A recent legal ruling has shaken the cryptocurrency community as it addresses fraudulent practices in digital asset investments. The Commodity Futures Trading Commission (CFTC) has successfully prosecuted a high-profile case involving investor fraud and Ponzi schemes. This verdict underscores the need for vigilant oversight and investor education in the rapidly growing but volatile crypto market.
The cryptocurrency market faced significant turbulence on the 4th of July. Several entities, including Mt. Gox and the German government, exacerbated the market sentiment. Tron’s founder, Justin Sun, made an intriguing proposal to buy BTC holdings from the German government. An in-depth analysis of recent Bitcoin sell-offs by major holders and its impact on the
In the crypto world, a Chicago federal judge has ordered Sam Ikkurty, an Oregon resident, and his associated companies to pay over $120 million to victims defrauded in what the Commodity Futures Trading Commission (CFTC) has labeled a “classic Ponzi scheme.” The July 2nd ruling by Judge Mary Rowland marks a significant victory for the
Cardano Founder Charles Hoskinson responded to Ben Armstrong’s comments about ADA status as a ‘dead coin’. Hoskinson’s reply sparked a conversation about the state of the crypto industry and what’s valued in projects. Related Reading: Gala Games Announces Partnership With Animoca Brands, GALA Token Plunges 6.7% Cardano And Polkadot Labeled ‘Dead Coins’ On Wednesday, crypto influencer Ben Armstrong, known as BitBoy Crypto, shared his thoughts on Cardano (ADA) and Polkadot (DOT). The influencer took X to explain his previous comments, stating that both cryptocurrencies were dead. In a YouTube Video from April, Armstrong said that ADA was “dead for real.” The crypto influencer believed that this time “was different.” To him, investors had to question whether they were okay “standing on ideals” while watching their portfolio take a hit. Per the influencer, ADA’s disappointing performance was because it doesn’t have the same backing as other tokens. He explained that “numbers go up” for institutionally backed tokens. Armstrong also noted that, despite not having “awful” institutional numbers, ADA can’t compete with Ethereum (ETH) or Solana (SOL). Moreover, the influencer considers that “crypto is changing,” investors are turning their heads toward new projects to feel like they are early. On X, Armstrong reiterated his opinion about ADA and DOT, stating that both were “dead to institutions.” However, he clarified the implications of his statement. The token’s dead coin status doesn’t mean ADA and DOT won’t pump this bull run. To him, the tokens will offer returns to investors, but they will be “mid.” Charles Hoskinson Claps Back Cardano’s founder responded to Armstrong’s comments, questioning the crypto influencer’s stance. To Hoskinson, his logic goes against the ethos of crypto. “I remember when the point of cryptocurrencies was to replace institutions instead of acting out a scene from deliverance,” the post read. Armstrong’s comments ignited a discussion in the replies, with several crypto users disagreeing with his take. One X user agreed with the Cardano founder’s reply, wondering, “When did crypto become people begging for institutional investment?” Another user stated that if Satoshi Nakamoto had shared Armstrong’s logic, the crypto industry and none of us would be here. “Hinging the success of a decentralized chain on centralized entities is hustling backward,” they added. Nonetheless, some crypto investors agreed with the crypto influencer comments. A community member considered that, unlike Hoskinson, Armstrong is “at least adding content and valued entertainment into the space.” This has been a constant criticism toward the Cardano ecosystem and its founder. Cardano users defended the project, claiming that the blockchain is one of the “few that haven’t lost the DeFi plot.” Many also concurred that the ecosystem is not there for VC funds or Armstrong but for its users. Related Reading: FET Drops 9% As ASI Token Merger Phase 1 Kicks Off Ultimately, crypto investors agreed that if a project has a strong community and technology, more user and institutional investments “will follow the network effect.” At the time of writing, ADA is trading at $0.3861, a 4.4% decline in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
What's next for Bitcoin amidst high supply overhang from government entities and others?
Bitcoin has seen significant declines in the last three weeks. Mt. Gox has announced plans to repay creditors, introducing nearly $9 billion worth of cryptocurrency into the market. The movement of 47,000 BTC by Mt. Gox has created additional uncertainty in the cryptocurrency landscape. Discover why recent Bitcoin transactions have investors on edge and how
Bitcoin is currently having its worst time in many months. Selling pressure have pushed the bulls off completely. Technical indicators point to a market under the control of bears. However, the derivatives market suggests that the bulls might not be dead after all. The bulls are still here Derivatives data from Coinglass shows bullishness in
Bitcoin experienced significant declines over the past 3 weeks. Mt. Continue Reading: Mt. Gox Moves Bitcoin, Causing Market Fluctuations
As the world of cryptocurrency continues to expand, fresh initiatives like the Gate.io Startup Free Airdrop Program are gaining traction. The program is designed to reward VIP and GT users by distributing tokens from promising blockchain projects. Most notably, Gate.io will be introducing its next project, Konnect (KCT), on December 12th, 2023, at 06:00 AM
The native token of the XRP Ledger, XRP, is currently in the spotlight as an imminent price surge looms after shedding around 14% over the past month and more than 27% year-to-date. Despite this recent decline, a well-known crypto analyst has hinted at a significant upward movement, referring to historical price behaviors and potential symmetrical