Aptos, a leading provider of retail solutions, announced that it has successfully restored its network services after a five-hour disruption that affected some of its customers. The company said that the outage was caused by a hardware failure in one of its data centers, and that it has taken steps to prevent similar incidents in the future. Aptos apologized for any inconvenience caused by the network issues and thanked its customers for their patience and understanding.
Bandai Namco has announced that it will temporarily suspend the downloads of its new mobile game, Gundam Metaverse, due to technical issues. The game, which was launched on October 25, is a social VR platform that allows players to create and customize their own Gundam robots and interact with other fans. However, some users reported problems with logging in, loading scenes, and accessing features.
Bandai Namco apologized for the inconvenience and said it is working to fix the issues as soon as possible. The company did not specify when the downloads will resume but assured that players who have already downloaded the game can continue to play it normally.
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The New York Attorney General (NYAG) has filed a complaint against Gemini Trust Company, Genesis Global Trading, Digital Currency Group, Michael Moro and Barry Silbert for allegedly violating the state’s securities laws with their Earn product. The Earn product allows customers to lend their cryptocurrency holdings to Genesis in exchange for interest payments.
The NYAG claims that the defendants failed to register the Earn product as a security offering and misled investors about the risks and returns of the product. The NYAG seeks to stop the defendants from offering the Earn product in New York and to impose civil penalties and restitution.
Paolo Ardoino, the chief technology officer of Bitfinex and Tether, has expressed his enthusiasm for RGB, a protocol that enables the issuance of tokens on the Bitcoin network. In a recent interview, Ardoino said that RGB is the “best opportunity” to create stablecoins on Bitcoin, as it preserves the security and decentralization of the underlying blockchain.
He also revealed that Bitfinex and Tether are working on integrating RGB into their platforms, and that they plan to launch USDT, the largest stablecoin by market capitalization, on RGB in the near future. Ardoino believes that stablecoins on Bitcoin will have many advantages, such as lower fees, faster transactions, and interoperability with other RGB-based tokens and applications.
SynFutures, a decentralized exchange (DEX) for trading derivatives, has announced that it has raised $22 million in a Series A funding round led by Polychain Capital. The DEX allows users to trade futures, perpetual swaps, and options on any asset, including cryptocurrencies, commodities, and stocks. SynFutures aims to provide a more transparent and flexible platform for derivatives trading, as well as lower fees and higher capital efficiency. The DEX is currently in beta and plans to launch its mainnet in the first quarter of 2022.
One of the potential use cases of SynFutures is to enable users to hedge against the volatility of crypto markets. For example, users can short sell Bitcoin futures to protect themselves from a price drop or buy Ethereum options to profit from a price increase. SynFutures also supports cross-margin trading, which means users can use multiple assets as collateral for their positions.
The DEX is powered by its native token, SYN, which is used for governance, liquidity mining, and fee discounts. SynFutures has not yet decided whether to launch its token through an initial DEX offering (IDO) or another mechanism, but it is open to the idea. The DEX plans to use the new funding to expand its team, develop new features, and grow its user base.
A scandal has erupted in the Reddit community after two moderators of popular subreddits allegedly dumped their tokens before the platform announced the end of its blockchain experiment. The program, which allowed users to earn and trade tokens based on their contributions to selected subreddits, was abruptly terminated on October 25, 2023. According to blockchain data, two moderators of r/CryptoCurrency and r/FortNiteBR sold large amounts of their tokens just hours before the announcement, raising suspicions of insider trading and breach of trust.
The trial of Sam Bankman-Fried, the founder and CEO of cryptocurrency exchange FTX, is nearing its end as both sides have submitted their proposed jury instructions to the court. Bankman-Fried is accused of violating anti-money laundering laws and conspiring to defraud investors by manipulating the prices of digital assets on his platform. The US prosecutors have asked the judge to instruct the jury that they can find Bankman-Fried guilty if they conclude that he acted with intent to deceive or cheat, or that he knowingly participated in a scheme to do so.
They also want the jury to consider the evidence of Bankman-Fried’s communications with his employees and associates, as well as his control over the operations and transactions of FTX. The defense lawyers, on the other hand, have argued that Bankman-Fried did not have any criminal intent or knowledge of any wrongdoing, and that he acted in good faith and in compliance with the law.
They have requested the judge to instruct the jury that they must acquit Bankman-Fried if they have any reasonable doubt about his guilt, and that they should not infer any guilt from his wealth or success in the cryptocurrency industry. They have also challenged the credibility and reliability of some of the government’s witnesses and evidence.
FDIC needs to do more to prepare for Crypto Risks amid SEC’s agency staff ‘doing work’ on multiple Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) is actively reviewing several applications for bitcoin exchange-traded funds (ETFs), according to the agency’s chairman Gary Gensler. In a recent interview with CNBC, Gensler said that the SEC staff is “doing work” on multiple bitcoin ETF filings, some of which are seeking approval under the Investment Company Act of 1940. He added that the SEC is also looking at other types of crypto-related products, such as futures-based ETFs and mutual funds.
Bitcoin ETFs are seen as a potential catalyst for more institutional and retail adoption of the leading cryptocurrency, as they would provide a regulated and convenient way for investors to gain exposure to bitcoin without having to buy and store it directly. However, the SEC has so far rejected or delayed every bitcoin ETF proposal that has come before it, citing concerns over market manipulation, fraud, and investor protection.
Gensler, who took office in April 2021 has expressed interest in facilitating innovation in the crypto space, but also emphasized the need for more regulation and oversight. He has repeatedly called on Congress to grant the SEC more authority and resources to regulate crypto exchanges, platforms, and products. He has also suggested that some crypto assets, especially those that are centrally issued or controlled, may fall under the SEC’s jurisdiction as securities.
While Gensler did not give a timeline or a hint on whether the SEC will approve any bitcoin ETFs in the near future, he said that he hopes to provide more clarity and guidance for the crypto industry as soon as possible. He also urged investors to be cautious and do their homework before investing in any crypto-related products or services.
The Federal Deposit Insurance Corporation (FDIC) is the agency that protects depositors from bank failures in the US. However, a recent report by its own inspector general has found that the FDIC is not adequately prepared to deal with the potential risks posed by cryptocurrencies and other digital assets.
The report, which was released on October 25, 2023, identified several areas where the FDIC needs to improve its readiness and response to crypto-related issues. These include:
Developing a clear and consistent definition of crypto assets and their regulatory status. Enhancing its supervision and examination of banks that are involved in crypto activities or offer crypto services to customers. Establishing a dedicated team of experts and coordinators to monitor and analyze crypto trends and developments. Providing more guidance and training to its staff and stakeholders on crypto risks and best practices. Strengthening its coordination and collaboration with other federal and state regulators, as well as international counterparts
The report also highlighted some of the challenges and opportunities that crypto assets present for the FDIC and the banking industry. For instance, crypto assets could increase financial inclusion, innovation, and efficiency, but they could also pose operational, reputational, legal, and cyber risks for banks and their customers. Moreover, crypto assets could affect the FDIC’s deposit insurance fund, resolution authority, and consumer protection mandate.
The report concluded that the FDIC needs to take proactive steps to address these issues and prepare for the evolving crypto landscape. It recommended that the FDIC develop a comprehensive crypto strategy and action plan, as well as update its policies and procedures accordingly. It also urged the FDIC to allocate sufficient resources and staff to implement its crypto initiatives.
The FDIC has agreed with most of the report’s findings and recommendations and has stated that it is working on enhancing its crypto capabilities and oversight. However, it also noted that some of the recommendations may require legislative or regulatory changes, which are beyond its control. The FDIC has requested more time to provide a detailed response and timeline for its actions.