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U.S. Government Prepares to Auction $4.4B in Bitcoin Seized from Silk Road
News on the Blockchain
October 08, 2024
@newsontheblockchain, 08/10/2024
Confidence in Knowledge. Providing daily news to make sure you're up to date!
🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 752
Market Cap: $2.17T (0.83% ↓)
24h Volume: $78.7B (32.29% ↑)
Bitcoin Dominance: 56.9%
Ethereum Dominance: 13.5%
ETH Gas Price: 13.57 Gwei
Fear & Greed Index: 41/100 (Neutral)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|
Bitcoin (BTC) | $62,483.67 | +0.57% | $1.23T | $32.59B |
Ethereum (ETH) | $2,431.39 | +0.65% | $292.69B | $15.70B |
Tether (USDT) | $0.9996 | +0.04% | $119.81B | $59.29B |
BNB (BNB) | $573.59 | +0.82% | $81.49B | $1.98B |
Solana (SOL) | $144.17 | +1.58% | $67.65B | $2.34B |
💹 Market Highlights:
Total DeFi Volume: $4.02B (5.11% of total volume)
Stablecoins Volume: $72.09B (91.60% of total volume)
Coin with highest % change: First Neiro On Ethereum $NEIRO (+22.58%)
📈 Preview On Today’s News:
- Potential Shift in US Crypto Regulation if Trump Wins the 2024 Election
- Vietnamese Authorities Dismantle Major Crypto Fraud Ring Operating from Laos
- U.S. Government Prepares to Auction $4.4B in Bitcoin Seized from Silk Road
🔥Heat Map:
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Top 10 News for today:
1)
Potential Shift in US Crypto Regulation if Trump Wins the 2024 Election
If Donald Trump wins the 2024 presidential election, Robinhood's Chief Legal Officer Dan Gallagher is a leading candidate to replace Gary Gensler as the Chairman of the SEC. Gallagher, a former SEC commissioner, is seen as a strong contender due to his pro-crypto stance, regulatory expertise, and alignment with Trump’s goal to ease restrictions on digital assets. Other potential candidates include Chris Giancarlo, a former CFTC Chairman, and current SEC Commissioner Hester Peirce. Gallagher’s appointment could signal a shift towards more favorable cryptocurrency regulations, potentially revitalizing the market. This issue has become a key focus for both Trump and Biden’s campaigns, as crypto regulation becomes a central topic for voters and investors.
Key Point 1: Dan Gallagher, Robinhood’s Chief Legal Officer, is a leading candidate to replace Gary Gensler as SEC Chairman under a potential Trump administration, due to his pro-crypto stance and regulatory background.
Key Point 2: If appointed, Gallagher could promote less restrictive regulations, aligning with Trump’s pro-crypto policies and potentially reshaping the US crypto regulatory landscape.
2)
Vietnamese Authorities Dismantle Major Crypto Fraud Ring Operating from Laos
Vietnamese authorities recently arrested several members of a sophisticated cryptocurrency fraud ring, primarily led by foreign criminals operating within the Golden Triangle Special Economic Zone in Laos. The scam group targeted victims in Vietnam using romance scams and fake cryptocurrency investments. Vietnamese members, including Vi Văn Linh and Kha Văn Úc, were responsible for defrauding individuals of billions of dong through platforms like “Biconomynft.” This crackdown follows similar actions by Australian authorities, who shut down a fraudulent crypto platform called Ghost, seizing $9.3 million in assets and exposing further links to organized crime networks.
Vietnamese Crackdown: Authorities arrested key suspects involved in a crypto fraud ring, seizing billions of dong. Scammers used romance schemes and fake crypto apps to lure victims.
Australian Operation: Australian police dismantled the Ghost platform, seizing $9.3 million in assets and targeting a crime ring linked to large-scale cryptocurrency scams.
3)
Judge Approves FTX Bankruptcy Plan to Repay Customers
U.S. Bankruptcy Judge John Dorsey has approved FTX’s bankruptcy plan to repay its customers in cash plus interest using $16 billion in recovered assets. The plan prioritizes repaying victims of the exchange's collapse and resolves disputes with creditors and U.S. government agencies. FTX will reimburse customers with at least 118% of their account value as of November 2022, with the timeline for payments yet to be announced. Although the resolution is considered a victory for creditors, many customers expressed dissatisfaction due to missing out on recent crypto price rebounds. The plan was funded partly by selling other FTX assets, such as investments in tech companies like Anthropic.
Plan Details: FTX’s bankruptcy plan will repay customers using $16 billion in assets, including cash and interest, while ensuring at least 118% repayment of account values as of November 2022.
Customer Reactions: Despite being a win for creditors, some customers are disappointed, as the approved payouts do not account for recent rises in crypto values.
