๐บ๐ธ Crypto exchange Gemini to pay $50 million in settlement with NY attorney general's office
Crypto exchange Gemini agreed to pay $50 million worth of digital assets to Gemini Earn investors as part of a settlement announced by the New York Attorney General on Friday. The settlement comes after NYAG Letitia James said Gemini "misled thousands of investors," including New Yorkers, on risks tied to the Gemini Earn program. Gemini Earn allowed Gemini customers to loan their crypto to now-bankrupt Genesis Global Capital, LLC, and earn up to 7.4 percent APY.
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Crypto exchange Gemini agreed to pay $50 million worth of digital assets to Gemini Earn investors as part of a settlement announced by the New York Attorney General on Friday. The settlement comes after NYAG Letitia James said Gemini "misled thousands of investors," including New Yorkers, on risks tied to the Gemini Earn program. Gemini Earn allowed Gemini customers to loan their crypto to now-bankrupt Genesis Global Capital, LLC, and earn up to 7.4 percent APY.
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NiceHash, a leading Bitcoin hashing power marketplace, has partnered with Marathon Digital Holdings to introduce new custom firmware for ASIC miners on its platform. The new product, NiceHash Firmware, will leverage Marathonโs technology to enhance the efficiency and revenue of Bitcoin miners using ASIC devices. Miners who adopt this firmware will benefit from a low fee of 2%, which drops to 1.4% if they use NiceHash as their primary mining pool.
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KuCoin exchangeโs research arm released a report on cryptocurrency performance in May, noting $1 billion in new investments โ a slight decrease from April. Earlier this week, KuCoin Research published a report indicating that in May alone, the crypto realm saw a public disclosure of about 156 investments. The total amounts invested in the 156 projects summed up to about $1.02 billion.
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Fred Thiel, CEO of Marathon Digital Holdings, shared his insights on several critical aspects of the Bitcoin landscape, focusing on transaction fees, hash rate resilience, and global expansion initiatives. Thiel highlighted the conditions of Bitcoin transaction fees, noting that large payloads requiring prioritization drive higher fees. He emphasized that transaction volume in the mempool is the primary driver, with various value-added services built on top of base transaction fees.
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Publically traded Bitcoin mining companies in the US briefly reached a combined market cap of $22.8 billion on June 15 amid a surge in their stock price during June. According to a recent analysis by JP Morgan, the growth is driven by an increase in network hashrate share and diversification into artificial intelligence (AI) data center ventures.
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Prospective spot Ethereum ETF issuers received comments from the SEC last week regarding their S-1 forms with a deadline of this Friday to get them turned around, according to two sources. While the issuers saw their 19b-4 forms approved in May, they still need the S-1 forms to become effective before trading can begin โ a process with no strict deadline. These forms are currently being reworked and sent back to the SEC for further comments before being reworked again until theyโre ready.
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Bitwise Investments, a prominent cryptocurrency asset management firm that offers diverse investment products and services focused on digital assets, has updated its ether-based exchange-traded fund (ETF) S-1 filing with the U.S. Securities and Exchange Commission (SEC), revealing $2.5 million in seed investment interest.
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๐ฉ๐ช German Government Agency Moves $425M Bitcoin, Some to Crypto Exchanges
A German government agency today moved $425 million in bitcoin (BTC) to another wallet address, Arkham data appears to show, sending some on to crypto exchange deposit wallets and returning some to the starting point. The wallet address, previously identified as belonging to the German Federal Criminal Police Office (BKA) by Arkham, moved 6,500 BTC to the address โbc1q0unygz3ddt8x0v33s6ztxkrnw0s0tl7zk4yxwdโ and then back to itself.
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A German government agency today moved $425 million in bitcoin (BTC) to another wallet address, Arkham data appears to show, sending some on to crypto exchange deposit wallets and returning some to the starting point. The wallet address, previously identified as belonging to the German Federal Criminal Police Office (BKA) by Arkham, moved 6,500 BTC to the address โbc1q0unygz3ddt8x0v33s6ztxkrnw0s0tl7zk4yxwdโ and then back to itself.
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Institutional investors are using spot bitcoin exchange-traded funds (ETFs) and the CME bitcoin futures market for basis trades, causing a sharp increase in open interest. "Spot bitcoin ETFs have contributed to an 80% increase in open interest on the CME bitcoin futures market year-to-date," CF Benchmarks lead research analyst Gabriel Selby told The Block.
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Firms fighting for a foothold in the Ethereum exchange-traded fund market submitted their amended registration statements in the last hours of the workweek. These filings furnished further details on seed investments and fees as they await the Securities and Exchange Commission's final sign-off. BlackRock, VanEck, Franklin Templeton, Grayscale Investments, Invesco Galaxy and 21Shares filed those amended statements Friday afternoon. So far, two of the issuers have disclosed fees.
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U.S. lawmakers in recent weeks have called attention to the Nigerian government's treatment of detained Binance executive Tigran Gambaryan, who's been held by the African country since February on charges of money laundering and tax evasion. The Nigerian government, through a statement posted to the X account of its Minister of Information and National Orientation, Mohammed Idris, has called the allegations of poor healthcare "false," asserting that Gambaryan "...has access to quality medical care whenever required" along with consular services from his home government of the United States.
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๐ฌ๐ง FCA Cracks Down on Suspects in $1.2B Illegal Crypto Asset Business
Two individuals were detained and questioned by the UK Metropolitan Police and the Financial Conduct Authority (FCA) for allegedly running an illegal cryptocurrency operation exceeding 1 billion British pounds ($1.2 billion) in the region. According to the Financial Conduct Authority (FCA), a substantial amount of crypto assets has flowed through this cryptoasset business. The FCA emphasized key registration requirements for crypto businesses and issued consumer warnings.
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Two individuals were detained and questioned by the UK Metropolitan Police and the Financial Conduct Authority (FCA) for allegedly running an illegal cryptocurrency operation exceeding 1 billion British pounds ($1.2 billion) in the region. According to the Financial Conduct Authority (FCA), a substantial amount of crypto assets has flowed through this cryptoasset business. The FCA emphasized key registration requirements for crypto businesses and issued consumer warnings.
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๐บ๐ธ Blockchain advocacy group raises privacy concerns over IRS crypto tax form
The Chamber of Digital Commerce, a leading trade association in the blockchain industry, has submitted its feedback on the United States Internal Revenue Serviceโs (IRS) proposed Form 1099-DA, which is intended for reporting digital asset transactions. The chamberโs detailed response highlights the need to simplify the form, making it more straightforward for brokers dealing with digital assets such as cryptocurrencies to use.
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The Chamber of Digital Commerce, a leading trade association in the blockchain industry, has submitted its feedback on the United States Internal Revenue Serviceโs (IRS) proposed Form 1099-DA, which is intended for reporting digital asset transactions. The chamberโs detailed response highlights the need to simplify the form, making it more straightforward for brokers dealing with digital assets such as cryptocurrencies to use.
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Metaplanet announced plans to issue 1 billion yen ($6.26 million) in bonds to fund additional Bitcoin purchases, according to a June 24 notice. Following the news, Metaplanet shares surged 12% to 96 yen ($0.60), continuing an uptrend that has seen it gain over 500% this year, according to Google Finance data. The companyโs board has approved the decision, and the Bitcoin is intended for long-term holding.
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๐จ๐จ JUST IN: ๐ช๐ธ Barcelona to ban AirBNB and other apartment rentals for tourism by 2028, citing soaring housing costs for residents.
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