Chainlink eyes 25% rally ahead of LINK staking launch in December

LINK’s price could rally on speculations over Chainlink’s oracle services growth coupled with a supportive technical pattern.

Chainlink (LINK) looks poised for 25% price rally in the days leading up to its staking protocol launch, based on several fundamental and technical facto.

Chainlink price rallies ahead of staking launch

The staking feature, which will go live as v0.1 in beta mode on Dec. 6, comes as a part of the so-called “Chainlink Economics 2.0” that focuses on boosting LINK holders’ reward-earning opportunities for “helping increase the crypto economic security” of Chainlink’s oracle services.

Earlier, Chainlink users had to launch their own nodes to receive rewards in LINK tokens. The staking feature effectively opens new avenues for them to earn LINK rewards that could, in theory, boost demand for the token.

Additionally, demand for LINK’s parent platform Chainlink, as an oracle service provider, should also increase.

David Gokhshtein, the founder of blockchain-focused media company Gokhshtein Media, believes it could happen in the wake of the recent FTX collapse.

The analyst highlighted how traders have been seeking more clarity on exchanges’ reserves after the FTX fiasco, which can boost demand for oracle services like Chainlink and, in turn, push LINK’s price higher.

$LINK is definitely being overlooked. With everything that’s happened and with the new “Proof of Reserves” being pushed out there, ChainLink will be used to push that data out there.

— David Gokhshtein (@davidgokhshtein) November 26, 2022

Chainlink Labs launched its PoR auditing services to exchanges on Nov. 10.

The speculations have helped LINK price rally in recent days. Notably, Chainlink price gained 35.50% eight days after bottoming out locally at around $5.50 — trading for as much as $7.50 on Nov. 29, its highest level in two weeks.

The LINK/USD pair now eyes further upside in the near term, price technicals suggest.

A failed LINK price breakdown

LINK reclaimed its multi-week rising support trendline on Nov. 29, three weeks after losing it in the wake of the FTX-led market selloff.

In doing so, the Chainlink token also invalidated its prevailing ascending triangle breakdown setup toward $4.

It now trades inside the pattern’s range, eyeing a rally toward the upper trendline near $9.40, up 25% from the current price levels, by the second week of December, as shown below.

LINK/USD three-day price chart. Source: TradingView

Michaël van de Poppe, market analyst and founder of Eight Global, also anticipates LINK to hit or cross above $9

#Chainlink showing a ton of strength, also expecting continuation there to happen.

If I didn’t have a long yet (but I do), then I’d be targeting for something like this in which I’d be looking at $9 area for a TP.

— Michaël van de Poppe (@CryptoMichNL) November 29, 2022

Moreover, a bullish continuation move above the $9.40 resistance could have LINK eye $16 next, the ascending triangle breakout target.

Related: Binance publishes official Merkle Tree-based proof of reserves

Conversely, slipping below the triangle’s lower trendline again risks bringing the breakdown setup toward $4 back in play, down about 45% from current prices.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.


Scientists say Mars once had so much water it could have been an ocean world

Today, Mars is colloquially referred to as the “Red Planet” due to its dry and dusty landscape being rich in iron oxide (aka “rust”). In addition, the atmosphere is extremely rarefied and cold, and water in any form other than ice cannot exist on the surface, reports

But as the Martian landscape and other lines of evidence attest, Mars was once a very different place, with a warmer, denser atmosphere and flowing water on its surface.

For years, scientists have been trying to determine how long natural bodies have existed on Mars and whether they were fickle or permanent.

Another important question is how much water once was on Mars and whether it was enough to support life. There could have been enough water on Mars 4.5 billion years ago to cover it with a global ocean up to 300 meters (nearly 1,000 feet) deep, according to a new study by an international team of planetary scientists.

Along with organic molecules and other elements distributed throughout the Solar System by asteroids and comets at this time, they argue, these conditions indicate that Mars may have been the first planet in the Solar System to support life.

Meteorites ejected from Mars billions of years ago offer a unique insight into what Mars was like shortly after the planets of the solar system formed. As co-author Professor Bizzarro from the StarPlan Center said in a UCPH faculty press release:

“Plate tectonics on Earth erased all evidence of what happened in the first 500 million years of our planet’s history. The plates constantly move and are recycled back and destroyed into the interior of our planet. In contrast, Mars does not have plate tectonics such that planet’s surface preserves a record of the earliest history of the planet.”

In addition to water, asteroids also distributed organic molecules like amino acids (the building blocks of DNA, RNA, and protein cells) to Mars during the Late Heavy Bombardment. As Bizarro explained, this means that life could have existed on Mars when Earth was sterile:

“This happened within Mars’s first 100 million years. After this period, something catastrophic happened for potential life on Earth. It is believed that there was a gigantic collision between the Earth and another Mars-sized planet. It was an energetic collision that formed the Earth-Moon system and, at the same time, wiped out all potential life on Earth.”

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First-ever archive centre of UFO material to be created in the US

Plans for the first-ever physical site for gathering historical UFO information in the United States have been revealed, in what has been seen as a groundbreaking move by many followers of the subject, reports

In recent years, there have been successive U.S. government disclosures acknowledging the UFO/UAP subject as a genuine phenomenon. Subsequently, multiple U.S. military, intelligence, and scientific agencies have started adopting programs to study the subject such as NASA and the AIAA.

In addition, within the civilian sector, there has been an influx of new researchers into this field of inquiry. Many academics and scientists are included in this group.

However, most of these parties do not have access to the vast array of historical materials and data sets in the hands of civilian U.S. UFO/UAP historians and researchers.

In conjunction with this new-found respectability regarding the UFO/UAP subject is the growing need to create more space for these historic materials.

Enter David Marler, a pioneering UFO researcher who has plans in motion to set up a new facility – the National UFO Historical Records Center – at a site in Albuquerque, New Mexico.

With the goal of preserving and archiving anything and everything related to the topic of UFOs, the center would make it possible for anyone to easily acquire the information they need.
“In recent years, there have been successive US government disclosures acknowledging the UFO/UAP subject as a genuine phenomenon,” he said.

“In addition, within the civilian sector, there has been an influx of new researchers into this field of inquiry. Many academics and scientists are included in this group.”

“However, most of these parties do not have access to the vast array of historical materials and data sets in the hands of US civilian UFO/UAP historians and researchers. So, the National UFO Historical Records Center has been created to gather and centralize data in the United States.”

The facility’s future will be determined by a variety of variables, not the least of which is the accessibility of suitable finance.

But if it works, it will be a significant advance in the study of UFOs.

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Blockchain-based fintech company prepares to enter $500B freight settlement market

Although rare, real-world blockchain utility does exist, now evidenced by one company’s efforts to reduce transactional fees in supply chains.

The world is quick to blame inflation for the rising prices at grocery stores and retailers. This was the #1 political issue for recent Election Day voters in the United States. For example, media sources recently reported poll data that 85% of Americans could not afford to spend $200 on a Thanksgiving meal in November 2022, and only 25% could afford $100.

However, few recognize inflation is only part of the problem. Higher costs for products and services are also directly attributable to settlement fees paid by transportation providers who are forced to take out the equivalent of payday loans against their freight invoices.

Shipper payment terms in the transportation industry are known to be egregious, and most transportation carriers cannot afford to wait 30–180 days to get paid. When a carrier factors, it pledges the collection rights in its accounts receivable to the bank and, in exchange, the bank advances cash in about 10 business days.

By industry averages, this cost to carriers is 3% of every receivable — often escalating up to a 25% annualized interest rate. The bank then waits the 30–180 days and collects directly from the freight shipper. If inflation is thought of as a silent tax, invoice factoring is a second layer of silent taxes on everything we buy.

More than 1 million U.S. trucking companies are factoring 100% of their invoices, and 50% of third-party logistics companies are too. Due to inflation, larger transportation companies are also losing 3% or more of their invoice values when waiting over 60 days to get paid by shippers. These costs create higher freight rates, and the excesses ultimately trickle down to every household and consumer.

Fixing a broken supply chain by settling on the blockchain

TruckCoinSwap (TCS) is a fintech and freight-tech company utilizing a blockchain-integrated mobile app to provide fast and free freight receivables settlement to transportation companies. Moreover, TCS is listed on CrossTower in the U.S. and abroad in 80 countries, and is now also listed on Uniswap.

Chief technology officer Jake Centner explained:

“Centralized exchanges can work very well, and the team couldn’t be more proud of the relationships TCS has made. However, the TCS token must also have a decentralized exchange and non-custodial option in the ecosystem for transportation companies and holders. Uniswap has been the gold standard in this space.”

To that end, TCS has created a process and platform identical to how carriers are settling now, with one added step. A few days after uploading freight documents into the TCS mobile app, a push notification is sent and settlement is made available in the real-time U.S. dollar (USD) value of TCS tokens.

The carrier can then accept settlement via direct deposit from TCS. After receiving the balance in its crypto wallet, the carrier can immediately sell through its exchange market to regain USD liquidity. By taking settlement via TCS, and being able to sell in a matter of minutes, carriers avoid both factoring costs and crypto volatility.

By industry averages, TCS estimates every factoring freightliner can recapture a significant portion of its net revenue. In the supply chain, reducing operating costs makes transportation companies more solvent and applies downward pressure on freight rates. In time, the costs of goods and, more specifically, food prices, can decrease.

Regarding the company’s adoption, CEO Todd Ziegler shared:

“TCS already has truckers involved in the beta, and we were just approached by two more large strategics. One has 223 trucks. The second is one of the largest companies in the U.S. managing freight documents, with over 500,000 transportation users. It speaks volumes that these companies are already interested in integrating with TCS.”

The future of freight and blockchain

Earlier this month, TCS presented its solution at the Future of Freight conference to over 20,000 attendees and has since gained traction in both the crypto and transportation communities with features in FreightWaves, business publications and other related media.

With many strategic relationships already in play, TCS believes it is in a strong position to help carry the transportation industry forward into web3. In looking ahead to the intersection of the two industries, Ziegler offered:

“Following recent court rulings and the acceleration of the DCCPA [Digital Commodities Consumer Protection Act] on Capitol Hill, we’re going to see U.S. crypto exchanges eliminate several coins. Many exchanges are already struggling for revenue and AUM [assets under management], and they’re not going to stick their necks out in the wake of FTX. The projects with no real use case will be the first to go, and the digital assets with value propositions to industry will see greater market share.”

Material is provided in partnership with TCS

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.


BlockFi bankruptcy filing triggers a wide range of community reaction

Some pointed their fingers at podcaster Anthony Pompliano for promoting the crypto lending platform quite recently.

As crypto lending platform BlockFi filed for bankruptcy, members of the crypto community reacted with mixed feedback as another platform fell during the current bear market. 

Despite BlockFi citing the FTX contagion as the reason for its bankruptcy filing, podcaster Matt Odell pointed out a different explanation. Odell wrote that the lending platform went bankrupt because it was lending customer funds to high-risk traders who played with leverage recklessly. “This is a tale as old as Bitcoin, leverage kills, and trusted third parties are security holes,” he added.

In a tweet, Mario Nawfal highlighted that BlockFi’s bankruptcy filing was something that many members of the community anticipated. According to Nawfal, the bankruptcy filing marks the end of an era for the lending and yield-earning platform that was able to barely hang on after the Voyager and Celsius debacles.

With many losing funds during the process, some pointed their pitchforks to entrepreneur and podcaster Anthony Pompliano who introduced them to the lending platform. A Twitter user claimed that they lost most of their savings after listening to Pompliano’s podcast that recommended BlockFi.

Another community member claimed that they diversified their portfolio by putting some funds in FTX, BlockFi and Bitcoin (BTC) which Pompliano recommended. They noted that two out of the three have already gone to zero.

ShapeShift founder Erik Voorhees also reacted to information coming out that the Securities and Exchanges Commission (SEC) is one of the creditors for BlockFi. Voorhees floated the idea of the SEC returning $70 million that they took from BlockFi in order to help the users that they should be protecting.

Related: Silvergate denies recent FUD, confirms minimal exposure to BlockFi

Meanwhile, the crypto lending platform has filed a lawsuit against former FTX CEO Sam Bankman-Fried’s holding company called Emergent Fidelity Technologies. BlockFi hopes to get Bankman-Fried’s shares in Robinhood that were used as collateral earlier this month.


Bitcoin shrugs off BlockFi, China protests as BTC price holds $16K

BTC price action heads higher with Bitcoin joining Asia stocks in a rebound despite FTX pressures continuing.

Bitcoin (BTC) held crucial $16,000 support into Nov. 29 as bulls weathered ongoing FTX fallout and macro triggers.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader teases BTC long as $16,500 reappears

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD leaving lower levels untouched overnight.

The pair had seen a flash downturn after the Nov. 27 weekly close thanks to uncertainty from China over Coronavirus measures.

A recovery nonetheless took the market higher, with $16,500 coming into play at the time of writing.

As Cointelegraph reported, traders and analysts had warned that it was all but essential to preserve current support, with a violation opening up the road to $14,000 or lower.

Popular trader Crypto Tony even felt comfortable going long BTC on the day.

“Flipping the EQ would be a safer long entry, but keeping this open with a tight stop loss is the best way for me,” he revealed to Twitter followers.

An accompanying chart identified support and resistance zones in play on midrange timeframes.

BTC/USD annotated chart. Source: Crypto Tony/ Twitter

Even fresh repercussions over the FTX debacle failed to dent Bitcoin’s performance, meanwhile, these coming in the form of a bankruptcy filing and lawsuit from crypto lender BlockFi.

The latest in a chain reaction sparked by FTX going under, the news came alongside a surprise resumption of salary payments by the defunct exchange.

“Makes sense after this bounce, as we’ve created a HL on Bitcoin and aiming at resistance again,” Michaël van de Poppe, founder and CEO of trading firm Eight, continued about a higher low (HL) on the 4-hour chart.

“Taking out the range between $16.5-16.8K would trigger continuation towards $18K.”BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter

China woes cool ahead of Fed Powell speech

China meanwhile formed the main macro focus on the day, with anti-lockdown protests’ impact on market sentiment nonetheless seeming to ease.

Related: New BTC miner capitulation? 5 things to know in Bitcoin this week

Asian markets bounced back strongly, with Hong Kong’s Hang Seng up 5.2% at the time of writing and the Shanghai Composite Index gaining 2.3%.

Hang Seng Index (HSI) 1-hour candle chart. Source: TradingView

“We do not expect China policy to publicly shift away from the Zero Covid stance, however, we could see some easing of the policy privately and in localized areas,” Mohit Kumar, an analyst at investment banking firm Jefferies, wrote in a note quoted by Bloomberg.

Nov. 30 looked set to be the key trading day of the week, with Bitcoin’s monthly close accompanied by a speech from Jerome Powell, Chair of the United States Federal Reserve.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.


Dominica works with Huobi for digital identity program

The Commonwealth of Dominica has launched a digital identity program and national token in partnership with Huobi.

Cryptocurrency exchange Huobi has partnered with the Commonwealth of Dominica to roll out a digital identity and national token service that promises digital citizenship of the West Indian island nation.

Not to be confused with the nearby, larger Dominican Republic, Dominica is home to some 72,000 people and is situated in the middle of the Lesser Antilles archipelago. The government is looking to explore metaverse and Web3 technology to drive its development and attract talent from the cryptocurrency and blockchain ecosystem.

The island nation is one of the first Caribbean countries to adopt a Citizenship by Investment program. Dominica passports allow access to over 130 countries around the world, including mainland China, Hong Kong, the European Union, Switzerland, the United Kingdom, and Singapore.

Dominica’s government will partner with Huobi to issue Dominica Coin (DMC) and digital identity documents (DID) with DMC holders set to be granted digital citizenship in the country. DMC and DID will run on the TRON network and be issued on Huobi Prime and will serve as credentials for a future Dominica-based metaverse platform.

Related: The Caribbean is pioneering CBDCs with mixed results amid banking difficulties

DMC tokens will be cross-chain compatible with the Ethereum and BNB Smart Chain through the BitTorrent Chain bridge. Huobi Prime registered users are eligible for the airdrop of DMC and Dominica DIDs.

The primary use case for Dominica DIDs include KYC verification on cryptocurrency exchanges, opening bank accounts in Dominica as well as applying for loans and registering digital enterprises.

Huobi unveiled plans to relocate its headquarters from the Seychelles to the Caribbean in November 2022, citing the region’s cryptocurrency-friendly stance. Dominica also adopted the The Eastern Caribbean Central Bank (ECCB) CBDC program in December 2021


Non-whale Bitcoin investors break new BTC accumulation record

Bitcoin addresses holding up to 10 BTC have been accumulating record amounts of BTC in the aftermath of the FTX collapse.

Some non-whale Bitcoin (BTC) investors seem to have had zero issues with the cryptocurrency bear market as well as fear, uncertainty and doubt (FUD) around the fall of FTX, on-chain data suggests.

Smaller retail investors have turned increasingly bullish on Bitcoin and started accumulating more BTC despite the ongoing market crisis, according to a report released by the blockchain intelligence platform Glassnode on Nov. 27.

According to the data, there are at least two types of retail Bitcoin investors that have been accumulating the record amount of BTC following the collapse of FTX.

The first type of investors — classified as shrimps — defines entities or investors that hold less than 1 Bitcoin, $16,500 at the time of writing, while the second type — crabs — are a category of addresses holding up to 10 BTC, $165,000 at the time of writing.

“Shrimp” investors have reportedly added 96,200 BTC ($1,6 billion) to their portfolios following the FTX crash in early November, which is an “all-time high balance increase.” This type of investor collectively holds 1.21 million BTC, or $20 billion at the time of writing, which is equivalent to 6.3% of the current circulating supply of 19.2 million coins, according to Glassnode.

In the meantime, “crabs” have bought about 191,600 BTC, or $3.1 billion, over the past 30 days, which is also a “convincing all-time-high,” the analysts said. According to the data, the new milestone has broken a previous high of BTC accumulation recorded by crabs in July 2022 at the peak of 126,000 BTC, or $2 billion, bought per month.

Bitcoin net position change for addresses holding up to 10 BTC. Source: Glassnode

While crabs and shrimps have been accumulating record amounts of Bitcoin, large Bitcoin investors have been selling. According to Glassnode, Bitcoin whales have released about 6,500 BTC, or $107 million, to exchanges over the past month, which remains a very small portion of their total holdings of 6.3 million BTC, $104 billion.

The behavior of shrimps and crabs seems to be interesting given the latest industry events, with Sam Bankman-Fried’s crypto exchange becoming a subject of a massive industry scandal involving alleged fraud and funds misappropriation.

On the other hand, some big Bitcoin investors have claimed to keep being bullish on Bitcoin despite the ongoing crisis, with the government of El Salvador starting purchasing BTC on a daily basis, starting from Nov.17. Twitter CEO Elon Musk also expressed confidence that Bitcoin “will make it” despite the current industry issues, but there might be a “long crypto winter,” he said.

Related: Exchange outflows hit historic highs as Bitcoin investors self-custody

In the aftermath of the fall of FTX, Bitcoin immediately lost about $6,000 of its value, plummeting from around $21,000 below $16,000 in mid-November. The cryptocurrency has been slightly recovering over the past few weeks, edging up to no higher than $17,000.

At the time of writing, BTC is trading at $16,500, or up around 1.7% over the past 24 hours, according to data from CoinGecko.


National Bank of Ukraine releases draft concept for digital hryvnia

One of the design options for the Ukrainian CBDC describes the e-hryvnia available for usage in crypto exchange operations.

The National Bank of Ukraine (NBU) has introduced a draft concept for its central bank digital currency (CBDC) candidate digital hryvnia, or e-hryvnia.

Ukraine’s central bank on Nov. 28 released a statement on the concept of e-hryvnia, which aims to perform all the functions of money by supplementing cash and non-cash forms of the hryvnia as its key purpose.

The NBU said it has presented the e-hryvnia concept and continues developing the CBDC project with participants of the virtual assets market, payment firms and state bodies.

According to the announcement, the central bank is currently considering and developing three possible CBDC options, depending on design and main characteristics.

The first option describes the e-hryvnia for retail non-cash payments with the possible functionality of “programmed” money through smart contracts. A retail e-hryvnia would enable the implementation of targeted social payments and the reduction of government expenditures on administration, the NBU said.

The second CBDC option envisions the e-hryvnia available for usage in operations related to cryptocurrency exchange, issuance and other virtual asset operations. “The e-hryvnia can become one of the key elements of quality infrastructure development for the virtual assets market in Ukraine,” the announcement notes.

The third option includes the e-hryvnia to enable cross-border payments in order to provide faster, cheaper and more transparent global transactions.

“The development and implementation of the e-hryvnia can be the next step in the evolution of the payment infrastructure of Ukraine,” Oleksii Shaban, director of NBU payment systems and innovative development department, said in the statement. He added that a Ukrainian CBDC could have a positive impact on ensuring economic security and strengthening the monetary sovereignty of the state, as well as e sustainable economic growth.

Related: Russia aims to use CBDC for international settlements with China

According to the announcement, the Ukrainian Intellectual Property Institute registered the trademark “e-hryvnia” for the NBU in October 2022.

As previously reported, the NBU has been actively studying the possibility of issuing a CBDC in recent years, hiring blockchain developers and cooperating with major industry projects like the Stellar Development Foundation.

According to the regulator, the NBU launched a pilot project ​to issue the e-hryvnia for blockchain-based retail payments back in 2018.


First US State where you can no longer mine crypto: Law Decoded, Nov. 21-28

New York governor Kathy Hochul signed the moratorium, prohibiting any new mining operations that aren’t based on 100% renewable energy.

The state of New York became the first one in the United States to impose a moratorium on proof-of-work (PoW) mining, albeit only for two years. Last week, New York governor Kathy Hochul signed the moratorium into a bill, prohibiting any new mining operations that aren’t based on 100% renewable energy. The renewal of licenses would also be frozen. In eight months, the anti-mining bill made its way from the first passing through the state Assembly to the governor’s pen. 

The statewide development seems unlucky for New York City mayor Eric Adams, who is focused on making the city a crypto hub. Commenting on the moratorium’s signing into law, Adams sounded more peaceful than he was in June when he promised to ask the governor of the state to veto the document. This time Adams pledged to work with the legislators “who are in support and those who have concerns” and come “to a great meeting place.”

At the end of the day, the state of New York remains perhaps the least welcoming place for crypto due to its regulatory regime: Not only do the miners have to get a fully renewable power source now, but the trading platforms are struggling since the hard-to-get BitLicense introduction in 2015. However, some officials believe the national crypto laws should look more like New York’s.

US senators urge Fidelity to reconsider its Bitcoin offerings

United States senators Elizabeth Warren, Tina Smith and Richard Durbin have renewed their calls for Fidelity Investments to reconsider offering a Bitcoin (BTC)-linked 401(k) retirement product. In a letter addressed to Fidelity Investments CEO Abigail Johnson, the three senators said the recent fall of FTX is more reason than any for the $4.5 trillion asset management firm to reconsider its Bitcoin offering to retirement savers. 

The senators also added that “charismatic wunderkinds, opportunistic fraudsters, and self-proclaimed investment advisors” have played a huge role in manipulating the price of Bitcoin, which in turn has impacted 401(k) retirement savings holders who have invested in Fidelity’s Bitcoin product.

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The Reserve Bank of India to launch a retail CBDC pilot in December

The Reserve Bank of India (RBI) is in the final stage of preparing the rollout of the retail digital rupee pilot. Each bank participating in the trial will test the central bank digital currency (CBDC) among 10,000 to 50,000 users. To integrate the new payment option, the banks will collaborate with PayNearby and Bankit platforms. 

The CBDC infrastructure will be held by the National Payments Corporation of India (NPCI). Reportedly, at some point, the pilot is going to include all the commercial banks in the country. Earlier the RBI launched the wholesale segment pilot for the digital rupee, with the main use case being the settlement of secondary market transactions in government securities.

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Tornado Cash developer to stay detained until next year’s hearing

A Dutch court hearing ruled that the Tornado Cash developer Alexey Pertsev would be held for another three months as the investigation continues. The prosecution outlined a broad overview of its investigation, painting Pertsev as a central figure in Tornado Cash’s operation before Advocate WK Cheng delivered his first defensive argument. The advocate confirmed that the first session has been postponed to Feb. 20, 2023, and reiterated his belief that the state had presented a one-sided interpretation of Pertsev’s involvement with Tornado Cash. 

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Turkey seizes FTX assets amid the ongoing investigation

Turkey’s Financial Crimes Investigation Board (MASAK) has seized assets belonging to Sam Bankman-Fried after launching an investigation into FTX’s affairs in the country. The Turkish investigatory body found that FTX TR failed to safely store user funds, embezzled customer funds through shady transactions, and manipulated supply and demand in the market by having customers buy and sell listed cryptocurrencies that were not backed by actual cryptocurrency holdings.

As a result of these findings, MASAK seized Bankman-Fried’s and affiliates’ assets after finding strong “criminal suspicion” on the above-mentioned points. A LinkedIn post from FTX TR noted that the exchange had over 110,000 users and processed an average monthly transaction volume of $500 million–$600 million since the launch of its mobile application earlier in 2022.

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