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Barry Silbert Predicts Coinbase Listing Will Be ‘Game Changing’ for TAO

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3 hours ago

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Recently, Garry Silbert, the founder and chief executive of DCG, took to Twitter with an early-day reflection on Bitcoin.

He referred to his “pain points” of acquiring Bitcoins back in the day and contrasted that to the “pain points” he is experiencing trying to get his hands on TAO at this point in time, reportedly a well-upcoming token.

Coinbase Listing Will Be ‘Game Changing’ for TAO

The whole thing spurred him into creating Grayscale Bitcoin Trust in 2013 for easy access to Bitcoin. He added that the availability was underpinned by TAO listing on major exchanges like Kraken and Binance, but a listing on Coinbase would be “game-changing in terms of market exposure and liquidity”.

Recently, US investigators were starting to scrutinize a feud between two cryptocurrency billionaires: Gemini Trust Co. co-founder Cameron Winklevoss and Barry Silbert. Winklevoss has been accusing Silbert and his company of fraud, especially concerning the financial dealings between DCG and its subsidiary, Genesis Global Capital.

Not letting denials of any wrongdoing by DCG stand in the way, federal authorities are said to be scrutinizing the matter closely, including the SEC, FBI, and Brooklyn prosecutors.

Genesis Collapse, SEC Charges Intensify Silbert Scrutiny

Winklevoss has talked to investigators about his allegations, and the U.S. Attorney’s Office for the Eastern District of New York is reviewing Silbert’s actions. To date, no charges have been filed against Silbert and DCG, but the attention the scandal is getting is unprecedented because of the size and stature of the companies involved. DCG insists its business practices are aboveboard and legal, but it is a tense time nonetheless while the investigation continues.

Genesis was a DCG subsidiary that specialized in cryptocurrency lending. It had partnered with the Winklevoss’s Gemini on a program called Gemini Earn, in which it allowed users of the exchange Gemini to earn as high as 8% interest on their digital assets. The deal proved lucrative for both firms until the mid-2022 collapse of crypto hedge fund Three Arrows Capital left a multi-billion dollar hole in the balance sheet of Genesis. Things got worse after the collapse of FTX the following November.

As the redemption requests mounted, Genesis went on to freeze withdrawals in the second half of 2022 before filing for bankruptcy protection this January. In a related development, the SEC charged Genesis along with Gemini in January with selling unregistered securities through Gemini’s Earn program. Each of the companies, in addition to Gemini’s cofounders Cameron and Tyler Winklevoss, have denied the charges.

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Teuta

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ripple Chairman Chris Larsen Transfers Another 20M XRP After Moving 50M

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7 hours ago

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September 21, 2024

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In a transaction, Ripple Chairman Chris Larsen has transferred 20 million XRP from a previous shuffle of 50 million tokens.

Speculation puts the likely destination to be Binance, given the history of previous transactions made by the recipient address, though this is yet to be confirmed.

XRP Whales Make Waves With Larsen Massive Transfers

Earlier on Sept. 16, one of Larsen’s wallets transferred 50 million XRP in the first major transfer since its creation back in 2013. The transaction turned a new address on with 11 XRP and then transferred the 50 million tokens, part of which has transferred to another wallet recently.

Whales Stir As 40M XRP Get Moved Within An Hour In a series of transactions on Sept. 20, the address rao…gzS transferred in four batches 20 million XRP, each batch comprising 5 million tokens to an unknown wallet, rHo…Spm between 18:25 and 18:30 UTC.

With these movements, rao…gzS still maintains 30 million XRP from an initial supply of 50 million he earlier received. The destination wallet, rHo…Spm currently holds the 20 million XRP but its transaction history suggests it may well be dumped into the market anytime soon.

Recently, Vice President Kamala Harris scheduled crypto-related discussions to engage with cryptocurrency advocates. Among those endorsing her efforts are prominent American business figures, including Ripple’s Executive Chairman, Chris Larsen. Anthony Scaramucci also voiced support, noting that these steps mark progress in the right direction for the industry.

XRP Hack Fears Resurface Amidst Binance Transfers

It is also renowned for collecting big chunks of XRP from several addresses, holding them for a while, and then transferring them to Binance. Hence, many people are assuming that the recent 20 million XRP transferred from Chris Larsen could be directed to Binance.

Others have said that these movements could be related to the possible hack. Similar transfers from another wallet belonging to Larsen were, in February, confirmed to have taken place as a result of a hack, where 212 million XRP were stolen by the hackers.

Some new rumors have emerged about a fresh hack because some tokens have moved around different addresses recently. These rumors seem unlikely to be true because the first transaction happened almost five days ago and Larsen has said nothing about any exploit.

Meanwhile, tokenization of Real World Asset (RWA) is gathering pace as big players of the industry have begun shifting focus to the latest trend in the blockchain. SkyBridge Capital founder Anthony Scaramucci said during the Breakpoint 2024 conclave that tokenization would play a big role in transaction verification, and Solana would play an important role in the future of tokenized assets.

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Teuta

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Will Bitcoin Price Crash Again Soon?

Published

15 hours ago

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September 21, 2024

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The Bitcoin price has surged significantly since the US Federal Reserve’s 50 basis points (bps) interest rate cut. However, there are projections that the flagship’s price rally may be shortlived and that a price crash is imminent. Crypto analyst CrediBULL Crypto has predicted that the BTC price could drop to as low as $49,000 soon enough.

The Bitcoin Price Might Crash Again

CrediBULL Crypto predicted in an X post that BTC could drop below $49,000 soon enough. Based on his analysis, he expects the flagship crypto to rise to a local top of $70,000 and then suffer another flush to “ideally under” $49,000 before the actual breakout begins.

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As Coingape reported, the US Fed rate cut is one of the things that could spark a Bitcoin price rally to $70,000. However, a price crash could follow shortly after just like CrediBULL crypto warned. Analyst Ali Martinez also recently hinted that the flagship crypto might soon suffer downward pressure.

He stated that nearly $2 billion in Bitcoin futures contracts have been opened over the last three days, which could lead to a potential long squeeze. Meanwhile, CrediBULL alluded to the “Binance spot plunge production team,” which he claimed had arrived to make the Bitcoin price crash manifestation come true.

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It is also worth mentioning that Martinez revealed that BTC was again testing the 200-day simple moving average (SMA). He noted that this was a critical level for confirming the bull run. Historically, Bitcoin’s failure to reclaim this level of support has led to “significant corrections.” The analyst added that a rejection could signal trouble for the flagship crypto.

Why A Price Crash Might Not Happen

Crypto analyst Bonk Guy has outlined why a Bitcoin price crash might not happen. He mentioned that the market is just weeks away from the fourth quarter of this year, which is seasonally the most bullish for risk assets.

Specifically, Bitcoin enjoys the most returns in Q4 of each year. Moreover, the flagship crypto has enjoyed positive monthly returns in October, November, and December of the last two halving years.

The analyst further mentioned that the US presidential election is 45 days away. Historically, Bitcoin enjoyed a price surge after past elections since the aftermath brings market certainty. There are projections that BTC price could reach $90,000 if Donald Trump wins.

Despite the crypto community favoring a Trump presidency, history shows that the flagship crypto could still rise no matter who wins. Moreover, Anthony Scaramucci revealed that he is helping Kamala Harris develop crypto policies, which is a positive for BTC.

Meanwhile, BONK Guy mentioned the FTX customers that are set to receive $16 billion in cash as their repayments following FTX’s collapse. This is bullish for the Bitcoin price since these users could allocate some of their repayments to the flagship crypto. These users receiving their repayments in cash also means that BTC won’t suffer any selling pressure from these customers like it did following the Mt. Gox repayments.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Elon Musk Under Fire As US SEC Moves For Sanctions In Twitter Probe

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20 hours ago

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September 21, 2024

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The U.S. Securities and Exchange Commission (SEC) has intensified its legal battle against Elon Musk, Tesla CEO and SpaceX, by seeking sanctions after he failed to appear for court-ordered testimony related to the agency’s investigation into his $44 billion acquisition of Twitter, now rebranded as X. The SEC’s actions could have serious legal ramifications for Musk, including potential civil penalties or further court orders.

Elon Musk Under Fire As US SEC Moves For Sanctions

The SEC has requested that a federal court issue an order compelling Musk to explain why he should not be held in civil contempt. According to a recent court filing, Musk informed the SEC only three hours before the scheduled hearing on September 10 that he would not attend, citing an emergency. 

Subsequently, the SEC stated that Musk’s actions violated a May 31 court order that mandated his testimony, describing his last-minute decision as an attempt to evade legal obligations.

The Tesla CEO’s absence on the day of his testimony, as he traveled to Florida for a SpaceX launch, has drawn accusations of deliberate gamesmanship from SEC lawyer Robin Andrews, who argued that the court must put an end to such delay tactics. The SEC has not commented further on the matter, but it is clear the agency is prepared to escalate its enforcement actions if Musk continues to disregard court orders.

While the SEC is currently seeking civil sanctions, Musk’s ongoing legal disputes have fueled speculation about more severe consequences, including the potential for his arrest if he continues to defy court orders. Legal experts suggest that if Musk is found in contempt of court and fails to comply with subsequent legal mandates, a judge could issue a warrant for his arrest as a means to compel compliance.

Elon Musk’s refusal to cooperate fully with SEC investigations has led to broader concerns about his legal exposure, particularly given his high-profile position and frequent clashes with regulators. Although arrest is typically a last resort, the court could take this step if Musk’s actions are deemed egregious enough to warrant such measures.

Amid the ongoing legal troubles, a recent discussion on X (formerly Twitter) has sparked further speculation about Musk’s future legal challenges. According to a CoinGape report, if Kamala Harris and her running mate Tim Walz win the 2024 U.S. presidential election, their first move would be to ban Musk’s social media platform, X, and arrest Musk himself. 

Ongoing SEC Investigation into Musk’s Twitter Purchase

The SEC’s investigation into Musk’s acquisition of Twitter has been underway for nearly a year, focusing on potential securities law violations surrounding the purchase. Musk has repeatedly criticized the SEC’s actions, accusing the agency of targeting him unfairly and using legal means to harass him. In October 2023, the SEC sued Elon Musk after he missed a scheduled interview, seeking to compel his testimony regarding the takeover.

The Tesla CEO’s legal team argues that his failure to appear was due to unforeseen circumstances, with his attorney Alex Spiro stating that the incident was beyond Musk’s control. Nevertheless, the SEC views these repeated absences as part of a broader pattern of non-compliance and delay tactics that undermine the regulatory process.

Elon Musk’s latest clash with the SEC adds to a series of ongoing legal battles with regulators both in the United States and internationally. His company, X, recently avoided stringent rules under the European Union’s Digital Markets Act but continues to face scrutiny over content moderation and misinformation issues. Additionally, Musk has previously faced legal action from the SEC, including a 2018 settlement requiring him to have legal oversight of his public statements about Tesla.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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