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Bittrex Faces Massive $1.3B Charge For Skirting Regulations, SEC Alleges

Published

2 months ago

April 18, 2023

The Securities and Exchange Commission (SEC) has charged cryptocurrency trading platform Bittrex, Inc., its co-founder and former CEO William Shihara, and Bittrex’s foreign affiliate, Bittrex Global GmbH, with operating an unregistered national securities exchange, broker, and clearing agency.The SEC alleges that Bittrex earned at least $1.3 billion in revenue from transaction fees between 2017 and 2022 while failing to register any of these activities with the SEC.According to the complaint, Bittrex has facilitated the buying and selling of crypto assets offered and sold as securities since 2014.Also Read: Crypto Lender Amber Group Shifts Focus Towards Institutional Business, May Shut Down Retail OperationsBittrex and Shihara allegedly coordinated with issuers to remove “problematic statements” from public channels that could have led to regulatory scrutiny. These statements included mentions of price predictions, expectations of profit and other “investment-related terms.”SEC chair Gary Gensler says the action against Bittrex highlights the lack of regulatory compliance in the cryptocurrency market. Bittrex and the issuers it worked with were aware of the rules but sought to evade them, he added.Bittrex prioritized profits over investor protection, the SEC claims, calling it a warning to other non-compliant crypto market intermediaries.The SEC’s complaint, filed in the U.S. District Court for the Western District of Washington, alleges that Bittrex and Bittrex Global should have registered as an exchange as they used a shared order book to match orders for securities.Bittrex should have also registered as a broker to complete transactions as well as a clearing agency due to its intermediary role in making payments and deliveries, as well as maintaining custody of customer assets.Next: Bitcoin Skyrocketed To $30,000 Earlier This Week — Here’s What Experts Predict Could Happen Next

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CryptoPunk #7026 Sold For 99 ETH

Published

2 months ago

April 18, 2023

CryptoPunks are a generative art collection, and one of the first ever applications of NFTs for digital art. There are only 10,000 Punks in existence, and some of them are thought to be lost forever. What happened: CryptoPunk #7026 just sold for 99.00 ETH ETH/USD ($206,315 USD). The value of CryptoPunks is typically determined by Punk’s attributes, with the hoodie, beanie, and pilot helmet traits being the most coveted. Other species of Punks (Zombies, Apes and Aliens) are incredibly rare and also sell for a premium.Here are a list of its attributes and how many other Punks have the same trait:
Accessory: Earring (2,459)
Accessory: Mustache (288)
Type: Male (6,039)
Accessory: Cowboy Hat (142)
Accessory: 3 Attributes (4,122)
Why it Matters: Cryptopunks are the ultimate rookie card for NFT collectors. CryptoPunks have earned huge influence in 2021, with dozens of Celebrities proudly showing off their punk ownership on Twitter. Cryptopunk sales are a leading indicator for the rest of the NFT market, and go to show that some are willing to spend serious coin on blockchain based art.Price Action: Ethereum is currently trading at $2,084.11, down 1.6% over the past 24 hours.See Also: NFT Release Calendar and Best NFT Projects of 2021Data provided by OpenSea.Checkout the full cryptopunk collectionYou can learn more about this NFT here.This article was generated by Benzinga’s automated content engine and reviewed by an editor.

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Cardano Down More Than 3% Within 24 hours

Published

2 months ago

April 18, 2023

Cardano’s ADA/USD price has decreased 3.15% over the past 24 hours to $0.44. This is contrary to the coins performance over the past week where it has experienced an up-trend of 11.0%, moving from $0.39 to its current price.The chart below compares the price movement and volatility for Cardano over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.The trading volume for the coin has climbed 104.0% over the past week, moving opposite, directionally, with the overall circulating supply of the coin, which has decreased 0.04%. This brings the circulating supply to 35.05 billion, which makes up an estimated 77.88% of its max supply of 45.00 billion. According to our data, the current market cap ranking for ADA is #7 at $15.33 billion.Powered by CoinGecko APIThis article was generated by Benzinga’s automated content engine and reviewed by an editor.© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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CryptoPunk NFT Sold For 53 ETH

Published

2 months ago

April 18, 2023

CryptoPunks are a generative art collection, and one of the first ever applications of NFTs for digital art. There are only 10,000 Punks in existence, and some of them are thought to be lost forever. What happened: CryptoPunk #9174 just sold for 53.10 ETH ETH/USD ($110,659 USD). The value of CryptoPunks is typically determined by Punk’s attributes, with the hoodie, beanie, and pilot helmet traits being the most coveted. Other species of Punks (Zombies, Apes and Aliens) are incredibly rare and also sell for a premium.Here are a list of its attributes and how many other Punks have the same trait:
Accessory: 2 Attributes (3,279)
Accessory: Stringy Hair (463)
Type: Male (6,039)
Accessory: Front Beard Dark (260)
Why it Matters: Cryptopunks are the ultimate rookie card for NFT collectors. CryptoPunks have earned huge influence in 2021, with dozens of Celebrities proudly showing off their punk ownership on Twitter. Cryptopunk sales are a leading indicator for the rest of the NFT market, and go to show that some are willing to spend serious coin on blockchain based art.Price Action: Ethereum is currently trading at $2,084.11, down 1.6% over the past 24 hours.See Also: NFT Release Calendar and Best NFT Projects of 2021Data provided by OpenSea.Checkout the full cryptopunk collectionYou can learn more about this NFT here.This article was generated by Benzinga’s automated content engine and reviewed by an editor.