On Sept. 12, District Judge Lewis Kaplan denied Bankman-Fried’s claim that his trial preparation was hindered due to poor internet access in prison finding it wasn’t a sufficient ground to grant his release.Continue Reading on Coin Telegraph More
21co, the parent organization of 21Shares, a provider of crypto exchange-traded products (ETPs), has made its foray into the world of wrapped tokens. With the launch of eight different wrapped tokens, including those for Bitcoin (BTC), BNB, XRP, and Cardano (ADA), the company seems to aim to position itself as an enabler for cross-chain compatibility.Wrapped tokens are essentially digital assets that mirror the value of crypto from other blockchains. By doing so, these tokens facilitate the interoperability of different blockchain networks, a feature crucial for expanding the utility of crypto assets.They function as a bridge, allowing crypto like Bitcoin to be compatible with the Ethereum (ETH) network and thereby be employed in decentralized applications (defi) applications. This not only increases liquidity across chains but also opens up new possibilities for asset utilization in decentralized systems.When questioned about the timing of the launch, especially given the current bearish sentiment surrounding the crypto market, Krishnan Nair, vice president of product at 21co, emphasized that downturns are periods for innovation and growth.“While macro conditions have been challenging, our goal is to help elevate the crypto ecosystem as a whole,” Nair stated. The company believes that by extending their technical expertise to the defi space, they can establish a more seamless interaction between centralized finance (cefi) and decentralized platforms.This article was originally published on Crypto.news More
The project leveraged the central banks’ diverse experience to incorporate a number of predefined policy, security, technology and legal features. The private participants were fintechs FIS and M10 Networks, which provided core products, Clifford Chance for legal analysis and Check Point Software Technologies (NASDAQ:CHKP) for cyber security. The project was a proof-of-concept.Continue Reading on Coin Telegraph More
Newly released data from Solidus Labs, a crypto trade surveillance and risk monitoring platform, indicates that a staggering $2 billion worth of crypto assets has been wash-traded on Ethereum-based decentralized exchanges (DEXs) since 2020.The report casts a spotlight on the pervasive but preventable issue of market manipulation in the world of decentralized finance (defi).Wash trade is a malicious tactic where traders place both buy and sell orders with themselves to artificially influence the market. Of roughly 30,000 DEX liquidity pools studied, Solidus Labs identified a striking 67% where wash trading had been conducted. In these manipulated pools, wash trading comprised 16% of the total trade volume. The report also shows how wash trading was used by scammers to lure investors into rug pull projects.One particularly glaring example involved a meme token dubbed “SHIBAFARM.” The token was launched in mid-2021 when the meme coin hype was off the charts. As Shiba Inu (SHIB) and Dogecoin (DOGE) were also soaring at that time, the project used FOMO to attract investors. Solidus Labs found that a network of related wallets artificially inflated the token’s value, luring unsuspecting investors before suddenly pulling the plug, netting a profit of over $2 million.The findings of the report are especially concerning given the growing prominence of defi, which often operates in less regulated spaces than traditional financial markets. This article was originally published on Crypto.news More
Greenwood, who is a citizen of the United Kingdom and Sweden, was sentenced in the U.S. District Court for the Southern District of New York. In a statement by the Justice Department, U.S. Attorney Damian Williams called OneCoin “one of the largest fraud schemes ever perpetrated.” The multilevel marketing and Ponzi scheme reaped $4 billion from 3.5 million victims, the statement said, adding:Continue Reading on Coin Telegraph More
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The petition, started by “Stop Chainalysis,” stated that Chainalysis’ software assists crime prevention efforts “by linking the real world to crypto payments.” It stated:Continue Reading on Coin Telegraph More
According to the duo, personal growth bets are single-party contracts that people would engage in with themselves. The purpose of these contracts would generally be for the purpose of self-improvement — to either start or stop a certain act during a given period of time or by a certain date. Continue Reading on Coin Telegraph More
