Crypto
SEC issues new guidance requiring companies to disclose cryptocurrency risks
An exterior view of the U.S. Securities and Trade Fee (SEC) headquarters in Washington.
Jonathan Ernst | Reuters
The Securities and Trade Fee launched new steering Thursday, requiring firms that challenge securities to open up to buyers their publicity and threat to the cryptocurrency market.
The steering comes a couple of month after FTX, one of many world’s largest cryptocurrency exchanges, filed for chapter after mortgage buyer funds to a dangerous buying and selling firm that was based by FTX’s former CEO Sam Bankman-Fried. Over 100,000 clients have been affected by the change’s failure.
On Wednesday, SEC Chair Gary Gensler fended off accusations that the company has failed to forestall crypto companies from misusing buyer funds. Gensler additionally stated the SEC would take extra enforcement actions if the companies fail to adjust to current guidelines.
Underneath the brand new steering, firms must embody crypto asset holdings in addition to their threat publicity to the FTX chapter and different market developments of their public filings. The corporate’s chapter filings point out the corporate has over 1 million collectors.
The SEC’s Division of Company Finance developed a pattern letter after a selective overview of findings made beneath the Securities Act of 1933 and the Securities Trade Act of 1934, which directs firms to reveal “such additional materials info, if any, as could also be essential to make the required statements, in gentle of the circumstances beneath which they’re made, not deceptive,” in keeping with the steering.
A prompt merchandise throughout the letter asks the issuer to explain how firm bankruptcies and subsequent results “have impacted or might influence your small business, monetary situation, clients, and counterparties, both immediately or not directly.” One other asks for an outline of “any materials threat to you, both direct or oblique, on account of extreme redemptions, withdrawals, or a suspension of redemptions or withdrawals, of crypto property. Establish any materials concentrations of threat and quantify any materials exposures.”
The SEC’s company finance division inspired firms to undertake these suggestions as they put together paperwork “that will not usually be topic to overview by the Division earlier than their use.”
Crypto
US charges Samourai cryptomixer founders for laundering $100 million
Keonne Rodriguez and William Lonergan Hill have been charged by the U.S. Department of Justice for laundering more than $100 million from various criminal enterprises through Samourai, a cryptocurrency mixer service they ran for nearly a decade.
As detailed in a superseding indictment, criminals also used Samourai’s Whirlpool crypto mixer to process over $2 billion in illicit funds between 2015 and February 2024.
In addition to crypto mixing services, Samourai also offered a service called “Ricochet,” which allowed users to send cryptocurrency using additional and unnecessary intermediate transactions to thwart law enforcement and crypto exchange efforts to track funds sourced from criminal activity.
This money laundering activity allegedly earned the two founders around $4.5 million in fees for Whirlpool and Ricochet transactions.
“Since the start of the Whirlpool service in or about 2019, and of the Ricochet service in or about 2017, over 80,000 BTC (worth over $2 billion applying the BTC-USD conversion rates at the time of each transaction) has passed through these two services operated by Samourai,” the indictment alleges.
Samourai’s Wallet mobile application was also downloaded over 100,000 times, allowing users to store private keys for BTC addresses they controlled and exchange funds with other Samourai users in anonymous financial transactions.
Icelandic law enforcement has seized Samourai’s domains (samourai[.]io and samouraiwallet[.]com) and web servers, and the Google Play Store removed the Android mobile app after being served a seizure warrant.
Rodriguez was taken into custody this morning and will appear before a U.S. Magistrate Judge in the Western District of Pennsylvania in the following days.
Hill was also arrested this morning in Portugal on U.S. criminal charges, with the U.S. government planning to request his extradition to the United States so that he can stand trial.
They’re both charged with two counts of conspiracy: money laundering (20-year maximum sentence) and operating an unlicensed money-transmitting business (5-year maximum sentence).
“While offering Samourai as a ‘privacy’ service, the defendants knew that it was a haven for criminals to engage in large-scale money laundering and sanctions evasion,” the DOJ said.
“Samourai laundered over $100 million of crime proceeds originating from, among other criminal sources, illegal dark web markets, such as Silk Road and Hydra Market; various wire fraud and computer fraud schemes, including a web-server intrusion, a spearphishing scheme, and schemes to defraud multiple decentralized finance protocols; and other illegal
Crypto
BlockDAG, Cardano and Toncoin in the 2024 Cryptocurrency Market
BlockDAG’s innovative strategy, highlighted by its upcoming moon keynote, sets it apart amidst the backdrop of Cardano’s recent price decline and Toncoin’s performance following a Telegram partnership. While Cardano grapples with a notable drop in price, slipping by 27% in the past month, and Toncoin gains momentum through strategic collaborations, BlockDAG forges its path to success.
With its groundbreaking approach to blockchain consensus, powered by the PHANTOM protocol and GHOSTDAG algorithm, BlockDAG positions itself as a frontrunner in the cryptocurrency landscape. As anticipation mounts for its moon keynote, BlockDAG’s unique features and strategic initiatives capture the attention of investors seeking the next big opportunity in digital finance.
Cardano
Over the past month, Cardano has experienced a substantial decline in price, dropping to $0.60 on April 11, reflecting a 27% decrease from its peak earlier in the year. Recent data indicates a stagnation in Cardano’s network expansion, trailing behind newer competitors in the Decentralized Finance (DeFi) sector. Despite boasting a market capitalisation exceeding $20 billion, Cardano lacks a significant presence in vital blockchain industries. For instance, its largest lending protocol, Liquid, exhibits a Total Value Locked (TVL) of a mere $57 million. These inadequacies cast doubt on Cardano’s valuation, earning it the moniker of a “zombie coin” despite its substantial market capitalisation.
Toncoin
Toncoin (TON) has recently surpassed Cardano (ADA) in market capitalisation, propelled by a 13% price performance, reaching an all-time high of $7.08. Telegram’s commitment to distributing advertising revenue in TON and accepting payment for TON advertising has significantly contributed to this achievement. Notably, Toncoin’s market cap now exceeds $23 billion, eclipsing Cardano’s $21.4 billion valuation.
The collaboration with Telegram has unlocked new prospects, such as Notcoin, a Telegram-based game boasting 35 million players, set to introduce its native token on the TON blockchain. Toncoin’s success underscores the transformative potential of strategic partnerships in driving growth and adoption within the cryptocurrency ecosystem.
BlockDAG
BlockDAG is spearheading cryptocurrency evolution with its groundbreaking PHANTOM protocol and GHOSTDAG algorithm, setting new benchmarks in network integrity and performance. This innovative DAG chain technology surpasses conventional blockchain models, offering unparalleled scalability, security, and decentralisation. While Cardano’s growth trajectory remains uncertain and Toncoin garners attention with its Telegram collaboration, BlockDAG is quietly reshaping the digital currency landscape. Its unique consensus mechanism addresses the challenges of malicious block inclusion and ensures seamless and equitable transaction processing, heralding a new era of trust and efficiency in the crypto sphere.
The Last Take
Amidst fluctuating Cardano prices and Toncoin’s Telegram partnership buzz, BlockDAG shines as a beacon of financial innovation. With its remarkable price surge and pioneering consensus approach, BlockDAG isn’t merely keeping pace; it’s setting the standard. As investors eagerly embrace its presale offering, the consensus is clear: BlockDAG stands out as the premier crypto investment opportunity, with the potential for exponential performance.
Learn More About BlockDAG Now!
Website: https://blockdag.network
Presale: https://purchase.blockdag.network
Telegram: https://t.me/blockDAGnetworkOfficial
Discord: https://discord.gg/Q7BxghMVyu
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The reader is further advised that Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.
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Crypto
Cryptocurrency: Top 3 AI Coins to Watch For Double Digit Gains
One cryptocurrency sector that has been gaining significant traction in recent times is the AI and big data space. According to a recent tweet by Santiment, a leading cryptocurrency analytics platform, the top 100 AI and big data projects have collectively grown their market caps by an impressive 22% in the past week.
As the AI and big data sectors continue to boom, three projects have emerged as front-runners, seeing major growth and attracting the attention of investors and traders alike. These projects are Openfabric AI (OFN), Aleph.im (ALEPH), and Akash Network (AKT).
Also read: Ripple (XRP) Forecasted To Hit $1.9 If This Happens
Openfabric AI (OFN)
Openfabric AI, a project focused on developing AI-powered solutions for various industries, has been the top performer in the AI and big data sectors over the past week. Additionally, with a 78% growth in its market cap, OFN has quickly become a coin to watch for potential double-digit gains.
Currently trading at $0.616, OFN has seen a 24-hour low of $0.5515 and a high of $0.6484, indicating strong momentum and investor interest.
Also read: Cryptocurrency: Top 3 Coins To Buy Now For 10X Gains In 2024
Aleph.im (ALEPH)
Aleph.im, a decentralized cloud computing platform that aims to provide a secure and scalable infrastructure for dApps and decentralized storage, has also seen significant growth in the past week.
With a 64% increase in its market cap, ALEPH has become another top contender in the AI and Big Data sector. In addition, trading at $0.261, ALEPH has recorded a 24-hour low of $0.2435 and a high of $0.2807.
Akash Network (AKT)
Akash Network, a decentralized cloud marketplace that enables developers to deploy and scale their applications, has seen a 49% growth in its market cap over the past week.
Currently trading at $5.13, AKT has experienced a 24-hour low of $4.88 and a high of $6.52, showcasing strong volatility and potential for significant price movements.
Also read: Shiba Inu or Dogecoin: Which Meme Coin To Buy For 10X Gain?
The AI and Big Data sector within the cryptocurrency space is experiencing a major boom, with projects like Openfabric AI, Aleph.im, and Akash Network leading the charge. As the sector continues to see advancements and speculative support from traders looking to gain exposure to artificial intelligence, these coins may be worth watching for potential double-digit gains.
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