Crypto Market Overview October 18th | Dex-Trade
Sam Bankman-Fried vs. Texas Power: Does FTX Trade Securities?
Texas officials have filed a lawsuit against the CEO of the FTX crypto exchange, Sam Bankman-Fried, accusing him of providing income-generating custody accounts that were classified as securities by the state authorities. The lawsuit was filed against the US division of the trading floor, FTX US, and contains information that the exchange is not registered with the Texas Department of Banking as a sender of money or in any other capacity. But at the same time, Bankman-Fried said in an August interview with Forbes that he was investing hundreds of millions of dollars in struggling exchanges to keep them viable. Maintaining viability has mostly been about FTX selling off the assets of crypto companies that are either on the verge of bankruptcy or have already declared one. One such acquisition was the infamous crypto lending platform Voyager Platform, whose assets were bought by FTX for $1.42 billion. Thus, the Texas Securities Board's Division of Enforcement and Voyager Digital are now also involved in litigation. The platform is accused of selling unregistered securities to US citizens, as well as providing lending services to the public without a proper license.
Today's Metaverse Is the Internet of 1994: Joe Lubin Looks for Analogies
Ethereum co-founder and CEO of crypto industry software company ConsenSys, Joe Lubin, is confident that one day the metaverse will encompass the entire human experience, but that day is still a long way off. “I think [using the metaverse today] is a little bit like logging on to the internet in 1994,” Lubin told Decrypt in an exclusive video interview earlier this month. “Where you would dial the internet, and I used to go get a coffee and breakfast and then I’d come back, and my email would be downloaded.” — Lubin said Naturally, the crypto-businessman understands and acknowledges the fact that the user experience that is currently available in the various metaverses is relatively clumsy and demonstrates potential rather than real opportunities. But he is convinced that the metaverse is the future immersive version of the Internet, which will become as ubiquitous as email. ConsenSys CEO's comments in a recent interview with Dan Roberts were timely as the interest in the metaverse from some of the most powerful companies in the world is now unprecedented. Recall that Meta has now completely redirected its efforts to dominance in the metaverse, Apple and Disney are slowly mastering this industry, and more traditional brands such as WalMart are plunging into the cutthroat world of web3.
Kanye West "lit Up" in a Cap With the Name of the Legendary Satoshi Nakamoto
Another major "stuffing" in the Internet community was thrown by the most popular rapper in the world — Kanye West. Reporters recently snapped a photo of the businessman and musician wearing a cap that says “Satoshi Nakamoto,” and now the artist’s gigantic fanbase is speculating as to why his merchandise has been updated and whether it is related to West’s possible cryptocurrencies. But, most likely, everything is much more banal and there are no reasons for conspiracy theories here. Recently, banking giant JPMorgan and West's Yeezy brand ended their business relationship, resulting in the billionaire receiving multiple messages and offers from bitcoin enthusiasts on Twitter. By the way, there is no information about the reasons for the break in relations between JPMorgan and Yeezy, but there is an interesting precedent… Republican writer Candice Owens tweeted on October 12 about JPMorgan's history with Yeezy senior management: “Earlier today I learned that Kanye West was officially kicked out of JP Morgan Chase bank. I was told there was no official reason given, but they sent this letter as well to confirm that he has until late November to find another place for the Yeezy empire to bank.” But the story was quickly debunked by CNBC news anchor Sarah Eisen, who claimed that Kanye West had mentioned in an interview with CNBC that he was taking his money out of JPMorgan and switching to Bank of America. Can this be considered another impulsive act of a megastar? It remains only to guess.