Mt Gox Settlement and $593 Million of BTC and BCH, Will Bitcoin Rally?

Bitcoin prices steady after yesterday’s sell-off Mt Gox trustee approved 802,521 BTC as claims Volumes stable but below average Wholesale liquidation of Bitcoin and Bitcoin Cash stash in the hands of Nobuaki could heap pressure on responsible exchanges. Besides, it will also cause unnecessary price fluctuation that may work against victims triggering a sell-off towards Dec 2018 lows. Bitcoin Price Analysis Fundamentals All eyes are on Nobuaki Kobayashi and how he plans to compensate victims of the now defunct Mt Gox following his approval of “802,521 BTC, 792,296 BCH and…

WSJ’s ShapeShift Exposé Overstated Money Laundering by $6 Million, Analysis Says

When it comes to cryptocurrency transactions, questions about alleged money-laundering quickly get thorny. A Wall Street Journal investigation from last September, titled “How Dirty Money Disappears Into the Black Hole of Cryptocurrency,” claimed the crypto conversion platform ShapeShift had facilitated at least $9 million worth of money laundering over several years with “a parade of suspected criminals.” Now, at ShapeShift’s request, the blockchain analytics firm CipherBlade recreated the 2018 report and found less than $3 million in transactions involving potentially “tainted” funds. The main distinction here is that CipherBlade focused…

Bakkt Gets $740 Million Valuation But Investors Have Questions, Sources Reveal

Intercontinental Exchange’s to-be-launched institutional trading platform Bakkt has earned a $740 million valuation after it raised over $180 million in funding last year, anonymous sources told cryptocurrency industry news outlet The Block on March 21. Bakkt, which has yet to launch any investment products and continues to liaise with regulators, could increase its valuation even further should it raise further funds. At the same time, the sources said questions among investors remained about their risk-return ratio, given Bakkt has yet to get the official go-ahead to launch and will operate…

Prediction Startup Numerai Raises $11 Million in ICO

American prediction market startup and hedge fund Numerai (NMR) has raised $11 million in an initial coin offering (ICO) to launch its project Erasure, Numerai tweeted on March 21. Introduced in late 2016, Numeraire network provides a blockchain and cryptographic token-based ecosystem for incentivizing anonymous data scientists to create predictive models. Based on the Ethereum (ETH) blockchain, Numeraire tokens are used in trading market predictions on the startup’s platform. Numerai founder Richard Craib said that the funds from the recent ICO will be mostly spent on hiring engineers for Erasure,…

Crypto AriseBank CEO Pleads Guilty to Deceiving Investors in $4.2 Million Case

The former CEO of reported cryptocurrency scam AriseBank has pleaded guilty to defrauding victims of over $4.2 million, Texas-based daily news outlet Dallas News reported March 21. Jared Rice, whom the FBI arrested over securities and wire fraud in November last year, confessed to his activities, according to an announcement by the United States Attorney for the Northern District of Texas, Erin Nealy Cox. Rice had allegedly falsely claimed that AriseBank could offer customers “FDIC-insured accounts and traditional banking services, including Visa-brand credit and debit cards, in addition to cryptocurrency…

$25 Million in 2 Weeks: BlockFi Booms as Bitcoin, Ether Investors Seek Interest

The Takeaway BlockFi’s interest-yielding deposit accounts, launched in beta in January and fully live this month, have attracted more than $35 million in crypto. Most of it is being lent to institutional borrowers. BlockFi’s terms of service give the company significant leeway over how it uses depositors’ funds and what interest rate it can pay them. This flexibility is needed for the company to grow fast, CEO Zac Prince says. Institutional investors borrow crypto at individualized terms, at interest rates from 4 to 12 percent, and BlockFi can call in…

Silvergate Bank Adds 59 Crypto Clients, But Deposits Down $123 Million

Silvergate Bank, one of the few U.S. financial institutions that actively serve cryptocurrency businesses, added 59 such clients in the fourth quarter, but its deposits from the industry shrank 8 percent. According to an updated IPO prospectus filed with the Securities and Exchange Commission, as of Dec. 31, the San Diego-based bank had 542 clients in the industry, including crypto exchanges, institutional investors in digital assets, and others. That’s up from the 483 crypto clients as of Sept. 30 that Silvergate counted when it first filed to go public last year.…

Clients Take Crypto Fund Manager to Court, Cite $14.2 Million in Losses

The founder of what reportedly claims to be Australia’s first online mattress retailer OzMattress and cryptocurrency fund manager Stefanos Papanastasiou is about to be brought to court by his clients over the loss of over AUD$20 million ($14.2 million). Daily Australian newspaper The Age reported about the controversy on March 19. Per the report, Papanastasiou told his clients in 2017 that he had spent half a million Australian dollars ($355,000) to develop an algorithm that delivers substantial returns through the trading of Bitcoin (BTC) and Ethereum (ETH)-based tokens. According to…

Binance Launchpad Hosts Its Third ICO With Celer Network Raising $4 Million

Binance Launchpad, the token launch platform of the major global crypto exchange Binance, has completed a $4 million sale of Celer Network (CELR) tokens, the company wrote on March 19. The tokens sale was completed in 17 minutes and 35 seconds, with all 597,014,925 CELR tokens sold in a single session. As the company announced two weeks ago, the CELR token sale only accepted Binance’s own cryptocurrency Binance Coin (BNB), with each CELR token worth 0.000434 BNB or $0.0067 dollar equivalent. One BNB could purchase 2,303.35821 CELR tokens. The minimum…

Startup Finturi Raises $2.2 Million for Its Blockchain-Based Invoice Finance Platform

Dutch blockchain startup Finturi has secured 2 million euro ($2.2 million) to enable businesses to secure loans against invoices via blockchain tech, the company tweeted on March 12. Founded in September 2018, Finturi aims to help businesses finance invoices by linking them with financiers to borrow money against invoices, using blockchain and artificial intelligence (AI), according to a report by startup-focused publication EU-Startups.com on March 11. Finturi has reportedly raised its first investment via an angel round led by NetSam Participaties BV, which evidently participated in an investment round for…