• Bitcoin (BTC) has seen significant growth in the last seven days and is currently hovering near the $27,000 mark.
• Some are calling for a new crypto bull market as the banking system in the U.S. appears to be on the brink of collapse.
• Ethereum (ETH), the second largest cryptocurrency, has also seen solid gains but not as much as BTC.

Bitcoin Price Reaches Near $27,000

Bitcoin (BTC) has seen an impressive surge in price over the past week, pushing it close to its previous all-time high at $27,000. According to CoinGecko data, BTC is currently trading at $26,574, up 6.5% in 24 hours and 30% in the past week. The total cryptocurrency market capitalization stands at $1.17 trillion with Bitcoin’s dominance at 44%.

Talk of New Bull Market Emerging

Amidst growing panic about potential liquidity issues among U.S banks and a plunge in banking stocks prices, investors have started flocking to cryptocurrencies such as Bitcoin and Ethereum which have both seen impressive gains recently leading some to speculate that this could be a sign of a new bull market emerging for digital assets.

Ethereum Also Gaining Momentum

Ethereum (ETH), the second largest cryptocurrency by market capitalization has also experienced some solid growth although not quite as much as Bitcoin having increased 3.4% on the day and 19.7% over 7 days according to CoinGecko data while ETH/BTC is down 3%, its lowest since July 2022 due to staked ETH withdrawals set for April 12th 2021 leading some analysts to predict further downsides before finding a bottom point again.

Growing Optimism About Crypto Bull Market

Cryptocurrency enthusiasts appear increasingly optimistic about prospects of a new crypto bull market with many tweeting enthusiastically about what appears to be Bitcoin hitting its stride again after falling from its previous all-time high back in June 2020 following implosion of Terra-Luna ecosystem along with other bearish sentiment around digital assets at that time period .

Conclusion

Although it is too early to tell if we will see another extended period of sustained growth akin to 2017’s monumental bull run or whether current bullish sentiment is just another temporary pump driven by FOMO amongst retail investors; one thing remains certain – cryptocurrencies are still very much alive and kicking despite recent bearishness across global financial markets .

• Justin Sun withdrew $60 million from Huobi around the time of the HT Token flash crash.
• Sun defended his withdrawal, but some remain skeptical due to his past controversies.
• Allegations against Sun include insider trading and securities fraud.

Justin Sun Withdraws $60M from Huobi

On-chain data showed ~$60 million in stablecoins taken off Huobi around when HT Token lost 93% of its value. Justin Sun has defended his withdrawal from Huobi and also added funds back. Some are skeptical of the withdrawal on Twitter, while others believe it is simply bad timing.

HT Token Flash Crash

A sudden flash crash of Huobi’s HT token, the native token of the exchange, on Thursday, March 9th sent shockwaves around the crypto space–especially with recent crypto company collapses fresh in mind. Around the time of the collapse, Justin Sun withdrew ~$60 million in Ethereum stablecoins from Huobi. The funds were moved to DeFi protocol Aave.

Sun’s Explanation

Sun took to Twitter to explain the movement of the Stablecoins: „It is just normal practice of fund deployment,“ he said underneath a screenshot of on-chain data showing four large transactions amounting near $60 million. It is evident that this withdrawal was not directly related to the HT Token flash crash but rather bad timing for Sun who remains a controversial figure with many people suspicious of his actions on Twitter and beyond.

Past Controversies

Sun’s controversies date back as far as September 2017 when he allegedly had insider knowledge about a Chinese ICO ban which allowed him to wrap up TRX ICO before China shut down ICOs completely. In addition, there are allegations that he has been involved in insider trading and securities fraud all which he has denied completely however these latest events have set alarm bells ringing across Crypto Twitter again raising questions about Justin Sun’s activities within cryptocurrency markets.

Conclusion

Ultimately we may never know whether or not Justin Sun’s withdrawal from Huobi was linked to any suspicious activities or if it was merely bad timing however given his past controversies and ongoing criticism towards him by Crypto Twitter users one can conclude that this may not be a wise move by him in trying to restore trust amongst those within cryptocurrency markets who have already made up their minds about him and his involvement in certain activities over recent years..

• FTX cryptocurrency exchange has revealed a massive shortfall in crypto and fiat currency holdings, with billions of customer funds missing from both the exchange and its US subsidiary.
• Documents show that FTX had $2.2 billion in exchange wallets and fiat accounts, but only $694 million of these assets were in the most liquid form.
• The exchange’s net deficit was $8.6 billion, which is likely due to Alameda Research borrowing around $9.3 billion from customer accounts without proper record-keeping or oversight.

$8.9 Billion Customer Funds Missing From FTX Exchange

Cryptocurrency exchange FTX has revealed a „massive shortfall“ in crypto and fiat currency holdings, with billions of customer funds missing from both FTX and its US subsidiary FTX US. Documents show that FTX had $2.2 billion in exchange wallets and fiat accounts, but only $694 million of these assets were in the most liquid form – leading to an overall net deficit of $8.6 billion.

John J Ray III: Incomplete & Absent Records

John J Ray III, who is currently the chief restructuring officer and CEO of FTX, said books and records are incomplete or totally absent – indicating that former management likely did not properly track their assets nor take necessary precautions to ensure customers‘ funds were safe from potential losses or theft. This lack of oversight is believed to be connected to Alameda Research borrowing around $9.3 billion from customer accounts before filing for bankruptcy earlier this year – significantly more than what was held in liquid assets by the company at the time ($694 million).

FTT Token Trading Above Zero

Despite all the turmoil surrounding FTX recently, its native token (FTT) still trades above zero at currently at around 1$. The collapse of the exchange has certainly rocked the entire cryptocurrency space as well as many major players who formerly backed Sam Bankman-Fried’s empire – including Wall Street’s Anthony Scaramucci who invested heavily into it prior to its demise last month.

The Best Way To Maximize Recoveries For Former Customers

In order to maximize recoveries for former customers affected by this situation, a transparent bankruptcy proceeding is needed which can help provide clarity on how much money can actually be recovered by those impacted by this debacle moving forward..

Sam Bankman-Fried: Crypto’s Fallen Hero?

For more details about Sam Bankman-Fried’s crypto empire as well as his prominent ex-backers from Wall Street such as Anthony Scaramucci – read our deep dive article here: Sam Bankman-Fried: Crypto’s Fallen Hero?

• Animoca Brands Japan, a strategic subsidiary of Animoca Brands, has invested in Passion Labs.
• Both companies will collaborate in helping Japanese companies move to Web3 and create Web3 communities.
• Passion Labs provides analytics to strengthen luxury and automotive brands in Japan and Asia-Pacific.

Animoca Brands Japan Invests in Passion Labs

Animoca Brands‘ strategic subsidiary has invested in Passion Labs. Both companies will collaborate in helping Japanese companies move to Web3 and create Web3 communities. Animoca Brands Japan, a strategic subsidiary of Animoca Brands, has its eye set on Passion Labs this time. The venture capitalist wants to expand its foothold in Japan, helping companies migrate to Web3.

Passion for Web3

Despite starting in 2022, Passion Labs empowers many old and upcoming luxury brands in Japan and Asia-Pacific with its analytical tools. Following the investment, Animoca Brands Japan and Passion Labs will continue working together to help Japanese companies develop their Web3 strategies and create communities. The strategic subsidiary will use Passion Labs‘ technology for KOC (Key Opinion Consumer) analysis in Japan to help companies move to Web3.

Comments from Leaders

Kyoya Okazawa, the Co-founder of Animoca Brands Japan commented: „We are thrilled to invest in Passion Labs because we believe that its services will be an integral part of Web3, where community engagement is critical.“ Keegan Huang, the Co-founder and CEO of Passion Labs also shared his excitement about the alliance with Animoca Brand saying: “We are delighted that Animoca Brand’s team have seen the value our platform brings…”

Collaboration Goals

The collaboration between both teams aims at empowering Japanese luxury brands with the latest marketing tools while they transition into web 3 technologies such as NFTs (Non Fungible Tokens). Additionally using KOC analysis allows them to target key opinion consumers within their respective industries who can influence decisions made by others who follow them on social media platforms like Instagram or Twitter.

Conclusion

Overall this partnership between both firms demonstrates how traditional businesses can utilize web 3 technology for better consumer engagement while also creating more opportunities for collaboration within their industry sectors as well as new revenue streams which are created through leveraging these technologies for marketing purposes such as NFTs or KOC Analysis.

• The Sandbox has announced a partnership with Toei Animation to create experiences in the metaverse.
• In celebration of the partnership, limited edition NFTs will be given away to the first thousand registered people.
• The Sandbox’s founder is excited about bringing some of Japan’s best content into the metaverse for players and creators around the world.

The Sandbox Announces Partnership With Toei Animation

The Sandbox has announced a partnership with legendary Japanese Animation company Toei Animation to create experiences in the metaverse. The production company is one of the most highly decorated companies in Japanese animation, known for producing some of the most iconic anime series such as Dragon Ball, ONE PIECE, and Sailor Moon.

Celebrating The Partnership With NFT Giveaway

To celebrate this new partnership, The Sandbox will be giving away limited edition NFTs to the first thousand registered people joining their metaverse experience with Toei Animation. While it hasn’t been revealed what type of NFTs it will give away yet, users can apply by completing tasks on its dedicated website and undergoing KYC verification.

Sebastien Borget’s Excitement Over Sail To The Moon

The Sandbox’s co-founder Sebastien Borget shared his views on this impactful collaboration saying how he was happy to bring content from such an iconic animation studio into its open metaverse platform for fans around the world to enjoy. As an avid fan himself who grew up watching anime like Dragon Ball and Sailor Moon, he is looking forward to making these experiences come alive in 3D form within The Sandbox’s user generated universe.

Why Is This Partnership Important?

This collaboration between two major players in their respective industries marks an important milestone towards merging virtual worlds with our own reality as well as expanding digital entertainment options across different platforms. Anime culture is celebrated among Millennials and Generation Z – what better way to recognize this than by creating new experiences based on classic Japanese animations?

Where Can You Get These Limited Edition NFTs?

Be sure not to miss out on your chance at grabbing these exclusive NFTs! Head over to The Sandbox’s website now and complete tasks for a chance at getting your hands on them before they’re gone!

Summary

• The SEC is probing crypto exchange Kraken for possibly violating U.S. securities law by offering unregistered securities.
• If Kraken settles with the regulator, the SEC could potentially gain more jurisdiction over the crypto industry.
• The SEC has mainly focused on enforcement without publishing a clear guideline for regulating crypto assets in the U.S.

SEC Tightens Enforcement

The U.S. Securities and Exchange Commission (SEC) is tightening its enforcement efforts and probing crypto exchange Kraken for possible breach of U.S. securities law by offering unregistered securities to its customers in the United States. The probe has reached advanced stages and a conclusion is expected to be announced in the next few days. If Kraken settles with the regulator, it could potentially result in fines, penalties or other consequences for violating securities laws, as well as give more power to the SEC to regulate cryptocurrency tokens in America.

Kraken’s Offerings Under Scrutiny

Kraken currently offers more than 185 cryptocurrencies globally, many of which are not offered in the United States. It remains unclear which specific offerings are being scrutinized by the securities regulator during this probe, but reports suggest that the investigation is focusing on whether or not certain tokens qualify as unregistered securities under existing laws and regulations.

Main Goal of Regulating Crypto

In December 2020, Gary Gensler, Chairman of the SEC said that their main goal for regulating crypto throughout 2021 was to make exchanges and lending platforms comply with applicable rules and regulations regarding investments and financial services products such as digital assets like Bitcoin (BTC).

SEC Going Down Enforcement Route

Conclusion
In conclusion, it appears that this latest investigation into Krakens operations will be closely watched due to its potential implications on how US regulators view cryptocurrency markets going forward if they determine that unregistered securities were offered through this platform then expect stricter compliance requirements from all exchanges operating within American borders moving forward

• Binance, the world’s largest cryptocurrency exchange, is launching the white paper for its BNB Greenfield, a decentralized data storage system.
• BNB Greenfield will grant users and decentralized applications (dApps) complete data ownership and support website hosting, publishing, data storage, and personal cloud applications.
• BNB Greenfield is set to compete with big tech giants and is poised to revolutionize decentralized data storage and access.

Binance, the world’s largest cryptocurrency exchange, is making a major move into the blockchain-based Web3 data ownership and utility space. On Wednesday, February 1st, Binance announced the white paper for its much-anticipated BNB Greenfield, a decentralized data storage system that will finalize Binance’s existing decentralized network.

BNB Greenfield is a decentralized storage system that will be powered by Binance’s BNB tokens. It will grant users and decentralized applications (dApps) complete data ownership and control. In addition to this, the protocol will be equipped to support website hosting, publishing, data storage, and personal cloud applications. BNB Greenfield is part of Binance’s broader goal of decentralizing data storage and access, allowing users to store and access their data without relying on major centralized entities such as Amazon, Google, Facebook, and Microsoft.

The testnet for BNB Greenfield is set to be released over the next few months, and users will need BNB tokens to upload their data with unique access and usage permissions. With the introduction of BNB Greenfield, Binance is well-positioned to revolutionize decentralized storage and compete with the major tech giants.

Along with the new protocol, Binance is also making moves to enhance its local presence and compliance in Poland and has recently partnered with Mastercard to introduce a prepaid crypto card in Brazil. These advancements have solidified Binance’s status as a leader in the cryptocurrency space, and the launch of BNB Greenfield is sure to further strengthen their position.

With more and more people turning to blockchain-based protocols for their data storage needs, BNB Greenfield is an exciting step forward for decentralization. It has the potential to revolutionize the way users interact with data and create a new era of data ownership and control.

• The Financial Times exposed that Sam Bankman-Fried (SBF), the former CEO of FTX, invested $400 million in Modulo Capital in the third and fourth quarters of 2022.
• It was revealed that SBF had a romantic relationship with Xiaoyun „Lily“ Zhang, one of the co-founders of Modulo, and the two had worked together at Jane Street Capital.
• The new handlers of FTX have seized over $500 million from SBF as they search for more assets that can be used to reimburse customers.

Sam Bankman-Fried, the former CEO of FTX, has been making headlines in the past few months. It all started in December 2022, when the Financial Times released a spreadsheet that revealed two large payments had been made to Modulo Capital, a trading firm launched in March of the same year. The spreadsheet exposed that a total of $400 million had been sent to Modulo in the third and fourth quarters of 2022.

This raised questions about the source of the funds and the identity of the investors. It soon became clear that the money had come from SBF, and he had invested the sum without the knowledge or approval of FTX. This caused a huge uproar, and SBF quickly became the center of attention.

Further investigations revealed that SBF had a romantic relationship with one of the founders of Modulo, Xiaoyun „Lily“ Zhang. Zhang had worked at Jane Street Capital for about a decade, and SBF had been with the firm during the early days of his career. The other co-founder, Duncan Rheingans-Yoo, had only graduated from Havard two years before the said investment was made.

The new handlers of FTX are now searching for assets that can be used to reimburse customers. They have already seized over $500 million from SBF, and the search for more funds continues. It remains to be seen what other details will be revealed in the coming days, and how SBF will face the consequences of his actions.

•Kang Jong-Hyeon, the owner of Bithumb, South Korea’s largest crypto exchange, has been charged with embezzlement and a breach of trust.
•Two other executives of Bithumb affiliates have been charged as well in relation to the manipulation of stock prices of several companies affiliated with Bithumb.
•Vidente, Bithumb’s largest shareholder, is also linked to the case with investigations initiated against the affiliate in October 2022.

Kang Jong-Hyeon, the owner of Bithumb, South Korea’s largest crypto exchange, is facing criminal charges for embezzlement and breach of trust. A warrant has been issued for his arrest, and two other executives of Bithumb affiliates have been charged in relation to the manipulation of stock prices of several companies affiliated with Bithumb. The case involves Inbiogen and Bucket Studio, both of which have Kang’s younger brother, Kang Ji-Yeon, as the CEO. He is suspected to have been involved in the issuance of convertible bonds, which were used to manipulate the stock prices of the two companies.

Vidente, the largest shareholder of Bithumb, has also been linked to the case. Investigations were initiated against the affiliate in October 2022, which led to the Vice President of Vidente taking his own life. Inbiogen is the largest shareholder of Vidente, while Bucket Studio is the largest shareholder of Inbiogen. This means that all the companies are intricately intertwined and the investigations are likely to continue. Vidente holds a 34.2% stake in Bithumb, making it the largest shareholder.

The Seoul Southern District Prosecutor’s Office Financial Investigation Division is in charge of the case and is currently working on gathering further evidence. A thorough investigation is expected to take place as the stakes are high and the possible consequences could be significant. If Kang Jong-Hyeon and the two other executives are found guilty, they could face jail time as well as hefty fines. This case highlights the importance of regulating the crypto market and ensuring that companies comply with laws and regulations.