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Join Our Telegram channel to stay up to date on breaking news coverage A U.S. court-ordered examiner report made public on Tuesday revealed that the bankrupt cryptocurrency lender Celsius Network inflated its balance sheet as two of its founders paid out millions by using investor funds and client deposits to support its own coin. During the COVID-19 pandemic, cryptocurrency lender s like Celsius saw a surge in business, luring depositors with high interest rates and convenient loan access. Following the suspension of customer withdrawals from its platform, New Jersey-based Celsius filed for bankrupt cy in the United States in July of last year. The investigation Shoba Pillay, a former prosecutor, was designated as an independent examiner by U.S. Bankruptcy Judge Martin Glenn, who is presiding over the Chapter 11 case, in September. She was given the responsibility of looking into complaints from Celsius clients that the business ran like a Ponzi scheme and of reporting on h...

It has emerged that the once-thriving FTX ex change had been subject to open inquiries from the Australian Securities and Investments Commission (ASIC) since March 2022. With over 30,000 Australian investors seeking to reclaim their individual deposits of up to $1M (AUD). Questions are surfacing about ASIC’s role in investigating market misconduct at FTX ahead of the firms’ implosion on November 12. Emails shown by the Guardian confirm FTX was under active surveillance amid ongoing inquiries into the ex change 's activities. The documents reveal serious concerns about asset pricing and compliance with the Australian Financial Services Licence (AFSL) that enabled dealings with Australian clients. Investigations began in March 2022 after FTX promoted margin loan trading with up to 20x leverage for the Australian market. Unable to access expected key documents associated with an ASFL, investigators held a teleconference with FTX on March 30. During the call...

Join Our Telegram channel to stay up to date on breaking news coverage Philippines Trader Altcoin Pinoy reviewed the innovative Move-to-Earn crypto platform FightOut and its native token FGHT which is on presale now. The goal of FightOut is to help its users enjoy more healthy lifestyle by providing a unified platform for movement tracking. They also provide users with individualized training plans that align with their objectives and reward them for their accomplishments. Altcoin Pinoy FightOut Analysis FightOut is workout platform not only for running and walking activities. By sticking to daily fitness routines and working out with the support of instructional videos and professional coaches, it provides a wide variety of training that can be customized to meet the needs of a different user. The application tracks and keeps a record of all of the physical activity that the user engages in throughout training. Additionally, it enables the user to create their avatar, whic...

The metaverse is making inroads in job recruiting fronts in Japan. According to local reports, a mega metaverse job fair was organized on Jan. 27, with more than 2,000 students taking part in the experience. The students used avatars to communicate and review the job previews available in different booths controlled by several companies. Japan Embraces the Metaverse for Recruiting Metaverse tech is starting to change the landscape of job hunting and recruiting in Japan. More than 2,000 students attended a metaverse job fair, that allowed them to use digital avatars to communicate with recruiters and examine the possibilities of each job offer available. Due to the anonymity in the metaverse, participants were allowed to ask questions on delicate matters concerning these job offerings, according to reports of the Asahi Shimbun. 179 companies participated in this effort, which was organized by Neo Career Co., which took care of the job-related activities, and X Inc., which carried the...

The U.S. Federal Reserve Board has rejected the attempt of Custodia Bank to become member of the Federal Reserve System. According to the decision announced Friday, the application submitted by the digital asset bank is inconsistent with legal requirements. Federal Reserve Board Says Business Model Proposed by Custodia Bank Presents Risks Crypto bank Custodia has been denied membership in the United States Federal Reserve System. In an announcement dated Jan. 27, the Federal Reserve Board explained that the application, as submitted by the company, is “inconsistent with the required factors under the law.” The press release further detailed that Custodia is a special purpose depository institution which does not have federal deposit insurance and wants to engage in “untested crypto activities,” including issuing a crypto asset. In that context, the Board argued: The firm’s novel business model and proposed focus on crypto-assets presented significant safety and soundness risks. Th...

Stochastic patterns leave the door open for 189% BTC price gains versus the current Bitcoin all-time high, according to one analyst. Bitcoin (BTC) has “well-formed” evidence, which suggests that its next all-time high will top out at $200,000, one analyst says. In a tweet on Jan. 27, popular Twitter commentator Trader Tardigrade, also known as Alan, also revealed $70,000 as the next potential bear market bottom. Stochastic indicator offers Bitcoin bulls historical firepower For many, BTC price action is still bound by Bitcoin’s four-year halving cycle s. The resulting price pattern offers one “all time high year” in every four, with 2025 next in line. Bitcoin’s block subsidy halving will occur a year prior, and from then on, Alan argues, the path will be open to a giant $200,000. That price tag came about from Analysis of Bitcoin’s stochastic oscillator, which syncs with cycle highs and lows in BTC/USD. Currently, the indicator is printing its latest trough, and if history is a guid...

The regulator has been probing registered investment advisors over how they've been offering crypto custody to their clients, according to sources. The United States Securities and Exchange Commission (SEC) has been probing traditional Wall Street investment advisors that may be offering digital asset custody to its clients without the proper qualifications. A Jan. 26 Reuters report citing “three sources with knowledge of the inquiry” said the SEC’s investigation has been going on for several months already but accelerated after the collapse of crypto exchange FTX. The investigations by the SEC have not been known previously before as the agency’s inquiries are not public, said the sources. As per the Reuters report, much of the SEC’s efforts in this inquiry are looking into whether registered investment advisors have met the rules and regulations around the custody of client crypto assets. By law, investment advisory firms must be “qualified” to offer custody services to clien...

A Bitcoin mentor convinced ChatGPT, the AI chatbot, that Bitcoin would bring about the demise of fiat currency. ChatGPT is a powerful new AI tool, capable of problem-solving, advanced coding, answering complicated questions and now–spelling out the end of fiat currencies. Parman, a Bitcoin self-custody mentor and writer, taught ChatGPT that Bitcoin (BTC) would bring about the end of government-issued fiat currencies and shared the results in a Twitter thread. You're not going to believe this, but I just Orange Pilled #ChapGPT. It is now a Bitcoiner. See this conversation, it's incredible. (Thread) pic.twitter.com/HJOqezmjlG — Parman (public account) Bitcoin Pub Key Whisperer (@Parman_Public) January 26, 2023 Parman explains that he "orange-pilled," or convinced the bot about Bitcoin and that the machine learning tool "Is now a Bitcoiner." The process was straightforward. First, Parman asked ChatGPT how humanity could end central banking. After all, Bitc...

BTC price has started to correct, and with $1.48 billion in Bitcoin options expiring on Jan. 27, traders are watching to see if the price holds above $22,000. Bitcoin investors' sentiment improved after signals pointing to lower inflationary pressure suggested that the U.S. Federal Reserve could soon move away from its interest rate increase and quantitative tightening. Commonly known as a pivot, the trend change would benefit risk assets such as cryptocurrencies. On Jan. 22, the China-based peer-to-peer trades of USD Coin (USDC) reached a 3.5% premium versus the United States dollar, indicating moderate FOMO by retail traders. This level is the highest in more than 6 months, suggesting excessive cryptocurrency buying demand has pressured the indicator above fair value. The all-time high on the 7-day Bitcoin hash rate — an estimate of processing power dedicated to mining — also supported the bullish momentum. The indicator peaked at 276.9 exo-hash per second (EH/s) on Jan. 19, sig...

Announcing Hacken Public Beta for its new solution – Hacken Extractor. Hacken has created Hacken Extractor – an on-chain smart contract monitoring system. Today, they have launched a public beta and invite all Web3 projects interested in security to join. Smart contract monitoring is a post-deployment Web3 security system that tracks smart contracts’ status and activity. This includes real-time monitoring of code execution, transactions, interactions with blocked addresses, contract upgrades, and ownership. Its purpose is to provide security  after  you deploy a smart contract to the blockchain. Audit vs. Monitoring Smart contract audit is the most robust security solution for the development phase and contract upgrades. The audit helps create a decentralized app without code vulnerabilities and performance errors. Once a contract is deployed to the blockchain, you need a different tool to stay secure. Ongoing monitoring systems give you control over security in the post-deployment pha...

To this day, the exact identity of Satoshi Nakamoto remains a mystery. Satoshi Nakamoto is the pseudonym used by the creator(s) of Bitcoin, whose true identity remains unknown. The name was used to author the original Bitcoin (BTC) white paper in 2008 and to create and deploy the first Bitcoin software in 2009. Nakamoto’s true identity has never been revealed, and they have remained an enigma in the world of cryptocurrency. They are estimated to have mined around 1 million BTC in the early days of the network, which would make them one of the wealthiest people in the world. Some believe that Satoshi Nakamoto is a pseudonym for an individual, while others maintain that it could be a group of people. Below is a list of people believed to be the best possible candidates for the creator, with some having already refused or embraced the identity. Nick Szabo Nick Szabo is a computer scientist, legal scholar and cryptographer known for his research on digital contracts and digital currency. ...

China has criticized the United States over its debt limit. The criticism comes after Treasury Secretary Janet Yellen spoke against China’s handling of debt issues in developing countries. The Chinese response came from their embassy in L USA ka, Zambia. In its response, China also accused the U.S. of “sabotaging” attempts by other countries to reduce their debt. JUST IN: 🇨🇳 China accuses the United States of sabotaging other nations to resolve its catastrophic debt problem. — Watcher.Guru (@WatcherGuru) January 24, 2023 The Chinese embassy stated, “The biggest contribution that the US can make to the debt issues outside the country is to act on responsible monetary policies, cope with its own debt problem, and stop sabotaging other sovereign countries’ active efforts to solve their debt issues”. The sour remarks are a contrast to the recent softening of hostilities between China and the US. Last November, the...

Disclaimer: The Industry Talk section Features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. Less than 12 hours remain for investors to buy FGHT tokens before the price increases and the chance to earn up to 50% in bonuses is gone. That's because the Fight Out presale is quickly heading into stage 2 - which will begin from 4am UTC on Tuesday, January 24, 2023. Investors have been rushing to buy into the high-potential move-to-earn project which has already raised more than $3.25 million in its presale.  That is expected to step up in the final hours of the presale. Buy FGHT Now Move Fast or Miss Out on 50% Bonuses Those who invest in stage 1 have two major advantages over those who wait for stage 2. Firstly, although the price of FGHT is currently $0.0166, that will change over time to a maximum of $0.0333 when the presale ends on March 31, 2023. That means stage 1 buyers will have an asset that has increased ...

Join Our Telegram channel to stay up to date on breaking news coverage How do rising interest rates affect the stock market?   In the first half of 2022, the investment landscape underwent a noticeable shift. This was mainly due to a substantial rise in interest rates and a continuous inflation rate surge. However, stock s did not escape these changes. Significant “repricing” took place in the stock market by June 2022. As a result, the Standard & Poor’s 500 stock index, a key indicator of U.S. equities’ performance, fell into a bearish market . This represents a 20% decline from its peak value. In an effort to reduce inflation, the Federal Reserve (Fed) initiated a major policy change in the early part of the year. The Fed’s actions are intended to slow down economic growth. However, they do not aim to cause a recession. Nevertheless, the Fed’s revised policy appears to have had a significant impact on the wider interest rate e...

An International Monetary Fund (IMF) division chief and deputy managing director are calling for more action to be taken in the regulatory aspect to avoid crypto’s ups and downs affecting banks and traditional financial institutions. Nobuyasu Sugimoto, deputy division chief of the financial supervision and regulation division of the IMF, and Bo Li, deputy managing director at the IMF, believe that, given the growing links between legacy finance and crypto, cryptocurrency’s volatility might bring systemic risks to the existing markets. IMF Blog Post Calls for Containing Future Crypto Contagion The volatility and instability of cryptocurrency markets are starting to worry regulators from all over the world. On Jan. 18, Nobuyasu Sugimoto, deputy division chief of the financial supervision and regulation division of the IMF, and Bo Li, deputy managing director at the IMF, issued an article warning about the effect that the volatility of crypto markets might have on the existin...

Join Our Telegram channel to stay up to date on breaking news coverage Hedera Hashgraph (HBAR) is the awakening giant in 2023, leading the recovery on Friday. The Hedera Hashgraph price has rallied since the start of the year painting green candlesticks daily, except for four, where HBAR printed short red candles. The long lower wick on Sunday’s candle suggested that the bulls were aggressively defending the support offered by the upper boundary of the descending channel.  The token boasts a 17.23% rally on Thursday and 74.1% cumulative gains since January 1 to trade at $0.0605 at the time of writing.  What Is Behind HBAR’s Ballistic Move? HBAR is the native token of Hedera Hashgraph, a sustainable, enterprise-grade platform that allows individuals and businesses to create powerful decentralized applications (DApps). It is designed to be a more efficient system that eliminates slow performance and instability that is common with blockchains. In the spiri...