AI Tokens Shine Despite Market Sell-Off: CryptoSlate Daily wMarket Update

• The cryptocurrency market saw net outflows of $17.5 billion over the reporting period, with Bitcoin and Ethereum’s market caps dropping 2.7% and 0.81% to $441.19 billion and $199.95 billion respectively.
• Tether (USDT) and BinanceUSD (BUSD) rose to $68.07 billion and $16.26 billion, respectively, while USD Coin (USDC) decreased to $41.97 billion in the same period.
• AI tokens such as SingularityNetAGIX and FetchFET were the biggest gainers in the crypto markets, rising 24.8% and 24.5%, respectively during this period of time.

Cryptocurrency Market Overview

The overall cryptocurrency market cap saw net outflows of $17.5 billion over the reporting period, with Bitcoin’s market cap dropping 2.7% to reach a total value of $441.19 billion and Ethereum’s market cap decreasing by 0.81% to stand at a total value of $199.95 billion during this time frame.. Additionally, Tether (USDT) and BinanceUSD (BUSD) rose their respective market caps to reach values of $68

Crypto & Blockchain Revolutionizes Portugal: Becomes EU Economic Powerhouse

• Cryptocurrencies and blockchain technology have opened up new opportunities for Portuguese entrepreneurs and helped them create a global economy free of government interference.
• Growing up in Portugal, Carlos Prada experienced firsthand the lack of job opportunities and the difficulty of finding reasons to stay in a country that valued them so little.
• Crypto has enabled the Portuguese to become the EU’s economic powerhouse and showed the world the country’s full potential.

Cryptocurrencies and blockchain technology have revolutionized the way we do business and interact with one another, and Portugal has been one of the countries that has been most significantly impacted by this transformation. Not too long ago, the country was seen as a tourist haven, with people visiting its beaches and historic sites, yet its economy was stagnant and wages low. Young people, in particular, had no incentives to stay in Portugal, and so many chose to migrate to other countries with better job prospects.

However, the rise of cryptocurrencies and blockchain offered a new and exciting opportunity to the Portuguese people. It gave entrepreneurs the chance to create a parallel global economy, free from government interference and with the potential to generate great wealth. Carlos Prada, CEO, and founder of Masterblox, was one of those who saw the potential of crypto and seized the opportunity. Growing up in a small town outside Lisbon, he experienced firsthand the lack of job opportunities and the difficulty of finding reasons to stay in a country that valued them so little.

Crypto has enabled the Portuguese to become the EU’s economic powerhouse and showed the world the country’s full potential. The crypto industry has seen tremendous growth in the past few years, with cryptocurrencies and blockchain technology going from a niche industry to a global powerhouse. This has led to a number of new opportunities for Portuguese entrepreneurs, who are now able to take advantage of the new technologies and create a global economy that is free of government interference.

The success of crypto and blockchain in Portugal has made it a promised land for entrepreneurs and business owners. The country has seen a surge in new businesses and startups, with entrepreneurs from all over the world flocking to the country to take advantage of the relatively low cost of living and access to talented professionals. Additionally, Portugal has become a hub for cryptocurrency exchanges, with many of the world’s biggest exchanges basing their operations in the country.

The success of crypto and blockchain in Portugal has also had a positive effect on the country’s economy. The Portuguese economy has seen a surge in investment, and the country’s unemployment rate has decreased significantly. This has been a boon for the country’s younger generations, who are now able to take advantage of the new opportunities that have been created.

Crypto and blockchain have opened up a new world of opportunities for the people of Portugal, and it has changed the country in a number of ways. It has enabled the Portuguese to create a parallel global economy, free from government interference, and it has helped the country become a promised land for entrepreneurs. The success of crypto and blockchain in Portugal has allowed the country to become an EU economic powerhouse and shown the world its full potential.

Short Squeeze Driven by $200M Bitcoin Purchase Causes Rekts and Record Shorts

• The purchase of roughly $200 million in Bitcoin on spot trading markets was enough to cause massive short liquidations due to dwindling volume.
• Investors betting against Bitcoin grew to some of the highest on record as markets welcomed the new year.
• Liquidation became dominated by failing short positions that were ‚rekt‘ by Bitcoin’s price increase, with the dominance rising to the highest level in over two years.

As Bitcoin’s price continued to rise at the start of 2021, the purchase of roughly $200 million in Bitcoin on spot trading markets forced massive short liquidations due to dwindling volume. This caused investors to bet against Bitcoin in record numbers, leading to a brief short squeeze that drove Bitcoin’s price from $16,800 to over $21,000.

Analysis from CryptoSlate found that the short positions were not in as strong a position as investors initially thought. The long liquidations dominance (i.e., long liquidations / (long liquidations + short liquidations)) rose to the highest level in over two years as investors betting against Bitcoin lost out. This demonstrated that the purchase of roughly $200 million in Bitcoin was enough to cause a shift in the market, which ultimately resulted in a short squeeze.

The implications of this sudden increase in Bitcoin’s price are still being felt. As more investors bet against Bitcoin, the level of liquidations has decreased. This could indicate that the market is less volatile, or it could simply be a sign that those holding short positions have had to close them in order to minimize losses.

What is certain is that Bitcoin’s price continues to remain volatile, and investors should remain aware of the risks associated with betting against the cryptocurrency. While it may seem tempting to short Bitcoin in the hope of a quick profit, the potential losses could be even greater. As this latest event demonstrates, it is always important to keep an eye on the market and make sure that any bets are made with caution.

NY AG Takes Legal Action Against Former CEO for Defrauding Investors

• The New York Attorney General Letitia James has filed a lawsuit against Alex Mashinsky, the former CEO of Celsius Network LLC, for allegedly defrauding investors.
• Mashinsky allegedly misled customers by making false and misleading representations to induce them into depositing billions of dollars in digital assets with Celsius Network LLC.
• The motion seeks to prevent Mashinsky from engaging in any business relating to the issuance, advertisement, or sale of securities or commodities in New York, and also seeks damages, restitution, and disgorgement.

The New York Attorney General Letitia James has taken legal action against Alex Mashinsky, the former CEO of Celsius Network LLC, alleging he defrauded investors. The motion seeks to prevent Mashinsky from engaging in any business relating to the issuance, advertisement, or sale of securities or commodities in New York, while also seeking damages, restitution, and disgorgement.

According to the motion, Mashinsky served as the “public face” of Celsius Network LLC, and misled customers by using false and misleading representations to induce them into depositing billions of dollars in digital assets with the company. When Celsius Network LLC saw declining revenues, Mashinsky adopted riskier investment strategies in order to pay the promised yields on investors’ deposits.

In response to the allegations, New York Attorney General Letitia James outlined that “New Yorkers deserve to be able to trust the investments they make, and we will do everything in our power to ensure that individuals who attempt to defraud innocent investors are held accountable.”

The motion seeks to prevent Mashinsky from “engaging in any business relating to the issuance, advertisement, or sale of securities or commodities in New York,” as well as “directing Mashinsky to pay damages, restitution, and disgorgement”. The motion also stated that “New Yorkers deserve to be able to trust the investments they make, and we will do everything in our power to ensure that individuals who attempt to defraud innocent investors are held accountable.”

The motion further outlines that Mashinsky’s alleged fraudulent activities violated the Martin Act and New York’s Executive and General Business Laws. It also noted that Mashinsky “engaged in a scheme to defraud hundreds of thousands of investors” between 2018 and June 2022.

The lawsuit marks yet another example of the New York Attorney General’s office clamping down on individuals who attempt to defraud investors. The office has shown a willingness to take legal action against individuals who commit fraud or other illegal activities in order to protect the interests of investors.

It remains to be seen how the case against Mashinsky will be resolved, but it is clear that the New York Attorney General’s office is determined to ensure that investors are protected from fraudulent activities.

Stay Safe: Beware of Address Poisoning Scams on Crypto Wallets

• MetaMask recently released a post warning the crypto-community of a new type of scam called „address poisoning“.
• Address poisoning is an attack vector that relies on user carelessness and haste when copying and pasting wallet addresses.
• Scammers exploit the tendency to trust the familiarity of the first and last few characters when transacting.

MetaMask recently released a post warning the crypto-community of a new type of scam called „address poisoning“. This type of scam was rated as „rather innocuous compared to other scam types“ by the team, but they cautioned that it still has the potential to dupe unsuspecting users into losing funds.

Address poisoning is an attack vector that relies on user carelessness and haste when copying and pasting wallet addresses. Wallet addresses are often shortened to show the first few characters, a blank, and then the last few characters, making them difficult to remember. This creates an opportunity for scammers to exploit the trust of users, who may be more likely to trust the familiarity of the first and last few characters.

When transacting, the usual routine consists of copying and pasting an address. Many wallet providers, including MetaMask, feature a one-click function to copy an address. As such, scammers can observe and track transactions of particular tokens, with stablecoins commonly targeted, and then use a „vanity“ address generator to create a wallet address that is similar to the original one. By taking advantage of users‘ inattention, the scammers can then dupe unsuspecting users into sending funds to them instead of the intended recipient.

In order to protect yourself from address poisoning, MetaMask recommends that users double-check the wallet address before transacting, and to make sure that it is correct. Additionally, users should be wary of any suspicious wallet addresses that feature an excessive number of characters or that have been manually typed out. Finally, users should always use the one-click copy function to ensure that the address is correctly copied and pasted.

Crypto Market Set for Rapid Growth: CAGR of 7.2% Predicted by 2030

• The cryptocurrency market is projected to grow at a 7.2% compound annual growth rate (CAGR) from 2022 to 2030, according to a report by Research and Markets.
• Factors driving the growth of crypto markets include: increased acceptance of digital currencies, monetary regulation fluctuations, and emerging opportunities in both developed and emerging markets.
• Venture Capital investments have also entered the crypto industry, sparking new developments and innovations, with retail giant Walmart filing a patent for digital coin integrated with fiat currency.

The cryptocurrency market is projected to experience rapid growth in the coming years, according to a new report from Research and Markets. The report predicts that the market will grow at a compound annual growth rate (CAGR) of 7.2% from 2022 to 2030.

The report outlines a number of factors that are contributing to the growth of the cryptocurrency market. The increased acceptance of digital currencies, as well as monetary regulation fluctuations and emerging opportunities in both developed and emerging markets are all playing a role in the expansion of the market. Furthermore, venture capital investments have also entered the crypto industry, sparking new developments and innovations.

One example of this is the retail giant Walmart, who recently applied for a patent to use digital coin integrated with fiat currency. This would enable faster and cheaper transactions and eliminate the need for third parties such as banks or credit card companies.

However, the report also notes that there are still barriers to the growth of cryptocurrencies. Regulatory uncertainty, lack of public awareness and understanding, and the potential for cybercrime remain major challenges for the market.

Nevertheless, the report concludes that the crypto market is on an upward trajectory and has the potential to become a major player in the global financial system in the coming years. It is expected that the increasing acceptance of digital currencies, technological advancements, and the emergence of new use cases will continue to drive growth in the market.

Pomerantz LLP Investigates Core Scientific Over Claims of Securities Fraud

Bullet Points:
– Pomerantz LLP has initiated an investigation into Core Scientific over claims of securities fraud.
– This was after a report from Culper Research that the company “widely oversold” its mining and hosting business in 2021.
– Core Scientific’s stock price dropped significantly due to the news of the investigation and the filing for bankruptcy.

A major investigation has been launched against Core Scientific, a major bitcoin miner, by the law firm Pomerantz LLP. This comes after a report by Culper Research alleged that the company had “widely oversold” its mining and hosting business in 2021. This report also alleged that Core Scientific had waived the 180-day lockup for over 282 million shares. This neglect made it easier for the shares to be dumped within 5 trading days, causing the stock price to fall by 9.4% to close at $6.98 on March 3, 2022.

Moreover, Core Scientific was also accused of knowingly adding false fees and breaching its contractual obligations in a case filed by Celsius Network. As a result, Core Scientific’s stock price fell 10.3% to close at $1.30 per share on September 29, 2022. The situation worsened when Core Scientific announced its plans to halt operations over its liquidity crisis on October 27, 2022, causing the company’s shares to lose over 78% of their price. This ultimately led to the company filing for bankruptcy on December 2, 2022.

The team at Pomerantz LLP is now looking into the claims made by Culper Research in its 2022 report on behalf of investors of Core Scientific. The investigation is meant to determine if there was any securities fraud committed and if any activities affected the stock price negatively. If it is found that Core Scientific, its executives, or any other individual or entity was indeed involved in securities fraud, then the firm will take action to protect the interests of minority shareholders.

US Prosecutors Subpoena Hedge Funds Over Binance Money Laundering Probe

• US prosecutors subpoenaed hedge funds for records of Binance dealings.
• The subpoenas are part of an ongoing investigation into potential violations of US anti-money laundering laws by Binance.
• Legal experts have long been frustrated with Binance’s lack of KYC requirements, which could have facilitated money laundering.

US prosecutors have recently issued subpoenas to several hedge funds that interacted with the popular cryptocurrency exchange, Binance. The subpoenas are part of an investigation into potential violations of US anti-money laundering laws by the exchange.

The US attorney’s office for the Western District of Washington is looking into whether Binance has been used to launder money. The investigation has been ongoing for some time and there have been rumors that the federal prosecutors have been discussing a potential settlement with the exchange. However, no official statement has been made and the US attorney’s office is still evaluating whether they have sufficient evidence to bring charges against the exchange.

Legal experts have long been frustrated with Binance’s lack of know-your-customer (KYC) requirements. KYC requirements help to ensure that cryptocurrency exchanges know who is using their services and that they are not being used to facilitate money laundering. Binance only implemented KYC requirements in August 2021 after coming under increased scrutiny from government authorities.

John Ghose, a former Justice Department prosecutor specializing in crypto cases, commented to the Washington Post that Binance’s lack of KYC requirements for years made it a conduit for criminals to launder money. He went on to say that the subpoenas issued to hedge funds were likely part of the US attorney’s office’s efforts to obtain more evidence to prove that money laundering has taken place through Binance.

The US attorney’s office has yet to make an official statement regarding their investigation into Binance, but it appears that they are taking the issue of money laundering very seriously. If the exchange is found to have violated anti-money laundering laws, it could potentially face hefty fines and other legal penalties. It remains to be seen whether the US attorney’s office will be able to obtain sufficient evidence to prove that Binance has violated the law.

FTX Reaches Agreement on Asset Recovery Plan With Debtors and Liquidators

• The two halves of FTX have agreed on an asset recovery plan according to a Jan. 6 press release.
• The parties have settled on inventorying crypto assets that securities regulators in the Bahamas currently hold in a Fireblocks wallet.
• The two parties will cooperate on various efforts, such as sharing information, arranging the return of property, filing litigation against other parties, and maximizing stakeholder recoveries.

FTX, a digital asset exchange, has recently reached an agreement on an asset recovery strategy with its debtors in the United States and its liquidators in the Bahamas. The agreement came after several weeks of negotiations between the two parties, and both are reportedly satisfied with the outcome.

According to a Jan. 6 press release, the two parties have agreed to cooperate on a variety of efforts. These include sharing information about the current state of FTX’s assets, arranging the return of property, and filing litigation against other parties. In addition, the two parties have also agreed to maximize stakeholder recoveries, which should benefit former customers of FTX.

One of the major points of the agreement is the inventorying of crypto assets that the Bahamas Securities Commission currently holds in a Fireblocks wallet. Both parties are content with the Commission’s efforts to safeguard these assets, which total around $3.5 billion. FTX had previously accused the Commission of seizing $300 million without any right to do so, but these concerns have apparently been addressed.

John J. Ray III, FTX’s CEO and Chief Restructuring Officer, expressed his satisfaction with the agreement in the press release. He stated that the two parties had resolved many of the outstanding matters and now have a path forward to resolve the rest.

The asset recovery plan between FTX’s debtors and liquidators is a major step forward for the exchange, and it should provide some relief to former customers of the platform. It remains to be seen how successful the plan is in recovering assets, but it is a positive sign that both parties are committed to making the process as successful as possible.

UPbit Lists Fan Tokens, NAP Records 74% Spike in 24 Hours

1. South Korea’s largest crypto exchange UPbit has announced the listing of several fan tokens, including AC Milan, Atletico Madrid, Manchester City, Naples, Arsenal, Barcelona, and Inter Milan.
2. The initial trading of these assets will be based on UPbit user deposits and there could be sudden price fluctuations due to liquidity.
3. Following the news, all UPbit-listed fan tokens saw an increase, with NAP seeing the highest spike of 74%.

South Korea’s largest crypto exchange UPbit announced on Jan. 5 that it would list several fan tokens, including the likes of AC Milan (ACM), Atletico Madrid, Manchester City (CITY), Naples (NAP), Arsenal (AFC), Barcelona (BAR), and Inter Milan (INTER). This news was met with enthusiasm by the crypto community, with the fan token sector rising by 6.61% in the last 24 hours.

UPbit said that the initial trading of these assets would be based on its users‘ deposits, and there could be „sudden price fluctuations due to excessive or insufficient liquidity.“ In order to ensure the security of the assets, UPbit added that it would only support deposits from Chiliz-chain for the fan tokens. The CEO of Chiliz blockchain Alexandre Dreyfus said that this listing would bring more football and sports brands to South Korea as it is „one of the biggest crypto markets and with a massive fandom culture.“

Following the news, the UPbit-listed fan tokens all recorded massive gains. NAP saw the highest increase, surging 74% in the last 24 hours to $4.8. AFC rose 25.9%, BAR rose 25.7%, INTER jumped 24.9%, ACM rose 24.5%, and CITY inched up 20.1%. The only fan token that recorded a loss was the Young Boy fan token, which lost 0.87% of its value.

The listing of fan tokens on UPbit is a great moment for the crypto and football fan community. It provides an opportunity for fans to support their favorite teams and engage in the football world in a new way. Now that fan tokens are listed on a major exchange, it will be interesting to see how their prices fluctuate in the future.