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CFTC Seeks $429M Penalty Against Ponzi Operator Who Ghosted Them

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In the case of United Kingdom-based Control-Finance and its AWOL operator Benjamin Reynolds, the United States Commodity Futures Trading Commission asked the court to order Reynolds pay nearly half a billion dollars on Aug. 20.

In a legal action that began in June of last year, the CFTC has been unsuccessful in its attempts to locate Reynolds. The commission alleges that Reynolds laundered 22,858 Bitcoin from May to October of 2017 — by their estimates worth $147 million at the time, but as of press time valued at $269 million.

The CFTC’s proposed judgment asks for $429 — nearly three times their estimate of Reynolds’ BTC take:

“Defendant shall pay a civil monetary penalty in the amount of four hundred twenty nine million dollars ($429,000,000) (“CMP Obligation”). If the CMP Obligation is not paid immediately, then postjudgment interest shall accrue on the CMP Obligation beginning on the date of entry of this Order.”

The proposed judgment may be an effort to scare Reynolds out of hiding. The CFTC initially requested default judgment against him in April, admitting that they had no luck tracking him down.

Source: https://cointelegraph.com/news/cftc-seeks-429m-penalty-against-ponzi-operator-who-ghosted-them

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Dapper Labs’ Gaming-Focused Blockchain is Almost Ready: Flow Port is Now Live

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Blockchain development studio Dapper Labs recently announced a major advance towards the launch of the mainnet for its Flow blockchain. As of November 27, 2020, users will be able to experience Flow Port to interact with their products.

Dapper Labs is the development group responsible for Crypto Kitties – the most famous collectible application of the crypto-verse at the time – and NBA Top Shot, an NBA-licensed collectibles dApp.

Flow: The Next Big Thing Since CryptoKitties

Flow is the most ambitious project developed by Dapper Labs. The team hopes to launch a blockchain focused on open worlds, with capabilities geared explicitly towards game development and operations with collectibles, unique tokens, and other digital assets.

Flow Port is a portal that allows users to create accounts and interact with the blockchain. In an official announcement, the Dapper Labs team said that now its users will be able to enjoy the most essential features of the network, with the confidence that they will be interacting with a fault-free environment:

You now have the ability to create a Flow account on Flow Port, and interact with the Flow blockchain, manage your assets, stake, delegate, and more.

One of the most critical features announced by Dapper Labs is Flow’s compatibility with the popular hardware wallet Ledger. Now, users will be able to save the FLOW Tokens -the network’s native crypto- on those devices.

Besides, crypto wallet Blocto will also support FLOW and will be compatible with cross-currency transactions between FLOW and USDT.

Dapper Labs Developed a Blockchain for Gamers and Stakers

With Ethereum migrating to PoS, and yield farming of DeFi products at its peak, it’s no wonder the Dapper Labs team has paid particular attention to the network’s Staking features.

Users will be able to stheir tokens directly on their Blocto and Ledger wallets through Flow Port. They will also be able to take advantage of intermediaries like Kraken and Coinlist to do the job.

For this, users can choose between staking their own node or delegating their tokens to an existing node operator and receiving a commission proportional to their participation without the need to be directly responsible for a node or risk a lot of funds.

How Flow —the blockchain developed by Dapper Labs— works
How Flow Works

The evolution of CryptoKitties set a very high standard for Dapper Labs’ projects, but Flow promises to be the most ambitious development of the group so far.

And although their blockchain is the main star of the show, it was not conceived overnight. Several enthusiasts and supporters of the company already had this milestone in sight, and Dapper Labs was working on it for quite some time. In fact, the company raised large amounts of money from venture capitalists and even NBA players.

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Source: https://cryptopotato.com/dapper-labs-flow-port-blockchain-live/

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Wall Street Giant Guggenheim Fund Seeks SEC Approval to Buy Bitcoin Worth up to $500 Million

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  • Guggenheim Partners is among the largest investment and advisory financial services companies. The Wall Street giant filed a document with the US Securities Exchange Commission (SEC) to enable one of its funds, dubbed the Macro Opportunities Fund, to allocate millions of dollars in bitcoin.
  • According to the filing, the Fund plans to spend 10% of its net assets on bitcoin through the leading cryptocurrency manager – Grayscale.
  • “The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly investing up to 10% of its net asset value in Grayscale Bitcoin Trust (“GBTC”), reads the SEC filing.

  • Fidelity and Morningstar estimate that the Fund in question has about $5 billion in assets under management. Should the Fund indeed allocate 10% of this amount into BTC, it would mean a purchase worth $500 million.
  • With Bitcoin’s price hovering around $18,000 as of writing these lines, this substantial purchase would amount to about 27,650 bitcoins.
  • The SEC filing describes cryptocurrencies as “digital assets designated to act as a medium of exchange.” The document also listed several risks associated with cryptocurrency investments. 
  • Those include lack of digital asset exchange regulation, GBTC’s historical “significant premium,” and uncertainty around taxation, regulations, and more.
  • 2020 has turned out to be the year with the most substantial institutional BTC purchases. If Guggenheim proceeds and buys bitcoin, the Wall Street giant will join the likes of MicroStrategy and Jack Dorsey’s Square
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Source: https://cryptopotato.com/wall-street-giant-guggenheim-fund-seeks-sec-approval-to-buy-bitcoin-worth-up-to-500-million/

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Ethereum’s Rebound is “Getting Tired” as Analyst Eyes Move to $520

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  • Ethereum has been climbing higher today alongside Bitcoin and the rest of the crypto market
  • The strength seen as of late comes as Bitcoin puts some serious distance between its recent lows and its current price levels
  • This indicates that bulls are in full control and are looking to form a “V-shaped” recovery that could allow for significantly further upside in the days and weeks ahead
  • Where the entire market trends next will depend largely on BTC, but ETH’s price action may influence that of altcoins
  • One trader is noting that Ethereum’s rally appears to be “getting tired,” which could indicate that it will retreat lower before seeing any type of intense rebound

Bitcoin has been guiding the entire market higher over the past couple of days, with Ethereum rallying up towards the mid-$500 region. This comes close on the heels of an intense correction that led the entire market to plunge.

The recovery from the recent lows has favored bulls, as it shows that the market is still caught within a crystal-clear bull market, and that further upside could be imminent in the near-term.

In a recent tweet, one trader stated that Ethereum’s recent rally might get tired and require a pullback towards $520 before extending further.

Ethereum Sees Slowing Momentum as Bulls Struggle to Break Key Resistance

At the time of writing, Ethereum is trading up just over 2% at its current price of $550. This is where it has been trading throughout the past few days and weeks, with the selling pressure seen around the price region being somewhat significant.

Where the rest of the market trends in the days, weeks, and months ahead will depend largely on Bitcoin.

Although ETH may guide the altcoin markets, it has been taking its cues from the benchmark cryptocurrency.

At the moment, Bitcoin’s strength is lending itself to bulls’ favor, and there’s a chance that they will be able to erase all of the market’s recent losses in the days and weeks ahead.

Trader Claims ETH Rally is Getting Exhausted

One trader isn’t optimistic that this ongoing Ethereum rally will last for too much longer.

He contends that it will see a pullback towards $520 before it can recoup its momentum and rally past the resistance within the mid-$500 region.

“Think ETH is getting pretty tired now, seeing if I can squeeze out $550-555, happy with the 10% moves from spot and 6% from lev today. Will be looking for the reaction around $520 for clues on the next strong move.”

Ethereum

Image Courtesy of Cold Blooded Shiller. Source: BTCUSD on TradingView.

Bitcoin’s continues reaction to its break above $18,000 should provide some insights into whether or not Ethereum will climb higher.

Featured image from Unsplash.
Charts from TradingView.

Source: https://bitcoinist.com/ethereums-rebound-is-getting-tired-as-analyst-eyes-move-to-520/?utm_source=rss&utm_medium=rss&utm_campaign=ethereums-rebound-is-getting-tired-as-analyst-eyes-move-to-520

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