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Last Updated : January 09, 2023 / 08:19 AM IST
Cryptocurrency roundup for January 9: Mark Cuban’s warning for centralized crypto exchanges, SEC seeks further information on FTX and more<!– Moneycontrol Daily | Your Essentials 7 –>
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day.
Market Buzz
Mark Cuban Warns Of Wash Trade Scandal On Centralized Crypto Exchanges
Billionaire and cryptocurrency investor Mark Cuban has predicted that the next scandal to hit the crypto industry will be related to wash trades on centralized exchanges.
> In an interview with TheStreet, Cuban stated that there are “tens of millions of dollars in trades and liquidity for tokens that have very little utilization” and he does not “see how they can be that liquid.”
> He added that he does not have any specific details to offer to support his guess.
> A wash trade is a form of illegal practice that involves creating fake interest in a financial product in order to profit from it. Details here.
Big Story
SEC Probes Investors’ Due Diligence Practices in Connection with Bankrupt Crypto Firm FTX
The US Securities and Exchange Commission (SEC) is seeking information about the due diligence conducted by investors in FTX, Reuters reported, quoting anonymous sources familiar with the matter.
> The SEC has already brought charges against three top executives of the crypto firm, which has filed for bankruptcy, accusing them of defrauding investors.
> The regulator is now asking financial firms about the policies and procedures they have in place for conducting due diligence and whether these were followed when investing in FTX.
> It is unclear how many firms are receiving such inquiries from the SEC.
> The regulator has alleged that the Bahamas-based exchange raised more than $1.8 billion from equity investors, including 90 US-based investors, since May 2019. Continue reading.
MetaMask
MetaMask Drops Wyre as Crypto Payment Platform Struggles and Announces Shutdown
Cryptocurrency wallet provider MetaMask has announced that it will no longer support payments platform Wyre as the latter is reportedly closing down.
> In a tweet on January 5, MetaMask stated that it had removed Wyre from its mobile aggregator, which allows users to buy cryptocurrency directly through the digital wallet.
> The wallet provider added that it is working on the removal of the extension and asked users to stop using Wyre on the mobile aggregator.
> Despite ending support for Wyre, MetaMask said it still supports a number of other payment gateways, including Transak, MoonPay, and Sardine, which can be accessed via Apple Pay, bank cards, and bank transfers. Details here.
Silvergate Capital Stock
Silvergate Capital Stock Downgraded by JPMorgan Due to Worsening Deposit Outflows
JPMorgan on Friday downgraded crypto-focused bank Silvergate Capital’s stock from “overweight” to “neutral” and lowered its price target from $30 to $14 on Friday.
> The financial behemoth in a research report stated that Silvergate Capital’s worse-than-expected outflows of deposits in the fourth quarter will have negative impacts on the company’s long-term profitability.
> Silvergate’s shares fell over 10% in premarket trading on Friday, having already dropped 43% on Thursday following the release of the report.
> The report suggested that the challenging environment for the cryptocurrency settlement industry was a contributing factor in the unexpected results.
> However, it also noted that concerns raised by short-sellers on social media may have played a role in the higher-than-expected number of customers withdrawing deposits from the platform. Details here.
Mt. Gox Trustee
Mt. Gox Trustee Extends Deadline for Creditor Repayments
Bitcoin (CRYPTO: BTC) exchange Mt. Gox trustee Nobuaki Kobayashi announced that the deadline for creditors to choose their preferred method of repayment and register their payee information has been extended from January 10 to March 10.
> According to the statement, the extension was granted due to the “progress made by rehabilitation creditors” in the selection and registration process.
> The statement also urged creditors to complete the necessary steps before the new deadline, warning that those who fail to do so may not receive their repayments or may need to present documents at the exchange’s head office to receive them in Japanese yen. More here.
Market Turmoil
Cryptocurrency Market Turmoil in 2022 Could Lead to Handover to More Stable Companies in 2023, Says Circle’s Dante Disparte
Dante Disparte, the chief strategy officer and head of global policy at Circle, has suggested that the turmoil in the cryptocurrency market in 2022 could mark a handover of the technology to more stable companies in 2023. Disparte stated that the losses suffered by the industry, estimated at over $2 trillion, have led to a loss of trust in the promise of cryptocurrency, which was initially seen as a solution to the issues that caused the 2008 financial crisis. The failures of the year have also validated the concerns of policymakers who warned about the risks of cryptocurrency without implementing proper regulations. Continue reading. Continue reading.
Sam Bankman-Fried
Sam Bankman-Fried Fights To Retain Control Of $450M In Robinhood Shares As Creditors Seek Ownership
FTX founder Sam Bankman-Fried has sought to retain control of his 56 million shares in the consumer trading app Robinhood, currently worth around $450 million.
> In a court filing, Bankman-Fried’s representatives stated that he needs some of these funds to pay for his criminal defense, citing U.S. case law that holds that the financial inability to defend oneself may constitute “irreparable damage.”
> The filing also argued that requests by debtors to access the funds should be denied because they “have failed to carry their heavy burden of demonstrating that they are entitled to this form of relief.”
> Bankman-Fried acquired his 7.6% stake in Robinhood through his holding company, Emergent Fidelity Technologies, in May 2022, which was worth approximately $600 million at the time. Continue Reading.
Digital-Collectibles
Fanatics Sells Most of Its Stake in Digital-Collectibles Company Candy Digital to Group Led by Galaxy Digital and ConsenSys
Sports merchandiser Fanatics Inc. has sold most of its stake in digital-collectibles company Candy Digital to a group that included existing investor Galaxy Digital Holdings and ConsenSys, which was founded by Ethereum co-founder Joseph Lubin.
> Although Fanatics was once Candy Digital’s largest holder, the company did not disclose the terms of the deal. The sale comes at a time when nonfungible tokens are facing challenges. Details here
Digital Asset Stocks
Top Cryptocurrencies See Mostly Positive Growth in the First Week of New Year
> The cryptocurrency market has seen mostly positive growth in the first week of the new year, with many of the top 20 coins posting gains.
> According to CoinMarketCap data, Bitcoin and Ethereum both sustained modest appreciation throughout the week and are up 2% and 5%, respectively, over the past seven days.
> Bitcoin is currently trading at around $16,922, while Ethereum is worth approximately $1,263. Solana saw the biggest recovery rally of any top-20 coin, rising 32% in the past week.
> Metaverse tokens Ape Coin and Axie Infinity also maintained their gains from the start of the week, with Ape Coin adding 12% to reach a value of $4.04 and Axie Infinity increasing by 18% to $7.06.
> Cardano and Litecoin both saw a rise of around 11% this week, with Cardano worth 27 cents and Litecoin trading at $76.
> Cosmos Hub had a similar increase of 8.5%, bringing its value to $10.16, and Ethereum Classic saw a significant jump of 30% to trade at $20.19.> Overall, it appears that the cryptocurrency market is experiencing a strong start to the year after a challenging 2020.
The Week on Dalal Street | Expect more pain for Nifty; Banks, IT stocks look vulnerable
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