- Warren Buffett’s Berkshire warns about crypto website using its name — Berkshire Hathaway Inc, run by billionaire Warren Buffett, on Friday warned investors it has no affiliation with a purported cryptocurrency brokerage website using the Berkshire Hathaway name. The website describes its operator as a Texas-based broker founded in 2020 to give investors “an opportunity to achieve a completely passive income from investment in cryptocurrency mining.” It includes purported customer testimonials and says the broker is regulated in the United States, United Kingdom, Cyprus and South Africa, using incorrect names for two regulators. Its email format differs from that of Buffett’s company. Buffett has long been skeptical of cryptocurrency, and in 2018 called bitcoin “rat poison squared.” In a statement, Buffett’s company said it learned about the website, berkshirehathawaytx.com, on Friday afternoon. “The entity who has this web address has no affiliation with Berkshire Hathaway Inc or its Chairman and CEO, Warren E. Buffett,” Berkshire said. The website’s operator did not immediately respond to requests for comment.
- Crypto Fund Sino Global Had Deep Ties to FTX Beyond Equity Investment — Sino Global Capital, one of Asia’s biggest and most well-known crypto investors, led by Matthew Graham, tweeted a statement this week that its “direct exposure to FTX exchange was confined to mid-seven figures held in custody.” The wording of the statement leaves open the question of how big the firm’s indirect exposure might be — including a portfolio of digital tokens that stood at $129 million as recently earlier this year, according to investor documents; Many of those tokens, including the Solana blockchain’s SOL, were among those closely associated with Sam Bankman-Fried, the once-billionaire crypto whiz-kid-turned-pariah who ran FTX.
- FTX Sends Crypto Reeling. The Whales Move in to Profit— Cryptocurrency markets have been slammed by the sudden bankruptcy of FTX. But amid the carnage, some big traders — whales — were buying. Bitcoin BTCUSD -0.27% the largest crypto, was plumbing two-year lows at $16,600 on Friday — down from some $21,000 before FTX’s woes became public and roughly $69,000 in November 2021, the high. “The crypto world is still [being] rocked by FTX, and traders are still in shock,” says Naeem Aslam, an analyst at broker AvaTrade. Some bargain hunters stepped in, betting on Bitcoin as a classic distressed asset play. “Many Bitcoin whales have chosen this time of panic to accumulate, as the number of addresses with more than 10,000 Bitcoin exploded over the past week or so,” notes Marcus Sotitriou, an analyst at digital asset broker GlobalBlock.
- Bitcoin Financial Services Firm Unchained Capital Cutting Staff, Reshuffling Management — Unchained Capital reduced its workforce by about 15% and moved its head of business development Parker Lewis to the board of directors as well as chief product officer Will Cole to a senior advisory role. In a blog post discussing the job cuts, co-founder and CEO Joe Kelly said on Friday that while Unchained has never had exposure to FTX, Alameda, or any other institutions which have lost client funds, “funding for bitcoin-backed loans has been materially constrained by recent market events.” He noted that his company is seeing record numbers of new clients, bitcoin deposits and trading volumes, and the loan book currently has a 214% collateral-to-principal ratio.
- Ohio Investment Manager Arrested for Allegedly Running a $10M Cryptocurrency Ponzi Scheme — Rathnakishore Giri, a 27-year-old investment manager living in New Albany, Ohio, was arrested on Friday on criminal charges for alleging running a cryptocurrency investment scam that raised at least $10 million from investors, according to a Department of Justice press release. Giri allegedly misled the investor by promoting himself as an expert cryptocurrency trader with a specialty in bitcoin derivatives. According to the indictment, Giri falsely promised investors lucrative returns on the money they invested with him, with no risk to principal. In reality, he used funds from previous investors to pay off new investors in a classic Ponzi scheme set-up. Giri is charged with five counts of wire fraud and faces a maximum penalty of 20 years in advance on each count if convicted. In August, the US Commodities Futures and Trading Commission (CFTC) issued a cease-and-desist order against Giri and his two companies, alleging he cheated investors out of more than $12 million and seeking to get Giri to pay back his investors. The CFTC charged that Giri used investors’ money to fund a lavish lifestyle of private jets, yacht rentals and more.
- ‘Grayscale Discount’ Widens to Record 43% as FTX Contagion Spreads — Shares of the Grayscale Bitcoin Trust (GBTC), the world’s largest publicly traded crypto fund, are trading at a new record discount of 43% relative to the price of the underlying bitcoin (BTC). Crypto analysts are speculating as to the reason, but the added pressure comes after Genesis Global Capital, an arm of Digital Currency Group (DCG), owner of Grayscale Investments, which manages GBTC, announced this week that it would halt customer withdrawals from its lending. unit — stemming from the fallout from the collapse of Sam Bankman-Fried’s FTX crypto empire. (CoinDesk is an independent subsidiary of Digital Currency Group, known as DCG.) Grayscale Investments reassured investors on Wednesday that the Genesis was “not a counterparty or service provider for any Grayscale product,” and that Grayscale products would “continue to operate business as usual.” The GBTC shares have not traded at a premium to the underlying bitcoin since March 2021, according to data from Coinglass, and the discount has widened this year along with distress in crypto markets and the US Securities and Exchange Commission refusal to allow a conversion of the fund into an exchange-traded fund.
- Crypto’s Very Human Fatal Flaw: Hero Worship — As the crypto community grapples with what led to this, its biggest ever crisis, a look at Shakespeare and his various king characters is useful. Most of the bard’s monarchs are either megalomaniacal villains (Richard III, Claudius), dupes (Macbeth) or madmen (Lear). All of them are seduced by power, consumed by paranoia, and fail to distinguish their self-interest from that of their subjects. There are no allegations that Sam Bankman-Fried poisoned anyone or plotted against his next of kin. But there is now jawdropping evidence that, closed in an island compound with a small cabal of insiders, the erstwhile CEO of FTX wielded power in an erratic, unchecked and highly destructive manner. All this, while cultivated, promoted and largely succeeded in embedding in popular consciousness the glossy image of a wise and benevolent leader.
- Binance adds to stablecoin mystery by resuming Tether deposits while keeping out USD Coin — Binance resumed deposits of stablecoin Tether on Friday but left USD Coin on pause, according to a company announcement. That came a day after halting deposits of both coins without explanation, and the latest announcement also didn’t provide a reason for the move. Binance did not respond immediately to Insider’s request for comment. “After internal assessment and review, Binance has now resumed deposits for USDT (SOL),” the world’s largest cryptocurrency exchange said in an update. Adding to the mystery is that prices for Tether and USD Coin have remained relatively steady over the past seven days despite the turmoil in the broader crypto market that was unleashed by FTX’s collapse. Tether, which is the third largest cryptocurrency and the world’s largest stablecoin, briefly lost its dollar peg last Thursday, falling to a low of $0.98 before recovering most of those losses. The lack of clarity as to why Binance stopped customer deposits of two top stablecoins comes as the fall of FTX, which is reportedly being investigated for possible mishandling of customer funds, has raised calls for crypto exchanges to provide proof of reserves.
- Cardano-based Regulated Stablecoin USDA Will Hit the Market in Early 2023 — Emurgo, the official commercial arm and a founding entity of the Cardano blockchain, plans to launch USDA, a US-pegged stablecoin, in early 2023, the company told CoinDesk. USDA will be the first fully fiat-backed, regulatory-compliant stablecoin in the Cardano ecosystem. “The introduction of a fully fiat-backed, regulatory-compliant stablecoin is the next step in realizing the future for our community,” wrote Emurgo Fintech Managing Director Vineeth Bhuvanagiri in a note to CoinDesk. Stablecoins are tokens backed by an asset, or a basket of assets, and pegged to fiat currency, such as the US dollar. They serve as an entryway to the crypto market for traditional market participants and are extensively used within the ecosystem as instruments for trading, borrowing and lending. USDA is part of Emurgo’s Anzens product, a broader plan that would offer users several financial services and products operating on Cardano-based assets. These plans include lending and borrowing services, crypto-based card payments and bridges between traditional markets and decentralized applications (dapps).
- Twitter’s Crypto Engineering Lead Resigns as Staff Numbers Dwindle — Twitter’s Crypto Lead Tess Rinearson has left the company, tweeting a salute and blue heart emoji late Thursday evening to symbolize her departure. Rinearson, whose Twitter profile is now private, is based in Berlin, Germany, and has been working for Twitter for just over a year, according to her Linkedin and Twitter profiles. At time of writing, Rinearson has not yet updated her Linkedin profile to reflect her departure from Twitter. “I am very proud of everything the crypto team started at twitter, and I am sad I won’t see it all the way through,” Rinearson wrote on Twitter Friday. “But there are still LOTS of brilliant, thoughtful people at the company, and I am rooting for them, always.” The former Twitter staffer also updated her Twitter bio to “do not click the button @Twitter,” presumably a reference to new CEO Elon Musk’s requirement that any employee wishing to stay and adopt Twitter’s new “extremely hardcore” culture click “Yes” on a form by Thursday evening.
Also read about New Coin: FMI COIN
FMI is a digital currency which is built on Binance Smart Chain. FMI is built to a corporate FMI network. More specifically, it includes its own products such as investing in different types of projects, creating new projects, etc. FMI COIN (FMI) is a cryptocurrency, deployed on Binance Smart Chain(BSC BEP-20)
You can buy FMI Coin on Pancakeswap or Bitkeep App.
You can checkout this to know in detail 👇
Have a look at our Website: https://fmicoins.com/
Connect us on Telegram: https://t.me/fmicommunityofficial
New to trading? Try crypto trading bots or copy trading