Altcoins
Chamath Palihapitiya-Backed Altcoin Collapses After SEC Charges Co-Founder With Fraud
Published
3 months agoon
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adminFederal securities regulators are suing the founder of the social media project BitClout, now known as Decentralized Social (DeSo).
In its complaint, the U.S. Securities and Exchange Commission (SEC) alleges that since November 2020, Nader Al-Naji raised more than $257 million from unregistered offers and sales of the platform’s token, BTCLT.
The regulator says that despite claiming that investor funds will not be used to compensate him or other BitClout employees, Al-Naji used more than $7 million of the proceeds on personal expenditures, which include rentals for a Beverly Hills payment and extravagant cash gifts.
The SEC also accuses Al-Naji of launching the platform using the pseudonym “Diamondhands” to give the impression that the project is autonomous and decentralized without a controlling company when he was actually behind it.
“In addition, Al-Naji allegedly secured a letter from a prominent law firm opining, based on his mischaracterizations of the nature of his project, that BTCLT were not likely to be deemed securities under federal law.”
Al-Naji is facing charges of violating the registration and anti-fraud provisions of the Securities Act of 1933 and the anti-fraud provisions of the Securities Exchange Act of 1934.
In 2021, billionaire investor Chamath Palihapitiya said that DeSo is included in his basket of investments to hedge against inflation.
The DESO token is currently trading for $8.00, down by 23.87% over the past 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Altcoins
Solana Overtakes BNB To Claim Coveted 4th Spot In Crypto Ranks
Published
23 hours agoon
November 6, 2024By
adminThey say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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Altcoins
Kraken Joins Forces With Robinhood and Other Crypto Firms To Roll Out Global Dollar Stablecoin
Published
1 day agoon
November 6, 2024By
adminThe stablecoin issuer Paxos partnered with the crypto exchange Kraken, the retail trading giant Robinhood and a handful of other digital asset firms to launch a new stablecoin network for enterprises.
The new “Global Dollar Network” is an open network that aims to increase stablecoin usage around the globe, according to a new press release from Paxos.
The new network’s native stablecoin is the Global Dollar (USDG), which Paxos issues out of Singapore. The stablecoin firm notes that the asset is designed for enterprises and will be compliant with the Monetary Authority of Singapore’s upcoming stablecoin framework.
Explains Charles Cascarilla, the chief executive and co-founder of Paxos,
“Stablecoins are replatforming the financial system and revolutionizing how people interact with US dollars and payments. However, the leading stablecoins are unregulated and retain all the reserve economics. Global Dollar Network will return virtually all rewards to participants and is open for anyone to join. It is designed to incentivize global stablecoin usage and accelerate societal-wide adoption of this technology.”
The crypto investment giant Galaxy Digital, the digital asset infrastructure provider Anchorage Digital, the exchange Bullish and the payment tech firm Nuvei also serve as partners on the project.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Altcoins
Analyst Benjamin Cowen Says Grand Finale for ‘Altcoin Reckoning’ Already Underway – Here’s His Timeline
Published
2 days agoon
November 6, 2024By
adminAn analyst who continues to grow his following with timely crypto calls believes that altcoins are about to witness a final capitulation event.
Crypto strategist Benjamin Cowen tells his 876,600 followers on the social media platform X that the altcoin market looks poised to plummet against Bitcoin (TOTAL3/BTC).
TOTAL3 serves as a proxy for the altcoin market as it tracks the market cap of all crypto excluding Bitcoin, Ethereum (ETH) and stablecoins.
According to Cowen, TOTAL3/BTC appears to follow a price pattern witnessed in 2019 when the pair slumped to a key support level before a reversal and a strong uptrend.
“It looks like the grand finale of the altcoin reckoning has finally arrived.
The altcoin reckoning should be over by December 2024 (2nd week of January 2025 at the latest).
It has been a long journey, and many gave up along the way, but this process was always going to play out.”
A bearish TOTAL3/BTC chart suggests that Bitcoin is primed to significantly outperform the altcoin market.
Zooming in on the altcoin market, Cowen takes a closer look at the OTHERS chart, which tracks the market cap of all crypto assets excluding the 10 largest coins and stablecoins. According to Cowen, OTHERS against Bitcoin (OTHERS/BTC) just lost a key support level, suggesting that lower-cap altcoins are about to lose a lot of value against Bitcoin.
“I warned that OTHERS/BTC would sweep the lows, rally to the BMSB (bull market support band) then get rejected and put in new cycle lows.
This is now playing out, while those that promote memecoin garbage will pretend like this is not happening.
Don’t lose all your money chasing garbage memecoins, the people that promote them non-stop will not care if you lose all your money trading them, and you will find they will move on to promoting different projects in just a few months.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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