a court appearance in Nassau on Tuesday, according to a statement from the Royal Bahamas Police Force.

The SEC

After confirming SBF’s arrest, the Securities and Exchange Commission said it authorized separate charges related to Sam Bankman-Fried’s “violations of securities laws.”

It remains to be seen what indictments await the FTX founder, a 30-year-old crypto celebrity and now a crypto pariah.

The company was grappling with a liquidity crisis, which led it to file for bankruptcy in November.

As a result, millions of FTX clients no longer have access to their funds.

Charges

The New York Times said a person familiar with the situation revealed that SBF’s charges, which include:

Wire fraud
Wire fraud conspiracy
Securities fraud
Securities fraud conspiracy
Money laundering

The United States has an extradition treaty with the Bahamas that allows US prosecutors to bring defendants back to the United States.

The settlement states that the charges would be punishable by more than a year in prison in both jurisdictions.

Aftermath of the collapse

Four weeks after FTX filed for bankruptcy, Sam Bankman-Fried portrayed a “hapless” CEO.

He had the demeanor of someone who rose above the sky and denied the fraud allegations against FTX clients.

“I didn’t knowingly commit fraud,” said SBF on BBC last weekend.

“I didn’t want any of this to happen. I was certainly not nearly as competent as I thought I was.”

House hearing

Sam Bankman-Fried was supposed to appear virtually before the US House Financial Services Committee on Tuesday.

The committee demanded answers about how FTX crashed and crossed the digital asset ecosystem.

Due to their involvement with FTX, several cryptocurrency companies have gone out of business, frozen client accounts, and even filed for bankruptcy.

After the arrest, Rep. Maxine Waters, chair of the committee, said SBF would not have to testify anymore.

Statement

Originally, the hearing was to be bolstered by testimony from John J. Ray III, the new CEO of FTX.

He took over from Sam Bankman-Fried on November 11, shepherding the company through the bankruptcy process.

“While I am disappointed that we will not be able to hear from Mr. Bankman-Fried tomorrow,” Waters said in a Monday night statement.

“We remain committed to getting to the bottom of what happened.”

So far, Ray has described a crypto empire as having no corporate oversight and financial or other record-keeping.

“The scope of the investigation underway is enormous,” said Ray in remarks on Monday ahead of his testimony.

While the investigation is still ongoing, the collapse appears to result from the concentration of power “in the hands of a very small group of grossly inexperienced and unsophisticated individuals” who failed to implement corporate control within the firm.

According to Ray, SBF mixed customer resources from the FTX website with resources from Alameda.

The revelation is crucial to investigators because FTX and Alameda were separate entities on paper.

Denials

After the crash, Sam Bankman-Fried denied the funds were conglomerated.

He tried to distance himself from the daily activities of Alameda.

The firm developed risky trading strategies, including arbitrage and yield farming.

Yield farming invests in digital tokens that pay rewards, including interest, according to a Wall Street Journal report.

SBF admitted that he had mismanaged the company and had little risk awareness.

He made a virtual appearance at the New York Times DealBook Summit in late November.

“Look, I screwed up,” said Bankman-Fried during the summit.

“I was CEO of FTX… I had a responsibility.”

Additionally, Sam Bankman-Fried acknowledged the lack of corporate and risk management controls in the companies under his oversight.

“There was no person who was chiefly in charge of positional risk of customers on FTX,” said SBF.

“And it feels pretty embarrassing in retrospect.”

A Reuters report from November raised a key question about the crash, saying SBF had created a “backdoor” into FTX’s accounting system.

It allowed him to alter the company’s finances without triggering red flags in accounting.

According to the report, Bankman-Fried used the backdoor to transfer $10 billion in client funds to Alameda.

As a result, more than $1 billion is currently missing.

However, Sam Bankman-Fried denied knowing about a backdoor.

“I don’t even know how to code,” he said in a November interview with Tiffany Fong.

Reference:

Sam Bankman-Fried, FTX’s founder, is arrested in the Bahamas

Maxine Water grows strict with SBF invitation on Twitter

Lilian Swift on December 7, 2022

Image source: The Wall Street Journal

Maxine Waters: Last week, Democratic Congresswoman Maxine Waters invited Sam Bankman-Fried to a House hearing via Twitter.

However, the founder of FTX declined and said he wouldn’t be ready by then.

Today, Waters took to Twitter to urge SBF to attend the December 13 House committee hearing about his company’s collapse.

The invite

Maxine Waters contacted Sam Bankman-Fried again on Twitter.

This time, she was more adamant that he show up at the hearing.

“It is imperative that you attend our hearing on the 13th, and we are willing to schedule continued hearings if there is more information to be shared later,” Waters tweeted.

Last week, the California District 43 representative initially contacted SBF on the social media platform.

Early on, Maxine Waters thanked the founder of FTX due to the invitation to testify not being a request or a subpoena.

SBF answered her on Sunday, writing:

“Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain.”

“I’m not sure that will happen by the 13th. But when it does, I will testify.”

Reiterated invitation

After refusing the invitation, Maxine Waters’ patience with Bankman-Fried appeared to thin.

In a second invitation, Waters did not hold back and emphasized that SBF should appear in Washington.

“Based on your role as CEO and your media interviews over the past few weeks, it’s clear to us that the information you have thus far is sufficient for testimony.”

“As you know, the collapse of FTX has harmed over one million people,” she continued.

“Your testimony would not only be meaningful to Members of Congress, but is also critical to the American people.”

Crypto Twitter

The Crypto Space on Twitter watched the exchange between Maxine Waters and Sam Bankman-Friede.

One user commented, saying their back-and-forth looks more appropriate, seemingly siding with Waters.

Meanwhile, another rallied behind the Democrat, saying:

“Ms Waters, with all due respect – let’s stop flirting with the inevitable outcome and cut the crap.”

“Begin the process of extradition to bring him back to US soil where he can be tried and properly judged for his gross and fraudulent misconduct.”

“Send a subpoena.”

Whether SBF will appear on December 13 remains to be seen.

However, he already has a long line of officials and regulators waiting for him.

Reference:

US Rep. Maxine Waters insists SBF attend FTX hearing on Capitol Hill

Sam Bankman-Fried confesses he ‘screwed up’

Sarah White on December 1, 2022

Image source: Head Topics

Sam Bankman-Fried, the former CEO of disgraced cryptocurrency exchange FTX, admitted he made mistakes as the leader of the company.

He said it was not his intention, nor was he trying to cheat anyone out of their money.

The former FTX CEO recently appeared on video at the New York Times DealBook Summit in New York.

“There are things I would do anything to do over again,” said SBF.

“I was shocked by what happened this month.”

Collapse

In early November, Sam Bankman-Fried resigned as CEO of FTX after filing for bankruptcy with the company and dozens of its subsidiaries.

Customers worldwide are rushing to retrieve the billions of funds they deposited on the platform.

SBF’s multi-billion dollar private fortune also disappeared almost overnight.

Additionally, crypto companies with financial exposure to FTX are beginning to buckle.

One of the questions surrounding SBF is whether the platform stole money from clients while lending money to its hedge fund Alameda.

“I didn’t knowingly commingle funds,” SBF said.

“I was frankly surprised by how big Alameda’s position was.”

Failure

The cryptocurrency exchange platform had a run on the banks early last month.

However, it collapsed quickly during a liquidity crunch.

“Look, I screwed up,” admitted SBF. “I was CEO of FTX… I had a responsibility.”

Sam Bankman-Fried admitted that FTX lacked corporate controls and risk management in the companies he oversaw.

In filing for bankruptcy, the new CEO of FTX described the case as a “complete failure.”

“There was no other person who was chiefly in charge of positional risk of customers on FTX,” said Bankman-Fried.

“And that feels pretty embarrassing in retrospect.”

The companies

It’s unclear how much FTX customers will recoup while the company restructures.

Sam Bankman-Fried hinted that US and Japanese customers could be made whole, but he didn’t suggest how.

In addition, his previous progress statements will be reviewed following his lack of oversight.

As the liquidity crunch began, SBF tweeted that its FTX business was doing well and said it had enough to satisfy client interest.

However, he deleted the tweet within a day and attempted to orchestrate a bailout plan that fell apart.

SBF’s admission that he had no supervision raised questions about his knowledge.

Investigations

Federal prosecutors are investigating FTX for Southern New York County following the company’s collapse.

According to a person familiar with the matter, Bahamian authorities are also investigating the company due to FTX operating out of the Bahamas.

Financial regulators are working with the company’s new management.

The team is led by restructuring specialists who guide FTX through bankruptcy.

SBF

Sam Bankman-Fried’s appearance at the DealBook summit came weeks after publicly apologizing.

Unfortunately, his apologies surprised the press.

During his Wednesday interview, SBF was questioned whether his lawyers urged him to speak out.

“They’re very much not,” he replied.

“And I mean, you know the classic advice, right? ‘Don’t say anything, you know, recede into a hole.'”

“I have a duty to explain what happened,” added SBF.

“I don’t see what good is accomplished by me just sitting locked in a room pretending the outside world doesn’t exist.”

Sam Bankman-Fried was also asked about his fortune, initially estimated at $26 billion at his peak.

However, according to the SBF, he had given everything to FTX and believes he only has $100,000 left in his bank account.

Reference:

FTX founder Sam Bankman-Fried: ‘Look, I screwed up’

DogeCoin enjoyed Black Friday in market rally

Ken Jacobs on November 29, 2022

Image source: Crypto Stars

DogeCoin concluded an excellent week on Black Friday when it outperformed Bitcoin and Ethereum in the crypto market.

Friday movement

On Friday, the first meme coin jumped 10.5% over a 24-hour period, as recorded by CoinGecko.

While it was a positive movement, it was far from DogeCoin’s all-time high in May 2021, when the coin hit a selling price of 73 cents.

DogeCoin’s massive leap can be attributed to Elon Musk when he hosted Saturday Night Live in 2021.

Musk is an avid supporter of the meme coin online

The coin started as a joke but became the Tesla owner’s favorite digital asset.

On Black Friday, DogeCoin became the best-performing major cryptocurrency in the market, beating the top two coins.

Other coins

Bitcoin, the leading cryptocurrency, dropped by 0.5% on Friday, while Ethereum dropped to nearly 1%.

Meanwhile, the cryptocurrency market continues to reel after enduring another brutal month.

Investors were downtrodden when FTX, one of the most prominent and promising cryptocurrency exchanges, went bankrupt.

As a result, nearly every major coin and token on the market went through a sell-off.

It is unknown how DogeCoin handled a better Black Friday rally, but the Crypto Twitter space went through heavy speculation.

Crypto influencer David Gokhshtein chimed in, saying:

“I feel that we’ll all see Vitalik and Elon working together to somehow upgrade $DOGE.”

The meme coin

DogeCoin was created in 2013 by engineers as a joke.

They wanted to pay tribute to the viral “doge” meme, a Shiba Inu dog who speaks broken English.

However, Elon Musk started pumping the coin on Twitter in 2020, a social media platform he now owns, which drove up its value.

From there, Musk and Mark Cuban, an influential investor, argued over DogeCoin’s utility in payment.

Despite the exciting rally, DogeCoin is still down 91% from its peak.

Current movement

As of this writing, DogeCoin has a market cap of $12.7 million.

While the meme coin’s value is down -11.4% in the last 24 hours, it sells for $0.093136.

Reference:

Dogecoin gets double-digit Black Friday pump

Bored Ape NFT clinches near million sale

Stephen Cook on November 25, 2022

Image source: South China Morning Post

Bored Ape NFTs: NFTs were the most prominent thing online over a year ago, but the space and the market have cooled off since then.

The FTX crash and a crypto contagion spreading to other companies have also caused the icy cryptocurrency bear market to grow colder.

However, some “blue chip” Ethereum NFTs still command high prices.

Recently, a Bored Ape NFT sold for nearly $1 million, the first major sale in a while.

The NFT

On the secondary market, Bored Ape Yacht Club NFT #232 sold for 800 ETH.

It costs about $927,000 when converted to dollars.

CEO of cloud software startup Chain, Deepak Thapliyal, sold the tokenized profile picture (PFP NFT).

Meanwhile, pseudonymous collector Keung bought the NFT and tweeted, “Thanks [Thapliyal] for the good deal.”

Bored Ape NFTs

Bored Ape NFTs values have fallen sharply over the past few months.

One of the most notable losses is an NFT that Justin Bieber previously bought for $1.3 million worth of ETH.

Today, it is valued at around $69,000.

The golden-furred Ape NFT is one of the rarest NFTs in the collection.

It ranks 324th out of 10,000 NFTs, according to Rarity Tools.

Additionally, less than 0.5% of Bored Ape NFTs have golden fur.

The sale

Thapliyal is the renowned NFT collector who set the record for buying CryptoPunk earlier this year.

He paid 8,000 ETH ($23.7 million at the time) for the NFT.

However, Thapliyal recently tweeted that he was going to sell some of his rare NFTs after the demise of FTX, which affected Chain.

He clarified that he would keep the expensive Punk NFT.

Since then, Thapliyal deleted his tweets.

The market

October 1 marked the last time a Bored Ape NFT was worth more than $1 million.

At the time, Bored Ape #8585 was selling for 777 ETH, which is equivalent to $1.02 million.

ETH was 13% more valuable then.

In 2021, the NFT market grew to a trading volume of $25 billion and carried the momentum into early 2022.

However, along with the cryptocurrency market, it took a profound drop in May.

Despite the decline, the NFT market is not dead.

DappRadar and Dune suggest that secondary market sales of NFTs will exceed $700 million in October, which is up from $5.36 billion in January.

Bored Ape prices are also down.

The cheapest available NFT of the collection on the market peaked at $429,000 (152 ETH) at the end of April.

The floor is currently at 60 ETH, which is worth $69,000.

However, the recent sell-off shows that Bored Ape NFTs can still fetch incredible prices even when the market is down.

Reference:

NFTs are dead? Even in bear market, a Bored Ape sells for nearly $1 million

FTX debt is enormous, 50 creditors owed millions

Karla Perry on November 21, 2022

Image source: The Block

FTX, the renowned cryptocurrency exchange, has been under a lot of heat for the past few weeks.

According to documents filed Saturday in Delaware bankruptcy court, FTX owes $3.1 billion to its top 50 creditors.

The document clarifies the extent of potential client losses.

The filing

According to Saturday’s filing, the crypto exchange’s top 10 creditors have more than $100 million in unsecured claims each.

The claims amount to more than $1.45 billion.

The filing explained that the debt does not include any liabilities to company insiders.

However, this may change with additional information.

FTX owes its largest creditor more than $276 million.

In addition, the company now owes about $21 million to its 50th creditor.

Despite the massive debt, the filing can only scratch the surface of what the company owes.

Last week, FTX said it might have more than a million creditors.

The company also owes its third-largest creditor $174 million.

While unconfirmed, the figure is consistent with what cryptocurrency lender Genisis announced ten days ago: $175 million in funds locked in its FTX trading account.

Filing notice

A notice accompanying the filing explains that FTX based the totals on information that was visible but not accessible.

The notice claims that the company did not have full access to customer data.

FTX, led by new CEO John J. Ray III, said in the filing that the debt numbers might be inaccurate.

Payments to creditors may need to be reflected in the company’s books or records.

Creditors

A request was made to withhold information about FTX’s creditors and their personal information.

Additionally, the motion states that disclosing the names of creditors could give predatory companies a head start.

It reads:

“Public dissemination of the Debtors’ customer list could give the competitors an unfair advantage to contact and poach those customers, and would interfere with the Debtors’ ability to sell their assets and maximize value for their estates at the appropriate time.”

“The Debtors historically did not keep appropriate books and records,” it continued.

“[And] the Debtors are currently working to access certain sources of data and records that are currently unavailable.”

Chapter 11 cases

The decision to create an FTX creditor list came from overlapping creditors in Chapter 11 cases, disorganized filing, and limited time and resources.

“Creditor information, and in particular customer information, is not clearly labeled or identifiable by [FTX],” the motion reads.

“As a result, presenting the information on a consolidated basis will ensure the most relevant and known information can be promptly disclosed.”

A date for the “first day of hearings” in FTX’s bankruptcy proceedings has been set.

As a result, it will take place on Tuesday in Wilmington, Delaware.

Reference:

FTX says it owes over $3 billion to its 50 largest creditors

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Cryptocurrencies Are Immaterial

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The SEC

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Statement

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The invite

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Crypto Twitter

Collapse

Failure

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Friday movement

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