Category Archives: Cryptocurrency
Chapter 15 A Useful Tool for Protecting and Preserving Assets in Cryptocurrency Insolvency Proceedings – JD Supra
In February 2022, I wrote a blog article entitled Cross-Border Bankruptcy Cases: Chapter 15 of the Bankruptcy Code and Parameters of a Discovery Tool. Since the publication of that article, there have been approximately 40 chapter 15 filings in the United States Bankruptcy Courts throughout the country. Two of those cases, Samba v. Intl Petro. Prods. and Additives Co. (In re Black Gold S.A.R.L.), 635 B.R. 517 (9th Cir. BAP 2022) and Zawawi v. Diss (In re Zawawi), 2022 WL 596836 (M.D. Fla. Feb. 28, 2022), as discussed in the blog, Two Recent Chapter 15 Cases Clarify Just How Low the Bar is for Recognition (available at https://www.faegredrinker.com/en/insights/publications/2022/3/two-recent-chapter-15-cases-clarify-just-how-low-the-bar-is-for-recognition, last visited July 27, 2022), demonstrate just that, where two reviewing courts reversed bankruptcy courts determinations that the requirements of section 1517(a) of the Bankruptcy Code had not been met, and allowing the chapter 15 proceedings to continue.
Given the recent downturn in the cryptocurrency markets and the bankruptcy filings emanating from this downturn, the use of chapter 15 for cryptocurrency related companies instituting foreign insolvency proceedings remains a useful tool to protect assets within the United States.For example, on July 6, 2022, Voyager Digital, a New-York based cryptocurrency firm filed for chapter 11 relief in the U.S. Bankruptcy Court for the Southern District of New York. But this was after it had sent a notice of default to Three Arrows Capital a Singapore-based cryptocurrency hedge fund for failing to make payments on loans described as 15,250 bitcoin and $350 million U.S. dollar coin (totaling approximately $650 million). As a result of this and apparently other significant debt, Three Arrows Capital initiated an insolvency proceeding in the British Virgin Islands and then, on July 1, 2022, commenced a chapter 15 proceeding in the Southern District of New York, seeking to recognize the British Virgin Islands insolvency proceedings. In addition to the Voyager Digital debt, it also came to light that Three Arrows owes $2.36 billion to Genesis Pacific Pte. Ltd., an affiliate of Genesis Global Trading Inc., which bills itself as the world's largest digital-asset lender.
While the cryptocurrency dominoes continue to fall from the recent downturn in that industry (see Celsius), on July 12, 2022, Bankruptcy Judge Martin, overseeing Three Arrows chapter 15 proceeding, entered an order freezing Three Arrows assets, at a time when Three Arrows principals had disappeared (although they have recently resurfaced). The Three Arrows chapter 15 proceeding should provide a viable platform for discovery, including of its recent reappearing principals, while those entities left holding the bag attempt to figure out exactly what transpired at Three Arrows and attempt to trace and recover its assets.
As may be apparent, chapter 15 proceedings remain a viable tool for recognition of foreign insolvency proceedings, including those insolvency proceedings involving entities in the cryptocurrency business.
Cryptocurrency Cardano Down More Than 3% Within 24 hours – Benzinga
Cardano's ADA/USD price has decreased 3.61% over the past 24 hours to $0.51. This is contrary to the coins performance over the past week where it has experienced an up-trend of 4.0%, moving from $0.49 to its current price.
The chart below compares the price movement and volatility for Cardano over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has increased 3.0% over the past week while the overall circulating supply of the coin has increased 0.21% to over 33.82 billion which makes up an estimated 75.16% of its max supply, which is 45.00 billion. The current market cap ranking for ADA is #8 at $17.20 billion.
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Cryptocurrency Cardano Down More Than 3% Within 24 hours - Benzinga
Cybercrimes involving cryptocurrency are on the rise in state – Northwest Arkansas Democrat-Gazette
FAYETTEVILLE -- FBI officials in Arkansas say cybercriminals have begun targeting victims in a scam involving home computers, a threatened breach of Social Security accounts and cryptocurrency.
"We are seeing an uptick in this sophisticated play on an old scam," Kevin Curlew, supervisory special agent with the FBI, said in an interview.
"The victim will get a pop-up on their computer telling them a virus has been detected and to call this number," Curlew said. "If they call, they're told their computer has been hit by viruses and they're the victims of identity theft and need to be issued a new Social Security account."
Curlew said once the scammers have a victim on the line, they're told an official from Social Security is going to call them. The scammers then "spoof" a number making it appear to be from the Social Security Administration and tell the victim they need to close all their bank accounts and transfer their money to bitcoin.
"Several victims have called in to say they've lost hundreds of thousands of dollars of their life savings," Curlew said. "They go to the bank and transfer their money to bitcoin and deposit it in a wallet. If we can be notified within a few hours, 24 hours at the most, there's a chance we can recover the money, but if too much time goes by it's almost impossible."
Curlew said the growing popularity of cryptocurrency made it almost inevitable that people involved in this kind of criminal activity would incorporate it into the scams.
Local law enforcement agencies said they receive reports of similar schemes, but the use of cryptocurrency is new. The Fayetteville Police Department has received at least one such report, according to Sgt. Anthony Murphy, public information officer for the department.
Murphy said the department advises people to be cautious of anyone who contacts them by phone claiming to be from a government agency and asking them to provide information or money.
"Social Security would not call someone and ask for funds," Murphy said. "If you have suspicions, hang up and call the entity they claim to be calling from. Use common sense. If it seems off, it probably is."
Veronica Taylor with the Dallas Region public affairs office of the Social Security Administration said the agency has recently posted warnings of impersonation scams.
"While scammers primarily use telephone calls as part of their scam, they may also use email, text message, social media or U.S. mail," Taylor said. "They pretend to be from Social Security and will say there is a problem or a prize. They also try to pressure individuals to act immediately."
"Generally, if an individual does not have ongoing business with SSA, it is unlikely we will call," she said. "If a person receives a suspicious call claiming to be from Social Security, they should hang up and report it to our Office of the Inspector General."
"One common tactic scammers use is posing as federal agents and other law enforcement," Taylor said. "They may claim a Social Security number is linked to a crime. They may even threaten to arrest the individual if they do not comply with given instructions. The recipient of the call should just hang up. If an individual owes money to Social Security, we mail them a letter explaining their rights, payment options and information about filing an appeal on the decision."
According to information from the FBI, criminals offering fraudulent cryptocurrency investment services have become common enough to prompt the agency to issue a warning to investors. According to the FBI, the bureau has identified at least 244 victims of this kind of fraud, with losses put at more than $42.7 million.
Curlew said anyone seeking more information or needing to file a complaint can go to to the FBI's Internet Crime Complaint Center at IC3.gov or call the Little Rock office at (501) 221-9100.
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Cybercrimes involving cryptocurrency are on the rise in state - Northwest Arkansas Democrat-Gazette
Cryptocurrency Polkadot Decreases More Than 9% Within 24 hours – Benzinga
Over the past 24 hours, Polkadot's DOT/USD price has fallen 9.77% to $8.14. This is opposite to its positive trend over the past week where it has experienced a 18.0% gain, moving from $7.03 to its current price.
The chart below compares the price movement and volatility for Polkadot over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has climbed 120.0% over the past week, moving opposite, directionally, with the overall circulating supply of the coin, which has decreased 0.14%. This brings the circulating supply to 1.14 billion. According to our data, the current market cap ranking for DOT is #10 at $9.26 billion.
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Cryptocurrency Polkadot Decreases More Than 9% Within 24 hours - Benzinga
Cryptocurrency XRP Decreases More Than 4% Within 24 hours – Benzinga
XRP's XRP/USD price has decreased 4.05% over the past 24 hours to $0.37. This is contrary to the coins performance over the past week where it has experienced an up-trend of 9.0%, moving from $0.35 to its current price.
The chart below compares the price movement and volatility for XRP over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
XRP's trading volume has climbed 78.0% over the past week along with the circulating supply of the coin, which has increased 0.32%. This brings the circulating supply to 48.34 billion, which makes up an estimated 48.34% of its max supply of 100.00 billion. According to our data, the current market cap ranking for XRP is #6 at $18.09 billion.
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Cryptocurrency XRP Decreases More Than 4% Within 24 hours - Benzinga
Cryptocurrency Solana Decreases More Than 4% Within 24 hours – Benzinga
Over the past 24 hours, Solana's SOL/USD price has fallen 4.84% to $42.16. This is opposite to its positive trend over the past week where it has experienced a 8.0% gain, moving from $38.78 to its current price.
The chart below compares the price movement and volatility for Solana over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has tumbled 16.0% over the past week while the circulating supply of the coin has risen 0.41%. This brings the circulating supply to 346.52 million. According to our data, the current market cap ranking for SOL is #9 at $14.50 billion.
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Cryptocurrency Solana Decreases More Than 4% Within 24 hours - Benzinga
Nearly 75% of retailers plan to accept cryptocurrency payments within the next 2 years – CNBC
From Starbucks to Lamborghinis, consumers are using cryptocurrency to pay for a variety of goods and retailers are taking notice.
Nearly 75% of retailers plan to accept either cryptocurrency or stablecoin payments within the next two years, according to a June survey conducted by Deloitte titled "Merchants getting ready for crypto."
Deloitte polled a sample of 2,000 senior executives from the retail industry who represent a range of subsectors including cosmetics, electronics, fashion, transportation, food and beverage.
While digital currencies like Bitcoin are typically only as valuable as users believe them to be, a stablecoin is a type of cryptocurrency that derives its value from an underlying asset. Stablecoins are often pegged to currencies such as the U.S. dollar or a commodity such as gold.
Although paying with cryptocurrency is fairly novel now, 83% of retailers expect consumer interest in digital currencies to increase over the next year and a little over half of them have invested over $1 million into enabling digital payments, according to the survey.
For consumers, that means you could soon buy clothes, drinks, beauty products and more with crypto.
Although retailers are planning to accept digital currency as payments, that doesn't mean they're necessarily planning to hold on to the virtual assets.
Just over 50% of respondents plan to have third-party payment processors convert digital currency into fiat, which is money that is established as legal tender by a government, like the U.S. dollar, the British pound and the euro. This means the retailers aren't planning to actually own the cryptocurrency that's used for payment.
Given the unpredictability of the crypto market, using this strategy is considered to be less risky for retailers than holding the crypto themselves. This approach also makes it faster and easier for retailers to enable payments with digital currencies, Deloitte reports.
Crypto-curious retailers recognize that there are a number of challenges to overcome in order to enable payments with digital currencies. Nearly 90% cited the complexity of making their existing financial infrastructure compatible with various digital currencies as their greatest challenge.
Additionally, security of the payment platforms topped the list of barriers to adoption, the survey revealed, followed by concerns about the changing regulatory landscape and the instability of the digital currency market.
More than half of retailers agreed that certain regulations regarding cryptocurrency need to be enacted, including national guidance around holding digital assets, clarity about the tax implications of using digital currencies and the ability to hold digital currencies in a bank account.
Despite their worries, retailers remain optimistic about the benefits of enabling payments with cryptocurrencies. Nearly half of retailers believe this move will improve customer experience and increase their customer base.
"We anticipate that further partnerships with regulated and established institutions in the industry will help deliver the benefits of digital currencies (e.g., convenience and support) and will continue to build the necessary foundation of trust," the report concludes.
While the ability to pay with crypto may be good news for some crypto users, it's still important to remember that these assets can be highly volatile, and experts typically recommend only investing as much money as you are prepared to lose.
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Nearly 75% of retailers plan to accept cryptocurrency payments within the next 2 years - CNBC
Bitcoin and Ethereum Prices Are As High As Theyve Been Since June Crypto Crash, But Experts Still Urge Caution for Investors – NextAdvisor
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Things are on the up for cryptocurrencies, at least for the time being.
Bitcoin, the largest crypto, reached $24,000 on Friday hitting a fresh new high in July as it continues to follow the rising stock market. Ethereum, the second-largest crypto, climbed above $1,700 and other cryptocurrencies were also trading higher on Friday.
The two largest cryptocurrencies are on track for their best month of the year. Bitcoin is up more than 20% in July and ethereum is up 50%, according to NextAdvisors crypto price data.
But after a dismal first half of the year, is the crypto market poised for a bull run in the second half? Experts say not quite, warning investors to remain cautious. The market could easily come crashing down again given the current macro environment, so it may not be wise take on risky bets right now.
Many are warning we are not yet out of the woods from a macro perspective, says Adrian Kenny, a senior sales trader at digital asset broker GlobalBlock. A cautious thesis is a more logical stance to take in the current conditions.
A lot happened this week that led to a rally in the crypto and wider markets in general.
Many big retail and tech companies including Google, Apple, and Meta revealed their second-quarter earnings, a factor that influences stock prices. The Federal Reserve raised interest rates by 75 basis points, but signaled it may slow down the pace of such rises. And an economic report revealed that U.S. GDP fell for a second consecutive quarter in a row. Though that follows a commonly understood technical definition of a recession, President Joe Biden and Fed Chairman Jerome Powell both said this week that the U.S. is not in a recession.
Experts say all eyes have recently been looking to how the Fed would respond to the threat of soaring inflation and a potential recession. Experts say the upward movement in the markets suggest that investors were already expecting those outcomes this week, and will likely continue moving higher in the short-term because investors have already priced in the bad news.
The reaction has been very positive this week and the cryptocurrency markets once again tipped over the $1 trillion market cap once again, Kenny says.
While this week has for the first time in over a month seen some market recovery, there is still an undoubtedly considerable mountain to climb in terms of normality or the hopes of a return to the highs of 2021 anytime soon, says Kenny.
If youre investing crypto for the long-term, the recent developments this week shouldnt drastically alter your investment strategy. Its simply a reminder that crypto assets are highly volatility and risky, particularly during times of economic uncertainty.
While there has been positive momentum in the crypto market this week, bitcoin and ethereum are still down more than 50% from when they reached their all-time highs last November. Given cryptos history of volatility, prices will continue to drastically swing up and down and its extremely difficult to predict with certainty where theyll go next.
One thing is certain: theres a gloomy list of long-term potential worries for the U.S. economy, so experts recommend playing it safe. Allocate no more than 5% of crypto to your investment portfolio and only put in what youre OK with losing. Before putting any extra cash into the crypto market, always make sure your financial bases are covered from your retirement accounts to emergency savings.
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Bitcoin and Ethereum Prices Are As High As Theyve Been Since June Crypto Crash, But Experts Still Urge Caution for Investors - NextAdvisor
Cryptocurrency exchange receives approval to operate in Dubai – Al-Monitor
The Bahamas-based cryptocurrency exchange FTX announced today that it has received regulatory approval to operate in Dubai. FTXs Middle East subsidiary FTX Exchange FZE, can now conduct virtual asset exchange services in Dubais program under the United Arab Emirates Virtual Asset Regulatory Authority, FTX said in a press release.
Why it matters: The UAE launched the Virtual Asset Regulatory Authority in March to regulate the relatively new cryptocurrency sector. Some cryptocurrency professionals, such as CoinMENA head Talal Tabbaa, have credited the framework with attracting cryptocurrency firms to the Gulf state. Indeed, Bybit and Crypto.com announced moves to Dubai the same month the authority came into effect. Kraken then decided to open an office in Abu Dhabi in April.
Know more: Cryptocurrency ownership is relatively popular in the UAE, and could continue to grow. Last week, the Dubai-based online bank RAKBANK announced plans to allow people in the UAE to trade cryptocurrencies in Emirati dirhams, as opposed to US dollars.
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Cryptocurrency exchange receives approval to operate in Dubai - Al-Monitor
Cryptocurrency Market Cap And Its Importance – Crypto Times
Market capitalization as a term has also entered conversations about crypto investing over time. Its definition and applications in crypto arent quite the same as in the traditional stock market. Cryptocurrency market cap is broadly defined as a metric that measures a particular cryptocurrencys total value in the current market.
The market cap of a cryptocurrency is determined by dividing the total coins ever mined by the price of a single coin at any particular moment. Market capitalization can be used as a valid measure of how stable an asset is likely to be.
This feature provides a brief introduction to the cryptocurrency market cap, why its important to understand it, and what it means for investors.
Since the inception of Bitcoin, the first cryptocurrency, more and more cryptocurrency projects have steadily entered the scene, each promising different perks or uses to investors. Some altcoins boast unparalleled transaction speeds, while others claim to offer the lowest fees.
Other coins, like the privacy-focused altcoin Monero (XMR), offer airtight security and total privacy. XMR transactions made through a specially encrypted Monero wallet are allegedly completely anonymous and untraceable, making Monero an ideal coin for users with outstanding cybersecurity concerns.
At present, there are thousands of active cryptocurrency projects available for traders to invest in. Naturally, every single one of these coins will be valued differently in the market, and this value is what market capitalization in crypto aims to measure.
A particular coins market cap is meant to give investors a sense of how big the project currently is and how well its performing.
A cryptocurrencys market cap is calculated by multiplying the coins current market price by the total circulating supply. For example, if a certain coin is being traded at $5 per unit and around 10,000,000 coins are in circulation, its market cap would be $50,000,000.
Many crypto experts regard the market cap as the most important factor for determining a cryptocurrencys viability as an asset. There are now a number of websites and online indexes that calculate and track market capitalization for different cryptocurrencies, as well as other important financial metrics. These sites enable crypto investors to monitor the dominance and popularity of their chosen coins.
Also Read: 10 Tips to Survive Crypto Bear Market
A crypto projects market cap can provide valuable insight on that projects relevancy, particularly for investors that aim to assess a specific coins popularity in the long term.
Most crypto experts will agree, for instance, that coins with large caps of over $10 billion are relatively safe investments. Investing primarily in such coins is usually considered a conservative strategy, as these cryptocurrencies are likely to be less unpredictable investments than other coins.
Its worth noting, however, that even the most supposedly stable cryptos out there will still be more volatile in terms of their value than traditional investing products like stocks or bonds.
Mid-cap cryptocurrencies are those with market caps between $1 billion and $10 billion. In contrast to large-cap cryptos, these cryptos are usually much more volatile, but they may have more potential to grow. Meanwhile, small-cap cryptocurrencies are those with market caps under $1 billion. Theyre often subject to extreme price volatility, often rising or falling in value significantly in a matter of just a few hours.
Small-cap cryptos are thus, considered the highest-risk investments its possible to make in crypto, even if their growth potential is projected to be good in the short term.
One viable way investors can apply their knowledge of the market cap is by pursuing a weighted market cap investing strategy. Following this strategy, the amounts that traders invest in their chosen cryptocurrencies are proportional to those coins current market cap.
To illustrate, this means that an investor aiming to put down $100 in total crypto investments should allocate the greatest portion of this amount to the coin with the largest market cap and smaller portions to other less popular cryptos.
Its important for novice crypto investors to bear in mind, however, that the market is prone to dramatic price fluctuations even for large-cap coins. Hence, market capitalization is constantly changing even for the largest and most popular coins out there. Because cryptocurrency is a relatively new asset in comparison to traditional assets like stocks, there are currently few ways to predict how a particular coins value or growth trajectory is likely to change over time.
Cryptocurrencys unpredictability is the primary reason financial experts encourage new traders to invest cautiously even in large crypto projects. Its always a good idea for the novice investors to do thorough research before committing to any investments and only put down as much money as they can afford to lose.
Also Read: A Guide to do your own Research (DYOR) for Crypto Trading
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Cryptocurrency Market Cap And Its Importance - Crypto Times