• The United States Securities and Exchange Commission (SEC) has rejected the joint effort of Ark Investment Management and 21Shares to list a spot Bitcoin ETF on the Cboe BZX Exchange.
• The product was supposed to be listed on the CBOE BZH Exchange, however, the SEC claimed the venue did not „demonstrate that its proposal is consistent with the requirements“ to prevent manipulation of prices and fraud.
• The application was filed by Ark Investment Management and 21Shares in the spring of 2022.

The United States Securities and Exchange Commission (SEC) recently announced their decision to reject the joint effort of Ark Investment Management and 21Shares to list a spot Bitcoin ETF on the Cboe BZX Exchange. The proposed product was intended to be listed on the CBOE BZH Exchange, however, the SEC claimed the venue did not „demonstrate that its proposal is consistent with the requirements“ to prevent manipulation of prices and fraud.

This is the second time the regulator has rejected the application filed by Ark Investment Management and 21Shares in the spring of 2022. This proposal was an attempt to create a Bitcoin-related exchange-traded fund that would be available to the public. The ETF would allow investors to purchase shares in the fund and gain exposure to the crypto asset.

The SEC has been very cautious in approving any crypto-related products due to the potential for fraud and manipulation. They have also been wary of allowing any products that could be considered securities to be traded publicly, as they could be used to launder money or facilitate other illegal activities.

The rejection of the proposed ETF is a blow to the crypto industry and those who hoped for easier access to the digital asset. It is yet another example of the SEC’s rigorous approach to approving products related to the crypto asset class.

Ark Investment Management and 21Shares did not comment on the rejection, but it is likely that they will continue to pursue the listing of their product. It is possible that the SEC may reconsider their decision if the applicants can prove that their product meets the requirements for preventing fraud and manipulation.

In the meantime, investors will have to look elsewhere for exposure to Bitcoin. As the industry continues to mature, more products may become available that will provide investors with easier access to the crypto asset. Until then, investors may need to rely on other methods such as derivative contracts and futures to gain exposure to the asset class.

• Bybit founder Ben Zhao took to Twitter to address concerns over the company’s $151 million exposure to bankrupt crypto lender Genesis Global Capital.
• Court filings show that Mirana, Bybit’s investment unit, is owed approximately $151 million by Genesis.
• Zhao clarified that Bybit’s Earn product does not use Mirana, and that Mirana has already obtained $120 million of collateralized positions.

The cryptocurrency exchange Bybit recently raised questions in the crypto space following the revelation that its investment unit Mirana was owed $151 million by bankrupt crypto lender Genesis Global Capital. This information was included in court filings, which also showed that Genesis owes its top 50 creditors a combined $3.4 billion.

In response, Bybit founder Ben Zhao took to Twitter to address the concerns raised. He stated that the reported $151 million has around $120 million of collateralized positions, which Mirana had already obtained. Zhao also clarified that Bybit’s Earn product does not use Mirana.

Bybit is a Singapore-based crypto derivatives exchange that offers perpetual contracts with up to 100x leverage. It has seen tremendous growth since its launch in 2018, and currently has a 24-hour trading volume of more than $6 billion.

Genesis Global Capital is a crypto lending firm that went bankrupt in December 2020. It was initially founded in 2013 as a bitcoin mining company, but shifted its focus to providing crypto-backed loans in 2015. Prior to its bankruptcy, it was one of the largest crypto lenders in the world and had lent out more than $1 billion worth of Bitcoin and other cryptocurrencies to institutional investors.

The revelation that Bybit was exposed to Genesis‘ bankruptcy was met with some skepticism in the crypto community due to the high amount owed. However, Zhao’s statement on Twitter has helped to assuage some of these concerns. He also highlighted the fact that Bybit is a separate entity from Mirana, and that its Earn product does not use Mirana.

Overall, Bybit is one of the leading crypto exchanges in the industry and its founder Ben Zhao has been quick to address any concerns raised about the company’s exposure to Genesis. With Zhao’s clarification, investors can be assured that Bybit’s Earn product does not use Mirana and that Mirana has already obtained $120 million of collateralized positions.

• Crypto.com has been hit by yet another wave of layoffs, reducing the headcount by 20%.
• The exec revealed all affected employees have already been notified and added that the reductions were not related to their performance.
• The Singapore-headquartered platform said it slashed 250 jobs in mid-last year, but the actual number was a lot higher.

Crypto.com, the Singapore-headquartered cryptocurrency exchange, has been hit by yet another wave of layoffs. According to the announcement from the co-founder and CEO of the exchange, Kris Marszalek, the headcount at the company has been reduced by 20%, blaming “ongoing economic headwinds and unforeseeable industry events”.

The crypto exchange had grown to more than 70 million users worldwide, but the recent layoffs have taken a toll on the company. The exec revealed all affected employees have already been notified and added that the reductions were not related to their performance. He also mentioned that the previous reductions of 250 jobs in mid-last year had helped the company to survive the ongoing market downturn.

The crypto market has been reeling under immense bearish pressure and the crypto firms have been struggling to survive the impact of the bearish market. Crypto.com is not the only crypto-related company that has had to resort to layoffs in the recent past. Several other crypto and blockchain companies have had to take similar measures in order to stay afloat in the bear market.

The crypto exchange has been slowly but steadily increasing its user base in recent times. It has also been expanding its services to new markets, as well as launching new products. However, the current market situation does not seem to be favorable for the company and it is yet to be seen if it can survive the bearish market.

Crypto.com is not the only crypto-related company that has had to resort to layoffs in the recent past. Several other crypto and blockchain companies have had to take similar measures in order to stay afloat in the bear market. With the crypto market still facing a lot of volatility, companies have had to make some tough decisions in order to make sure they remain in business.

Crypto.com has been trying to weather the storm and its executives have been vocal about the need to make tough decisions in order to ensure the company’s survival. The company is also taking steps to make sure that it can adapt to the changing market conditions and come out of the bearish market with a strong footing.

It remains to be seen how Crypto.com will fare in the coming days. For now, the company is doing its best to make sure that it can survive the bearish market and come out of it stronger than ever.

• Woo Network (WOO) token surged by 20% after the team announced major changes to its tokenomics
• The changes will involve a planned burn of 705 million WOO tokens, currently worth $127 million
• The revamp is part of efforts to address issues regarding the current token distribution

The Woo Network, a DeFi liquidity provider for institutional platforms, has seen a major surge in its token, WOO, on Tuesday, following the announcement of significant changes to its tokenomics. The project has attracted equity investments from backers such as Binance and is expected to bring about major changes to the crypto space.

The team behind Woo Network has announced that the changes to its tokenomics will begin with a planned burn of 705 million WOO tokens, currently worth $127 million. Token burning in crypto is when coins are destroyed by sending them to a burn address and are taken out of circulation. This process reduces the total supply of tokens and increases the value of the remaining tokens.

The revamp is part of efforts to address various issues regarding the current token distribution. The team has also announced that the burn address will be visible to the public and the amount of WOO will be tracked in real-time.

The announcements were followed by a surge in the price of the WOO token. The price of the token rose by over 20%, from $0.18 to $0.22. This marks a significant increase and is likely to attract more investors to the project.

The Woo Network tokenomics revamp is expected to bring about major changes to the DeFi space. The team is confident that the changes will help to promote the adoption of the project and its token. Furthermore, the new tokenomics are likely to boost liquidity and increase the value of the token.

The team behind the Woo Network has been working hard to ensure that the project succeeds. The revamp is a testament to their commitment to the success of the project. The team is confident that the changes will help to make the project more attractive to investors and allow it to become a major player in the DeFi space.

• Cryptocurrency firms raised $21 billion in 2022, down 42.5% from 2021.
• Most of the funding was obtained in Q1 of 2022, when the crypto industry was in much better shape.
• CoinGecko’s study shows that the 2022 funding was significantly higher than the figures in 2018, 2019, and 2020.

Cryptocurrency firms saw a major decline in funding in 2022, according to a study by CoinGecko. While the sector raised over $21 billion last year, it was nearly $16 billion less than the amount secured in 2021. This means that crypto projects obtained 42.5% less funding in 2022 compared to what they received in 2021. Despite this, the figures for 2022 were still significantly higher than the ones achieved in 2018, 2019, and 2020.

The crypto winter that hit the digital asset industry in 2022 was the main factor behind the significant decrease in funding. The market decline and the outflow of investor interest led to the halt of expansion plans for some companies. This, in turn, resulted in the lower funding for the sector. The study by CoinGecko showed that most of the funding was obtained in Q1 of 2022, when the crypto industry was in much better shape.

The study also highlighted that the venture capital investments in the cryptocurrency sector were also down in 2022. A total of $3.6 billion was invested in crypto projects, which is over 36% less than the amount from 2021. Similarly, the amount of ICOs, STOs, and IEOs decreased by over 24%, with firms raising a total of $4.4 billion in the period.

Despite the issues caused by the crypto winter, the study showed that the overall funding in 2022 was still significantly higher than the figures in 2018, 2019, and 2020. It is a sign that the sector is continuing to grow, even if it was at a slower pace in 2022. The results of the study were encouraging, as the sector has been able to remain resilient and continue to attract investors even in difficult times.

• The US Securities and Exchange Commission (SEC) charged Neil Chandran and seven other individuals and entities for orchestrating a fraudulent cryptocurrency investment scheme called CoinDeal.
• The suspects allegedly defrauded investors with around $45 million over the years and used the money to buy real estate, cars, and a boat.
• The SEC is now seeking to halt the crime and return the stolen funds to the investors.

The US Securities and Exchange Commission (SEC) has charged Neil Chandran, Michael Glaspie, Garry Davidson, Linda Knott, Amy Mossel, AEO Publishing Inc, Banner Co-Op, Inc, and BannersGo, LLC with orchestrating a fraudulent cryptocurrency investment scheme called CoinDeal. According to the SEC, the defendants are accused of stealing approximately $45 million from investors over the years and using the money to purchase real estate, cars, and a boat.

The SEC alleges that the defendants deceived investors by making false and misleading statements about CoinDeal, which was a fraudulent entity designed to solicit and accept investments in digital assets. Specifically, the defendants claimed that CoinDeal had an experienced team of professional cryptocurrency traders who could generate substantial returns for investors. The defendants also falsely claimed that CoinDeal had the necessary regulatory approvals to operate in multiple jurisdictions and that all investments were safe and secure.

Furthermore, the SEC alleges that the defendants used a variety of tactics to entice investors, including offering bribes and kickbacks and creating fake websites, blogs, and social media accounts. The defendants also allegedly lied about the true nature of their transactions and failed to disclose their own financial interests in the scheme.

The SEC is now seeking to halt the crime and return the stolen funds to the investors. The agency is also seeking to impose civil penalties and other remedies on the defendants. In addition, the SEC is seeking to bar the defendants from engaging in any future securities-related activities.

This case underscores the need for investors to be vigilant when investing in the cryptocurrency markets. The SEC strongly encourages investors to do their research and be aware of potential frauds and scams. Investors should also be aware of any unusual or suspicious activities and contact the SEC if they have any concerns.

• Logan Paul has been accused by the blockchain investigator, Coffeezilla, of engaging in fraudulent activities with his NFT game, Crypto Zoo.
• Paul has threatened to sue the investigator in response to the allegations.
• The controversy surrounding Crypto Zoo is yet to be resolved.

Logan Paul has been the subject of several controversies since his career in the media industry began. Recently, Crypto Zoo, an NFT game launched two years ago by Paul, has become the center of intense scrutiny. Crypto Zoo is now facing allegations of a crypto scam, which have caused a great deal of commotion in the crypto space.

The latest development came from an investigative journalist, who interviewed purported investors of the Crypto Zoo project. The journalist published a three-part series on a Youtube channel, Coffeezilla, in which he accused Paul and his team members of engaging in fraudulent activities. In response to these allegations, Paul has threatened to sue the investigator.

The controversy surrounding Crypto Zoo is far from over. Many have called for a thorough investigation into the project, and its potential involvement in any illegal activities. In the meantime, Paul has stated that he is considering legal action against Coffeezilla for the accusations.

The case has yet to be resolved, and it remains to be seen what the outcome will be. Regardless, it has become yet another example of the power of the internet and the importance of responsible reporting. It also serves as a reminder of the importance of exercising caution when investing in cryptocurrency projects.

• A federal bankruptcy judge has ruled that crypto-assets deposited in Celsius Network’s „Earn“ accounts do not belong to the customers, instead they belong to the bankrupt cryptocurrency lending platform.
• The verdict has set an important precedent that the platform’s users do not own their coins when using certain products and services.
• The court order is a blow to some users hoping to recover their funds from the company, as the assets in the interest-bearing accounts are now owned by the bankrupt platform.

In a 45 page written decision, Martin Glenn, the Chief US Bankruptcy Judge in the Southern District of New York, ruled that Celsius Network’s ‘Earn’ accounts do not belong to their customers, but instead, to the bankrupt cryptocurrency lending platform. This verdict sets an important precedent that users of certain products and services do not own the coins deposited in their accounts.

Celsius Network’s ‘Earn’ program allowed users to deposit their digital assets so that the platform’s algorithms could generate interest payments for them. As of now, the program holds $4.2 billion worth of crypto-assets.

The court order has been a major blow to many users who were hoping to recover their funds from the company. Judge Glenn determined that Celsius is the rightful owner of the crypto-assets, and that, as such, the funds in the interest-bearing accounts belong to the bankrupt platform.

The decision was made after a legal battle that began when law firm, Kobre & Kim, filed a case against Celsius on behalf of a creditor of the bankrupt platform. The creditor argued that the crypto-assets deposited in Celsius’ ‘Earn’ accounts belonged to the users, and not the platform. However, Judge Glenn rejected this argument and sided with Celsius in the case.

The verdict is the latest development in the bankruptcy proceedings of Celsius Network. The company filed for bankruptcy in April of last year, citing financial distress caused by the COVID-19 pandemic. Since then, the company has been attempting to reorganize its finances and pay back its creditors.

The ruling is likely to have a major impact on the cryptocurrency industry as a whole, as it sets a precedent for how crypto-assets are treated during bankruptcy proceedings. The case has also highlighted the importance of users understanding the terms and conditions of the products or services they are using.

It remains to be seen how the ruling will affect Celsius’ bankruptcy proceedings and the users who have deposited their crypto-assets in Celsius’ ‘Earn’ accounts. For now, however, it appears that the funds in the interest-bearing accounts do not belong to the customers, but instead, to the bankrupt cryptocurrency lending platform.