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New York Supreme Court Grants Bitfinex’s Motion For Modified Injunction

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In the latest cryptocurrency news, we have the New York Supreme Court and Justice Joel Cohen granting Bitfinex’s motion to modify an injunction. The announcement was officially published on Bitfinex’s blog on May 16.

As the announcement says, the court order by the New York Supreme Court will allow the Bitfinex exchange as well as its stablecoin operator Tether to continue doing normal business. Furthermore, it states that the original injunction by the New York Attorney General (NYAG) will expire in 90 days, stating that any motion to review it will be the responsibility of the NYAG itself.

“Today, the Hon. Joel M. Cohen of the New York Supreme Court (Commercial Division) granted our motion to modify the injunction obtained by the New York Attorney General against our business because the original injunction was vague, overbroad, and not time-limited. The court’s order allows Bitfinex and Tether to continue their normal business activities,” was the statement from Bitfinex.

As Cohen wrote in the decision which made the altcoin news:

“…the Court finds that the preliminary injunction should be tailored to address OAG’s legitimate law enforcement concerns while not unnecessarily interfering with Respondents’ legitimate business activities.”

The New York Supreme Court and the NYAG alleged that Bitfinex lost $850 million already and used funds from Tether to secretly cover the shortfall. The exchange also responded to the allegations  and said that they were “filled with inaccuracies and false assertions,” as many best cryptocurrency news sites reported.

Even though this motion will still allow Bitfinex to operate with its business, it will also require the exchange to turn over information regarding a loan and line of credit. The New York Supreme Court’s decision, however, forbids Tether from loaning any assets to Bitfinex as well as other parties, distributing reserve funds to its employees or modifying any of the documents that are subpoenaed by the NYAG.

“This order is a victory in the ongoing defence of our business against the New York Attorney General’s office,” Bitfinex concluded, maintaining its optimism regarding the decision.

The exchange also said that they will remain committed despite the New York Supreme Court action, “to protecting our customers, our business, and our community against the meritless claims.”

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OneCoin Co-Conspirator Tries To Get His Sentencing Postponed

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It seems like the OneCoin co-conspirator is trying to get his sentence postponed until the 21st of April, according to the recent filings by Mark Scott’s counsel so let’s find out more in the altcoin news today.There are a lot of scam reports in the crypto space and most of them took place back in the days when bitcoin was surging to the $20,000 all-time high. One of the frauds that started in 2016, slightly before the popular surge, involved a company named OneCoin whose conspirators were eventually arrested and put on trial. The OneCoin co-conspirator Mark Scott was convicted back on November 21 in 2019 and the court found him guilty on two counts- conspiracy to commit bank fraud and the conspiracy to commit money laundering. All that remained for him is to get a sentence that was supposed to happen in February this year.However, before that happens, the court gave him time to file any Rule 29 or Rule 33 motions so Scott can now use this time to request a retrial which he can do until February 3rd. After that, the government will have three weeks to respond. In a new development, Scott seems to have used his opportunity as his counsel decided to file a letter that seeks to postpone the sentencing date. According to the letter, Scott and his representatives will like to push the sentencing date for April 21st, 2020. This postponement will allow the defense with the needed time to complete briefing regarding the post-trial motions while in the meantime it will allow the court enough time for a review. In addition to that, the delay will allow the defense counsel to prepare for sentencing and this letter also pointed out that the government has no objection to the new schedule.As some may know, Scott was a partner at the law company Locke Lord LLP and back in 2016, he formed a lot of fake private equity investment funds in the British Virgin Islands. The funds have become known as the Fenero Funds. It is also estimated that he laundered around $400 million in proceeds filing them down as the investments from wealthy families in Europe. Of course, the money was coming from the OneCoin scam and Scott paid $50 million for his services. He used his money to purchase a lot of luxury cars, yachts and houses.
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Uniswap DEX Sees Huge Growth After Additional Token Listings

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The Uniswap DEX is among the leading decentralized exchanges which have seen huge growth over the past week since it cleared all-time highs in terms of the liquidity of the platform and ETH that was locked in the reserves as we are looking into it some more in the crypto news today.Achieving widespread adoption of DeFi requires most of the users to be capable of accessing the entire financial stack in a decentralized and permissionless manner. Thanks to this, most of the decentralized exchanges are now hailed as an integral part of the forward development. The centralized exchanges will continue to thrive in the future but for the DeFi narrative to speed up, there has to be more traction on the decentralized counterparts and now that is slowly happening.The Uniswap DEX is leading in terms of reserves, usage, and liquidity. The network effects are extremely important for protocols that rely on liquidity to grow. The exchanges, for example, are chosen by the investors and traders based on their ability to facilitate the trades. Order book depth and the trading engine of the exchange determines the efficiency of the platform. More liquidity accruing to the exchange leads to more users leading to more liquidity thus creating a circular effect. The ETH reserves in Uniswap sat at 45,320 before increasing by more than 68 percent to 76,260 coins in just days.The price of ETH surged by about 16 percent and Caleb Sheridan co-founder of Blocklytics noted that Uniswap added a record $10 million of liquidity in just one day. As the price of Ethereum increased, the demand for ETH derivatives also joined the rally. Uniswap liquidity is the highest for sETH at $13.88 million and this sum makes up about 30 percent of Uniswap’s total $46 million of liquidity. Some of the other tokens that are traded on the platform include Augur, Maker and Synthetix Network as well as other stablecoins.USDC, DAI, and SAI represent a total of 13.4% of Uniswap pool liquidity which makes it the best for the traders in terms of minimizing slippage. The larger traders usually prefer the use of DEX aggregators to reduce the slippage on their orders. Once the liquid reserves deepen for Uniswap, the slippage will have reduced dramatically.
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High Capital Influx In Crypto Expected This Year Because Of One Factor

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A high capital influx is expected in 2020 in the cryptocurrency market - all because of one significant factor which may boost the prices up. In the cryptonews now, we can see that Bitcoin and other coins are decreasing, but the overall performance this year has been positive. This has led to an increased sense of hope among many active participants.Also, this may be a sign that billions of dollars worth of unannounced capital is close to being injected in the crypto markets with the allocation of this funding potentially allowing for ecological development in 2020.Coupled with the increasing technical strength and the bullish action that many coins initiated, the high capital influx may be enough to give the markets some further momentum throughout the year ahead, the Bitcoin news show.According to Ash Egan who is the head of crypto at Accomplice (a tech-focused venture capital firm), there is currently $2 billion in capital which is being allocated to US-based crypto funds. This capital is being distributed amongst a collection of various sized funds including "mega funds."
“There is ~$2B of unannounced capital being allocated into US-based crypto funds rn. Funds are distributed across 3 mega funds ($300m+), 4 large funds ($100m-$300m), and 4 sub $100m funds. 2020 is gonna be a wild year,” he noted.
https://twitter.com/AshAEgan/status/1220503778878607361Even though Egan did not provide a specific source for this information, the high capital influx has been backed by many other personalities in the industry.Injecting the potential billions of dollars worth of capital in the markets also comes close on the heels of recent comments from other crypto venture capitalists regarding the sense of capitulation amongst major funds.
“Spoke with multiple liquid crypto fund managers this week. They all have investors leaving their funds and leaving crypto altogether. Feels like true capitulation is finally happening,” Avigal Garg noted, known for his role as a co-founder at Electric Capital.
https://twitter.com/avichal/status/1213262413622956034However, Garg's comments came before the 2020 rally kicked off which may be a sign that the high capital influx did not come at that point. Now, the situation is different and if major funds really are on the bring of injecting billions to the markets, it is highly probable that the industry will blossom and potentially catalyze a major rally.
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Central Bank Digital Currencies Are Coming In Three Years: Survey

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Central bank digital currencies will approach the public soon enough as the banks are likely to launch then in three years' time according to an official survey as we are reading in today’s altcoin news.According to the survey on central bank digital currencies published by the Bank of International, Settlements published a few days ago, says that the central banks representing a 20 percent of the world’s population say that they are likely to launch a CBDC in the next few years and while the relative number of banks are smaller which represent 10 percent of the banks surveyed which is still twice as many as last year. About 70 percent of the central banks are not likely to issue any type of CBDC in the close future while 80 percent of them say that they are working on how to explore more into CBDC in one way or another.The banks that have moved on from conceptual research to development are now increasing in the market economies. The survey says that the smaller economies have a much stronger motivation to develop wholesale central bank digital currencies than the advanced peers which are a major concern to financial stability and payment safety. The emerging economy central banks will also be among the first to issue a general purpose CBDC and all banks will likely issue a central bank currency in a very short time on the emerging market.For economy central banks, increased efficiency and interoperability of cross-border payments are the major motivations for issuing a CBDC and it seems that economies are not rushing anywhere; instead, they are most focused on establishing better international collaboration. The BIS also asked the central banks about cryptocurrencies and one thing that sticks out from the survey is the central bank that has jurisdiction is facing serious civil unrest with a significant uptick in crypto adoption which sees wider public use for both domestic and cross-border payments. Another interesting thing is that while 60 percent of the central banks consider how can stablecoins impact monetary and financial stability and none of them are emerging market institutions.The motivations are now stable but the central banks with firmer plans to issue CBDC are now closer to doing so. About 10 percent of the central banks surveyed are likely to issue a CBDC for the general public in the shortest term which represents 20% of the population.
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