• Crypto exchange FTX has filed a lawsuit against the liquidators of its Bahamian affiliate, FTX Bahamas Ltd., claiming that they have wrongfully taken control of millions of dollars worth of digital assets.
• The lawsuit was filed in the US court for the Southern District of New York and FTX is seeking the return of the digital assets and damages for the alleged mismanagement.
• FTX’s Bahamian affiliate had filed for liquidation in July 2022, citing financial difficulties.

FTX Files Lawsuit against Liquidators

Crypto exchange FTX has filed a lawsuit against the liquidators of its Bahamian affiliate, FTX Bahamas Ltd., claiming that they have wrongfully taken control of millions of dollars worth of digital assets. The lawsuit was filed in the US court for the Southern District of New York andFTX is seeking the return of the digital assets and damages for the alleged mismanagement.

FTX Bahamas Filed For Liquidation

FTX’s Bahamian affiliate had filed for liquidation in July 2022, citing financial difficulties. However, FTX claims it was not adequately informed about this process and that their ownership rights were wrongly claimed by liquidators.

Increased Regulatory Scrutiny

The cryptocurrency industry has been under increased regulatory scrutiny from financial institutions recently as well. Former CEO Sam Bankman-Fried was charged with violating Foreign Corrupt Practices Act (FCPA), conspiracy to commit money laundering, among other issues. He has denied all allegations and pledged to fight them in court after being released on a $20 million bail – believed to be highest ever set in U.S criminal case.

$450 Million Funding Round

Before crashing down in November 2022, FTX secured a $450 million funding round at an impressive valuation of $32 billion several months prior to it. This move gained recognition from investors worldwide who saw potential growth opportunities with this venture due to its decentralized nature and compliance with international regulations like AML/KYC requirements.

Conclusion

FTX’s legal battle will continue as it seeks justice against its liquidator’s wrongful taking over millions’ worth of digital asset without proper notification or accounting for it according to Bahamian law standards. If successful, this could set precedent for future cases involving cryptocurrency exchanges facing similar issues regarding regulation or ownership disputes between parties involved within their ecosystem

• South Dakota Governor Kristi Noem has vetoed a bill that would have excluded cryptocurrencies from the definition of money in the state.
• The bill was intended to amend provisions of South Dakota’s Uniform Commercial Code and would have classified Central Bank Digital Currencies (CBDCs) as money instead.
• Governor Noem argued that the bill would put South Dakotans at a disadvantage when trading with people in other states and could create a loophole for the federal government to adopt CBDCs.

South Dakota Rejects Bill Excluding Cryptos from Definition of Money

Legislation Intended to Amend State’s UCC

South Dakota governor Kristi Noem has vetoed legislation that aimed to amend provisions of the state’s Uniform Commercial Code (UCC), specifically excluding digital assets such as bitcoin (BTC) from being defined as “money”. House Bill 1193, introduced by Republican Mike Stevens in the state’s House of Representatives, sought to define money as only a medium of exchange if it is “authorized or adopted” by a government. This would mean bitcoin and other privately created digital currencies are not considered money, while CBDCs such as China’s Digital Yuan are classified as such.

Governor Noem Argues Veto on Behalf of State Residents

Explaining her veto decision, Gov. Noem said that explicitly excluding crypto assets like bitcoin from the definition of money makes it difficult for South Dakotans to use their crypto holdings, putting them at a disadvantage when trading with people in other states. She also voiced concerns about how this type of language may create an opening for governments to adopt CBDCs and make them the primary forms of digital currency available.

Critics Believe Bill Poses Threat To Economic Freedom

The bill drew heavy criticism due its potential implications for economic freedom and privacy rights, with some believing it could effectively legalize CBDCs while outlawing all other forms of digital currency issued outside government control. CEO and co-founder of Satoshi Action Fund Dennis Porter suggested that similar bills were being pushed in 21 different states across America, hinting at what he called “a goal to build a bull work [sic] of pro-CBDC states”.

Conclusion: Crypto Regulation Remains Unclear In US

Gov. Noem’s veto serves as yet another reminder that cryptocurrency regulation remains unclear in many parts of America — despite growing interest in digital assets among local lawmakers and citizens alike. With various legislators pushing bills both for and against crypto adoption across multiple states, only time will tell which side will prevail in this ongoing debate over whether cryptos should be considered legal tender or not.

• Ethereum developers have released a new feature called EntryPoint that allows wallet accounts to function as smart contracts.
• This feature is designed to improve the user experience of crypto wallets and enable advanced features such as automated payments and account recovery.
• EntryPoint is part of a broader ethereum request for comments (ERC) 4337, which requires a thorough security audit before it can be used.

Ethereum Update Allows Wallets to Operate as Smart Contracts

Ethereum developers have launched a new software feature called EntryPoint that enables wallet accounts to operate as smart contracts. The feature, known as “account abstraction”, makes it possible for wallets to handle complex tasks automatically without requiring users to interact with the underlying blockchain. It also makes it easier for users to implement advanced features such as automated payments and account recovery.

Account Abstraction

Account abstraction is an optional feature usually offered by crypto wallet providers rather than a protocol-level change in cryptocurrencies like Ethereum. By abstracting away the details of the blockchain, users can take advantage of “smart wallet” features like two-factor authentication recovery options and native multi-signatures.

EntryPoint Requirements

Before launching EntryPoint, it underwent a thorough security audit by OpenZeppelin. Now available on various blockchain networks including Ethereum, Polygon, Arbitrum, and BNB Chain, EntryPoint enables account abstraction on all these ethereum-based protocols. In order for this architecture allowing for account abstraction to be secure, the safety of its implementation in one contract must be very heavily audited and formally verified – according to ERC’s documentation page 4337 Ethereum Magicians page .

ERC 4337 Features

In addition to providing account abstraction on those protocols, EntryPoint is part of a broader ethereum request for comments (ERC) 4337 that describes features such as automated payments and two-factor authentication recovery options.

Conclusion

The introduction of EntryPoint allows wallet infrastructure providers offer more options for smart wallet features including native multi-signatures, account recovery and gas fee coverage – ultimately improving the user experience when using crypto wallets by making them more accessible and intuitive.

• Coinbase, one of the largest cryptocurrency exchanges in the world, recently disclosed a cyberattack that targeted a few of its employees.
• The attacker attempted to gain access to Coinbase’s internal systems using an employee’s username and password, but the Multi-Factor Authentication security measure prevented them from doing so.
• Despite the attack, Coinbase assured its users that its operations are unaffected and they can continue to use the platform as usual.

CoinBase Cyberattack Revealed

Coinbase, one of the largest cryptocurrency exchanges in the world, recently disclosed a cyberattack that targeted some of their employees. The hacker used spear-phishing emails to gain access to devices and steal data. Despite this attack, Coinbase reassured its customers that no funds were compromised and operations remain unaffected.

Multi-Factor Authentication Security Measure

The hacker attempted to gain access to Coinbase’s internal systems using an employee’s username and password but was prevented from doing so due to Coinbase’s Multi-Factor Authentication security measure. Upon detection of unusual activity via their Security Incident and Event Management system, Coinbase immediately took action to isolate affected devices and prevent further damage.

Ensuring Platform & User Asset Security

Coinbase takes security seriously and has strict measures in place for protecting their platform and user assets. They encouraged customers to take their own security measures such as two-factor authentication seriously in order to ensure safety from phishing attempts.

Investigating Incident & Identifying Culprits

Coinbase is working with law enforcement officials in order investigate the incident further and identify any culprits involved in this cyberattack.

Importance Of Security

Overall it is important for both customers and exchanges alike to take security seriously when dealing with cryptocurrencies since cyberattacks are becoming more common within this industry. By taking our own measures we can help ensure that the cryptocurrency industry remains secure for everyone involved

• Fantom’s native token, $FTM, has seen a more than 10% price gain in the past 24 hours despite increased selling activity by whales.
• Whale and shark addresses have dumped heavily during this rise, and the majority of these coins have been scooped up by micro addresses.
• Despite bear market conditions, early investors who purchased FTM around March 2020 are still on a 27,204.35% profit.

Fantom’s Native Token Posts Gains

Fantom’s native $FTM token has posted a more than 10% price gain in the past 24 hours despite increased selling activity on centralized exchanges by whales. According to crypto analyst Ali Martinex, more than 8 million FTM tokens were dumped on Valentine’s Day alone, increasing the token supply by 7.04 million $FTM on these platforms. Per data available on Coingecko, the price of $FTM has witnessed a 10.6% increase in the past 24 hours, exchanging hands for $0.519213, with an impressive trading volume of $728,951,739.

Whale Dumping

Fantom’s shark and whale addresses have dumped heavily during this 2023 rise. Addresses holding 10K to 100M $FTM dropped approximately $259.7 million worth of coins in the past 4 weeks. These coins have largely been scooped up by micro addresses holding 0-1 FTM tokens each.

Bear Market Conditions

Despite bear market conditions taking their toll on the price of FTM (the token is down 85% since its all-time high in October 2021), data shows that early investors who purchased around March 2020 are still seeing a 27,204 percent profit from their investments today!

Longer Time Frame Price Performance

Although it has posted decent gains over the last day or so, when looking at longer time frames like seven days or 30 days; Fantom’s native token is down 11 percent and 59 percent respectively against USDT (Tether).

Conclusion

In conclusion; despite some whale dumping activity taking place over recent weeks; Fantom’s native token is still seeing some success as it posts gains against USDT and remains profitable for long term holders!

• Bitvavo, a famous Dutch crypto trading network, has announced that they expect to receive at least 80% of the debt owed to them by Digital Currency Group (DCG).
• DCG currently owes Bitvavo around $300 million (280 million euros) as part of an in-principle deal between DCG and its creditors.
• The recovery rate from this agreement is between 80-100%, with repayment expected to be made in forms such as cash, digital currency, and convertible preferred equity notes.

Bitvavo Announces Agreement with Digital Currency Group

Bitvavo recently released a statement announcing that they expect to receive at least 80% of the debt owed to them by Digital Currency Group (DCG). According to incoming reports, DCG currently owes Bitvavo around $300 million (280 million euros), with repayment expected in forms such as cash, digital currency, and convertible preferred equity notes.

Details of In-Principle Agreement

Earlier this year in January, DCG proposed making a 70% payment towards Bitvavo’s debt; however the exchange rejected this proposal and highlighted that DCG could still make a full payment. Since then the duo have been attempting to figure out a better deal, with an agreement finally reached on Feb 6th for an expected recovery rate of between 80-100%.

Plan Support Agreement Submission

The next phase involves working out details before signing and concluding the agreement under Chapter 11 proceedings over the next few weeks. Following this process there will then be submission of a Plan Support Agreement (PSA) to the “UCC” (“Unsecured Creditor Committee”) for approval. Approval by UCC will mean that PSA is ready for presentation in front of bankruptcy court for ratification. Once ratified execution process will commence and repayment will be made.

Genesis Restructuring Deal

Bitvavo’s deal comes after DCG’s subsidiary Genesis made an in-principle deal on restructuring with Gemini exchange and other creditors; whereby either Genesis is sold or its equity turned over to creditors. This follows last year’s deaths of Celsius, Terra, and many other crypto networks due to market volatility during 2020.

Conclusion

This new agreement between Bitvavo and DCGroup signals hope for many crypto networks who suffered through 2020 due to market volatility leading up their respective deaths which included Celsius & Terra amongst others. With ratification from UCC expected shortly it won’t be too long until Bitvavo can look forward to receiving repayment from their debtors at Digital Currency Group.

• DPRK linked hackers have laundered approximately $17.7 million worth of Ethereum (ETH) from Harmony Bridge.
• The rogue state allegedly consolidated the stolen funds into two primary addresses before transferring them to six different crypto exchanges.
• Crypto investigator ZachXBT discovered another address with 5,974 ETH worth $9.4 million, bringing the total laundered to 17,278 ETH with a market value of $27.1 million.

The Democratic People’s Republic of Korea (DPRK) is once again making headlines, this time in the cryptocurrency world. Self-styled crypto investigator ZachXBT claims that actors allied to the DPRK have laundered another tranche of funds stolen last year from Harmony’s Horizon Bridge.

According to ZachXBT, the hackers moved 11,304 ethereum (ETH) over the weekend, valued at approximately $17.7 million. The rogue state allegedly consolidated the stolen funds into two primary addresses before transferring them to six different crypto exchanges. In addition, ZachXBT discovered another address with 5,974 ETH worth $9.4 million, bringing the total laundered to 17,278 ETH with a market value of $27.1 million.

The DPRK linked hackers also withdrew 895 bitcoin (BTC) from the exchanges. At current rates, the BTC withdrawn by the hackers is worth about $20.6 million. This is not the first time the Lazarus Group, the team reportedly behind the $100 million Harmony Bridge hack, has laundered funds. On Jan. 15, the same crypto investigator claimed that North Korea’s Lazarus Group had moved 41,000 ETH worth $63.5 million. The hackers allegedly laundered the money through Railgun, a privacy and anonymity protocol.

It is unclear what the fate of the stolen funds will be, but it is a reminder of the dangers posed by the DPRK, both in the cryptocurrency world and the real world. As the crypto space continues to grow and become more mainstream, it is important for investors to be aware of these risks and take the necessary precautions.

• A recent report revealed that cryptocurrency adoption among female retail investors is on the rise, with 34% of women now owning cryptocurrency, up from 29% in the previous quarter.
• The report was released by eToro, a popular social trading platform, and provides insight into the mindset of retail investors. It found that the most popular reason for investing in cryptocurrency is the opportunity to make high returns.
• The rise in cryptocurrency adoption among women suggests that digital assets are succeeding where traditional financial markets have failed to bring more women to the table.

Cryptocurrency adoption among female retail investors is on the rise, according to a recent report by eToro, a popular social trading platform. The Retail Investor Beat Q4 2022 report surveyed 10,000 retail investors across 13 countries and 3 continents and found that 34% of women now own cryptocurrency, up from 29% in the previous quarter. This makes digital assets the second most widely owned asset class for women after cash, indicating that crypto is succeeding where traditional financial markets have sometimes failed to bring more women to the table.

The report provides insight into the mindset of retail investors, finding that the most popular reason for investing in cryptocurrency is the opportunity to make high returns. This is likely due to the volatile nature of the crypto market, with investors able to take advantage of quick price movements to make large gains in a short amount of time. Additionally, many investors also believe in the power of blockchain technology and think cryptocurrencies are a transformative asset class.

The rise in cryptocurrency adoption among women is significant, especially when compared to the adoption rate of other asset classes. A survey released by BlockFi, a popular crypto lender, in October 2022 found that women were still bullish on crypto despite the challenges plaguing the market at the time. The survey showed that women still see crypto as a good investment vehicle, with 22% of respondents stating that they were still open to buy bitcoin and altcoins in 2023, and one in 10 women having chosen crypto as their first investment.

This indicates that more and more women are starting to recognize the potential of cryptocurrency and digital assets. This could be due to the increasing number of educational materials, initiatives, and resources that have been made available to help women understand the technology and how to get involved. This could also be attributed to the success of platforms such as eToro, which allow users to easily buy and trade cryptocurrencies in a safe and secure environment.

The rise in cryptocurrency adoption among women suggests that digital assets are becoming increasingly accessible and attractive to a wide variety of investors. This could help to increase the diversity of the crypto market and bring new opportunities to the sector. It could also lead to the development of more user-friendly tools and services, which could further benefit the industry as a whole. With more women entering the market, the crypto space could reach new heights in the years to come.

• The native token of the now-defunct crypto exchange FTX Token (FTT), has had a 160% surge in the past week.
• Sam Bankman-Fried, the creator and former CEO of FTX, has pleaded not guilty to eight counts of federal criminal charges.
• Analysts suggest that this is a typical pump and dump, with FTT still 97% below its all-time high.

The crypto markets are experiencing a surge in activity, with many token prices soaring in the past week. One token that has seen tremendous growth is the native token of the now-defunct crypto exchange FTX Token (FTT). This token has experienced a 160% rise in the past seven days, with its price peaking at $2.50 earlier today.

The sudden surge in price comes at a time when the creator and former CEO of FTX, Sam Bankman-Fried, has pleaded not guilty to all eight counts of federal criminal charges. While the exact cause of the FTT rally is still unknown, many analysts suggest that it is likely a pump and dump situation.

FTT reached its all-time high of $84 in September 2021, when FTX was at the peak of its bull market. Following the exchange’s spectacular crash, the token plummeted below $1, where it stayed until Jan.10, when its price started to move again. It eventually rose to a high of $2.50 earlier today.

The news regarding FTX or Sam Bankman-Fried this morning has been nonexistent, leading many to believe that the pump is likely a result of a FOMO (fear of missing out) caused by traders desperately buying defunct exchange assets.

It remains to be seen if FTT will continue to rise in the coming days, or if the token will return to its pre-rally price. For now, it appears that the token is still a long way off from achieving its all-time high, with analysts suggesting that this is a typical pump and dump. Only time will tell if the FTT surge is here to stay.

• Sam Bankman-Fried was arrested and extradited to the US for bankruptcy related to FTX.
• He claims he did not do any financial foul play, but his statements were conflicting with the findings of the solvency and bankruptcy team.
• Billionaire Bill Ackman has hypothesized how Bankman-Fried could be telling the truth.

In November 2022, Sam Bankman-Fried, the CEO of FTX, was arrested in the Bahamas and extradited to the US to face charges of bankruptcy. FTX had lacked enough liquidity to satisfy customer withdrawal requirements, leading to Bankman-Fried’s filing for bankruptcy. In the US, Bankman-Fried appeared before a magistrate judge and was given a record $250 million bail. He subsequently went to live with his parents while his case is set to begin trial in October 2023.

Throughout the process, Bankman-Fried has maintained his innocence, claiming he did not do any financial foul play at FTX and Alameda Research. He has blamed other factors like the global economic downturn for the exchange’s fate. However, some of his statements have been conflicting with the findings of the solvency and bankruptcy team all along.

Amid the controversy surrounding Bankman-Fried, billionaire Bill Ackman has now hypothesized how he could be telling the truth. Ackman clarified that he has no economic interest in the FTX debacle and was sharing his life experiences to show how it is possible to misinterpret financial ordeals. He stated that it is possible for Bankman-Fried to have been unaware of the financial implications of his decisions.

Ackman’s remarks have been met with a certain degree of scepticism from the crypto community, with many questioning his stance on the matter. Nonetheless, Ackman has maintained his stance, insisting that his hypothesis is possible and that Bankman-Fried should be given the benefit of the doubt.

The case against Bankman-Fried is set to continue and the crypto community awaits further developments with much anticipation. Only time will tell if Ackman’s hypothesis will hold true or if Bankman-Fried will be found guilty of financial misconduct.