Market Update: October 18, 2022

  /  3 minutes read

Following the widespread sell-off in digital assets, Three Arrows Capital (3AC) filed for bankruptcy in July. Currently, the SEC and CFTC are investigating whether the fund deceived investors. When contacted by media via phone and email for comment, the founders, Su Zhu and Kyle Davies, did not immediately respond. Decades’ worth of the fund’s assets have been taken over by liquidators. However, that only represents a small portion of the billions of dollars that creditors, such as the bankrupt cryptocurrency lenders Voyager Digital and Celsius Network, claimed they were due. Teneo, the administrator of 3AC, has requested a US judge’s authorization to deliver subpoenas to Zhu and Davies via their email and Twitter accounts. If Celsius fails to report something, the CFTC is looking into it.

Kunji - Market Today
Source : news.coincu

The Texas State Securities Board is looking into FTX and its leaders, including CEO Sam Bankman-Fried. The state wants FTX’s acquisition of Voyager Digital to include wording that states Voyager is still responsible for any illegal actions that took place after the bankruptcy case was filed but before the sale transaction was finalised. The Texas Securities Board is looking into FTX US, its parent business, FTX Trading, Bankman-Fried, and two other executives. The enforcement director, Joseph Jason Rotunda, claimed he was able to transfer $50 from his bank account to an account he formed with FTX US using his Austin home address.


Kunji - Market today
Source : Coinfomania

Mastercard told CNBC that it would act as a “bridge” between financial institutions and other businesses that provide crypto trading. Mastercard and Paxos, a bitcoin trading platform that PayPal already uses, will be in charge of regulatory compliance and security. According to the chief digital officer of the payments company, 60% of respondents stated they would prefer to test the asset through their present banks. Mastercard previously collaborated on NFTs and other projects with Coinbase to make it possible for banks and merchants in its network to offer services related to cryptocurrency.

Source : CDNDcrypt

Reuters alleges that Binance “swerved scrutiny” from regulators in the UK and U.S. The main thrust of the allegations arises from two supposed incidents in its operating history. For one year, Zoe Wei’s proposal backdated a service agreement that allegedly allowed Binance to exempt itself from registration with the UK’s Financial Conduct Authority for one year. Harry Zhou, a Binance-affiliated entrepreneur, presented a proposal in November 2018 that would allegedly direct enforcement attention to another entity instead of Binance itself

Source : Nairametrics

That’s it for today, see you tomorrow

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