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FTX Lawyers Challenge DOJ’s Motion to Appoint Examiner

• FTX lawyers have filed an objection to the US Trustee’s motion to appoint an independent examiner in the FTX bankruptcy case.
• The lawyers argue that the cost of an independent examiner would be too expensive and would not provide any unique content than what the newly appointed CEO John J. Ray III can provide.
• The Department of Justice is still pushing for an independent probe, citing that it would provide answers to creditors who have lost billions in the FTX scuffle.

The FTX bankruptcy case has been attracting attention from lawmakers, regulatory agencies, and several states ever since its implosion. In early December, the Department of Justice’s U.S. Trustee overseeing the case made a move to appoint an independent examiner to investigate the matter further.

However, FTX lawyers have objected to the motion, citing cost inefficiency. According to them, an independent examiner could cost the bankrupt company up to $100 million and would not provide any unique content than what the newly appointed CEO John J. Ray III can provide. In a recent hearing, the lawyers implied that the cost would not provide any necessary answers to creditors who have lost billions in the FTX scuffle.

The FTX lawyers also argued that the Task Force members are already cooperating well and that the costs of an examiner could be wasteful to the estate. They also noted that the lawyers are billing $2165 an hour, making the argument that an Examiner’s costs would be even more costly.

Despite the objections from the FTX lawyers, the Department of Justice is still pushing for an independent probe. They believe that the investigation would provide answers to creditors who have lost billions in the FTX scuffle. It remains to be seen how this legal battle will play out and whether or not an independent examiner will be appointed.

Shiba INU (SHIB) Price Rising Despite Crypto Turbulence – Bulls in Control

• Shiba INU (SHIB) prices have been rising despite the crypto space being volatile with a lot of disturbance.
• Despite whales dumping Shiba INU, the price continues to show enough strength and is likely to go long.
• The SHIB prices rose to highs fueled by the Shibarium network update and was also the most-held token by the top 100 Ethereum whales.

The crypto markets have been volatile lately, with Bitcoin’s price oscillating between $20,000 and $21,000, and the entire space being rattled with various disturbances. However, amidst all the turbulence, Shiba INU (SHIB) price has been climbing towards the north and continues to display enough strength and high probability to go long very soon.

The SHIB prices first rose to highs fueled by the Shibarium network update. This update enabled users to purchase goods and services with SHIB, lending credibility to the currency. Moreover, SHIB was also the most-held token by the top 100 Ethereum whales, which further boosting the prices. This was followed by a huge whale transaction which saw more than 443 billion tokens worth $5.1 million being sold in a single transaction. Although this had an impact on the SHIB prices, the bulls appear to carry enough strength to hold the selling pressure.

The Shiba INU price continues to hover within the ascending channels and remains above the gained levels of around $0.000011 despite millions of tokens being dumped by the whales. This is a clear indication that the buyers are still in control of the market and there could be more upside potential in the days to come.

In conclusion, Shiba INU seems to be on a steady climb despite the crypto market going through a lot of turbulence. The SHIB price has shown enough strength and is likely to go long very soon, given the current market conditions. Moreover, the Shibarium network update and the fact that SHIB is the most-held token by the top 100 Ethereum whales have lent a lot of credibility to the currency. Therefore, those looking to invest in SHIB can do so with confidence.

SEC Charges Genesis and Gemini for Unlawful Cryptocurrency Lending Program

• The U.S. Securities and Exchange Commission (SEC) has charged Genesis Global Capital LLC and Gemini Trust Company LLC for unlawfully offering securities to a large number of investors through their cryptocurrency lending program.
• These companies started providing the Gemini Earn program to individual investors, in which investors would transfer their cryptocurrency assets to Genesis, with Gemini acting as a facilitator for the transaction.
• The SEC’s complaint states that the Gemini Earn program is viewed as an offering and sale of securities under relevant laws and it should have been registered with the Commission, therefore Gemini and Genesis broke securities laws by offering and selling cryptocurrency assets through the Gemini Earn program bypassing disclosure regulations established to safeguard investors.

The U.S. Securities and Exchange Commission (SEC) has filed charges against Genesis Global Capital LLC and Gemini Trust Company LLC for unlawfully offering securities to a large number of investors through their cryptocurrency lending program. The SEC’s complaint alleges that Genesis and Gemini violated securities laws when they started providing the Gemini Earn program to individual investors without registering the offering with the Commission.

In December 2020, Genesis (a subsidiary of Digital Currency Group) and Gemini entered into an agreement to offer Gemini clients the opportunity to lend their cryptocurrency assets to Genesis in return for interest. Starting in February 2021, Gemini and Genesis started providing the Gemini Earn program to individual investors, which would allow investors to transfer their cryptocurrency assets to Genesis, with Gemini acting as a facilitator for the transaction. Gemini deducted a fee, at times as high as 4.29 percent, from the returns Genesis paid to Gemini Earn investors.

The SEC’s complaint states that the Gemini Earn program is viewed as an offering and sale of securities under relevant laws and it should have been registered with the Commission. By providing the Gemini Earn program to investors without registering the offering, Gemini and Genesis were bypassing disclosure regulations that were established to safeguard investors.

In November 2022, Genesis informed its investors that due to market volatility, the company was suspending payments and suspending the Gemini Earn program. The SEC alleges that Genesis and Gemini failed to provide adequate disclosure to their investors about the risks associated with their investment, such as the risk of market volatility and changes in the value of the cryptocurrency assets.

The SEC seeks to impose a financial penalty against Genesis and Gemini and also to prohibit them from offering securities without complying with the federal securities laws. The SEC also seeks to enjoin Genesis and Gemini from future violations of the federal securities laws.

It is important for investors to be aware of the risks associated with investing in cryptocurrency and to be aware of the laws that regulate the offering and sale of securities. By ensuring that companies comply with the disclosure regulations established to protect investors, the SEC is helping to ensure that investors have access to the information they need to make informed decisions.

Cardano Prices Soar Above $0.3 as Bullish Breakout Occurs

• Cardano prices have been inflated ever since the beginning of the yearly trade and hence believed to maintain the flow towards the north for another few weeks ahead.
• Crypto prices today have been largely bullish with most of the tokens marking significant gains. Alongside, Cardano’s price also gained levels beyond $0.3 amid the bullish breakout that occurred during the past few days.
• The next price target for the price of Cardano could be around the 4th resistance that collides around the levels of $0.38.

Cryptocurrency prices have been largely bullish in the past few days, with most tokens experiencing a significant surge in value. Cardano (ADA) is no exception, with its price having recently broken through the $0.3 mark. This bullish breakout is set to be an important development for the token, as it could potentially pave the way for a 2021-like bull rally.

The ADA price has seen a clear breakout in the short-term trade setup, and is now testing new support levels which reside on 0.5 FIB levels. Additionally, the price is forming a cup & handle pattern, which suggests a potential bullish breakout. The next price target for the Cardano token could be around the 4th resistance level of $0.38. However, the bears may pose a strong resistance at these levels, which could lead to a significant drop.

In order to gauge whether Cardano is set to experience another bull rally or not, it is important to look at the historical performance of the token. Cardano prices have been steadily increasing ever since the start of the year, which could be a sign that the token is set to maintain its northward trend for the next few weeks.

Furthermore, the recent bullish breakout may be indicative of the token’s ability to break through resistance levels and achieve new highs. This could be a sign that Cardano could be gearing up for another bull run, similar to the one experienced in 2021.

Despite the bullish outlook for the token, it is important to keep in mind that the cryptocurrency markets are highly volatile and subject to sudden changes in direction. Therefore, investors should exercise caution when investing in Cardano, and monitor the price movements of the token closely.