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Last Updated : January 31, 2023 / 09:45 AM IST
Cryptocurrency roundup for January 31: FTX’s Bankruptcy Filing Brings Australian Branch to Administration, FTX Trading Worried About Non-Compliance from Turkish Authorities, and more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day.
Big Story
FTX Under Scrutiny: ASIC Raises Concerns Over Australia Launch
The Australian Securities and Investments Commission (ASIC) raised concerns about FTX’s launch in Australia in March 2022, according to documents released by the regulator on Monday.
> The 56 documents revealed that ASIC had flagged an article by the Australian Financial Review which reported on FTX’s offering of margin loans up to 20 times the investment for buying crypto assets.
> This investigation was previously reported by The Guardian.
> In November 2022, FTX filed for bankruptcy protection in the US, just hours before its Australian branch entered administration, where control was handed over to licensed insolvency practitioners. Following this, the Australian government took steps to enhance the safety of cryptocurrencies.
> FTX owes approximately 30,000 customers either cryptocurrency or money. More here.
Transaction Tax
Floki Inu Community Votes to Burn 4.2 Trillion Tokens and Reduce Transaction Tax
The Floki Inu community recently held a vote on a governance proposal to reduce the transaction tax and burn 4.2 trillion FLOKI tokens.
> The proposal passed with a nearly unanimous 99.97% of the vote in favor of burning the tokens, with only 0.03% opposed.
> As a result, the FLOKI transaction tax will be lowered to 0.3% starting at 8 PM UTC on February 3rd, 2023 and the 4.2 trillion tokens will be destroyed on February 9, 2023 at 8 PM UTC.
> The token burn is estimated to be worth over $100 million, according to CoinGecko data.
> The act of burning tokens reduces the overall supply and increases the value of each token, as long as demand remains stable. Full report here.
Crypto Transactions
China Implements Tax on Crypto Transactions, Tron’s Sun Says It SignalS Increased Embrace of Digital Currencies
China’s implementation of taxes on cryptocurrency transactions signals the country’s increasing embrace of digital currencies, according to Justin Sun, founder of TRON DAO.
> Tax authorities in China have begun imposing a flat 20% tax on cryptocurrency transactions.
> In a series of Twitter threads on Monday, he said this tax policy is viewed as a step towards proper regulation of the growing crypto market in China.
> He added that taxes on crypto transactions is a clear indication that the Chinese government recognizes cryptocurrencies as a legitimate form of wealth and wants to ensure its proper taxation.
> “The tax policy is expected to boost the adoption of cryptocurrencies in the country, as it provides a clear regulatory framework for individuals and businesses,” he stated. Continue here.
Science Funding
A New Era In Science Funding: VitaDAO Raises $4.1M For Longevity Research Projects
Decentralized autonomous organization VitaDAO, that provides funding for longevity science research, has concluded a successful funding round, raising $4.1 million.
> This round attracted a range of investors, including Pfizer’s (NYSE: PFE) venture arm and Shine Capital, L1 Digital, Balaji Srinivasan, among others, an official statement from the company stated.
> This marks Pfizer’s first investment in a decentralized autonomous organization, as the company holds governance tokens and participates in governance proposals through a special purpose vehicle.
> VitaDAO is part of the decentralized science (DeSci) movement, which is seeking to revolutionize the way research is funded and controlled by relying on crowdfunding and decentralized ownership. Full report here.
Celsius Network
Celsius Network’s Controversial Rebranding Plan Sparks Outrage in Crypto Community
Amid the ongoing bankruptcy proceedings, Celsius Network has announced a plan to rebrand as a publicly traded recovery corporation.
> The crypto lender’s lawyers stated that if the plan is approved, creditors with assets above an unspecified threshold would receive the Asset Share Token (AST), which would reflect the value of their assets.
> The token would give holders the right to earn dividends or sell on the open market.
> However, the crypto community has criticized the plan, calling it a potential scam.
> Twitter user Crypto_Tolkien, who has been vocal about the issue, claimed that the reorganization is a scam to steal more funds and issue a worthless token instead of the original cryptocurrencies deposited by users.
> The threshold for releasing the token has not been set, and ongoing discussions with the Unsecured Creditors Committee (UCC) are taking place. Details here.
Crypto Transactions
South Korean Ministry of Justice Takes Steps To Track Crypto Transactions And Combat Money Laundering
The South Korean Ministry of Justice has outlined its plans to fight against money laundering via cryptocurrency in a task report released Thursday.
> The ministry intends to start tracking crypto transactions using third-party software initially to examine transaction history, gather information on transactions, and verify the origin of funds.
> In the latter half of the year, the ministry intends to develop its own monitoring system.
> An agreement was made in October between South Korean police and domestic crypto exchanges such as Upbit, Bithumb, Coinone, Corbit, and Gopax, to collaborate in criminal investigations related to crypto. More here.
NFT Buzz
After Spectacular Gains In January, Bitcoin, Ether And Other Major Cryptos Decline
As the S&P 500 and Nasdaq faced a dip, the crypto market saw a similar trend with most major cryptocurrencies experiencing a drop.
> Bitcoin dipped by 2.1% to $23,220, a drop from its recent highest point in August. Ether also took a hit, down 1.4% to $1,592, and Binance Coin (BNB) experienced a 2.8% decrease.
> Cardano (ADA) and Polygon (MATIC) also saw a drop of 1.2% and over 6% respectively.
> The popularity of dog-themed crypto coins like Dogecoin and Shiba Inu also saw a decline of 3.2% and 2.5% respectively.
> On the other hand, Silvergate’s shares saw a boost of 12% to around $15 on Nasdaq, while most other crypto-related stocks showed a slight decrease.
> Block, Jack Dorsey’s crypto platform, dipped 0.9% to trade at around $83, while MicroStrategy and Coinbase saw a drop of 0.5% and 1.5% respectively.
> Michael Saylor’s MicroStrategy (MSTR) saw a small decrease of 0.1%.
Union Budget expectations | Market Minutes
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