South Korea Seeks to Freeze 3,313 Bitcoin Allegedly Linked to Luna Founder Do Kwon

South Korean prosecutors are seeking to freeze 3,313 bitcoins at two cryptocurrency exchanges allegedly tied to luna founder Do Kwon. The coins were moved soon after a South Korean court issued an arrest warrant for the Terraform Labs co-founder. Luna Foundation Guard has denied transferring the coins. Korean Authorities Ask Crypto Exchanges to Freeze Bitcoin.

South Korean authorities have reportedly asked cryptocurrency exchanges Kucoin and Okx to freeze 3,313 bitcoins allegedly tied to Terraform Labs co-founder Kwon Do-hyung, also known as Do Kwon. The coins were transferred to the trading platforms soon after a warrant was issued for Kwon’s arrest in South Korea.

On Tuesday, an official at the Seoul Southern District Prosecutors’ Office confirmed to Bloomberg that requests have been sent to the two cryptocurrency exchanges to freeze the 3,313 BTC.

The coins were transferred to the trading platforms from a wallet allegedly linked to Luna Foundation Guard (LFG) that was created on Sept. 15, according to crypto researcher Cryptoquant. The researcher told the publication: Cryptoquant specified new bitcoin addresses owned by LFG based on transaction patterns, adjacent flows and material non-public information.

However, Luna Foundation Guard denied the allegation Tuesday evening. The group tweeted its treasury’s bitcoin address, adding: “LFG hasn’t created any new wallets or moved BTC or other tokens held by LFG since May 2022.” Do Kwon Says: ‘I’m Making Zero Effort to Hide’

The luna founder’s whereabouts are currently unknown. He was believed to be in Singapore but the Singapore police force said earlier this month that he is currently not in the city-state. Kwon has maintained that he is not “on the run,” tweeting Monday: I’m making zero effort to hide. I go on walks and malls.

The Seoul Metropolitan Police have asked various crypto exchanges to ban Luna’s capability of withdrawing company funds, the report said. It was not clear which exchanges were asked or whether they have complied. Terraform Labs lost $30 billion this month when Terra’s UST stablecoin and LUNA cryptocurrency went into a death spiral, costing investors billions globally.

The associated Luna Foundation Guard was charged with protecting UST’s peg using a war chest of billions of dollars in bitcoin (BTC); it ultimately failed. Terraform Labs CEO Do Kwon is already under the financial crimes microscope and is facing a tax evasion investigation by a South Korean police unit known as the “Grim Reaper.” Luna Foundation Guard did not respond to a request for comment by press time.

A South Korean court issued an arrest warrant for Kwon on Sept. 14. He is accused of fraud after the collapse of the cryptocurrency luna (now called luna classic (LUNC)) and stablecoin terrausd (UST). In addition, the country’s ministry of foreign affairs is reportedly planning to revoke his passport.

Moreover, Interpol has issued a Red Notice for the Terraform Labs co-founder. “A Red Notice is a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action,” Interpol’s website details, adding that “Red Notices are issued for fugitives wanted either for prosecution or to serve a sentence.”

By: Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Source: South Korea Seeks to Freeze 3,313 Bitcoin Allegedly Linked to Luna Founder Do Kwon – Featured Bitcoin News

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When the Luna crypto network collapsed, it’s estimated that $60 billion got wiped out of the digital currency space. Algorithmic stablecoins (UST) are not the same as Tether or USD Coin, which are backed by actual dollars or assets stored in a bank. An arrest warrant has been issued for Do Kwon, the co-founder of Terraform Labs, where the sister tokens Luna and TerraUSD were held.

Terra network and its leader, Do Kwon, rose to prominence in the cryptocurrency world over the course of four years, all ending in a disastrous fall from grace. The Luna crypto network collapsed in what’s considered the largest crypto crash ever, with an estimated $60 billion wipeout, shaking the global digital currency market.

There are two stories regarding Luna crypto: the TerraUSD/UST stablecoin and the actual Luna coin. Once Luna and UST crashed, there was a total liquidity crunch in the cryptocurrency space that caused an even more catastrophic loss of value. The crypto community still hasn’t recovered.

You may have heard of TerraUSD and Luna, here is a quick breakdown of what they are exactly. Lots of moving parts within the Luna network ahead of its collapse.TerraUSD (also known as UST) and Luna are two sister coins on the same network.

Terra is a blockchain network, similar to Ethereum or Bitcoin, that produces Luna tokens. The network was created in 2018 by Do Kwon and Daniel Shin of Terraform Labs. Terraform Labs created the UST coin to be an algorithmic stablecoin on the Terra network. While other stablecoins (USDC or Tether) are fiat-backed, the UST would not be backed by real assets. Instead, the value of UST would be backed by its sister token, Luna. More on that later.

Stablecoins are supposedly safe havens in the crypto space since they’re meant to have a fixed value of around 1 USD. The goal being, a steady store of value for investors, unlike other volatile coins (like ethereum).Luna was Terra’s blockchain native token, similar to how ether is used on the Ethereum network. Luna had four different roles in the Terra network:

  1. A method to pay for transaction fees in the Terra network.
  2. A mechanism for maintaining Terra’s stablecoin peg.
  3. Staking in Terra’s delegated proof of stake (DPoS) to validate network transactions.
  4. Participation in the platform’s governance by adding to and voting on proposals when it comes to changes in the Terra network.

How much was Luna worth?

A Luna coin was going for around $116 in April and ended up dropping to a fraction of a penny before being delisted. Before that, the coin went from being worth less than $1 in early 2021 to creating many crypto millionaires within a year. This led to Kwon’s cult hero status among (some) retail crypto investors. Many success stories popped up in the media about how regular folks were able to get rich from Luna.

The Luna token skyrocketed about 135% in less than two months until its peak in April 2022. The largest incentive was that you could stake your UST holdings on the Anchor lending platform for a 20% annual yield. Many analysts felt that this absurd rate was unsustainable.

The Anchor Protocol was a decentralized money market built on the Terra blockchain. This platform became popular for its aforementioned 20% yield for UST holders who deposited their tokens on the platform. Then Anchor would turn around and loan the deposit to another investor. Many skeptics were concerned about where the money came from to pay these rates. Some considered this an obvious Ponzi scheme. At one point, as much as 72% of UST was deposited in Anchor because the platform was the primary driver of demand for Terra.

What happened to UST?

Before we look at this crypto disaster, we need to discuss stablecoins briefly. A stablecoin is pegged to a more stable currency like the US dollar. Tether and USDC are both tied to USD. Stablecoins are used to hedge against volatility in the crypto space. For example, let’s say that Ether’s price is $1,000. You could exchange one Ether for 1,000 USDC tokens. When investors expect a hit in the crypto market, they put their money into stablecoins to protect their assets.

The UST coin was not backed by an actual US Dollar but rather an algorithmic stablecoin. The belief was that Terraform Labs could use clever mechanisms along with billions in Bitcoin reserves to maintain the peg of UST without the backstop of the USD. To create UST you have to burn Luna. So, for example, when Luna token’s price was $85, you could trade one token for 85 UST. This deflationary protocol was designed to ensure there was long-term growth for Luna.

For UST to retain its peg, one UST could be changed for $1 worth of Luna at any time. If UST slipped, traders could make money from buying UST and then exchanging it for Luna. Both Luna and UST crashed once UST lost its peg to the dollar, which was what qualified it as a stablecoin.

TerraUSD was risky because it wasn’t backed by cash, treasuries or other traditional assets like the popular stablecoin tether. The stability of UST was derived from algorithms that linked the value to Luna. Many experts were skeptical that an algorithm could keep two tokens stable.

Why did LUNA crash?

The Luna crypto crash was caused by its connection to TerraUSD (UST), the algorithmic stablecoin of the Terra network. On May 7, over $2 billion worth of UST was unstaked (taken off the Anchor Protocol), and hundreds of millions of it were quickly liquidated. There’s debate as to whether this happened as a response to rising interest rates or if it was a malicious attack on the Terra blockchain. The huge sell-offs brought down the price of UST to $0.91, from $1. As a result, traders started to change 90 cents worth of UST for $1 of Luna.

Once a large amount of UST had been offloaded, the stablecoin started to depeg. In a panic, more people sold off UST, which led to the minting of more Luna and an increase in the circulating supply of Luna. Following this crash, crypto exchanges started to delist Luna and UST pairings. Long story short, Luna was abandoned as it became worthless.

What happened after the Luna crash?

The Luna meltdown impacted the entire cryptocurrency market, which was already highly volatile and experiencing difficulty at the time. It’s estimated that the Luna crash ended up tanking the price of bitcoin and causing an estimated loss of $300 billion in value across the entire cryptocurrency space. Crypto leaders Voyager and Celsius filed for bankruptcy. Three Arrows Capital (3AC) was forced into liquidation.

Many people lost their life savings and suffered financial hardships due to the Luna crypto crash. If you do a quick search online, you’ll find many of these terrible stories. Many loyal Luna fans (who referred to themselves as “Lunatics”) took to Reddit threads to share their disastrous stories. One retail crypto investor even confessed that they lost their savings of $20,000 in Luna.

The only winners were those who exited their positions before the crash. One winner that we have to highlight is the hedge fund Pantera Capital. They saw a 100x return on an initial investment of $1.7 million. The company liquidated its Luna position prior to the collapse for a return of $171 million.

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Bitcoin Has No Value: People Bank’s Of China Official Announces Further Crackdown

Bitcoin (CRYPTO: BTC) and other cryptocurrencies “are not legal tenders and have no actual value support,” according to Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China (PBoC) Yin Youping.

What Happened: According to a report by local news outlet People’s Daily Online, Youping said that cryptocurrencies are purely speculative assets. He also advised the public to increase its risk awareness and stay away from the crypto market to “protect their pockets.”

Read also: Crypto’s Biggest Legal Problems

The PBoC official also said in anticipation of the possible crypto market rebound and their related operations in China, the central bank will monitor overseas cryptocurrency exchanges and domestic traders in collaboration with relevant authorities.

What Else: The institution also plans to crack down on the space by blocking crypto trading websites, applications, and corporate channels.

Per the report, PBoC — being a member of the Joint Conference to Deal with Illegal Fund Raising — actively cooperates with the lead department of the China Banking and Insurance Regulatory Commission.

As a result of this collaboration, the regulator created systems aiming for the monitoring, early warning, publicity, education, and overall combating of illegal fundraising powered by cryptocurrencies and blockchains.

Read also: Why Bangladesh will jail Bitcoin traders

Youping explained that PBoC’s next step will be establishing a normalized working mechanism, continue putting high pressure on illegal cryptocurrency-related operations, and continue cracking down on crypto-related transactions.

Lastly, the report intimates that “if the general public finds clues about illegal fund-raising crimes, they must promptly report to the relevant departments.”

By:

Source: Bitcoin Has No Value: People Bank’s Of China Official Announces Further Crackdown

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China’s crackdown on cryptocurrencies will probably intensify and may even lead to an outright ban on holding the tokens, according to Bobby Lee, one of the country’s first Bitcoin moguls.

Lee knows what it’s like to be on the wrong side of Beijing: He sold BTC China, the nation’s first Bitcoin exchange and at one point the second biggest worldwide, in the aftermath of a crackdown in 2017.

China has launched a new campaign against cryptocurrencies this year, taking action against miners and imposing curbs on crypto banking services and trading. The moves have fueled Bitcoin’s drop to about half its mid-April record near $65,000.

“The next thing they could do, the final straw, would be something like banning cryptocurrency altogether,” Lee said in an interview at his office in a WeWork space in downtown Shanghai, without elaborating on how a ban might be enforced. “I put it at the odds of 50-50.”

Lee recently returned to China after spending time in the U.S. and publishing a book, “The Promise of Bitcoin.” He’s now focused on his latest venture, Ballet Global Inc., which produces a hardware wallet that stores cryptocurrencies. Lee is still a Bitcoin bull, predicting it could end this year around $250,000 and reach $1 million by 2025. He declined to disclose his Bitcoin holdings.

Next year will be a bear market cycle. So we’ll see Bitcoin fall back down 50%-80% from the all-time high. I think Bitcoin will have its bull cycle every three or four years in the coming years. I expect Bitcoin to pass a million, two million dollars easily in the next 10-15 years. In fact the next cycle I predict to be in the year 2024 or 2025, and that’s when Bitcoin will cross half a million dollars and might even touch $1 million.

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Crypto Investors Get Ready for More Taxes But Clearer Rules

Sure, you might have to actually pay U.S. taxes on those crypto trades. But at least it will be easier to figure out how much you owe.

A new push by Congress to require crypto brokers to report transactions to the Internal Revenue Service could create some unwelcome tax bills but could clarify rules for traders and users of Bitcoin and other digital tokens, potentially strengthening the system in the long run, people in the industry say.

The new rules — a last-minute addition to the $550 billion bipartisan infrastructure package now being considered by the U.S. Senate — would also force businesses to disclose trades of digital assets of more than $10,000. The provisions are designed to raise $28 billion.

The measures add to increased scrutiny the IRS has recently applied to traders of Bitcoin, Ethereum and other digital assets. The agency has promised it will issue new rules that clarify how those virtual currencies should be taxed.

People who trade digital currencies must pay income taxes on any gains, even if some crypto investors have been ignoring their tax obligations. But even for those who want to follow the law, it can be difficult to keep track of what’s owed.

Filing taxes on crypto trades can create huge headaches, especially for those who conduct multiple transactions each year. While traditional stock brokerages are already required to send detailed tax forms to clients, crypto exchanges aren’t. Even if firms wanted to help their clients file taxes, it’s not always clear how to do that under the current regulations.

In addition, tax obligations can pop up in surprising places. People who use digital currencies to pay for things — like, say, a Tesla, or a pizza — are supposed to pay taxes on any increase in value of the crypto they spend. It’s a key difference between using digital “currencies” and actual, fiat currencies such as the U.S. dollar to conduct commerce.

Andrew Johnson, a project manager at a large national bank, has invested tens of thousands in crypto and uses a dedicated service to figure out what he owes in taxes. He’s been using CoinTracker, which he learned about though a YouTube channel that he trusts.

“Most would benefit from a tracking service to help with taxes,” he said. “For me, I decided it was worth the cost to not have to manually track all the trades I did — which could take hours or days.”

Read more from Bloomberg Opinion: How Can I Lower My Taxes on Bitcoin?

Cryptocurrency exchanges and others in the industry have raised concerns that the U.S. Senate is rushing the rules into effect without consulting them first.

Some wondered whether the new rules and regulatory attention would encourage mainstream investors to join the space — or hurt the appeal of cryptocurrencies by killing its anything-goes ethos.

“Some portion of crypto investors may start to have second thoughts about the tax consequences,” said Michael Bailey, director of research at FBB Capital Partners. “It’s almost like crypto is a really fun party, but it’s getting late and a few people are starting to look at their watches as they think about the next morning.”

For years, the IRS has been warning taxpayers to report cryptocurrency transactions on their tax returns. More recently, the agency has made clear that fighting tax evasion through digital currencies is a top priority.

The IRS has started collecting vast amounts of data on blockchain transactions, has subpoenaed crypto exchanges and worked on coordinating enforcement with foreign governments. Last year, the IRS added a yes-or-no question to the front page of the 1040 income tax form asking whether filers had sold or exchanged virtual currencies.

The jurisdiction of U.S. law enforcement only reaches so far, and crypto traders who prize secrecy could flee to offshore exchanges, or take other measures to avoid being spotted by the IRS. However, the U.S. has already shown it can crack down on foreign tax evasion by, for example, forcing banks in Switzerland and elsewhere to divulge details on American clients.

Even if parts of the crypto universe remain hidden, it may be difficult to move those assets onshore and turn them into legitimate wealth.

“If a U.S. taxpayer is into crypto for the ability to underreport income from sales or transfers, chances are someone in a chain somewhere may have to disclose it,” said Julio Jimenez, an attorney who is principal in the tax services group at Marks Paneth LLP.

All this isn’t necessarily a bad thing for law-abiding investors in digital assets if they end up with clearer rules and easier-to-understand annual statements from crypto firms.

“I think it will have a positive effect on the industry,” said Brett Cotler, an attorney at Seward and Kissel LLP in New York who specializes in blockchain and cryptocurrency. While exchanges and fintech firms that deal in digital currencies may have to spend money upgrading reporting and compliance systems, it will improve customer service, he said.

Johnson, the crypto trader, said he thinks the new rules will help legitimize the crypto ecosystem and foster international growth.

“While at its heart, crypto assets have been a means of moving value outside of government-controlled rails, I still understand the need for regulation in the crypto space in order for wider adoption to take place,” he said.

— With assistance by Natasha Abellard, and Laura Davison

By ,  , and

Source: Bitcoin (BTC): What Is Impact of Government Plan to Tax Crypto Trades? – Bloomberg

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10 Largest Venture Rounds In Crypto And Blockchain

Venture capital

The cryptocurrency industry is steaming hot. The total market value of cryptocurrencies is approaching $2 trillion –  that’s bigger than the market caps of Amazon, Google and Microsoft. Bitcoin has been trading above $50,000 since March 8 and has a market value of $1.12 trillion, almost as much as all the silver in the world. FOMO-ed institutions keep pouring into the space.

Tesla will start accepting payments for its electric vehicles in bitcoin, adding the cryptocurrency to its $2.5 billion bitcoin trove. One of the oldest banks in America, BNY Mellon, has launched a digital assets unit, Goldman Sachs has relaunched its crypto trading operations, JPMorgan has introduced a structured note offering tied to a basket of stocks with exposure to bitcoin, Morgan Stanley and Goldman Sachs have become the first major U.S. banks to offer ther wealthy clients direct access to bitcoin.

But institutions and venture firms rushing to cash in on the surge don’t come empty-handed. Hoards of capital are pouring on crypto startups, minting new unicorns at a break-neck pace. Just in March, three crypto firms raised some of the largest capital raises in the industry’s short but rich history. There are now at least 18 crypto-native companies with unicorn status, according to data platform PitchBook.


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In the heyday of ICOs, companies raised billions but the hype was short-lived. Low-quality projects, multiple scams, and the lack of institutional and regulatory oversight led to what is now known as the Great Crypto Crash of 2018, when an index that tracks the performance of the 10 largest and most liquid digital assets plunged by 80%.

Crypto bulls are hoping that this time it is truly different. Publicly listed companies like MicroStrategy and Square have amassed sizable bitcoin positions on their balance sheets and are seeing it as an alternative to gold.  Meanwhile applications for a U.S. bitcoin ETF are piling up at the SEC’s doorstep and the market is buzzing in anticipation of Coinbase’s direct listing slated for April 14, the first major public offering for a cryptocurrency company. Amid the frenzy, Forbes analyzed data from PitchBook and compiled a list of the 10 largest venture capital deals for blockchain and crypto-native firms.

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Inside Bitmain, the world’s largest Bitcoin mine. The rush to mine Bitcoin and other crypto currencies has gripped the world. China is home to most of the world’s bitcoin mines, and Inner Mongolia has one of the largest. Today, we take a look inside the Bitmain mine and how it works. If you enjoyed, please, like, comment and subscribe, it helps us a lot! Thanks for watching this video: Inside The World’s Largest Bitcoin Mine Check Out These Videos:
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Bitmain: $422 million

Deal date: August 7, 2018

VC round: Series B1

Notable investors: Crimson Capital China, Bluebell (Asia), Jumbo Sheen Group, Lioness Capital, Palace Investment Company, Pavilion Capital

Post-money valuation: $15 billion

Previous valuation: $12 billion

The world’s leading bitcoin mining hardware manufacturer, Bitmain also operates Antpool, one of the top bitcoin mining pools, accounting for more than 12% of bitcoin’s network hash, or computational, power. Shortly after the $422 million capital raise, the Beijing-based company filed for an IPO on the Hong Kong Stock Exchange in September 2018, but the offering fell through amid the bitcoin crash and market cooldown.


BlockFi: $350 million

Deal date: March 11, 2021

VC round: Series D

Notable investors: Bain Capital Ventures, partners of DST Global, Pomp Investments, Tiger Global, Susquehanna Government Products

Post-money valuation: $3 billion

Previous valuation: $435 million

Founded in 2017, New-Jersey based BlockFi is now one of the leading cryptocurrency lending providers. Its products span multiple categories including crypto-collateralized loans and interest-bearing accounts through which investors can earn interest on their crypto holdings. Rumors of BlockFi’s potential IPO started to circulate last July following reports of a job opportunity, part of which involved helping the company go public.

Dapper Labs: $305 million

Deal date: March 30, 2021

VC round: 5th round

Notable investors: Coatue Management, Andreessen Horowitz, Michael Jordan, Kevin Durant

Post-money valuation: $2.6 billion

Previous valuation: N/A

The Vancouver-based startup is best known as the developer of NBA Top Shot, an NFT marketplace for basketball video highlights or “moments.” The project, which has already surpassed the $400 million mark in trading volume, is largely responsible for the boom of non-fungible tokens (NFTs), essentially digital proofs of ownership trackable on a blockchain. Earlier, Dapper Labs developed a popular Ethereum game of breedable collectibles called CryptoKitties.


Blockchain.com: $300 million

Deal date: March 24, 2021

VC round: Series C

Notable investors: DST Global, Lightspeed Venture Partners, VY Capital

Post-money valuation: $5.2 billion

Previous valuation: $3 billion

Blockchain.com provides a variety of crypto services to retail and institutional clients but is most famous for its non-custodial digital wallets. Unlike its counterparts controlled by third parties, these wallets give users full control over their private keys that represent ownership of crypto assets. The London-based company claims it has processed 28% of all bitcoin transactions since 2012.


Bakkt: $300 million

Deal date: March 16, 2020

VC round: Series B

Notable investors: Intercontinental Exchange (ICE), BCG Digital Ventures, PayU

Post-money valuation: N/A

Previous valuation: N/A

In February 2020, the crypto venture of ICE (the New York Stock Exchange owner) announced the acquisition of Bridge2 Solutions, provider of loyalty programs, to power Bakkt’s one-stop shop retail platform. Called Bakkt App, the service lets users aggregate various digital assets, including loyalty points, rewards programs, gaming assets, and cryptocurrencies, all in one wallet. In January, Bakkt announced it is going public via a SPAC merger with VPC Impact Acquisition Holdings at an enterprise value of about $2.1 billion. Upon the deal’s closure in the second quarter of 2021, the combined company will list on the New York Stock Exchange as Bakkt Holdings, Inc.


Coinbase: $300 million

Deal date: October 30, 2018

VC round: Series E

Notable investors: Tiger Global Management, Andreessen Horowitz, Government of Singapore Investment Corporation (GIC), Polychain Capital

Post-money valuation: $8.04 billion

Previous valuation: $1.71 billion

On February 25, the largest cryptocurrency exchange in the U.S. filed for a direct listing on the Nasdaq stock exchange. Coinbase was valued at $68 billion, based on the recent filings. On March 19, the company was fined $6.5 million by the Commodity Futures Trading Commission (CFTC) over allegations of false transactions reporting and wash trading between 2015 and 2018 on its GDAX platform, later rebranded as Coinbase Pro. The exchange’s direct listing is scheduled for April 14.


Bitmain: $292.7 million

Deal date: June 19, 2018

VC round: Series B

Notable investors: Sequoia Capital, Coatue Management, China Taijia, Blue Lighthouse Services

Post-money valuation: $12 billion

Previous valuation: $100 million


Hangzhou Qulian Technology: $235 million

Deal date: June 4, 2018

VC round: Series B

Notable investors: Xinhu Zhongbao Company,  China Gaoxin Investment Group, State Development and Investment Corporation

Post-money valuation: $470.25 million

Previous valuation: $40.33 million

Qulian Technology provides blockchain products for China’s major organizations and institutions, including the Ministry of Industry and Information Technology, the State Administration for Market Regulation, the State Grid, and local governments. Its one-stop blockchain open service BaaS platform, FiLoop, is used by some of the largest banks in China, including China Construction Bank, Agricultural Bank of China, and China Merchants Bank, according to the company. Qulian Technology’s partners also include Google and Microsoft.


Bithumb: $200 million

Deal date: Apr 19, 2019

VC round: 2nd round

Notable investors: Vidente, ID Ventures (South Korea), ST Blockchain Fund

Post-money valuation: N/A, valued at $888.27 million as of January 2021

Previous valuation: $868.42 million

In September 2020, the Seoul Metropolitan Police Agency has reportedly raided the offices of one of South Korea’s largest crypto exchanges on fraud allegations, linked to a $25 million token sale that never materialized and led to losses for investors.


Ripple Labs: $200 million

Deal date: Oct 1, 2020

VC round: Series C

Notable investors: Tetragon Financial Group, SBI Holdings, Transform Capital, 10X Capital

Post-money valuation: $10 billion

Previous valuation: $410 million (2016)

In December, Ripple Labs and its top executives were accused by the U.S. Securities and Exchange Commission of selling $1.3 billion of XRP, the native asset of the payments network developed by the company, as an unregistered security. Following the charges, multiple exchanges and trading platforms, including Coinbase, Binance.US, and eToro, delisted XRP and suspended its trading. In January, U.K.-based investment firm Tetragon Financial Group filed a lawsuit to redeem its equity in Ripple but ultimately lost the case. Despite the fallout, XRP remains one of the top traded digital assets.

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I report on cryptocurrencies and emerging use cases of blockchain. Born and raised in Russia, I graduated from NYU Abu Dhabi with a degree in economics and Columbia University Graduate School of Journalism, where I focused on data and business reporting.

Source: 10 Largest Venture Rounds In Crypto And Blockchain

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[…] Nonetheless, many of those individuals won’t know that the crypto business is bustling with jobs and the variety of corporations hiring could be staggering […] com Jobs, Blockchain, Blockchain Jobs, Coronavirus, coronavirus pandemic, COVID-19, crypto business, Crypto jobs, crypto area, Cryptocurrencies, Cryptocurrency, epidemic, Freelancers, Well being […]
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techfishnews.com – April 3
[…] the older customer who wanted to invest such an amount of money into what he believed was a legit crypto business opportunity, he accepted the police’s advice to not send the fiat money […]
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Former Chainalysis brass is now FinCEN’s appearing director –
cryptocurrenciesnews.co.uk – April 3
[…] Gensler is well-educated on the crypto business as he taught an in-depth course on the topic on the Massachusetts Institute of Know-how, or MIT, in […] authorities businesses have turn into more and more concerned within the crypto business over time […]
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Coinnewsafrica.com – April 3
[…] some investigations which led them to the older customer who thought he was investing in a legit crypto business opening […]
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UK Regulators Obligates Crypto Firms to Submit Financial Crime Report
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[…] FCA wanted to provide some time to the crypto business after they are registered to comply with the new REP-CRIM rules […]
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[…] the older customer who wanted to invest such an amount of money into what he believed was a legit crypto business opportunity, he accepted the police’s advice to not send the fiat money […]
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[…] The new font represents the more serious approach a crypto-business needs nowadays, leaving the tech-savvy fonts back in 2020 […] We’re DOF | Design of Frames and 4thpillar Technologies’ new Logo represents our take on how a crypto business should look in 2021 […]
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Irish Police Investigate Massive Bitcoin Scam That Allegedly Stole Millions From High-Net-Worth Indi … on 02 April– NonSell.com
nonsell.com – April 2
[…] the older customer who wanted to invest such an amount of money into what he believed was a legit crypto business opportunity, he accepted the police advice to not send the fiat money […]
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Irish Police Investigate Massive Bitcoin Scam That Allegedly Stole Millions From High-Net-Worth Individuals – News Bitcoin News –
bit-news.ch – April 2
[…] the older customer who wanted to invest such an amount of money into what he believed was a legit crypto business opportunity, he accepted the police’s advice to not send the fiat money […]
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Irish Police Investigate Massive Bitcoin Scam That Allegedly Stole Millions From High-Net-Worth Individuals – News
news.bitcoin.com – April 2
[…] the older customer who wanted to invest such an amount of money into what he believed was a legit crypto business opportunity, he accepted the police’s advice to not send the fiat money […]
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Irish Police Investigate Massive Bitcoin Scam That Allegedly Stole Millions From High-Net-Worth Individuals – Idelto
idelto.com – April 2
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[…] ICO means Initial Coin Offering and it is referred to as the process of raising funds for your crypto business […] You’ll find hundreds of marketing agencies that can help you grow your crypto business […] Yes, the process of marketing your crypto business here at ICO Speaks is relatively different […]
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threadreaderapp.com – April 1
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[…] it’s this plunge (in remittances) that prodded the CBN into taking motion in opposition to the crypto business […]
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PayPal Users Will Be Able to Use Bitcoin, Other Cryptocurrencies for Purchases | Barron’s
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<b>Bitcoin</b> for Babe Ruth? Sports auction house will accept crypto On Tuesday, the sports memorabilia auction house Goldin Auctions announced that it would accept cryptocurrency, making it one of the first brick-and- … social experiment by Livio Acerbo #greengroundit https://www.greenground.it/2021/03/30/bitcoin-for-babe-ruth-sports-auction-house-will-accept-crypto/ #business #IFTTT #news #bitcoin #google #IFTTT #livioacerbo #news
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Paypal Enables Cryptocurrency Payments at Millions of Stores With ‘Checkout With Crypto’ Launch –
news.bitcoin.com – March 30
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11 Ways to Completely Sabotage Your BitCoin Trader – My master blog 1589
sergiooowo789.edublogs.org – March 30
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latestcrypto.news – March 30
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[…] announced later today—comes months after PayPal announced it was developing and launching a crypto business […]
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Investorideas.com – Blockchain Stock News: Graph Blockchain (CSE: GBLC) (OTC Pink: REGRF) Deploys Capital into Polkadot for the Proof of Stake Mining
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Concentrate quality product
qwikad.com – March 30
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Central Bank Digital Currencies a Real Threat to Crypto but Won’t Permanently Destabilize Bitcoin – Markets and Prices Bitcoin News
usanewslab.com – March 30
[…] bitcoin and the impression central financial institution digital currencies (CBDCs) may have on the crypto business in an interview on Bloomberg’s Front Row final week […]
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Crypto mergers and acquisitions doubled to $1.1B in 2020, PwC studies –
cryptocurrenciesnews.co.uk – March 29
[…] The entire quantity of mergers and acquisitions within the crypto business greater than doubled from $481 million in 2019 to $1 […] Supply: Bloomberg Following new highs final yr, deal exercise within the crypto business is prone to proceed rising in 2021 […] exchanges like Binance, FTX and Coinbase made the highest three acquisitions within the crypto business in 2020 […]
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Stablecoin Development Company | Asset-Backed Crypto Solutions
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Bitcoin and other cryptocurrency being accepted by some Canadian auto dealers
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mtstandard.com – March 28
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cryptocurrenciesnews.co.uk – March 28
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Background Screening Malaysia Kuala Lumpur, Malaysia – Classified Ads & Marketplace
qwikad.com – March 28
[…]    FEATUREDGet in today with Bitlocity $25 and $50 Bitcoin payments directly to your crypto… Business Opportunities   Posted: 23 days ago Want to earn Bitcoin Daily? Bitlocity has launched! They have a […]
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wolfage.finance – March 28
Shared economy of the most profitable crypto business models Trade on DAO Fully Decentralized Autonomous organization cooperating as per the transparen […]
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qwikad.com – March 27
[…] Name: Bridget   FEATUREDGet in today with Bitlocity $25 and $50 Bitcoin payments directly to your crypto… Business Opportunities   Posted: 26 days ago Want to earn Bitcoin Daily? Bitlocity has launched! They have a […]
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qwikad.com – March 27
[…] number    FEATUREDGet in today with Bitlocity $25 and $50 Bitcoin payments directly to your crypto… Business Opportunities   Posted: 21 days ago I’m still surprised you haven t taken me up on this offer: Your […]
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PayDo: Remote European IBAN opening for high-risk business
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[…] What do we offer? PayDo offers opening a merchant account for forex and crypto business in USD, EUR, GBP, and RUB for accepting card payments from individuals; European IBAN account fo […]
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qwikad.com – March 26
[…] Worldwide FEATUREDGet in today with Bitlocity $25 and $50 Bitcoin payments directly to your crypto… Business Opportunities   Posted: 21 days ago Want to earn Bitcoin Daily? Bitlocity has launched! They have a […]
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qwikad.com – March 26
[…] Payment$$$$$   FEATUREDGet in today with Bitlocity $25 and $50 Bitcoin payments directly to your crypto… Business Opportunities  Posted: 21 days ago Want to earn Bitcoin Daily? Bitlocity has launched! They have […]
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qwikad.com – March 25
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Ledger Vault | Ledger Enterprise Solutions
enterprise.ledger.com – March 25
Security Ledger Enterprise Solution is a third-party technology provider and expert in the digital asset ecosystem. We thrive to offer the best security component to any crypto business, by protecting their client’s funds from cyber attacks, internal collusion, or human errors. Our goal is to take care of security so that our clients can focus on their core business.
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Baystreet.ca – 3 Ways To Play The Trillion-Dollar Crypto Boom
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blog.trmlabs.com – March 25
[…] Quick refresher – a VASP is a crypto-business that conducts any one of the following activities: Exchange between virtual assets and fia […] of a VASP is perhaps the most critical definition in the cryptoverse – whether or not your crypto business is expected to implement a costly risk-based compliance program can hinge on this definition […]
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BitMax.io Pioneering Innovation with Novel Staking Product

1

BitMax.io (BTMX.com), a Singapore-registered digital asset trading platform, is pioneering innovation in the industry with a novel staking product that addresses the liquidity challenges associated with traditional staking mechanisms.

BitMax.io was founded in 2018 by a group of Wall Street quantitative trading veterans and has been consistently executing on its strategic roadmap to provide its global userbase with a comprehensive set of trading products. The platform has already introduced various innovations to the cryptocurrency industry, including the industry’s first “cross-asset collateral” margin trading product and a volatility-linked derivative product called Volatility Cards. BitMax.io has recently garnered attention within the industry by announcing the launch of its new staking product that allows users to receive attractive staking returns without sacrificing liquidity. In this article, we will introduce three products offered by BitMax.io, and showcase the competitive advantages of the BitMax.io platform from a product innovation perspective.

BitMax.io Staking allows users to receive more attractive staking returns without sacrificing liquidity; therefore, encouraging higher and more resilient stake ratios for blockchain networks.

The impetus for BitMax.io’s staking product is the so-called “Liquidity Dilemma” that a token holder of a proof-of-stake (“PoS”) blockchain encounters:

  • On one hand, a token holder can stake and earn block rewards; however, in doing so, the holder agrees to “lock” their assets for a period of time, therefore sacrificing the ability to trade or manage the tokens at their own discretion.
  • On the other hand, a token holder can refrain from staking and maintain discretion over asset management; however, in doing so, the token holder sacrifices the opportunity to generate returns through block rewards.

The Liquidity Dilemma presents a number of problems for PoS blockchain projects, specifically: a low network stake ratio, extreme network inflation driven by large staking rewards, and network instability.

BitMax.io’s novel approach to staking solves the Liquidity Dilemma by providing token holders the flexibility to trade and transfer at their will and maximized staking rewards. Key features of BitMax.io Staking are as follows:

  1. Immediate Access to Staked Assets: BitMax.io maintains a pool of assets that allow for immediate access to an asset after it’s unstaked. This allows users to managed staked assets at their discretion even when delegating to a network with a lengthy unbonding period.
  2. Margin Trading for Staked Assets: To promote market efficiency, BitMax.io has created a synthetic version of each staked asset to be used as margin collateral, thus allowing users to hedge exposure while continuing to earn staking rewards.

iii. Maximize Staking Earnings: BitMax.io automatically redelegates staking rewards to staking pools, thus allowing users to further enhance the yields from their token holdings.

While other platforms, such as Binance and Kucoin, have adopted a “soft staking” method to solve the liquidity dilemma, their solution has a number of shortcomings compared to BitMax.io’s product. These platforms essentially stake a portion of their users’ funds without active acknowledgment from the token holders and distribute the rewards back to users.

While this “soft staking” approach also allows users to opt-out any time without delay by simply selling the assets, either to take profit following price appreciation or stop losses following price depreciation, users are most likely to lose some of the rewards as they are distributed based on a snapshot of holdings. At BitMax.io, users can enjoy the benefit to hedge their exposure freely as well, without giving up any rewards since users need not unstake nor sell their staked assets to do so.

 2. BitMax.io’s Cross-Asset Collateral Margin Trading

Since its first launch in early 2019, BitMax.io’s margin trading platform allows users to trade with up to 10x leverage supported by its distinctive cross-asset collateral margin system across over 40 markets. Under the cross-asset margin trading mechanism, users can post collateral in a variety of assets to then borrow against in order to increase trading power. This funding flexibility ultimately promotes greater trading efficiency amongst BitMax.io’s userbase and makes margin trading more accessible to the less-experienced traders.

In the crowded digital asset trading industry, distinct features successfully set BitMax.io’s margin trading apart from similar products of competing platforms. For example, BitMax.io offers 0% interest for margin borrow when repaid with 8-hour settlement cycles (0:00 UTC, 8:00 UTC, 16:00 UTC). Another feature of auto leverage promotes seamless usage by granting users maximum trading power based on their “Margin Asset” balance. Lastly, BitMax.io minimizes price deviation due to unexpected marketplace volatility via a composite reference price from multiple trading platforms. This mitigates risk associated with a single point of vulnerability, such as an illiquid market or system performance disruption

3. Volatility Cards – BitMax.io’s Simple Yet Efficient Solution to Trade on Price Movements

Cryptocurrencies are well-known for their volatility. While some see that as a turn-off, traders see opportunities in gaining exposure to it for both trading and risk management. To meet this demand, BitMax.io introduced an innovative product called Volatility Cards.

Volatility Cards are a short-term volatility-linked derivative with quasi-option structure designed by the co-founder and CEO of BitMax.io, Dr. George Cao. By purchasing those cards,  users can trade based on their anticipation of an asset’s price-movement within certain magnitudes.

The cards are named after Aesop’s Fable – the Tortoise and the Hare – and have a simplified layout that suits both retail and institutional investors. Those who correctly predict the range of the asset’s price movement receive a payout equivalent to the notional value of the card.

For example, a user would purchase a “Turtle Card” if they anticipated a small BTC price movement within the next one hour (i.e., < 0.30%), or a “Bunny Card” if they anticipated a large BTC price movement within the next one hour (i.e., > 1.00%).

Source: Bitmax.io

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In this video I review BitMax and give you a first look at their Beta. BitMax is creating an innovative new kind of digital asset exchange and their goal is to build a decentralized community-based autonomous economy. Their plan is to boost the liquidity of the overall market. Website: https://bitmax.io
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