Archiv für den Monat: Dezember 2022

QuadrigaCX: Bitcoin Moves Elsewhere as Ernst & Young Tries to Recover Funds

Bullet Points:
• QuadrigaCX, a Canadian crypto exchange, collapsed in 2019 after its founder passed away.
• Ernst and Young is acting as the company’s bankruptcy trustee, attempting to find its assets and recover funds.
• Bitcoin that had been sitting in QuadrigaCX’s cold wallets has been moved elsewhere.

QuadrigaCX is a Canadian crypto exchange that made headlines back in January 2019 when it collapsed in dramatic fashion after its founder, Gerald Cotten, passed away due to complications from Crohn’s disease. The exchange owed thousands of customers around $200 million in crypto at the time, and it later came out that Cotten had misappropriated customer funds for personal purposes, leaving behind little paperwork or records for investigators to verify what assets or liabilities Quadriga had.

Since then, Ernst and Young, a Big Four auditor, has been appointed as the company’s bankruptcy trustee and has spent much of the last three years investigating Quadriga, attempting to find its assets and recover the funds. Furthermore, the Canada Revenue Agency has been digging into Quadriga to check on taxes that the exchange may not have filed when it was operating. Ernst & Young recently reported that it has become aware that bitcoin (BTC) that had been sitting in QuadrigaCX’s cold wallets has been moved elsewhere.

This news comes shortly after former FTX CEO Sam Bankman-Fried was released on a $250 million bond after being placed under house arrest. QuadrigaCX’s case has been a long and complex one, and while it appears that some of the lost funds may be recovered, it’s likely that much of the money will never be found.

SEC Determines FTX Exchange Token ‚FTT‘ is a Security, Execs Plead Guilty

• The U.S. Securities and Exchange Commission (SEC) has determined that FTX’s FTT exchange token is a security.
• Former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang have pleaded guilty to criminal fraud charges related to FTX’s collapse.
• Twitter has integrated cryptocurrency prices into search results through a plug-in from charting platform TradingView.

The U.S. Securities and Exchange Commission (SEC) has taken a stance on the FTX exchange token FTT, determining that it is a security. This ruling has the potential to have a wide-reaching impact on the industry, as the SEC noted in its complaint that “If demand for trading on the FTX platform increased, demand for the FTT token could increase, such that any price increase in FTT would benefit holders of FTT equally and in direct proportion to their FTT holdings.”

The SEC and Commodity Futures Trading Commission also announced charges against former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang, alleging that Ellison manipulated the price of FTT. The two have since pleaded guilty to criminal fraud charges and are cooperating with investigators.

The crypto industry also has been receiving some attention from Twitter recently. Through a plug-in from charting platform TradingView, the social media giant has integrated cryptocurrency prices into search results. Now when users type crypto or stock tickers into the search bar, they’ll be able to generate the current value and a price chart, as well as a link to the trading app Robinhood. Twitter’s involvement with the crypto industry has been growing since September 2021, when the company was under the management of Jack Dorsey and added a tipping feature. Since then, the company has been taken over by Elon Musk.

CFP Board Offers Guidance for Financial Advisors on Crypto Investment

• The Certified Financial Planner (CFP) Board dropped a 14-page „Notice to CFP Professionals Regarding Financial Advice about Cryptocurrency-related Assets“ on Dec. 5.
• The report outlines a series of risks associated with cryptocurrency investment and lays out standards that financial advisors must adhere to in their decision to provide, or not provide, advice on crypto investment.
• The report emphasizes that financial advisors must adhere to Fiduciary Duty when giving advice on crypto and underscores the standards of competency necessary in giving crypto-related advice.

The Certified Financial Planner (CFP) Board recently released a 14-page „Notice to CFP Professionals Regarding Financial Advice about Cryptocurrency-related Assets“ on December 5th. This document is intended to provide guidance to financial advisors in regards to their decision to provide, or not provide, advice on cryptocurrency investment.

The report provides an overview of the various risks associated with cryptocurrency investment and makes it clear that financial advisors must adhere to their fiduciary duty when giving advice on any type of investment. It also outlines the standards of competency that financial advisors must adhere to when providing advice on cryptocurrency-related assets.

The report explains that the CFP Board’s Code and Standards does not require a CFP professional to offer financial advice to a client on every financial asset that is available in the marketplace. However, it does emphasize that financial advisors must take into account the goals, risk tolerances and personal/financial circumstances of their client when providing advice on cryptocurrency-related investments.

The CFP Board’s Notice to CFP Professionals Regarding Financial Advice about Cryptocurrency-related Assets is intended to provide financial advisors with the necessary guidance and standards for providing advice on cryptocurrency investments. The report provides a comprehensive overview of the risks associated with investing in cryptocurrencies and outlines the standards that financial advisors must adhere to in order to ensure that they are meeting their fiduciary duty when providing advice on any type of investment.

FTX Bankruptcy: Paul Hastings LLP to Represent Creditors

Bulletpoints:
• Paul Hastings LLP has been chosen to represent FTX creditors in their bankruptcy proceedings.
• A court document filed on the same day shows that Paul Hastings and Young Conaway Stargatt & Taylor LLP will be handling all papers served or required to be served in the bankruptcy case on behalf of creditors.
• At a meeting of FTX creditors held Tuesday, U.S. Trustee Juliet Sarkessian urged creditors to contact the committee’s counsel once formally in place.

FTX, a global crypto exchange, has tapped Paul Hastings LLP to represent creditors in their bankruptcy proceedings. The New York law firm, along with Delaware-based Young Conaway Stargatt & Taylor LLP, will be handling all papers served or required to be served in the bankruptcy case on behalf of creditors. A court document filed on the same day shows the process to select a financial adviser is ongoing.

At a meeting of FTX creditors held Tuesday, U.S. Trustee Juliet Sarkessian urged creditors looking to secure their representation in the case to reach out to the committee’s counsel once formally in place. She noted that even though the lawyers do not represent creditors personally, “they may be able to provide some help” and could potentially create a website for creditors.

The creditors‘ committee was formed last Thursday and chose Paul Hastings from among a number of firms that pitched for the role. What remains of the company is attempting to gather over $1 billion in cash assets that are scattered across the globe.

Meanwhile, FTX’s disgraced founder Sam Bankman-Fried was set to be extradited from the Bahamas to the U.S. to face criminal charges. Additionally, two executives in his inner circle, Caroline Ellison and Gary Wang, agreed to a plea deal with the Justice Department.

Overall, the bankruptcy proceedings are ongoing, and creditors are urged to contact the committee’s counsel once formally in place to secure their representation in the case. Paul Hastings LLP and Young Conaway Stargatt & Taylor LLP have been tapped to handle all papers served or required to be served in the bankruptcy case on behalf of creditors.

Low Volatility Signals Potential Bull Run: Get Ready for Wild Price Fluctuations!

• Bitcoin’s realized volatility has been at a two-year low of 38%, making it the lowest since 2020.
• This low volatility may soon change as investors with ample capital supply begin to accumulate coins.
• This uptick in implied volatility with an extended period of low realized volatility is likely to be followed by wild price fluctuations.

The crypto market has been in a state of relative calm lately, with bitcoin stuck in the range of $16,000 to $18,000, amid lingering macroeconomic uncertainty and FTX contagion fears. However, this tranquility may soon be disrupted, as bitcoin’s realized volatility has fallen to its lowest level since the third quarter of 2020, just before the last bull run.

Realized volatility is a backwards-looking metric which measures the magnitude of daily price movements, irrespective of direction, over a specific period. Last week, Bitcoin’s annualized one-month realized volatility dropped to 38%, the lowest in two years. This drop in volatility has been accompanied by an increase in implied volatility, which is a forward-looking metric that reveals options traders‘ expectations for price turbulence over the coming week or month.

The low volatility and increased implied volatility has caused some analysts to caution investors to prepare for a sharp move soon. As highlighted in the Dec. 12 issue of Bitfinex’s Alpha report, “Calm waters do not last long in bitcoin, so be prepared for a sharp move here shortly.” Blockware’s weekly report also stated that, “Not counting the moment leading up to the FTX fallout, which had slightly higher volatility than what we have now, this is the lowest level for realized volatility since the third quarter of 2020, just before the last bull run. Prior to that instance, volatility was this low at the bottom of the 2018 bear market.”

The low volatility has also led to investors with ample capital supply beginning to accumulate coins, as they look to capitalize on the potential gains that may be achieved when the market volatility increases. As a result, this could be the start of another bull run, as the influx of capital begins to push the price of bitcoin higher.

Overall, the crypto market has been relatively calm lately, but this may not last for long. The recent drop in realized volatility, coupled with an increase in implied volatility, could be a sign of things to come, and investors should be prepared for a sharp move in the market in the coming days.

British Columbia Restricts Crypto Mining To Preserve Electricity

• British Columbia has imposed restrictions on crypto mining, prohibiting new connections to its power grid for 18 months.
• This follows similar restrictions imposed by utilities in Quebec and Manitoba, due to high demand for electricity.
• British Columbia wants to save electricity for electric vehicles, heat pumps, and businesses that are undertaking electrification projects.

The Province of British Columbia has recently joined Quebec and Manitoba in imposing restrictions on the crypto mining industry. In an effort to ensure that electricity is preserved for more important uses, the province has banned new connections to its power grid for an 18 month period.

The decision was announced on Wednesday by British Columbia’s minister of energy, mines and low carbon innovation, Josie Osborne. In her statement on the government’s website, she explained the need for such action: “We need to preserve electricity for electric vehicles and heat pumps, and for businesses and industries that are undertaking electrification projects that reduce carbon emissions and generate jobs and economic opportunities.”

Currently, 21 projects are requesting a total of 1,403 megawatts (MW) in the province. This amount of electricity is enough to power approximately 570,000 homes, or 2.1 million electric vehicles. By denying these requests, the province is making sure that the electricity is used for more important purposes.

The decision to restrict crypto mining follows similar restrictions imposed by utilities in Quebec and Manitoba. These provinces have both determined that the high demand for power is too great of a risk and has decided to limit the amount of electricity being used by the crypto mining industry.

British Columbia is taking a proactive stance in ensuring that electricity is used for more important purposes. Hopefully, this will lead to a significant reduction in carbon emissions and create much needed economic opportunities.

FTX’s FTT Token Acquisition Leads to CEO’s Criminal Charges

• FTX used its own token, FTT, to purchase a majority stake in trading platform Blockfolio for $84 million in 2020.
• FTT was at the center of the downfall of the company founded by Sam Bankman-Fried after CoinDesk revealed in early November that sister firm Alameda Research’s balance sheet was full of the token.
• Bankman-Fried now faces criminal charges in the U.S., including wire fraud, conspiracy to commit money laundering and violating campaign finance laws.

In 2020, cryptocurrency exchange FTX made headlines when it used its own token, FTT, to purchase a majority stake in trading platform Blockfolio for $84 million. According to financial documents, around 94% of the amount was in the token invented by FTX, giving them a 52% stake in the trading platform.

However, this move would soon lead to the downfall of FTX when CoinDesk revealed in early November that sister firm Alameda Research’s balance sheet was full of the token, exposing the parlous state of its finances and the close ties between the two. This sparked a series of events that would lead to the eventual downfall of FTX, culminating in the disgraced former CEO, Sam Bankman-Fried, facing criminal charges in the U.S., including wire fraud, conspiracy to commit money laundering and violating campaign finance laws.

The Securities and Exchange Commission (SEC) has since declared FTT a security, meaning FTX could face further legal implications due to its sale of the token. FTX has yet to comment on the matter, but the SEC’s decision could have a significant impact on the company’s future.

FTX’s purchase of Blockfolio may have seemed like an ambitious move at the time, but it quickly turned into a cautionary tale of how the wrong decision can have devastating consequences. The story of FTX serves as a reminder for other cryptocurrency companies to tread carefully when it comes to investments and acquisitions.

What Are the Strongest Pokémon Cards?

Pokemon card games have been in circulation since 1996, and have since become an extremely popular collectible item for kids as well as adults. Pokemon Cards have a long-standing history and a lot of them have become popular throughout the many years. While certain cards are worth the price in gold, other cards aren’t so great. When it comes to the best Pokemon cards there are certain cards that stand out among the other. This article we’ll examine some of the best Pokemon cards throughout the years and explain the reasons they are so effective.

Pikachu

Pikachu is perhaps the most well-known and well-known Pokemon ever. It’s not surprising to find that among the most powerful Pokemon card games is Pikachu. Its Pikachu Holo Rare card from the Base Set is one of the most sought-after Pokemon cards ever created and some are worth more than 100,000 dollars. It is so scarce and valuable due to the fact that it is the only holographic card available in the Base Set. It allows Pikachu to unleash his distinctive Thunder attack, which deals an incredible 50 damages to its adversaries. This card is an absolute must-have for anyone who is serious about collecting.

Charizard

Charizard is another well-known Pokemon which has been around since its beginning. Its Holo rare card in the Base Set is among the most powerful cards available in the game. The card comes with a strong attack, known as Fire Spin, which does 50 damage, and also has a 50 percent chance of burning your Pokemon of the opponent. The card is sought-after by collectors and can fetch lots of dollars.

Blastoise

Blastoise is another extremely powerful card in The Base Set. It has an attack called the Hydro Pump attack that does 50 damage and has a fifty percent chance of paralyzing your opponent’s Pokemon. The card is highly sought-after by collectors and is worth lots of dollars.

Machamp

Machamp is a strong card from the base Set. Machamp is a card that includes an attack called the Cross Chop attack, which can cause 50 damage, and also has an opportunity of 50% of paralyzing a Pokemon’s opponent. This card is sought-after by collectors and can fetch a substantial amount of dollars.

Magikarp

Magikarp is an odd choice. The card might not look like anything, but it’s in fact one of the strongest cards that you can find. This Magikarp Holo Rare card from the Base Set is one of the most important Pokemon cards ever produced and some are worth more than 100,000 dollars. The card comes with an attack called the Bounce Attack, that can cause 50 damage, and is 50% likely of paralyzing your opponent’s Pokemon. This card is sought-after by collectors and can fetch many dollars.

Gyarados

Gyarados is another extremely powerful card in the base Set. The Gyarados card comes with an attack called the Hydro Pump attack which can cause 50 damage, and offers a 50% chance of paralyzing the Pokemon opponent. This card is sought-after by collectors, and is worth a significant amount of dollars.

Conclusion

These are only a handful of the best Pokemon cards of the decades. Pokemon cards are a classic with a long story and these are only a handful of ones that became legendary through the decades. If you’re a collector, or playing they are certain to add a lot potential to the collection. In all the range from Pikachu and Magikarp to Gyarados the cards are guaranteed to be a huge hit.

Exploring the Benefits of Aldi Talk and E-Plus

Aldi Talk is the prepaid mobile plan that is provided by Aldi the German retailer chain. It allows customers to make calls and text messages and also access the internet. It’s a low-cost alternative to the traditional mobile plans. However, E-Plus is a mobile virtual network operator (MVNO) that is controlled by Telefonica Germany. It offers postpaid and prepaid mobile services, and permits users to connect to websites and place phone calls. In this post, we’ll look at the benefits of Aldi Talk and E-Plus, and also their weaknesses.

What Is Aldi Talk?

Aldi Talk is an prepaid mobile service provided by Aldi which is a German grocery chain. The plan lets users make calls and text messages and connect to the internet. It’s a cheaper alternative to mobile plans that are more traditional. It is a cheaper alternative to traditional mobile plans. Aldi Talk plan is available in three plans. The  Mini package is the most basicone, providing 300 minutes worth of talking time and 300 text messages along with 500MB of storage at EUR9.99 monthly. The ‚Medium‘ plan offers 1500 minutes for talktime as well as 1,500 text messages along with 1GB of information at EUR14.99 monthly. The „Max“ package includes 3000 minutes of talk time as well as 3,000 text messages as well as 2GB of data for EUR19.99 each month.

What Is E-Plus?

E-Plus is an operator of mobile virtual networks (MVNO) that is operated by Telefonica Germany. It offers postpaid and prepaid mobile services that allow users to connect to online and to make phone calls. E-Plus provides a range of plans, from basic to more extensive. The the most basic plan, ‚E Plus Basic‘, comes with 1400 minutes of talk time along with 600 text messages along with 1GB of storage at EUR9.99 monthly. Other plans, like „E-Plus Plus“ have more expansive plans, including 4000 minutes of talk time and 2,400 text messages along with 3GB of storage at EUR19.99 monthly.

The Benefits of Aldi Talk

The primary advantage for Aldi Talk is its affordability. Its plans are much less costly than conventional mobile plans, which makes them an a viable option for people seeking to cut costs. Furthermore, Aldi Talk offers flexible plans. Customers can pick one that is best suited to their budget and needs. In addition, Aldi Talk offers excellent customer support. Customers can reach out to an agent from customer service if they have any questions or require assistance.

The Benefits of E-Plus

E-Plus provides a number of advantages over other plans. First, it provides various plans, which allows customers to pick the plan most suitable to their needs. Furthermore, E-Plus has excellent coverage and good coverage across the majority of Germany. Additionally, E-Plus offers competitive prices which makes it a great choice for customers seeking a low-cost mobile plan. In addition, E-Plus offers excellent customer service with a friendly and knowledgeable staff ready to assist with all questions.

Aldi Talk and E-Plus Bundle

Aldi Talk and E-Plus offer an offer of a bundle. The bundle combines the advantages of both plans and costs EUR19.99 monthly. With this plan, customers will receive 2400 minutes in talk time as well as 2400 text messages and 3GB of storage. This plan is great to those seeking an affordable mobile plan that comes with large data allowances.

Limitations of Aldi Talk and E-Plus

Despite their strengths Both Aldi Talk and E-Plus have some drawbacks. First of all, both plans offer only limited coverage beyond Germany. Furthermore the plans are both prepay, which means that customers have to be able to pay for services in advance. In addition, both plans come with only a limited number of customer service options, offering the only limited number of representatives for customer service available. Furthermore, both plans provide only limited data allowances, which means that customers could run out of data very quickly.

Conclusion

Aldi Talk and E-Plus are two top mobile plans available in Germany. Both plans come with a wide range of benefits, such as the affordability, large allowances for data, and flexible plans. But both plans have some drawbacks like only limited coverage outside Germany and limited customer service options and limitations on data allowances. However, they’re an appealing option for those who are looking for an inexpensive mobile plan.