- BlockFi Bankruptcy Plans Opposed by FTX, Three Arrows, and SEC
Proposals put forward by defunct crypto lender BlockFi are an abuse of bankruptcy rules, according to a Wednesday legal filing made by FTX, with over a billion dollars of disputed transactions at stake.
BlockFi’s plans, set to be discussed at a July 13 New Jersey court hearing, were also opposed by liquidated hedge fund Three Arrows Capital (3AC) and by federal regulator the Securities and Exchange Commission (SEC).
FTX, which bailed out the troubled lender last year before itself filing for bankruptcy in November, says its sizable claims against BlockFi have been unfairly downgraded by the proposed plan.
- CFTC Mulls Filing Fresh Case Against Celsius Network, Former CEO Mashinsky: Report
The Commodity Futures Trading Commission (CFTC) has concluded that the bankrupt crypto lender and its former CEO Alex Mashinsky broke U.S. rules before the company’s collapse last year, according to a Bloomberg report citing unnamed sources.
Celsius was a popular crypto lending platform that allowed users to deposit cash and earn returns on their digital assets. The New Jersey-based company froze withdrawals in June 2022, citing “extreme market conditions,” and filed for bankruptcy a month later.
The CFTC enforcement unit’s attorneys have reportedly determined that Celsius, under the leadership of Mashinsky, misled investors and should have registered with the regulator, one of the sources said.
- Bill to exempt foreigners from crypto taxes passes preliminary reading in Israel
Foreign residents of Israel could get an exemption from capital gains taxes on the sale of digital currencies. A bill granting the exemption and other tax benefits for digital assets holders passed through a preliminary reading in the country’s parliament, the Knesset, on June 5.
The bill would also level up crypto bonuses with stock options for employees by reducing the current 50% tax on the former to 25%. The bill is sponsored by Knesset member Dan Ilouz. According to Ilouz, the bill enjoys the full support of the ruling coalition parties.
According to the explanatory note of the bill, it should enhance the country’s appeal to investors around the globe:
“Despite the growth potential of Israeli companies in the field, the regulatory reality in Israel is not adapted to the digital currency industry. Therefore, it is proposed to make a number of legislative amendments that will reduce the regulatory gap.”
- Bitcoin Could Rally to $125K By End-2024: Matrixport
The forecast is based on data that show a multimonth bull market comprising a meteoric surge in market value unfolds once prices confirm the end of a bear market, which they do by setting a 12-month high for the first time in at least a year.
That signal was triggered late last month after prices topped $31,000, the highest since June 2022. Previous signals occurred in August 2012, December 2015, May 2019 and August 2020, with prices rallying in the following years.
“On June 22, 2023, bitcoin made a new one-year high, marking the first time in a year. This signal has historically indicated the end of bear markets and the start of new crypto bull markets,” Markus Thielen, head of research and strategy at Matrixport, said in a report shared with CoinDesk.
https://www.binance.com/en/feed/post/744115
- Report: South Africa Regulator Says Unlicensed Crypto Exchanges in 2024 May Be Closed Down
The latest crypto-related comments by Kamlana just a few months after a fintech analyst with the South African Reserve Bank revealed that regulations governing tokenized deposits and crypto assets will become effective on Jan. 1, 2025. However, the analyst warned that regulators will still need to learn and understand the risks that come with the technology which underpins digital assets.
Meanwhile, in his remarks during an interview, Kamlana explained why the regulator has finally taken this step. He said:
There is potentially serious harm to financial customers when using crypto products, and therefore it makes sense for us to introduce the regulatory framework.
- CryptoQuant Parent Raises $6.5M Round Led by Atinum Investment
The latest round brings the company’s total capital raise to $9 million.
Data analytics platform CryptoQuant announced that its parent company, Team Blackbird, has closed a $6.5 million Series A led by South Korea-based Atinum Investment.
“Digital assets are considered particularly risky speculative assets due to the difficulty in finding reliable information and engaging in speculative investments without data analysis,” Joo Gi-Young, CEO of Team Blackbird, said in a press release. “CryptoQuant’s main value lies in proving that it is possible to redefine investment methodologies for digital assets and establish criteria for evaluating asset value based on accurate data.”
- Coca-Cola and Solana NFT platform team up in Serbia
Coca-Cola in Serbia and Solana NFT platform SolSea are working together on a non-fungible token offering at a music event.
The deal allows the soda company to give away 100 limited edition hoodies, along with NFTs, to some participants.
NFT infrastructure protocol All.Art is a facilitator. According to a July 5 blog, festival-goers can use a tool called “Magic Mirror,” which places random merchandise on the users in a 3D image, which they can see in real-time. Users can then get a picture of this by scanning a QR code.
The deal will be available from July 6 to 9 at the EXIT Festival, a yearly event in Novi Sad, Serbia. Prominent industry names like Alesso, Ben Böhmer, Dimitri Vegas & Like Mike, Eric Prydz and Skrillex are set to perform.
https://blockworks.co/news/coca-cola-solana-nft
- UAE emerges as a pro-Bitcoin mining destination in the Middle East
The United Arab Emirates (UAE) is gradually solidifying its status as a go-to Bitcoin
BTC $30,588 mining destination in the Middle East. The country has established itself as a pro-Web3 destination for crypto-focused companies with over 30 free trade zones and a growing contribution to the Bitcoin mining hash rate.
The UAE’s mining journey began with Bitcoin miner Marathon Digital partnering with Zero Two — the digital asset arm of Abu Dhabi’s sovereign wealth fund — in May. The joint venture established two mining sites with a combined 250-megawatt (MW) capacity in Abu Dhabi.
Abu Dhabi has become a hub for all kinds of crypto mining activity in the UAE due to its energy efficiency and status as the center of trade in the country.
https://cointelegraph.com/news/uae-emerges-as-a-pro-bitcoin-mining-destination-in-the-middle-east
- Bill to Exempt Foreigners From Crypto Taxes Passes Preliminary Reading in Israel
Foreign residents of Israel could get an exemption from capital gains taxes on the sale of digital currencies. A bill granting the exemption and other tax benefits for digital assets holders passed through a preliminary reading in the country’s parliament, the Knesset, on June 5.
The bill would also level up crypto bonuses with stock options for employees by reducing the current 50% tax on the former to 25%. The bill is sponsored by Knesset member Dan Ilouz. According to Ilouz, the bill enjoys the full support of the ruling coalition parties.
According to the explanatory note of the bill, it should enhance the country’s appeal to investors around the globe:
“Despite the growth potential of Israeli companies in the field, the regulatory reality in Israel is not adapted to the digital currency industry. Therefore, it is proposed to make a number of legislative amendments that will reduce the regulatory gap.”
https://www.binance.com/en/feed/post/744061
- Bitcoin Emerges as NFT Contender With $463 Million in Sales in 4 Months
Ethereum has long reigned as the dominant force in NFT sales and continues to hold that title. Nevertheless, Bitcoin has been making impressive strides in climbing the ranks among nearly two dozen blockchain networks when it comes to NFT transactions.
According to data recorded by cryptoslam.io, out of the 22 blockchain networks that have documented NFT sales, Bitcoin currently stands as the eighth largest. It’s worth noting that NFT sales data for BTC started on February 7, precisely 148 days ago, whereas many other blockchains have been recording NFT sales for a considerably longer period of time.
Bitcoin Emerges as NFT Contender With $463 Million in Sales in 4-Months
The top ten blockchains in terms of all-time NFT sales.
Outpacing Bitcoin in terms of total sales volume are several prominent chains, namely Ethereum, Ronin, Solana, Flow, Polygon, Cardano, and Wax. The sales generated from the Wax blockchain alone surpass Bitcoin’s overall figures by $25.59 million.
https://news.bitcoin.com/bitcoin-emerges-as-nft-contender-with-463-million-in-sales-in-4-months/
