- Crypto Backers B. Riley and Nomura Entangled in SEC Probe: Bloomberg
Investment bank B. Riley is under an undisclosed investigation from U.S. authorities for its deals with Brian Kahn, an alleged co-conspirator in a U.S. Department of Justice criminal case, according to a Bloomberg report, citing people familiar with the matter.
A statement from B. Riley said it was unaware of any such investigation from the U.S. Securities and Exchange Commission (SEC) but that it would cooperate fully if an investigation were to materialize. The report is “parroting baseless allegations that have been publicly made for months by short sellers intent on harming the Firm,” the statement added.
- Solana stablecoin transfer volume hits record monthly high of $300B
The transfer volume of stablecoins on the layer-1 Solana blockchain has steadily increased, hitting a new record in January.
According to blockchain analytics platform Artemis, stablecoin transfer volume on Solana already exceeded $300 billion in January.
The figure has already eclipsed the $297 billion in Solana stablecoin transfer volume for December 2023.
Moreover, January’s $303 billion to date is 2,520% more than the $11.56 billion stablecoin transfer volume in January 2023.
Solana’s stablecoin market share is currently almost 32%, which is a massive increase from the 1.2% share it had a year ago.
https://cointelegraph.com/news/solana-stablecoin-transfer-volume-record-monthly-high
- Uranium Finance Attacker Moves 2.5 Million BUSD From BNB Chain To Ethereum
According to Foresight News, PeckShield has detected that the Uranium Finance attacker has moved 2.5 million BUSD from the BNB Chain to Ethereum using Li.fi. The attacker’s Ethereum address has received 812 ETH and approximately $500,000 worth of stablecoins.
The transfer of funds from the BNB Chain to Ethereum marks a significant development in the ongoing investigation into the Uranium Finance attack. As the attacker continues to move funds, authorities and blockchain security firms are closely monitoring the situation to track the stolen assets and potentially identify the perpetrator.
- JPMorgan Warns of Incoming Bitcoin Selloff With Anticipated $3 Billion Grayscale Outflow
JPMorgan analyst Nikolaos Panigirtzoglou shared his bitcoin’s price outlook on Linkedin Friday, specifically the impact of spot bitcoin exchange-traded fund (ETF) launches and outflows from Grayscale’s bitcoin fund. Grayscale converted its bitcoin trust (GBTC) into a spot bitcoin ETF after the U.S. Securities and Exchange Commission (SEC) approved it along with 10 other funds on Jan. 10.
“The bitcoin price declined by more than 10% since the launch of spot bitcoin ETFs last week,” the JPMorgan analyst described. “It appears that profit taking, i.e. buy the rumor/sell the fact dynamics, took place in recent days as we had previously feared. The price of BTC rose past $47K in anticipation of the spot bitcoin ETF approval but dropped after the approval. At the time of writing, the cryptocurrency is trading at $41,697.
- Terraform Labs Declares Bankruptcy in Delaware
Terraform Labs Pte. has filed a voluntary petition in Delaware for Chapter 11 bankruptcy, according to documents filed on Jan. 21.
The embattled cryptocurrency firm behind the failed stablecoin TerraUSD declared in the filing it has between $100 to $500 million in estimated assets and the same amount in liabilities. TerraUSD, a dollar-pegged cryptocurrency and Terra’s LUNA token collapsed in May 2022, destroying billion of dollars in investor wealth.
“The filing will allow TFL to execute on its business plan while navigating ongoing legal proceedings, including representative litigation pending in Singapore and U.S. litigation” Terraform Labs said in a statement.
https://www.coindesk.com/policy/2024/01/22/terraform-labs-declares-bankruptcy-in-delaware/
- OSL executive says Hong Kong could debut spot crypto ETF by mid-year
Gary Tiu, executive director and head of regulatory affairs of OSL, a Hong Kong-licensed crypto exchange, said that the special administrative region could potentially see the issuance of its first spot crypto exchange-traded funds by the middle of this year, according to local media.
The Hong Kong Economic Journal reported Monday that Tiu said that OSL is in close communication with many fund companies— and that five to 10 companies are currently studying such an ETF. Tiu added that around five companies have progressed faster than the others, with the possibility of rolling out Hong Kong’s first spot crypto ETFs by the middle of this year.
https://www.theblock.co/post/273703/osl-hong-kong-crypto-etf-midyear
- US GAO performed ‘0 analysis’ for crypto report on evading sanctions — Coinbase exec
Coinbase chief legal officer Paul Grewal came down heavily on the United States Government Accountability Office (GAO) over its recent report on crypto use for evading sanctions.
In an X (formerly Twitter) post on Jan. 22, Grewal said that the U.S. GAO carried out zero comparative analysis only to “harangue an industry that spends millions and millions to follow the law.” He highlighted that even in the report itself, buried deep in the links, are “admissions that digital assets are a relatively poor way to circumvent sanctions.”
https://cointelegraph.com/news/coinbase-legal-us-gao-report-crypto-sanctions
- Dogecoin and Floki Rise Amid Speculation of Adoption by Elon Musk-Owned Companies
According to CoinDesk, dog-themed meme tokens Dogecoin (DOGE) and Floki (FLOKI) experienced a rise of up to 12% before retreating, following an @xpayments profile on social app X that sparked adoption hopes among crypto enthusiasts. Trading volumes for both tokens increased by 200% over the weekend, as per CoinGecko data, even though broader crypto volumes remained relatively lower due to minimal volatility. Additionally, futures tracking the tokens saw open interest rise to a cumulative $430 million from $200 million, indicating increased bets.
- Canadian Securities Administrators Propose Amendments for Public Investment Funds Handling Crypto Assets
According to Foresight News, the Canadian Securities Administrators (CSA) have proposed regulatory amendments regarding how public investment funds handle crypto assets. The aim is to further clarify custody rights and rules for funds dealing with crypto assets. Under the proposed amendments, only alternative investment funds and non-redeemable investment funds would be allowed to directly buy, sell, or hold crypto assets, while other mutual funds could only invest in these funds to gain exposure to cryptocurrencies.
- Crypto Snipers Strike Gold as Traders Earn Millions in SAVM Token Launch Frenzy
Crypto snipers managed to make some decent profits from the recent satoshivm (SAVM) launch, Arkham Intelligence detailed. Sniping, essentially refers to the practice of executing crypto trades with exceptional speed and precision to gain a strategic advantage. The strategy involves pre-setting parameters for immediate purchasing upon a new token’s launch and leveraging automated trading bots. According to market data from coingecko.com, SAVM came out the gate with an initial price of $6.83 per unit and it’s currently trading for prices between $9.48 to $14.13 over the past day.
