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[content][quote]Market Story[/quote][title]Dogecoin outperforms top 10 coins, experiences significant 8.1% increase[/title][body]On Tuesday, the cryptocurrency market experienced little change with the exception of Dogecoin which saw a notable 8.1% increase.
> TradingView reported that Bitcoin dipped 0.3% to $23,117 while Ether also saw a 0.3% decrease, settling at around $1,583. Binance Coin saw a small 1.1% rise, while Cardano’s ADA declined by 0.7%.
> Meanwhile, Polygon’s MATIC experienced a 1.7% increase following a decrease the previous day.
> Both Dogecoin and Shiba Inu, two memecoins with a dog theme, saw growth with Dogecoin rising by 8.1% and Shiba Inu by 0.5%.
> In the stock market, Silvergate shares climbed 4.5% to around $13 by 10:00 AM, as reported by Nasdaq data.
> Other crypto stocks, including Block led by Jack Dorsey, saw a 2.2% rise to trade at around $82, while MicroStrategy rose 2.5%. Coinbase also saw growth with a 1% increase.[/body][/content]
[content][quote]Big Story[/quote][title]Independent examiner report on Celsius uncovers deception and mismanagement[/title][body]Beleaguered cryptocurrency lender Celsius conducted its business in a starkly different manner than how it marketed itself to its customers in every key respect behind the scenes, independent examiner Shoba Pillay informed the U.S Bankruptcy Court for the Southern District of New York on Tuesday.
> In her 689-page report filed before the Court, she said Celsius lacked proper asset and liability tracking and that the platform attempted to cover up false statements made publicly by its Chief Executive Officer Alex Mashinsky.
> It was found that the comments made by CEO Mashinsky during Q&A sessions with customers were monitored and edited by employees to remove inaccurate information.
> Despite presenting an optimistic financial picture to its customers, the company was struggling with a liquidity crunch, employees internally referred to it as a “sinking ship” with no plan. Continue reading.[/body][/content]
[content][quote]Lawsuit Case[/quote][title]Rosen law firm launches class action lawsuit against Yuga Labs and key defendants[/title][body]Rosen Law Firm, a global law firm focused on protecting investor rights, announced on January 30th its plans to file a class action lawsuit against Yuga Labs.
> The firm is inviting buyers of Yuga securities, including BAYC NFTs and ApeCoin, to join the lawsuit by the lead plaintiff deadline on February 7.
The firm emphasized that Yuga securities’ investors who bought BAYC and APE between April 23, 2021, and December 8, 2022, may be entitled to compensation through a contingency fee arrangement without any additional costs.
> The lawsuit targets several defendants, including Yuga Labs co-founders Wylie Aronow and Greg Solano, BAYC founder Kerem Atalay, Yuga Labs CEO Nicole Muniz, and well-known celebrities such as Madonna, and companies such as Adidas and MoonPay. Details here.[/body][/content]
[content][quote]BankProv Exit[/quote][title]BankProv exit from crypto mining loans reveals industry struggles[/title][body]Massachusetts-based BankProv has announced that it will no longer offer loans collateralized with crypto mining machines.
> In a Tuesday filing with the SEC, the bank’s holding company, Provident Bank, stated that the bank’s portfolio of digital-asset loans had declined by 50% in the fourth quarter due to the sale of impaired loans and the repayment of a line of credit.
> BankProv held $41.2 million in digital-asset-related loans at the end of December, with $26.7 million of that being collateralized by crypto mining machines.
> The bank said, “The amount will continue to decline as the Bank is no longer originating this type of loan.” Full report here.[/body][/content]
[content][quote]Venom Ventures Fund[/quote][title]Venom Ventures Fund invests $5 million in Layer 1 blockchain Everscale[/title][body]Abu Dhabi-based Venom Ventures Fund has announced a $5 million strategic investment in Layer 1 blockchain Everscale.
> This investment will be made in stages and will be based on the progress and cooperation between the two companies.
> The investment will also be one of the first publicly announced investments made by Venom Ventures Fund, which recently raised $1 billion for investment in web3 applications with the aim of fostering the development of the Web3 market in the United Arab Emirates (UAE).
> According to Peter Knez, the chairman of Venom Ventures Fund, the investment firm plans to cover every stage of investment, from seed to IPO. Details here.[/body][/content]
[content][quote]Crypto Transactions[/quote][title]Bitzlato Co-founder to recommence operations and enable partial fund withdrawals, amid money laundering allegations[/title][body]The co-founder of Bitzlato, a Hong Kong-based crypto exchange that faced money laundering charges and had its servers seized in an international operation, has announced that the company plans to resume operations and allow partial withdrawals.
> Anton Shkurenko stated in a Russian YouTube interview summarized by Forklog that police had seized the platform’s hot wallet, which held 35% of user funds in all cryptocurrencies at the time.
> Shkurenko said that Bitzlato would reopen at an undefined time, and added, “we will allow 50% of user funds in bitcoin held in Bitzlato wallets to be withdrawn on the same day we launch. For other cryptocurrencies, the launch will be gradual.” More here.[/body][/content]
[content][quote]UK Treasury[/quote][title]UK Treasury sets out plans to regulate Crypto trading and lending in new consultation paper[/title][body]The UK Treasury has issued a consultation paper outlining its plans to regulate cryptocurrency trading platforms and lenders.
> The purpose of the paper is to provide consumers and businesses with confidence and clarity in the sector.
> The consultation period is open until April 30 and aims to address the serious risks of volatility and structural vulnerabilities in the industry, bringing it in line with traditional finance.
> Andrew Griffith, Economic Secretary to the Treasury, stated in the release that the UK remains committed to promoting economic growth, technological change, and innovation, including crypto-asset technology.
> However, it is also crucial to ensure robust, transparent, and fair standards for consumers taking advantage of this new technology. Continue reading.[/body][/content]
[content][quote]CFTC commissioner[/quote][title]CFTC commissioner calls for more transparency from Crypto unit owners in the US[/title][body]Kristin N. Johnson, Commissioner at the Commodity Futures Trading Commission (CFTC), expressed her desire to engage with any company that holds a crypto unit in the United States during a recent interview.”
> Johnson emphasized the importance of having a relationship with the owner of any entity that operates in the CFTC’s markets and noted that a culture of compliance often starts at the top.
> She previously called on Congress to grant the regulatory agency more authority to review crypto company acquisitions.
> Johnson highlighted the failure of the FTX exchange as a reason for the need for more transparency from parent companies of U.S. subsidiaries registered with the CFTC. More here.[/body][/content]
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