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• Former FTX CEO Sam Bankman-Fried is seeking court assistance in prioritizing the reimbursement of his legal fees.
• He has been named as a defendant or involved in various criminal, regulatory, civil, and other actions resulting in significant unreimbursed legal expenses.
• He has requested insurance providers to provide upfront financial assistance or reimburse Bankman-Fried’s defense expenses using D&O insurance policies.

Former FTX CEO Seeks Insurance Coverage for Legal Expenses

Sam Bankman-Fried, the CEO of FTX, is seeking the court’s assistance in prioritizing reimbursing his legal fees. His lawyers filed the motion on March 15th, seeking financial assistance in what experts believe will be nine-figure territory. To cover these costs, Bankman-Fried’s legal representative has formally asked insurance providers to either provide upfront financial assistance or reimburse Bankman-Fried’s expenses related to his defense utilizing directors and officers‘ (D&O) insurance policies.

Liability Insurance

Liability insurance is a type of insurance policy that protects individuals from personal financial losses if they are sued due to their service as a director or officer of an organization. This type of policy is meant to cover the legal bills of founders and corporate executives including legal expenses, fees, and other costs that may arise due to a lawsuit.

Pending Claims for Insurance Coverage

In order for Bankman-Fried to receive coverage from his D&O policies he must seek a modification of the stay either by agreement with the Debtors or through a motion before any payments covered by these policies can be made. In February 2021, he was accused by U.S regulators of securities fraud involving millions of dollars relating to his business activities prior to founding FTX exchange platform which have further increased his liabilities leading him to seek more protection under D&O policies he already holds with various insurers.

What Does This Mean?

Bankman-Fried’s move could potentially reduce some financial strain caused by numerous lawsuits against him while also ensuring repayment for all incurred costs associated with defending himself against pending claims and allegations concerning illicit activities such as securities fraud charges levied on him by U.S regulators. It remains unclear how much coverage he may be able to get from insurer but given amount invovled it could result into nine figure territory making this one expensive affair both legally and financially for SBF as well as potential insurers who might end up footing hefty bill here even if only partially responsible for paying out total sum sought by SBF from them .

Conclusion

The outcome of this case will likely set an interesting precedent in terms of whether companies can use D&O policies for reimbursement purposes when faced with large scale liabilities stemming from multiple lawsuits brought against them by US regulators or other bodies alleging violations on part company executives and owners like SBF who are currently being targeted due this case brought against him by SEC over alleged securities fraud involving millions of dollars prior founding popular crypto exchange platform FTX which recently IPO’d at $20 billion valuation

What is an ETF?

• Exchange Traded Funds (ETFs) are a type of Exchange Traded Product (ETP) that trade on exchanges and typically follow a specific index.
• Bitcoin ETFs are collections of assets related to Bitcoin traded as ETFs on traditional exchanges by brokerages.
• The SEC has approved Bitcoin ETFs connected to Bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME).

Key Takeaways about Bitcoin ETFs

• Bitcoin futures ETFs are legal, spot ETFs are not.
• Bitcoin ETFs allow more people to invest in Bitcoin without the expenses and hassles of buying it.
• An ETF removes the risks of storing keys as well as other security measures, while also offering a familiar investment format.

Grayscale’s Hearing Sheds Light on SEC Decision-Making Process

During the first appeal hearing for Grayscale’s spot-based exchange-traded fund (ETF), judges raised concerns about the SEC’s reasoning, stating that the SEC had not sufficiently explained why Grayscale’s arguments were flawed. Furthermore, they questioned why a futures-based fund was possible but not a spot based one.

Significance of Receiving Shares in Trust Compared to Real Time Trading

The significance of investors receiving shares in trust compared to real time trading lies in its benefits towards reducing risk and diversifying portfolios. By investing in an ETF, investors can access bundles of assets which can be bought and sold during market hours instead of relying solely on direct investments which may be difficult or volatile from time to time.

Conclusion

While the outcome of Grayscale’s appeal hearing is yet to be seen, it has shed light onto how the SEC’s decision making process works when it comes approving cryptocurrency exchange-traded funds such as those related to bitcoin investments.

• Global banks have minimal exposure to crypto-assets, according to the Bank for International Settlements (BIS) report.
• Banks‘ total prudential exposure to crypto-assets totaled €2.9 billion as of the end of June 2022, while their crypto-assets under custody totaled €1.0 billion.
• Prudential exposures are defined as „direct crypto-asset exposures, including synthetic or derivative exposures, that give rise to credit or market RWA.“

Banks’ Exposure To Crypto-Assets

The Bank for International Settlements (BIS) recently released its BASEL III Monitoring report which showed that out of a total of 181 banks that were part of the sample, only 17 Group 1 banks reported any exposure to crypto-assets. Of these 17, 11 were based in the Americas, four in Europe and two in other parts of the world. The total prudential exposure to crypto-assets totaled €2.9 billion as of the end of June 2022 and crypto-assets under custody totaled €1.0 billion. This made up 0.013% and 0.005% respectively, when compared against all 181 bank sample sizes falling to 0.003% and 0.001%.

Decline In Crypto Assets Under Custody

Compared to the end of June 2021; banks’ crypto assets under custody fell 66%, while their prudential exposure grew 30%. It was suggested by BIS that this decline was due to two banks not reporting their crypto exposures during 2022 combined with a general decline in crypto value from 2021’s bull market runout period.

Banks’ Prudential Exposures

Prudential exposures are defined as „direct crypto asset exposures, including synthetic or derivative exposures, that give rise to credit or market RWA.“ This includes a bank directly owning; trading and clearingcrypto or related assets and instruments; and clearing related derivatives. The majority of prudentiaexposures come from clearing and trading activity making up 41% and 32% respectively with direct ownership accounting for 26%.

Lack Of Oversight

It was noted in the report that there is some lackof oversight regarding these activities with 40% being attributedto two banks not participating in monitoring exercises who specializein crypt asset activities..

Conclusion

In conclusion it can be seen from BIS’s BASEL III Monitoring reportthat global bank’s exposuret o crpto assets remains minuscule overall but has grown slightly since 2021 despite major drops in values across most cryptocurrencies at present time

• The Canadian Securities Administration (CSA) released a notice requiring crypto exchanges that plan to operate nationwide to pre-register within 30 days.
• This process includes segregating crypto assets held on behalf of Canadian clients and suspending offering margin, credit, or other forms of leverage trading to Canadian users.
• Exchanges will also have to stop offering stablecoins until written consent is secured from the CSA.

Canada Requires Crypto Exchange Pre-Registration

The Canadian Securities Administration (CSA) has issued a notice requiring crypto exchanges that plan to operate nationwide in Canada to pre-register within 30 days. The applicants must separate assets held for local clients, restrict margin and leverage trading, and cease the sale of stablecoins without permission from the CSA.

Segregation of Assets Held

The pre-registration process requires applicants to segregate any crypto assets held on behalf of Canadian clients, as well as suspend offering margin, credit or other forms of leveraged trading for their clients in Canada.

Stablecoin Restrictions

Exchanges will not be allowed to offer stablecoins without prior written approval from the CSA. This measure is intended to protect consumers by ensuring that only safe investments are being made available in the market.

Risk Awareness

The CSA reminds Canadians that investing in cryptocurrency comes with an „elevated“ level of risk which may not be suitable for all investors. It is important for investors to understand these risks before engaging in any kind of investing activities involving cryptocurrency and digital assets.

Conclusion

This new regulation by the CSA is meant to further protect consumers and ensure safety when engaging in cryptocurrency investment activities within Canada’s borders. It will be interesting to see how this affects the industry moving forward and if other countries follow suit with similar regulations regarding cryptocurrencies and digital assets.

• Almost 25% of tokens launched in 2022 resembled P&D schemes, according to a report from Chainalysis.
• The report identified 445 wallets belonging to either individuals or groups, accounting for 24% of the 9,902 tokens that resemble P&D schemes.
• The most prolific suspected P&D scheme creator the report identified launched 264 tokens in 2022 that were amongst the 9,902 tokens detected.

Almost 25% of Tokens Launched in 2022 Resemble Pump-and-Dump Schemes

Chainalysis recently released a report revealing that 24% of tokens launched in 2022 experienced a significant price decline within the first week of launch. This suggests that these projects may have been used as part of pump-and-dump (P&D) schemes, which are characterized by misleading promotion and overvaluation followed by rapid selloff at an artificially high price. Of the 40,521 tokens analyzed, 9,902 fit this criteria.

Suspected Pump-and-Dump Scheme Creators Identified

The report also noted that many tokens had „honeypot“ coding preventing new buyers from selling their holdings after purchase. Furthermore, data pointed to 445 unique wallets belonging to individuals or groups involved with the suspicious activities — accounting for 24% of all tokens fitting the criteria for potential pump-and-dump schemes. The most prolific suspected P&D scheme creator identified in the report had launched 264 such tokens during 2022.

Analyzing Price Drops Within First Week After Launch

To further investigate whether these token launches were being used as part of pump and dump schemes or not, Chainalysis examined 25 specific cases where they recorded significant price drops within their first week after launch. While this does not necessarily mean that these projects were part of a P&D scheme per se (as market conditions could have caused them to crash), it does suggest that these projects lacked trustworthiness due to coding preventing buyers from selling their holdings and other suspicious activities associated with them such as multiple wallets being used for initial liquidity .

Caution Advised For Investors

The findings from this report indicate caution is advised when investing in newly issued assets on blockchain networks like Ethereum; as despite its benefits like speed and security it also presents risks due to lack of regulation and supervision around token sales. As such investors should educate themselves about any project they choose to invest in before taking action — researching things like team background and conducting thorough technical analysis on the project’s whitepaper can help identify potential red flags when assessing new investments opportunities.

Conclusion

In conclusion while blockchain networks provide investors with great opportunities they also come with risks due to lack of regulation — meaning investors need to be extra vigilant when assessing new investment opportunities as there are still malicious actors operating within this space creating fraudulent projects such as pump and dump schemes which can cause significant losses if one is not careful enough when investing their funds into crypto assets.

Overview

• The US crypto industry is worth an estimated $46.95 billion and employs 5,691 people across 1,992 businesses.
• The UK comes in second with its cryptocurrency industry valued at $8.16 billion and employing 617 people across 817 businesses.
• Other countries that have made the list includes Germany, France, Vietnam, Switzerland, UAE and Estonia.

Industry Rankings

Coin Journal’s list of most desirable crypto countries ranks the United States as number one with a score of 9.94 out of 10 due to its substantial cryptocurrency market size and employment opportunities. The United Kingdom came in second place with an estimated value of $8.16 billion dollars and 617 employees working within 817 businesses in the crypto space. Germany followed in third place while France and Vietnam tied for fourth place at a combined total of around $17 billion worth of blockchain fin-tech startups between them.

Ranking Methodology

Coin Journal utilized multiple factors when creating their ranking list such as the number of cryptocurrency owners by country, investment companies, crypto startups, and the estimated average gains from crypto per country when determining each nation’s success within the industry. Other reports such as Chainalysis‘ annual Geography of CryptoCurreny Report include wider issues like macroeconomic environment, policy, and regulatory conditions when making their recommendations on which countries make the cut for top-ranking status.

Debates Over Rankings

The release of Coin Journal’s report has sparked heated debates online regarding whether quality of life or cost of living should be taken into consideration when making rankings for successful crypto environments. Money often plays a key role in any cryptocurrency venture but does not necessarily reflect other important factors such as lifestyle or overall economic health that could also affect a nation’s success within this new digital asset class.

Conclusion

Ultimately money does play an important role in determining which countries are top performers when it comes to cryptocurrencies but there are many other aspects to consider before making any final conclusions about which nations can be considered most successful within this emerging asset class . Factors such as macroeconomic environment , policy , regulation , quality of life , cost of living should all be taken into account before declaring one nation more “successful” than another .

• Gaming unique active wallets grew 60% in 2022
• On-chain transactions increased 37% in the same year
• Wax, Hive, and BNB Chain became the most popular gaming blockchains with 353,000, 234,000, and 136,000 daily UAWs, respectively

The gaming industry has seen an explosive growth in the past couple of years, with the number of unique active wallets (UAWs) growing 60% and on-chain transactions increasing 37% in 2022 alone. This growth is particularly impressive, especially given the bear market of the past year, which has caused many other sectors of the crypto sphere to shrink.

The three most popular gaming blockchains in the market were Wax (WAXP), Hive (HIVE), and BNB Chain (BNB), which had 353,000, 234,000, and 136,000 daily UAWs, respectively. This allowed games to overtake Defi UAWs in 2022, as 39% of the industry share was attributed to gaming, compared to the 41% Defi UAWs held in 2021.

On-chain game transactions have also seen a significant increase since 2021, reaching 7.4 billion in 2022. This represents a 37% increase since 2021, and an impressive 3,260% since 2020. On average, a single wallet conducted 25 gaming on-chain transactions in 2022.

This surge in gaming activities has allowed it to dominate the on-chain activity tracked by DappRadar, taking up 49% of the market share. This is especially impressive given the bear market, and suggests that gaming will remain a strong sector of the crypto sphere in the coming years.

• Bitcoin dominance has hit 41.5% as of Jan. 20 — the highest level over six months.
• Ethereum dominance is also up and currently stands at 19.4%.
• The market cap for the entire crypto space sits at just under $1 trillion.

The crypto space is buzzing with excitement as Bitcoin dominance has hit 41.5% as of Jan. 20 — the highest level over the last six months. This is an impressive feat that highlights the strength of the world’s leading cryptocurrency and its increasing influence on the crypto market.

At the same time, Ethereum dominance is also on the rise and currently stands at 19.4%, indicating that the second largest cryptocurrency is also performing well. This is a strong sign for the industry as a whole, as the two largest coins in the space are both performing well.

The overall market cap for the entire crypto space is also at an impressive level, sitting just under $1 trillion. This is a remarkable figure, especially considering the fact that the crypto market was valued at just over $200 billion just one year ago.

The rise in Bitcoin dominance is not only a testament to the strength of the asset, but also a sign of the increasing shift towards digital assets. As investors continue to flock to the crypto space, the market is only likely to continue growing.

It is also worth noting that the BTC-ETH Dominance metric is an oscillator that tracks the macro outperformance trends between the top two crypto-assets. Lower values here indicate an outperformance of ETH over the pink line, meaning that the altcoin has been outperforming Bitcoin since early 2021.

All in all, the crypto market is in a strong position and the rise in Bitcoin dominance is a positive sign for the future of the industry. With the overall market cap for the entire crypto space sitting just under $1 trillion, it is clear that the space is maturing and continuing to grow. Investors should remain cautiously optimistic and continue to monitor developments in the space as the market continues to evolve.

• The New York Attorney General has filed a lawsuit against Alex Mashinsky, the co-founder and former CEO of Celsius Network LLC, for allegedly defrauding investors.
• Mashinsky is accused of violating the Martin Act and New York’s Executive and General Business Laws by allegedly misleading customers into depositing billions of dollars into digital asset within the cryptocurrency lending company.
• The motion seeks to prevent Mashinsky from „engaging in any business relating to the issuance, advertisement, or sale of securities or commodities in New York,“ as well as „directing Mashinsky to pay damages, restitution, and disgorgement.“

The New York Attorney General has filed a lawsuit against Alex Mashinsky, the co-founder and former CEO of Celsius Network LLC, for allegedly defrauding investors. The motion, which was filed by Attorney General Letitia James, accuses Mashinsky of violating the Martin Act and New York’s Executive and General Business Laws by allegedly misleading customers into depositing billions of dollars into digital asset within the cryptocurrency lending company.

Mashinsky, who served as the „public face“ of Celsius, promised investors high yields with minimal risk. However, when Celsius struggled to generate enough revenue to pay the promised yields on investors‘ deposits, it allegedly adopted significantly riskier investment strategies. According to the motion, these strategies included investing in “lower-quality and higher-risk assets,” as well as “engaging in proprietary trading and other activities that exposed investors to greater risk than what was promised.”

The motion seeks to prevent Mashinsky from „engaging in any business relating to the issuance, advertisement, or sale of securities or commodities in New York,“ as well as „directing Mashinsky to pay damages, restitution, and disgorgement.“ It further states that “New Yorkers who invested their hard-earned money in the Celsius Network were victimized by a scheme that was intended to enrich the defendants and other individuals involved in the scheme,” and that Mashinsky and his cohorts “will be held accountable for their fraud and their deceptive practices.”

In a statement, Attorney General James said, “The Celsius Network and its former CEO allegedly engaged in a brazen scheme to defraud investors, and today’s action seeks to make them pay for their misconduct. We will continue to crack down on those who seek to take advantage of New Yorkers in pursuit of their own financial gain.”

The lawsuit, which is ongoing, is being handled by the Office of the Attorney General’s Investor Protection Bureau. The bureau is responsible for protecting investors and preventing financial fraud, and has received numerous awards for its work.

Bulletpoints:
• Binance has experienced a significant outflow of assets in the past two months, a recent report from Forbes found.
• Forbes analysts dove deep into Binance’s wallets and found that the exchange saw around $12 billion of outflows since November.
• A lack of consensus among analytics platforms led Forbes to worry about foul play within the exchange, as some reports showed gaps of several billion dollars in Binance’s wallets.

Binance, one of the world’s largest cryptocurrency exchanges, has experienced a massive outflow of assets in the past two months, according to a recent report from Forbes. Analysts dove deep into Binance’s wallets and found that the exchange saw around $12 billion of outflows since November. This outflow has been described as a soft bank run, with many users withdrawing their crypto assets from the exchange.

The report goes on to note that there is a lack of consensus among analytics platforms in terms of Binance’s actual holdings. Some reports show gaps of several billion dollars in Binance’s wallets, leading Forbes to worry about foul play within the exchange. However, the report only briefly addresses the state of the broad crypto market and underestimates its effect on Binance’s holdings.

In December, Binance made headlines when on-chain data showed that the exchange had lost $3 billion of assets in a single week. This was followed by a 15% decrease in the exchange’s total asset balance since November. The number of BUSD stablecoins, which is Binance’s native token, was slashed in half since then.

The massive outflow of assets from Binance has been attributed to the bearish market sentiment. Many investors are pulling their funds from the exchange as the crypto market shows signs of a downward trend. This trend is further exacerbated by the lack of clarity around the exchange’s actual holdings, which has led to mistrust among investors.

Binance’s CEO Changpeng Zhao has assured customers that the withdrawal amount wasn’t even among the exchange’s five largest and that there is no cause for concern. However, many are still skeptical of the exchange’s position and are taking their money out of the exchange.

Overall, the massive outflow of assets from Binance is a sign of the current bearish sentiment in the crypto market. Investors are increasingly wary of the exchange’s actual holdings, leading to mistrust and outflows. It remains to be seen how Binance will address this situation in the coming months.