Former Bithumb Chairman Tried Innocent In First Trial
🏦 Former Bithumb Chairman Tried Innocent In First Trial Of Scam Of $70 Million

Lee
Jung-hoon, Former Bithumb Chairman tried Innocent in the first trial for the $70 million fraud, according to Korean media. Foreign investors like JP Morgan will likely push to repurchase Bithumb after removing the complicated governance factor and owner’s risk.

Previously, in October 2018, former Chairman Lee suggested that BK Medical Group Chairman Kim Byeong-gun take over Bithumb and co-manage, issue the so-called “Bithumb BXA Coin”, and deceive that it will be listed on Bithumb and receive about $100 million as a prepayment (at the exchange rate at the time. In July 2021, he was prosecuted without detention by the prosecutor’s office with the crime of stealing about 110 billion won).

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@CryptoWorldAnalysis
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Leverage Trading Protocol gTrade Is Now Live On
📣 Leverage Trading Protocol gTrade Is Now Live On Arbitrum

gTrade
, a decentralized synthetic leverage trading protocol for cryptocurrencies, foreign exchange and stocks launched by Gains Network, has been launched on Arbitrum. Users can deposit DAI to provide liquidity to generate income or use it for contract activities.

Users can use DAI for contract transactions or choose to deposit DAI to provide liquidity to obtain income. According to Gains Network, gTrade is a “decentralized leveraged trading platform” that’s “liquidity-efficient, powerful, and user-friendly.” The characteristic that sets it apart is its “synthetic architecture.”.In terms of leverage, it offers an incomparable product: 50x on stocks, 150x for cryptocurrencies.

Source

@CryptoWorldAnalysis
Crypto exchanges finish 2022 with the lowest volumes
📉 Crypto exchanges finish 2022 with the lowest volumes in two years

Crypto
exchange trading volumes finished off 2022 at the lowest level in two years, according to The Block's Data Dashboard. Cryptocurrency prices fell considerably in 2022, with Bitcoin trading around $16,000 in December compared to $47,000 in January of this year.

The implosion of crypto exchange FTX, which filed for Chapter 11 bankruptcy protection on Nov. 11, underpinned the nearly 50% decrease in crypto exchange volumes. FTX's token FTT crashed 96% following the bankruptcy filing and now trades at $0.84, according to crypto price tracker CoinMarketCap. A 47.6% decrease compared to November of this year.

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@CryptoWorldAnalysis
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Bahamas Security Commission told SBF to surrender $300
🇧🇸 Bahamas Security Commission told SBF to surrender $300 million

FTX
and its associated debtors said on Dec. 30 that nearly $300 million seized by the Bahamas’ main securities regulator was transferred without approval. Though those assets were worth $296 million in November, their value is now just $167 million.

FTX and its associated debtors say that their accusation is based on available evidence and assert that the SCB “acknowledged that it orchestrated these transfers.” The SCB’s announcement yesterday, however, did not allude to FTX’s claims. FTX insists that Bankman-Fried, Wang, and the Bahamas Securities Commission had no right to take control of the assets in question.

Source

@CryptoWorldAnalysis
BITDAO’s bit token rises 20% ahead of $100
📈 BITDAO’s bit token rises 20% ahead of $100 million buyback

The
price of BitDAO’s bit token jumped more than 20% in less than 24 hours ahead of the expected approval of a $100 million buyback plan. The buybacks are slated to begin on Jan 1., and the DAO will purchase bit at $2 million in USDT a day for 50 days.

The voting distribution for the proposal has already passed the minimum threshold and has 148 million yes votes, with no opposition. Unless something drastic happens prior to the Dec. 30 deadline at 11 p.m. EST, the vote should pass.BitDAO is an investment DAO that has funded various research, development, and grant programs including Mantle and zkSync’s zkDAO, which was allocated $200 million from BitDAO and funds grants for its ecosystem.

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@CryptoWorldAnalysis
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Binance secures 14 licenses grows headcount to 7,500
🟠 Binance secures 14 licenses, grows headcount to 7,500 in 2022

Binance
saw steady growth in 2022, securing 14 licenses and increasing its headcount to 7,500 people representing over 100 nationalities. As of the end of 2022, the exchange serves over 120 million users from all over the world.

Binance also focused on securing regulatory licenses from various countries throughout the year. As of the end of 2022, Binance holds 14 licenses from 14 different countries across the globe, including Abu Dhabi, Dubai, South Africa, France, Italy, Spain, Cyprus, Australia, and New Zealand. Binance will continue to engage with the regulators of these countries to ensure that it meets all local requirements.

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@CryptoWorldAnalysis
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Changpeng Zhao Binance Won’t Go Bankrupt If All
🟠 Changpeng Zhao: Binance Won’t Go Bankrupt If All Users Initiate Withdrawals At The Same Time

The
CEO of Binance, Changpeng Zhao, recently responded to criticisms made by members of the community and mentioned the upcoming 2022.Every cryptocurrency on Binance always has 100% reserves, allowing users to withdraw funds whenever and wherever they wish.

Binance CEO Changpeng Zhao recently responded to community comments and discussed the forthcoming 2022. Changpeng Zhao first said that he is not Satoshi Nakamoto. He revealed that in the previous year, he had visited 33 countries and local regulatory authorities. Changpeng Zhao also stated that Binance will not go bankrupt if all users initiate withdrawals at the same time. Each cryptocurrency on Binance has 100% reserves at all times.

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@CryptoWorldAnalysis
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