Crypto Market Overview January 31th | Dex-Trade

Crypto Market Overview January 31th | Dex-Trade

“Crypto Wunderkind” Tried to Delay the Bankruptcy of FTX: a New Accusation for SBF

The US Department of Justice has filed a new lawsuit against FTX founder, Sam Bankman-Fried (SBF), accusing him of trying to delay the bankruptcy of the exchange in the United States in order to transfer the assets of his crypto trading platform to foreign regulators. According to federal prosecutors, the SBF hoped that foreign regulators would treat him leniently and eventually allow him to regain control of the “crashed” cryptocurrency exchange. The prosecution's case is based on offers Sam made to FTX co-founder Gary Wang. Ironically, Wang is now cooperating with federal prosecutors and has already pleaded guilty to a number of charges. Prosecutors also allege that SBF allowed Bahamian customers to withdraw millions of dollars from their FTX hot wallets after the marketplace froze customer accounts. He even wrote a letter expressing his “deep gratitude” for the cooperation and apologizing for the company's fiasco. It looks like the case against the founder of FTX is getting more complicated. Recall that the shares of Almeda Research, a subsidiary of FTX, purchased with the money of clients of the crypto-exchange, were misappropriated by the management of the trading platform. However, the week before last, these assets were confiscated by US government officials, so a dispute over the ownership of these shares was added to the already complicated case.


“High Hopes” for 2023: Justin Sun Wants to Make TRX a "Currency" in 5 Countries

Tron founder Justin Sun tweeted that one of his main goals in 2023 is to make the TRX coin legal tender in five different countries, including his native China. It is noteworthy that Sun attached the flags of Dominica and Saint Martin to his tweet, hinting that they may be the first on the list to integrate TRX into the economic ecosystem. By the way, the Huobi cryptocurrency exchange, where the founder of Tron is a member of the Global Advisory Council, already entered into a partnership agreement with Dominica last November to launch the country's national token on the Tron network. And the leader of the United People's Party of Saint Martin, Rolando Brison, recently revealed that the government has taken the first steps towards enforcing cryptocurrency regulations and making TRX legal tender: “Allowing cryptocurrency to continue totally unregulated in St. Maarten is extremely risky, and we have to be proactive. Hence I use my right of initiative to bring this law with Tron Protocol at the forefront, with possibilities later for other blockchains to be incorporated; this too can be done in line with other countries like St. Kitts, who I know are also working on their own legal tender legislation.” In turn, Sun described his plan as an “ambitious goal” that can become a reality with “hard work and dedication.” He also added that this could be the first step towards the future mass adoption and use of cryptocurrencies.


Mark Yusko of Morgan Creek Predicts BTC Reversal Before Halving

In a recent interview with Crypto Banter, Morgan Creek founder and CIO Mark Yusko suggested that the current Bitcoin green market could become noticeably more bearish in the near future as it prepares for the halving in 2024. According to Yusko says that the cryptocurrency flagship may already be in a lateral accumulation phase after it managed to restore the price level above $18,000: “We had the dip from $18,000 down to $15,000 and then back to $18,000. We made the perfect cup and handle pattern, but spring – interestingly enough, think about the four-year cycle, spring is basically flat… They key there is spring is flat, but there’s a lot of volatility. Summer, which I think starts in April-May, usually nine months ahead of the halving, that’s when things are going to get fun.” Presumably, the next halving will take place in March 2024, and Yusko believes that it is guaranteed to be a powerful boost for the BTC price. Although, the businessman did not announce specific arguments in this favor. However, Yusko believes that interest in bitcoin and blockchain assets in principle among large investors is consistently increasing, which, sooner or later, will lead to the massive distribution of crypto and the integration of blockchain technology with many digital processes.