Episode 12

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Published on:

21st Feb 2023

PayPal's Massive Bet, Coinbase vs SEC, Binance's Transfer, Kraken's Settlement, SALT's Comeback, Celsius Lawsuit, Europe's NFT Exhibition, and OPNX Trading Platform - Web 3 With FTC for Tuesday February, 21st, 2023

"Welcome to Web3 with FTC For February 10th by Fintech Confidential, the place where we keep you up-to-date on the latest developments in the world of Web3, Crypto, Blockchain, NFTs, and Fintech.

"Get ready for some fresh and thrilling insights on the crypto and blockchain world right here on Web3 with FTC! No more stale, regurgitated stories. We've got the hottest and newest updates for you."

Top stories for today.

1️⃣ PayPal taps into Crypto Market with $500M Investment in Bitcoin & Ethereum

2️⃣ Coinbase vs the SEC! Who WILL Win?

3️⃣ Binance Transfers $400 Million From U.S Affiliate's Silvergate Bank

4️⃣ SEC shook Kraken down for $30M

5️⃣ DC For Shooting A Messenger Who Warned of Crypto Debacal

6️⃣ SALT Crypto-Lender Bounces Back with a $64.4 Million Funding Splash!

7️⃣ Celsius Failed to Record transactions Worth Billions Prior to Bankruptcy 

8️⃣ Centre Pompidou Puts NFTs on Display in Spectacular First Exhibition

9️⃣ OPNX Bankruptcy Claim Trading Platform

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ABOUT:

Tedd Huff: President & Founder of Diamond D3, a professional services consulting firm focused on global payments and marketing. He is also a video podcast host and producer of Fintech Confidential and Head of Corporate Strategy at Corvia. 

Over the past 24 years, he has contributed to FinTech startups as an Advisory Board Member, Co-Founder, and Chief Experience Officer, providing strategic and tactical direction for Global Payments OpenEdge, Heartland Payments, Nuvei, and TSYS, among others, focusing on growth while delivering innovation, process improvements and user experience-driven value to simplify the complexity of payments.

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Transcript
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Welcome to Web3 with FTC by Fintech Confidential, the place where we

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keep you up-to-date on the latest developments in the world of Web3,

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Crypto, Blockchain, NFTs, and Fintech.

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"Get ready for some fresh and thrilling insights on the crypto and blockchain

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world, right here on Web3 with FTC!

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No more stale, regurgitated stories, we've got the hottest

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and newest updates for you."

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In today's episode, covers a number of topics, from PayPal's

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Crypto jackpot to the S E C's $30M shake down of Kracken and more.

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Let's get started with a quick intero to teh stories of today

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. PayPal Shocks The World By Making

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a shift towards a more transparent and accessible digital economy,

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potentially paving the way for other financial institutions to follow suit.

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With more mainstream adoption and growing demand for digital assets,

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crypto could become a widely accepted asset class in just a few years,

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and PayPal may be the driving force.

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Coinbase takes on the S E C in an epic crypto custody battle,

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arguing the security in exchange commission's proposed rule could stifle

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innovation and negatively affect the development of the crypto markets.

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Will the S E C listen or will innovation suffer?

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Binance's recent transfer of $400 million from a U.S.

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affiliate's account to a trading firm is indicative of the increased scrutiny

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digital currency exchanges face by regulators, highlighting the need for

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exchanges to balance compliance with regulations and protecting user data.

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Kracken may have settled with the SEC for $30 million, but the ruling is far

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from a definitive answer on the legality of cryptographic staking as a security.

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The crypto community remains on the edge of their seats waiting

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for the final determination and its impact on the industry.

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Salt's no longer just for your fries!

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Cryptocurrency Lender SALT has made a remarkable comeback with a $64.4 million

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investment after concerns were raised when it froze withdrawals in November.

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The new funds are expected to help the firm resume operations

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in the first quarter of 2023, creating a solid foundation for the

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crypto lending sector to flourish.

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Celsius faces a lawsuit alleging that it failed to keep track of billions of

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dollars in inter-company transactions prior to its bankruptcy, making it

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difficult to reconstruct the claims.

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The missing transactions have caused concern among victims of the collapse,

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as it is virtually impossible to fully reconstruct the inter-company claims.

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Europe’s largest modern art museum, Centre Pompidou, is making history with

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the continent's first NFT art exhibition.

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With works by CryptoPunks and Autoglyphs, as well as local NFT artists, the

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exhibition explores the intersection of art and money, marking a major

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cultural milestone and showing the growing acceptance of digital art,

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collectibles, and cryptocurrencies.

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Su Zhu, Co-Founder of 3AC, has launched OPNX, a revolutionary new trading

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platform for bankruptcy claims, offering a secure and transparent solution for

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those affected by frozen exchanges.

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Powered by blockchain technology and collaboration, the platform

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has the potential to empower investors and creditors of failed

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endeavors, providing them with a much-needed alternative solution.

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These are just the highlights, so stay for the rest of the story,

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right here on Web3 with FTC."

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PayPal, a major player in the digital payment industry, has made a significant

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move into the world of cryptocurrency by investing over half a billion

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dollars in Bitcoin and Ethereum.

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This move is indicative of a larger shift towards embracing

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digital assets and making the digital economy more transparent.

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It has the potential to change the crypto landscape and attract more

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Wall Street investors to the market.

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This investment by PayPal is a significant step towards the mainstream

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adoption of cryptocurrencies.

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By investing in Bitcoin and Ethereum, PayPal is signaling its recognition of

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the growing demand for digital assets.

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Cryptocurrencies provide investors with an uncorrelated asset that has

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the potential for substantial returns.

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As such, many institutional investors have begun to diversify their portfolios

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by investing in digital assets.

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The investment in Bitcoin and Ethereum by PayPal is also a significant shift in

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the company's approach to digital assets.

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It suggests that PayPal recognizes the importance of embracing new technology and

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the growing demand for cryptocurrencies.

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This move could pave the way for other financial institutions to follow

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suit and invest in cryptocurrencies.

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Furthermore, the investment in Bitcoin and Ethereum by PayPal could be a

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game-changer for the crypto world.

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As more Wall Street investors become enticed to join the crypto market,

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cryptocurrency may become a much more widely accepted asset class.

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With PayPal as a driving force, it is possible that within a few years, crypto

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may no longer be considered an alternative investment, but instead, a mainstream one.

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PayPal's investment in Bitcoin and Ethereum is a significant

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development in the crypto world.

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It shows that the digital payment giant recognizes the growing

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demand for cryptocurrencies and is willing to invest heavily in them.

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The move could pave the way for other financial institutions to follow

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suit, furthering the mainstream adoption of digital assets.

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With PayPal as a driving force, it is possible that cryptocurrency

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will become a much more widely accepted asset class in the future.

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Next up,

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The Crypto custody battle heats up as Coinbase takes a stand against the S

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E C's proposed crypto custody rule.

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The proposal would require digital asset custodians, like Coinbase,

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to comply with the same regulations as standard securities custodians.

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Coinbase, alongside other major players in the crypto industry, has issued

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a strongly worded response to the proposed rule, arguing that it is overly

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burdensome and could negatively affect the development of crypto markets.

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Coinbase argues that the security and exchange commission's proposed

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rule is "overbroad and burdensome."

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Compliance with the proposed rule could impose unreasonably expensive,

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onerous, and overly restrictive requirements on crypto custodial firms.

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This, in turn, could negatively impact the development of crypto markets,

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potentially stifling innovation, creating barriers to entry, and limiting

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customer choices in the crypto space.

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Coinbase is not alone in its stance against the proposed rule.

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Other major players in the crypto industry, such as Kraken,

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Grayscale, and ConsenSys, have expressed similar concerns.

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Kraken called the regulator's proposal "unnecessarily burdensome," and Grayscale

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cited customer concerns over the cost and complexity of the proposed rule.

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The proposed rule could also negatively affect the security,

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liquidity, and innovation of the crypto industry at large.

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Crypto custodians are critical players in ensuring the safe

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storage of digital assets.

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Compliance with the proposed rule could make it more difficult and expensive for

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crypto custodians to operate, which could, in turn, negatively impact the security

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and liquidity of the crypto market.

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Furthermore, the proposed rule could stifle innovation in the crypto industry.

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Crypto is still a relatively new and rapidly evolving space, and imposing

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overly restrictive regulations could limit the ability of companies to experiment

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and develop new products and services.

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This, in turn, could slow the pace of innovation and limit

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the growth of the crypto market.

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The fate of the S E C's proposed crypto custody rule is still up in the air.

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However, the response from major players in the crypto industry, like

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Coinbase, suggests that the proposed rule is not without controversy.

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The proposed rule could negatively impact the development of crypto

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markets, potentially stifling innovation, creating barriers to entry, and limiting

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customer choices in the crypto space.

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Ultimately, it will be up to the security and exchange commissionSEC to evaluate

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the arguments presented by Coinbase and other players in the crypto industry and

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determine the future of the proposed rule.

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The transfer of $400 million by Binance from Bam Trading's

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Silvergate account to Merit Peak raises important questions about the

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future of cryptocurrency exchanges.

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The move comes at a time when the digital finance industry is already facing

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increasing scrutiny from U.S regulators.

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This, coupled with the ongoing tension between mainstream financial

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institutions and the digital finance ecosystem, makes it clear that

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crypto exchanges like Binance are navigating a precarious balance

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between compliance and user privacy.

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The company's transfer of funds to Merit Peak shows that digital currency

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exchanges are constantly adapting to changing regulatory environments

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while remaining vigilant about the security and privacy of their users.

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It's important to note that compliance with U.S regulations is essential

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for cryptocurrency exchanges to continue operating legally.

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This means that exchanges must follow all regulations imposed

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by financial authorities in order to remain in business.

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Moreover, the transfer of funds also highlights the increasing

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importance of trading firms in the digital finance ecosystem.

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Merit Peak, in particular, has established itself as a key player

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in the industry, and Binance's decision to transfer funds to the firm

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demonstrates the exchange's confidence in the trading firm's abilities.

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However, it's worth noting that the transfer of such a large sum of money

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is sure to attract the attention of regulators, who are increasingly

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concerned about the possibility of money laundering and terrorist financing

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in the digital finance industry.

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This means that cryptocurrency exchanges like Binance must remain vigilant

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about any suspicious activities that may take place on their platform,

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and ensure that they are taking all necessary steps to prevent any

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illicit activities from taking place.

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This transfer of $400 million from Binance to Merit Peak underscores the

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delicate balance that crypto exchanges must maintain between complying with

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regulations and protecting user privacy.

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As the digital finance industry continues to evolve, it's likely that we'll see

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more regulatory scrutiny placed on cryptocurrency exchanges, which will

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require them to remain vigilant about any changes to the regulatory landscape.

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The future of digital finance may be uncertain, but exchanges like Binance

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are working hard to navigate the shifting regulatory environment and

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maintain the trust of their users.

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Crypto exchange Kracken recently agreed to a settlement with the S E C in response to

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allegations of securities law violations, resulting in a 30 million dollar penalty.

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The settlement addresses Kracken's acquisition of assets and hosting of

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securities through an I C O and the staking of digital assets, highlighting

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the uncertainty surrounding the classification of staking as a security.

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The settlement entered into by Kracken and the security and exchange commission

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is notable as the first time that the regulator has officially addressed

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the staking of digital assets and its potential classification as a security.

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However, the Kracken settlement still leaves the final determination of the

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classification of staking pending.

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The settlement also does not change the current rules regarding

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cryptographic staking, despite the S E C's enforcement action and

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the hefty penalty paid by Kracken.

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The settlement does raise concerns and debate within the crypto

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industry about how the regulatory landscape will change in the future.

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Some argue that the S E C's enforcement action could hinder innovation and

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stifle growth in the crypto industry, while others believe that the regulatory

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body's action is necessary to protect investors and ensure market stability.

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While Kracken's settlement with the S E C may have been costly, it does not

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set a precedent, and the regulatory landscape for crypto is still evolving.

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The crypto industry must continue to balance compliance with regulations

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while protecting user data and ensuring innovation and growth

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in the digital finance ecosystem.

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As the industry continues to evolve and adapt, the future of

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digital assets and their regulatory landscape remains uncertain.

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Crypto seems to be in a seemingly dangerous but familiarf position, much

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like the mutual funds of the 1930s.

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Leverage, fraud, and opacity threaten the industry, and policymakers

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are calling for a crackdown.

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However, as history shows, such an approach can hurt

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the good as well as the bad.

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Legitimate players in the crypto space, like Custodia Bank, are

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being attacked despite warnings from experts like Caitlin Long.

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If policymakers can learn from the past and work with industry

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experts, crypto has the potential to innovate and create value.

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The cryptocurrency industry finds itself at a crossroads, much like

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the mutual funds of the 1930s.

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In those times, policymakers took reactionary measures to crack down

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on the rampant fraud, leverage, and opacity in the industry.

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Today, similar calls for a crackdown are coming from Washington, DC,

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but such an approach could kill off the good along with the bad.

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Instead, policymakers should learn from the history of mutual funds and

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work with industry experts like Caitlin Long to create policies that encourage

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innovation and protect legitimate players.

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Caitlin Long has been warning about the dangers of leverage in crypto for years.

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As the founder and CEO of Custodia Bank, she has even handed over evidence

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of probable crimes committed by a big crypto fraud to law enforcement.

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Long believes that cleaning up the crypto industry is not a partisan

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issue but rather the right thing to do.

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Unfortunately, few decision-makers in government seem to be heeding

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her warnings, and legitimate players in the industry, such as

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Custodia Bank, are being attacked.

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There are antidotes to the scams seeping into the crypto system, but few understand

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how to separate the wheat from the chaff.

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It is essential that policymakers work with industry experts to develop policies

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that protect the legitimate players in the industry while rooting out the bad actors.

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If done correctly, the crypto industry has the potential

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to innovate and create value.

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Policymakers in Washington, DC, must take heed of the warnings of

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experts like Caitlin Long if they want to avoid a crypto catastrophe.

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Cleaning up the crypto industry will not only protect consumers and

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investors but also create an environment where innovation can flourish.

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By working with industry experts, policymakers can develop policies

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that differentiate the legitimate players from the fraudsters and

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create a healthy crypto ecosystem.

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Cryptocurrency lender Salt recently made a comeback after

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experiencing financial troubles.

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The firm had halted investor withdrawals in November, but has now bounced back with

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a significant $64.4 million investment.

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The new capital injection offers hope to many in the crypto space and has

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the potential to attract more funds.

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Salt's recent troubles have been mirrored by other cryptocurrency

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lenders during the prolonged crypto winter and the FTX collapse.

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However, the funding round has caused major optimism among investors and

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may create a strong foundation for the crypto lending sector to thrive in.

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The $64.4 million investment comes from a range of investors, including

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BitGo, Genesis Global Trading, PolyChain Capital, and more, backing

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the firm's Series A financing.

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The investment will be used to help the company resume operations

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in the first quarter of 2023.

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The funds will be coming from existing clients limited partners, as well as

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new investors unable to commit before the new recapitalization as this was

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blocked by existing shareholders.

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The capital injection should allow the company to put the past behind them and

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move forward with renewed confidence.

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The funding round of $64.4 million provides a strong boost to the crypto

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lender and may help the cryptocurrency lending sector in the long term.

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The cash injection will help the company to recover from its financial troubles

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and resume operations, while also potentially attracting more investment.

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Salt's story is a testament to the resilience of the crypto industry

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and how, despite setbacks, it is still able to make a comeback.

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Celsius, a once successful cryptocurrency and fiat currency lender, has

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recently filed for bankruptcy.

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However, recent court filings have revealed that the company failed to

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properly record billions of dollars in transactions between its affiliates.

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As a result, it has become virtually impossible to reconstruct inter-company

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claims prior to its bankruptcy.

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The Company's rise to success was largely attributed to two unnamed CEOs, one of

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whom is named as a defendant in the case.

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Despite having over $5 billion in cumulative deposits, the company's

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failure to keep track of nearly 7,000 inter-company transactions is

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now being blamed for its collapse.

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The missing transactions have caused victims of the collapse to

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file a lawsuit against the company.

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However, the recent court filings have revealed that the missing transactions

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make it virtually impossible to fully reconstruct the inter-company claims.

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The court filings have also raised questions about the company's internal

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controls and accounting practices.

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Celsius' bankruptcy and failure to properly record transactions have

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raised concerns within the crypto-sphere about the importance of internal

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controls and accounting practices.

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The missing transactions have made it virtually impossible to fully reconstruct

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inter-company claims, leaving victims of the collapse in a difficult position.

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The case highlights the importance of properly recording all transactions

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in the digital finance world, as well as the need for companies to have

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effective internal controls in place to prevent such failures from occurring.

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Centre Pompidou, Europe's largest modern art museum, will host an exhibition

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focused on the relationship between blockchain and art, featuring NFTs

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from the CryptoPunks and Autoglyphs projects, among other digital artists.

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The exhibition is expected to showcase the potential of NFTs

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while exploring the boldest uses of blockchain technology in art.

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CryptoPunk #110 and Autoglyph #25 will be on display at the museum,

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alongside 16 other NFT works from a global assortment of artists.

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This marks the first time Centre Pompidou has accepted NFTs into its collection.

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Yuga Labs co-founder Greg Solano highlighted that the CryptoPunk's

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appearance in the Centre Pompidou is a significant moment for

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the Web3 and NFT ecosystem.

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There are 10,000 CryptoPunks in circulation, the cheapest of which

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can be bought for 63 ETH, or roughly $95,000, according to CoinGecko.

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Despite the significant amounts of capital continuously attracted by

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such "blue chip" NFT projects, some in the art community have criticized the

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medium for lacking artistic legitimacy.

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However, Yuga Labs took the occasion to assert the artistic

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merits of such projects.

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They believe that partnering with Centre Pompidou signifies that CryptoPunks

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are rightfully being recognized as an important art movement by the industry.

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While some may criticize the lack of artistic legitimacy in NFTs, the

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exhibition at Centre Pompidou will provide the opportunity to showcase the potential

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of NFTs while exploring the boldest uses of blockchain technology in art.

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The exhibition features NFTs from various digital artists, such as

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Jonas Lund, Rafael Rozendaal, and Jill Magid, and will allow attendees to

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experience the power of NFTs firsthand.

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Centre Pompidou's upcoming exhibition has a broader focus than just the pop cultural

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phenomenon of "collectibles" sold as NFTs, such as the Bored Apes or the CryptoPunks.

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The exhibition aims to explore the most innovative uses of the technology in art.

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Although CryptoPunks and Autoglyphs are widely known, the exhibition

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also highlights lesser-known artists and projects in the NFT space.

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The NFT-focused exhibition at Centre Pompidou is a significant

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cultural milestone, as it indicates that governments and

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institutions are increasingly taking digital art, collectibles,

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and cryptocurrencies seriously.

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By exhibiting NFTs from renowned projects, the museum will take an innovative

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approach to showcasing the potential of NFTs and highlighting the fine line

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between creativity and commercialism.

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The exhibition will provide a unique opportunity for attendees to explore

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the intersection of crypto and culture and to experience the power of NFTs

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in the world of contemporary art.

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Crypto is an ever-evolving ecosystem that continues to create new

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financial opportunities for investors.

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However, with these opportunities come risks, such as the

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possibility of bankruptcy.

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Bankruptcy can occur when an exchange or lender is no longer

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able to repay investors, leaving them with their funds frozen.

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This has become an all-too-common occurrence in the crypto space,

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with victims left struggling to regain their lost funds.

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But one co-founder of the Three Arrows hedge fund is determined to provide

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a solution to this problem, and has launched a new platform to trade claims

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for frozen funds on bankrupt exchanges.

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Su Zhu, co-founder of bankrupt hedge fund Three Arrows Capital,

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has announced the launch of OPNX, a new bankruptcy claims marketplace.

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The platform is designed to restore creditors whose funds are frozen

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on bankrupt platforms, providing a much-needed solution to an ongoing

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problem in the crypto space.

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The waitlist for OPNX is open, and the platform is already accepting

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claimants from bankrupt lenders Genesis, Celsius, and BlockFi, as well

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as the defunct Bitcoin exchange Mt.

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Gox.

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According to Zhu, the idea for OPNX came from conversations with Coinflex

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CEO Mark Lamb, who built Coinflex as the ideal combination of CeeFi

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and DeeFi after the collapse of 3AC.

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Zhu also cited the need for a killer UI following the collapse of FTX, the

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number of traders with funds frozen as a result of bankruptcies, and the

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"wish to help investors build a safer and better future" as key factors that

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influenced the platform's founding.

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OPNX aims to be the "ideal combo of CeeFi + DeeFi" and will initially launch

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as a claims and derivatives marketplace.

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Zhu added that the platform would become a transparent platform fulfilling

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the role of a fully decentralized custodian, with plans to expand

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into stocks and foreign exchange.

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Zhu also stated that 3AC creditors have approved the project, providing

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an important vote of confidence.

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The launch of OPNX is an important step towards resolving a longstanding

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issue in the crypto space.

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When exchanges and lenders collapse, the victims are often left with frozen

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funds, and there are few avenues for them to recover their money.

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With OPNX, creditors can now trade their claims and potentially

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recover some of their lost funds.

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The crypto space is constantly evolving, and as such, it is important to have

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solutions in place to mitigate risks.

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With the launch of OPNX, Su Zhu has provided a much-needed

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solution to the problem of frozen funds on bankrupt exchanges.

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The platform has the potential to restore lost funds to investors

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and provide a safer and better future for the crypto ecosystem.

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By embracing the ideal combination of CeeFi and DeeFi, OPNX has the potential

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to provide a more secure, transparent, and decentralized alternative to

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traditional banking and finance.

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As we wrap up today's episode of Web3 with FTC by Fintech Confidential.

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Today we've covered some of the biggest Web3 stories that are shaking up the

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Web3 world and what they mean for you.

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We've seen some major players in the crypto industry make bold

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moves towards a more transparent and accessible digital economy.

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PayPal's 500 Million dollar bet on crypto and Salt's remarkable comeback

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after freezing withdrawals are just a few examples of the potential for

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growth and innovation in this space.

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However, as we've seen with Coinbase's battle with the S E C

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and Celsius' lawsuit over missing inter-company transactions, the road

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ahead is not without its challenges.

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With the emergence of revolutionary new platforms like OPNX, there's hope

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that the crypto industry can continue to find alternative solutions and pave

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the way towards a brighter future.

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Thanks for tuning into “Web3 with FTC”, where we cover what’s behind the

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disruptive and innovative world of Web3, Blockchain, Crypto, NFTs and Fintech.

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And remember to follow us on our Telegram Channel, Linkedin, Facebook,

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and Instagram, and sign up for the latest news delivered straight to your inbox at

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access dot fintech confidential dot com.

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This has been a production of Diamond D3 Media,

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with All Rights Reserved.

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This is provided for informational purposes only.

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It is not offered or intended to be used as legal, tax, investment,

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financial, or other advice.

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We strive to provide accurate and up-to-date information, but will

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not be responsible for any missing facts or inaccurate information.

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You comply and understand that you should use any of this

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information at your own risk.

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Cryptocurrencies are highly volatile financial assets, so research and

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About the Podcast

Fintech Confidential
Bringing you the people, Tech, and Companies that change how you pay and get paid.
Entertaining information focused on Fintech industry insights, market trends, news, and life stories from Fintech leaders, thinkers, and doers.

About your host

Profile picture for Tedd Huff

Tedd Huff

20 plus year veteran of Fintech, giving merchants and SaaS businesses control over their Payments destiny, global PSP/Payment Facilitator advisor.

💎 Founder/President of Diamond D3
🇺🇸Army Veteran
🎙 ▶️ Podcasts & Youtube - The Tedd Huff Show & Fintech Confidential
🌐💵Global cross border and payments localization 🌐💵
🛒Intl eCommerce Consulting
📧 Hello@fintechconfidential.com