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This Exchange Enables Users to Self-Audit the Firm’s Crypto Reserves – This is How it Works



Major crypto exchange OKX said it launched a self-audit feature, which currently supports three cryptoassets.
“You can now verify your assets are backed 1:1 on OKX,” said the announcement. The new feature supports bitcoin (BTC), ethereum (ETH), and the USDT stablecoin, with more assets to come, said the company….
Read More: This Exchange Enables Users to Self-Audit the Firm’s Crypto Reserves – This is How it Works

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FTX’s Bankman-Fried to face market manipulation probe, Do Kwon chimes in



United States federal prosecutors have reportedly begun investigating whether the collapse of the Terra ecosystem was in fact triggered by market manipulation tactics by former FTX CEO Sam Bankman-Fried.

According to a Dec. 7 report from The New York Times (NYT), the prosecutors — as part of a broader inquiry into FTX’s own collapse — are investigating whether Bankman-Fried’s empire intentionally caused a flood of “sell” orders on Terra’s algorithmic stablecoin TerraClassicUSD, USTC (formerly UST).

The sudden increase in UST sell orders were said to make it difficult to match them with corresponding “buy” orders, which in turn forced more downward price pressure on UST, causing it to depeg from its intended 1:1 ratio with the U.S. Dollar.

The events also led to the fall of Terra’s native token, Terra Classic, LUNC (formerly LUNA) as the two cryptocurrencies were designed to be linked.

But while no one has been able to precisely determine the root cause behind the collapse of LUNC and USTC in May, it is known that the majority of the USTC sell orders came from Bankman-Fried’s trading firm Alameda research, according to the NYT.

A person with knowledge on the matter also told NYT that Alameda Researched also placed a big bet on the price of LUNC falling.

Like with most comments Bankman-Fried has shared since FTX’s collapse, the former CEO claimed that he was “not aware of any market manipulation and certainly never intended to engage in market manipulation,” according to NYT.

“To the best of my knowledge, all transactions were for investment or for hedging,” he added.

Related: The nightmare continues for Sam Bankman-Fried and FTX — Law Decoded, Nov. 14-21 

Responding to the recent report, Terraform Labs CEO Do Kwon shared his thoughts on the matter to his 1 million Twitter followers in a Nov. 8 tweet, who suggested it was time for Genesis Trading come clean about an alleged  $1 billion loan in UST to “SBF or Alameda” shortly before Kwon’s Terra ecosystem crashed.

Kwon also stated that a large currency contraction that UST underwent in Feb. 2021 was started by Alameda “when they sold 500mm UST in minutes to drain its curve pools during the MIM crisis.”

“What’s done in darkness will come to light,” Kwon added on the matter.

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US regulator to seek feedback on DeFi’s impact on financial crime



A United States financial regulator is looking to gain feedback from the banking industry about how decentralized finance (DeFi) may affect the bureau’s efforts to stop financial crime.

The Financial Crimes Enforcement Network (FinCEN) said it is “looking carefully” at DeFi, while the agency’s acting director, Himamauli Das, said the digital asset ecosystem and virtual currencies are a “key priority area” for the agency.

Das gave prepared remarks on Dec. 6 at the American Bankers Association’s Financial Crimes Enforcement Conference.

The acting director added the agency is “taking a close look” at its Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) framework for cryptocurrencies and digital assets to decide if “additional regulations or guidance are necessary.”

“We are engaging with relevant U.S. government stakeholders in this effort,” said Das. “We welcome engagement with industry — including the banking community — to better understand your assessment of the vulnerabilities and risks.”

In particular, the regulator was concerned at DeFi’s “potential to reduce or eliminate the role of financial intermediaries” that are critical to its AML and CFT efforts.

Das said it recognizes DeFi “will continue to impact the financial services industry” and the agency will need to mitigate the “illicit finance and national security risks posed by the misuse of digital assets.”

Related: Terrorists still predominantly use cash over crypto: UN officials

FinCEN’s evaluation of its AML and CFT frameworks is part of the Executive Order on Ensuring Responsible Development of Digital Assets issued by United States President Joe Biden on Mar. 9.

A result of the Executive Order was the U.S. Treasury Department’s “Action Plan to Address Illicit Financing Risks of Digital Assets.”

Among other priority actions, the plan recommended increased private sector engagement through “the publication of official documents, discussions, and Treasury programs that enable public‐private and private‐private information sharing.”

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Bitcoin Price and Ethereum Prediction; Celsius Customers to Get $44M in Crypto From Bankruptcy



Bitcoin Price and Ethereum Prediction; Celsius Customers to Get $44M in Crypto From Bankruptcy

Bitcoin, the leading cryptocurrency, has failed to hold above the $16,900 support level, which has now become a major resistance. While Ethereum, the second-most valuable cryptocurrency, has also breached a major support level of $1,240, extended by an upward channel.

Given this, BTC and ETH are likely to trade on the bearish side.

Major cryptocurrencies traded unevenly early on December 8, as the global crypto market capitalization fell 1.87 percent in the previous day to $839.72 billion. Over the last 24 hours, overall crypto market volume grew 2.40 percent to $36.85 billion.

Let’s take a look at the top 24-hour altcoin gainers and losers.

Top Altcoin Gainers and Losers

Nexo (NEXO), EOS (EOS), and Synthetix (SNX) are three of the top 100 coins that have gained value in the last 24 hours. NEXO’s price has risen nearly 3.50% to $0.6675; EOS’s price has risen more than 2% to $0.9795; SNX’s price has risen nearly 2.6%.

Top Altcoin Gainers and Losers – Source: Coin360 

Axie Infinity (AXS), ImmutableX (IMX), and Dash (DASH) are three of the top 100 coins that have lost value in the last 24 hours. Whereas AXS price has lost about 8.5% to trade at $8.15, IMX is down nearly 8% to trade at $0.4375. At the same time, the DASH price is down over 8% to trade at $43.75.

Celsius Customers to Get $44M in Crypto From Bankruptcy

The funds consist of cryptocurrency previously housed in earn accounts but have since been moved to a custody account on Celsius. A federal judge has mandated that Celsius, a cryptocurrency lending platform, refund $44 million worth of cryptocurrency to users of its custody program.

Bloomberg reports that United States Bankruptcy Judge Martin Glenn issued the directive orally on December 7 during a hearing, saying:

“I want this case to move forward. I want creditors to recover as much as they possibly can as soon as they possibly can.”

According to a Bloomberg report from December 5, Celsius is looking to sell $18 million of stablecoins held in these accounts to fund its reorganization, with Glenn set to address the issue of fund ownership on December 12. 

Celsius has argued that users who deposited funds within its earn accounts gave up ownership of the funds when they agreed to the company’s terms of service. 

US Unemployment Claims in Focus 

Later today, the investors’ focus will remain on the US jobless claims, which are due to come out during the US session. In the week ending November 26, the number of people applying for unemployment benefits fell to 225,000. The Labor Department reported on December 1, down 16,000 from the week before when there were 241,000 applications. The average number of claims over four weeks has gone up by 1,750 to 227,000, canceling out weekly swings.

Weekly US Jobless Claims – Source: Trading economics 

Initial unemployment claims fell to 225K from an anticipated 235K for the week—signs of higher-than-expected initial claims for unemployment insurance in the United States. The number of people seeking unemployment benefits is a surrogate measure of job losses. 

In light of these findings, it is clear that American workers still have exceptional job security despite the obvious economic weaknesses.

Bitcoin Price 

Bitcoin’s current price is $16,825, and the 24-hour trading volume is $19 billion. The BTC/USD pair has lost nearly 1% in the last 24 hours, while CoinMarketCap currently ranks first with a live market cap of $323 billion, down from $357 billion yesterday.

Bitcoin Price & Tokenomics – Source: coinmarketcap

Due to the strength of the US dollar, the BTC/USD pair has broken below the $16,900 support level, which is now acting as resistance. BTC could fall to the next support level of $16,500 or even $16,000 in this scenario.

Bitcoin Price Chart – Source: Tradingview

A bullish breakout above $16,900, on the other hand, could expose the BTC price to $17,200 or $17,350.

Ethereum Price 

The current price of Ethereum is $1,229, with a $5 billion 24-hour trading volume. Ethereum has lost nearly 2% in the last 24 hours, and CoinMarketCap currently ranks second, with a live market cap of $150 billion.

Ethereum Price & Tokenomics – Source: coinmarketcap

On the 4-hour chart, Ethereum has broken through the upward channel that had been supporting the coin at $1,238. Closing candles below this level indicate the possibility of a downtrend continuation. 

Ethereum Price Chart – Source: Tradingview

On the downside, Ethereum’s immediate support is around $1,200, and it can fall as low as $1,180 or $1,150. On the plus side, Ethereum’s resistance remains between $1,240 and $1,280.

IMPT Presale Ends in 4 Days 

IMPT is a new Ethereum-based network that will reward users for doing business with environmentally conscious companies. IMPT has raised more than $15.6 million since its initial public offering in October, with 1 IMPT currently trading at $0.023., a groundbreaking platform for carbon offsetting and carbon credits trading, will end its token presale on December 11th due to its extraordinary success.

Visit IMPT Now

Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews

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