Uncategorized
ByAuthor J.D. SmithPosted on
22
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Automated Crypto Investing App Coinseed Faces Fraud Charges in NY, SEC Lawsuits

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Coinseed Inc., an automated crypto investing app, is facing allegations of defrauding investors and breaking U.S. registration laws in a pair of legal actions brought Wednesday by the U.S. Securities and Exchange Commission (SEC) and the State of New York.

The app-based service bilked investors of $1 million through hidden fees, false claims and a flopped token, New York Attorney General Letitia James alleged in her state’s suit. She charged Coinseed, which did not have a BitLicense or federal clearance, with running an unregulated securities and commodities trading shop.

James said she seeks to shutter Coinseed and ban its executives Delgerdalai Davaasambu and Sukhbat Lkhagvadorj from participating in future investment plays. The state is seeking monetary relief for victims through the courts.

Coinseed faces a related suit from the SEC, James said in her press release. Those federal-level filings were not available at press time Wednesday.

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Bitcoin
ByAuthor J.D. SmithPosted on
32
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North America’s first Bitcoin ETF sees explosive debut with $564M in assets

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Less than a week after its debut, the Purpose Bitcoin exchange-traded fund continues to attract large inflows of investor capital, offering further reassurance that institutional interest in digital assets is on the rise. 

Crypto data provider Glassnode reported Tuesday that the Purpose ETF has reached $564 million in assets under management, an impressive feat considering the fund only launched five days ago. As Cointelegraph reported, the fund generated $80 million in volume during its first hour of trading and reached nearly $100 million on its first day.

Glassnode data reveal that, as of Tuesday, the Purpose ETF had 8,288 BTC, having added 2,251 BTC on Monday.

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Bitcoin Investment Tech
ByAuthor J.D. SmithPosted on
34
0

Russian Orthodox Church will not accept Bitcoin in offering plate

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With roughly 100 million members, the church representing the dominant religion in Russia has no plans to accept cryptocurrency donations or offerings.

According to a Q&A streamed on YouTube by Jesus Portal, the chairman of the Department for External Church Relations of the Moscow Patriarchate, Hilarion Alfeyev, said the Russian Orthodox Church, or ROC, is not planning to create its own digital currency, nor accept cryptocurrency including Bitcoin (BTC) for donations. However, Alfeyev added it was possible to use other forms of technology to send money to the church: phone calls.

“We are unlikely to accept donations of various cryptocurrencies and Bitcoin, nor will we release our own currency,” he said. “I think that it is quite possible to make a donation to the church over the phone.”

The statement is somewhat of a softened stance for Alfeyev, who three years ago compared cryptocurrency…

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Investment Latest
ByAuthor J.D. SmithPosted on
10
0

Aave and Balancer announce hybrid AMM liquidity pool & lending product

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In the latest feat of decentralized finance (DeFi) money lego magic, lending platform Aave and automated market maker (AMM) Balancer have teamed up on a hybrid liquidity-and-lending feature that may significantly fatten depositor yields.

In a blog post today, Balancer CEO Fernando Martinelli unveiled plans for the project, dubbed the Balancer V2 Asset Manager. In essence, the integration will allow users to earn two forms of return on their deposits: trading fees and yield farming from Balancer, as well as lending interest from Aave.

In Balancer’s current architecture, users deposit funds into a liquidity pool in order to enable decentralized asset trading. In exchange, they’re given a portion of trading fees, as well as yield farming returns in the form of Balancer’s native governance token, BAL.

However, the majority of assets in AMM pools often sit unused, as they’re not needed unless there’s an unusually large trade.

“Large…

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Bitcoin Opinion
ByAuthor J.D. SmithPosted on
32
0

Pro traders went long as Bitcoin fell to $45K, liquidating $5.9B in futures

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In the past 48 hours, Bitcoin’s (BTC) price has dropped by $13,360 and more than $2.6 billion worth of futures contracts have been liquidated. When including altcoins, the total sum of liquidations equaled $5.9 billion.

After marking a record-high open interest at $19.5 billion on Feb. 21, the metric has stabilized at $16.5 billion. This means that half of the terminated leverage positions have been reopened.

According to the top traders’ long-to-short data and various funding rate indicators, retail traders took the largest hit.

Top traders bought the dip

The top traders’ long-to-short indicator is calculated by using clients’ consolidated positions, including spot, margin, perpetual and futures contracts. Unlike the futures premium or options skew indicators, this metric gathers a broader view of professional traders’ effective net position.

Top traders long-to-short ratio. Source: Bybt.com

Despite the discrepancies between crypto exchange methodologies, analyzing changes over time provides valuable insights.

Top traders at Huobi held…

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Bitcoin Blockchain Tech
ByAuthor J.D. SmithPosted on
31
0

Twitter CEO donates 1 BTC to Bitcoin core development nonprofit

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Jack Dorsey, CEO of social media powerhouse Twitter, has donated 1 Bitcoin (BTC) to Brink, a nonprofit group focused on Bitcoin’s technological framework. 

“Honored to have received a 1 BTC donation to our developer funding efforts from none other than @jack!,” Brink’s Twitter account posted on Tuesday. At the time of publication, that Bitcoin is worth $46,824.

Reporting earlier this month showed the recently established organization receiving 503(c)(3) nonprofit status from the Internal Revenue Service, giving Brink a break on federal taxation.

The entity looks to further Bitcoin by helping out its developers, as noted on Brink’s website:

“Brink exists to strengthen the Bitcoin protocol and network through fundamental research and development, and to support the Bitcoin developer community through funding, education, and mentoring.”

Dorsey has expressed interest in Bitcoin before. In 2020, he referred to the asset’s white paper as…

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Blockchain Policy & Regulation Tech
ByAuthor J.D. SmithPosted on
19
0

US Education Department promotes putting student records on blockchain

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The COVID-19 pandemic has exposed flaws across various sectors. As a result, a number of government departments are evaluating blockchain-based systems as possible solutions for challenges involving multiparty workflows, record-keeping, transparency and more. 

For example, the United States Department of Education recently provided funding for the launch of the “Education Blockchain Initiative.” Referred to as the EBI, this project is led by the American Council on Education — an organization that helps the higher education community shape effective public policy — and is designed to identify ways that blockchain can improve data flow between academic institutions and potential employers.

Determined to seek out new technology solutions, ACE announced the “Blockchain Innovation Challenge” at the end of 2020 to find projects capable of reinventing the U.S. education and employment ecosystem. The challenge specifically focused on helping underserved populations that have been hit the hardest…

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