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<ul class="summary-list"><li>Celsius is considering issuing a crypto token to repay creditors, the company said in a bankruptcy court hearing. </li><li>The move would be part of the lender's reorganization plan to exit bankruptcy. </li></ul>Celsius is weighing a plan to repay creditors by issuing a new cryptocurrency, the lending platform said in a Tuesday court hearing. The move would be part of the firm's reorganization plan to exit bankruptcy. Lawyers for Celsius said that reorganizing into a publicly traded company with the proper oversight and licenses would end up yielding more money for creditors as opposed to liquidating assets at depressed prices. Similarly, Bitfinex issued new coins to repay customers that lost funds due to a hack on the exchange. But Celsius may be the first to issue a token to buy its way out of bankruptcy.Any movement toward issuing new cryptos would need approval first from creditors, but will ultimately need the green light from US Bankruptcy Judge Martin Glenn in New York. <a href="https://markets.businessinsider.com/news/currencies/crypto-crash-celsius-network-bankruptcy-bitcoin-ethereum-plummet-alex-mashinsky-2022-7">Celsius filed for bankruptcy in July</a>, and initially tried to sell off assets as well as the firm itself, but company attorney Ross Kwasteniet said the offers so far "have not been compelling."He added that reorganizing into a publicly traded company would involve assets backed by loans and a variety of investments. Before filing for bankruptcy, Celsius managed $11 billion worth of assets and had around 1.7 million users.Earlier this month, the judge ruled that <a href="https://markets.businessinsider.com/news/currencies/crypto-celsius-owns-42-billion-customer-deposits-bankruptcy-court-ruling-2023-1">up to $4.2 billion in customer funds are the property of Celsius</a>, meaning it can use them any way it wants.That cleared the way for Celsius to sell $18 million in stablecoin to <a href="https://markets.businessinsider.com/news/currencies/bankrupt-crypto-lender-celsius-court-approval-pay-staff-bonuses-2022-12?utm_medium=ingest&amp;utm_source=markets" rel="">pay its bills</a> to stay longer in Chapter 11 bankruptcy. The lender's executives previously told the court that otherwise, it will run out of money by March.

Celsius is weighing a crypto bankruptcy token to pay back creditors in reorganization

<ul class="summary-list"><li><keyword id="11848281" type="UNKNOWN" weightage="60" keywordseo="ftx-us">FTX.US</keyword> is aiming to offer <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> derivative trading in less than a year, president Brett Harrison told Insider.</li><li>It's an affiliate of <keyword id="2966084" type="PERSON" weightage="60" keywordseo="FTX">FTX</keyword>, the world's second-largest bitcoin exchange, owned by billionaire <keyword id="11167282" type="UNKNOWN" weightage="60" keywordseo="Sam-Bankman-Fried">Sam Bankman-Fried</keyword>.</li><li>Currently, FTX.US only offers spot trading in compliance with strict regulatory frameworks in the US.</li></ul>FTX.US, an affiliate of FTX - the world's second-largest bitcoin exchange - is aiming to offer cryptocurrency derivative trading in less than a year, president Brett Harrison told Insider. The Berkeley, California-based firm offers a limited range of offerings compared to its international counterpart.Where FTX offers both spot and derivatives platforms - with the latter making up a huge chunk of the firm's revenue - the US marketplace only offers mostly spot in compliance with strict regulatory frameworks in the US."We definitely hope to be able to offer them inside of a year," Harrison told Insider. "Quite frankly, we could have or should have started a long time ago, but we're definitely interested in going through the process and collaborating with the CFTC to be able to offer those products in the US."Harrison said there are two possible routes to achieving their goal: through a de novo - which involves applying for a license from scratch - or through acquiring a firm. He said they are exploring both possibilities and declined to disclose more information about any potential acquisitions. "We fully intend to go through in one form or another, so that we could eventually become a licensed derivatives exchange," he told Insider. "The ability to trade crypto derivatives on an exchange like FTX.US is an enormous source of potential for us as a business."Launched in 2020, FTX.US initially <a href="https://help.ftx.us/hc/en-us/sections/360007423873-About-Us">offered</a> spot trading in six coins: bitcoin, ether, bitcoin cash, litecoin, paxos gold token, and tether.Cryptocurrency billionaire Sam Bankman-Fried, who owns both firms, in <a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-ftx-crypto-us-growth-area-fundraise-exchange-2021-7">July</a> said the US has "an enormous amount of potential growth, adding, "there just isn't near that much business going on there right now as you would expect, given the size of the economy."Read more: <a href="https://www.businessinsider.com/bitcoin-investing-strategy-crypto-coins-mutual-fund-manager-simeon-hyman-2021-8" target="_blank" rel="noopener">The first bitcoin mutual fund is now trading. The top investment strategist behind it breaks down its novel approach to gaining safer crypto exposure without the hassle of buying coins directly</a>Bankman-Fried's statement came after his company on July 20 <a href="https://markets.businessinsider.com/currencies/news/sam-bankman-fried-billionaire-crypto-ftx-valuation-2021-07?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">announced</a> that it had raised $900 million in series B financing, implying a valuation of $18 billion. The majority of the funds, Bankman-Fried said, will be used for expansion and acquisition. Harrison, who worked with 29-year-old Bankman-Fried at quantitative firm Jane Street Capital, is optimistic they will see the process through, highlighting the regulated CME Group - the Chicago Mercantile Exchange - as an example, which trades bitcoin futures contracts, and more recently, <a href="https://www.businessinsider.com/cme-group-largest-derivatives-marketplace-offer-micro-bitcoin-futures-may-2021-3">micro bitcoin futures</a>.The president, who was the former head of semi-systematic technology at Citadel Securities, also said FTX.US hopes to grow its retail base, in contrast to Coinbase's aim of <a href="https://markets.businessinsider.com/news/currencies/coinbase-company-outlook-business-plan-institutional-client-focus-alesia-haas-2021-8">expanding</a> its institutional clients.Currently, institutional volume comprises roughly 70% of the trading volume of FTX.US, Harrison said."We want our product to be a product for everyone," he told Insider. "I think that there's plenty of room in this space to have investors who are more casual investors." FTX.US has recently been aggressive in their marketing push, signing up 'Shark Tank' star <a href="https://markets.businessinsider.com/news/currencies/kevin-oleary-shark-tank-ftx-sam-bankman-fried-spokesman-ambassador-2021-8">Kevin O'Leary</a> and celebrity couple <a href="https://markets.businessinsider.com/news/currencies/tom-brady-gisele-bundchen-ftx-equity-investment-crypto-bankman-fried-2021-6">Tom Brady and Gisele Bündchen</a> as ambassadors.

The US president of the world's 2nd-largest bitcoin exchange says the firm aims to offer crypto-derivative trading within a year

<ul class="summary-list"><li>A House Republican leader wants crypto network developers to be able to fundraise using tokens. </li><li>Rep. Patrick McHenry's bill backs a proposal by SEC Commissioner Hester Peirce to allow crypto start-ups time to develop networks. </li><li>McHenry introduced the <a href="https://republicans-financialservices.house.gov/uploadedfiles/tsh_xml_signed.pdf">Clarity for Digital Tokens Act of 2021</a> on Tuesday.</li></ul>A bill proposed by the top Republican on the House Financial Services Committee would allow <keyword id="12251448" type="UNKNOWN" weightage="60" keywordseo="crypto-developers" source="Orion">crypto developers</keyword> to raise money for their projects through <keyword id="12251446" type="UNKNOWN" weightage="60" keywordseo="token-sales" source="Orion">token sales</keyword> without subjecting them to certain securities laws. The <a href="https://republicans-financialservices.house.gov/uploadedfiles/tsh_xml_signed.pdf">Clarity for Digital Tokens Act of 2021</a> from Rep. Patrick McHenry supports a "safe-harbor" <a href="https://www.sec.gov/news/public-statement/peirce-statement-token-safe-harbor-proposal-2.0">proposal by SEC Commission Hester Peirce</a>. Her proposal would allow crypto startups developing "functional or decentralized" networks to use token sales to fundraise under a limited-time exemption from certain SEC regulations. McHenry's bill would amend the Securities Act of 1933 to allow initial development teams to sell tokens without registering them fully as a securities offering for three years. By the end of that time, networks would be required to show decentralization or the tokens will have to be registered as securities. "Unfortunately, our current regulatory framework threatens to push this technology - and the jobs created by this rapidly growing industry - overseas," <a href="https://www.coindesk.com/policy/2021/10/05/us-lawmaker-proposes-safe-harbor-bill-echoing-sec-commissioner-peirce/">CoinDesk quoted McHenry as saying in a statement</a>. "My bill, which builds on the great work of SEC Commissioner Hester Peirce, will help provide the necessary legal certainty to digital asset projects when they launch.McHenry, meanwhile, in a <a href="https://republicans-financialservices.house.gov/uploadedfiles/2021-10-5_letter_to_chair_gensler.pdf">letter to SEC Chairman Gary Gensler </a>on Tuesday asked the agency leader to clarify the SEC's crypto-asset agenda, posing a series of questions including: "In your view, does the SEC need additional legislative authority to regulate crypto trading platforms?"

A bill proposed by a Republican lawmaker would give crypto developers legal protection to raise money through token sales

<ul><li>From concert tickets, learning the language, albums, and photo books, to online or in-person meet-and-greets, K-pop fans leave no stone unturned in immersing themselves in their idols’ culture.</li><li>Now, with <keyword id="10879114" type="General" weightage="20" keywordseo="Non-fungible-Tokens" source="Orion">Non-fungible Tokens</keyword> (NFTs), owning a special item is always going to be attractive to all dedicated fans.</li><li>K-pop fans, brand experts and NFT marketplaces tell us all you need to know about the oncoming wave of K-pop NFTs.</li></ul>It was in 2012 that Korean Singer Park Jae-sang’s (PSY) song ‘Gangnam Style’ took the world by storm, became the <a href="https://www.usatoday.com/story/entertainment/music/2019/12/20/youtube-most-viewed-music-videos-from-gangnam-style-to-despacito/2702463001/">most </a>streamed song on YouTube and what followed was the birth of the South Korean Wave or Hallyu in India. <div type="image" title="Gangnam style gif" msid="90628215" hostid="261"></div> This global phenomenon was later driven by music, movies, and dramas, which further rose to popularity in India during the <a href="https://www.aljazeera.com/economy/2021/9/15/k-craze-korean-dramas-and-culture-are-taking-india-by-storm">lockdown</a>. For most fans, the affair with South Korean culture began with Korean popular music (K-pop) and its biggest bands such as Bangtan Sonyeondan (BTS), Blackpink, MonsterX, iKon, Big Bang, Twice, and Red Velvet. Slowly, the fondness expanded to the food they ate, the language they spoke, the make-up and jewellery they wore, and a highly enthusiastic, loyal and active fandom was born. As per research and analytics firm <a href="https://www.statista.com/statistics/956032/south-korea-kpop-popularity-in-india/">Statista’s </a>recently conducted survey in India between the ages of 15 and 59 years who had experienced South Korean cultural content, K-pop was considered to be very popular by 34.4% of respondents. Statista’s another <a href="https://www.statista.com/topics/5098/music-industry-in-south-korea/#:~:text=All%20in%20all%2C%20the%20South,to%20become%20a%20global%20phenomenon.">report </a>on Korean culture said that the South Korean music industry achieved an all-time high sales revenue of over ₩6.8 trillion in 2019, as well as an export value of over $756 million, <a href="https://www.washingtonpost.com/business/2020/01/30/bts-kpop-bighitentertainment/">which accounts for a sizeable 0.3% contribution to South Korea’s GDP</a>. The same survey found that the <a href="https://www.statista.com/statistics/937260/south-korea-reasons-for-kpop-popularity-worldwide/">main reason for its popularity</a> were the catchy rhythms and choruses. Indian digital content creator, Radhika Bangia, who often dresses up as her favourite Korean characters on Instagram, is followed by 1.6 million people. Her bio, “Crash landing on K-dramas”, explicitly declares her love for the Korean culture to the world. It was her Korean best friend in New Zealand who introduced her to K-pop. Bangia got really hooked on to the music when Boy With Luv, a BTS song, came out and in the world of K-drama, it was Boys Over Flowers for her. She says that she has been surprised at the speed which K-Pop and K-drama have grown in India. “K-Pop/K-Drama is mainly a love-it or hate-it affair (even though it’s so catchy I’m not sure how you can hate it). It’s so much fun to meet and interact with other K-Pop/K-Drama fans and see their enthusiasm for it,” says Bangia in an emailed reply to Business Insider. Why Indian advertisers need to take K-pop fandom more seriously Fans of K-drama and K-pop have created various groups on Facebook, <a href="https://www.reddit.com/r/kpop/">Reddit</a>, Telegram, Clubhouse, where they bond over their shared love for South Korean culture. Their loyalty for their favourite stars is most apparent in the <a href="https://www.d8aspring.com/eye-on-asia/the-power-of-k-pop-groups-in-endorsement-deals">rise </a>of K-Pop Twitter fancams, record-breaking YouTube streams, and sold-out concerts and merchandise. As per Southeast Asian e-commerce aggregator, iPrice Group, a devoted member of the BTS army across Southeast Asian countries, must have <a href="https://iprice.ph/trends/insights/how-much-money-do-kpop-fans-spend-on-their-idols/">spent </a>an average of $1,422, which is equivalent to buying an iPhone 12 Pro. This average purchase includes at least 15 studio albums, five concerts and numerous merchandise. <div type="image" title="k-pop" msid="90628210" hostid="261"></div> Fans of K-pop across South Asian countries and globe, do not shy away from spending money to support their idols. It is a quality that brands look for in their ambassadors -- the ability to start a conversation among a huge fan following and their social currency. BTS followers are also one of the major representatives of the <a href="https://www.bloomberg.com/news/features/2020-10-28/bts-k-pop-stans-are-fighting-qanon-and-maga-on-social-media?utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_source=twitter&amp;cmpid=socialflow-twitter-businessweek&amp;utm_content=businessweek">online “stan” culture,</a> where super fans use different online channels, especially social media, to continuously promote and defend their idols. According to <a href="https://www.rollingstone.com/music/music-news/bts-twitter-account-mentions-fans-1128480/">Twitter</a>, BTS has been the most-tweeted-about band on Twitter for four consecutive years. However, in India, only multinational food chain McDonald’s has tried to leverage on this huge stan culture. Last year in April, McDonald’s launched the BTS Meal across 11 countries in Asia, including India. The internet <a href="https://www.campaignasia.com/article/bts-campaign-in-asia-has-been-phenomenal-mcdonalds-asia-marketer/469926">exploded </a>with messages from ARMY, fans of BTS, and McDonald’s. Apart from that, we have only seen international collaborations such as Samsung, Coke and Hyundai with BTS. Telling us why Indian brands have failed to jump in the whirl of Hallyu, Lloyd Mathias, business strategist and marketing expert, says, “Indian brands have yet to tap into the immense potential of K-Pop as a marketing tool, partially because of the inability of marketers to fully comprehend the phenomenon and more specifically as Indian brands will have to enter into specific licensing arrangements with them. For global brands like Coke and McDonald’s and Korean brands like Hyundai and Samsung, this clearly poses no problems.” K-drama fan Bangia was thrilled at the idea of two cultures coming together. “I would personally love to see some Indian brands collaborating with BTS or BlackPink. I think the mixing of cultures would be cool to see!” While Indian fans are getting their dose with international collaborations and the merchandise available online, the unconditional love that ARMY and various K-pop fans extend, offer an immense potential for brands in bringing in new consumers. Anjali Malthankar, national strategy director at digital advertising agency Tonic Worldwide, says, “Indian brands are treating K-pop as topical content, but there is a big opportunity for Indian brands to ride the wave and appeal to the K-pop fanbase. What fans in India would want, is to be as close to the K-pop stars as possible, and to have access to them. In fact, that’s what K-pop has cracked on social media. They know what their fans want and the whole model is about giving power to the fans to make their favorite stars more popular. I feel, a live concert, physical or virtual/experiential can be a big platform for Indian brands to participate.” On the other hand, founder and chief executive officer (CEO) of blockchain analytics company bitsCrunch, Vijay Pravin Maharajan points out that it would be unfair to say that Indian brands have failed to capitalise on its popularity as there are so many different opportunities for brands to draw in audiences. “It is important to remember that, like South Korea, India is home to a thriving local entertainment industry and is a melting pot for entertainment worldwide. Even among those who were favourable to K-pop, there are certainly other genres and industries they engage with. It is highly unlikely that the average Indian K-pop fan engages exclusively with the genre. Indian brands are likely to go with local entertainment and artists, of which there is an almost continuous supply,” says Maharajan. Can NFTs be a place where fans get their due? Any fan is not just a spectator or silent admirer of art, they are active stakeholders who go out of their way to support their idols. From concert tickets, learning the language, buying albums, and creating photo books, to online or in-person meet-and-greets, K-pop and K-drama fans leave no stone unturned in <a href="https://homegrown.co.in/article/803152/merchandise-events-more-a-guide-to-everything-k-pop-in-india">immersing </a>themselves in their idols’ culture. And Non-fungible tokens (NFTs) are pushed toward heavily engaged fandom. Apart from <a href="https://www.verizon.com/business/small-business-essentials/resources/beliebers-why-care-231604811/">Beliebers</a>, <a href="https://fandomwire.com/popular-actors-who-are-bigger-potterheads-than-you/">Potterheads</a>, <a href="https://www.diggitmagazine.com/articles/taylor-swift-and-story-swifties-fandom">Swifties </a>and fans who form a beeline diligently in front of Amitabh Bachchan and Shahrukh Khan’s bungalows in Mumbai, K-pop and K-drama lovers are amongst the biggest communities. With K-pop NFTs, fans can own a special collectible item that would stay with them forever, even transfer onto different clouds. It would get them an opportunity to support their artist directly, flaunt their fandom and become a part of the larger community. So, can K-pop NFTs be the next big wave in the growth of Korean culture in India? Brand guru Mathias says yes. “I believe NFT can help take this to the next level given that many can now ‘own’ part of the phenomenon in the metaverse.” Korean culture has successfully built a sense of connectivity and relativity with the Indian masses, owing to the commonality of culture in terms of food habits, manners, and behaviour. With NFTs, fans of these two cultures can support their favourite artists. Ramkumar Subramaniam, CEO and cofounder of no-code NFT platform GuardianLink, says, “With the rise of NFTs aided by the popularity digital currency and assets have garnered, especially in the entertainment and art fields, even the globally famous South-Korean band, BTS, entered the red-hot NFT space in November. Given that India is rapidly adopting NFTs as a way of building connect with their favourite artists, NFTs are anticipated to be the next big thing fuelling Korean culture’s penetration in India.” Sai Krishna VK, founder of visual tech company Scapic, who is also known for his content around crypto and investment, says, “NFTs intrinsically capture value that fandom has always had, the only difference is that this value is now a direct relationship and with ownership too, in some cases. Industries like K-pop will be among the biggest to benefit from this as the chance to interact, engage and be closer to the stars you idolise is the sort of technology product that was simply not possible before this.” The initial buzz around the world of NFT was by crypto investors. They finally found a medium to spend their digital money on. Now, from <a href="https://timesofindia.indiatimes.com/entertainment/telugu/movies/news/prabhas-posters-from-radhe-shyam-to-be-available-as-nfts/articleshow/90054402.cms">Prabhas </a>fans to K-pop, NFTs are attracting more diverse audiences and fandoms. Finfluencer Neha Nagar has been talking about the growth of NFT and crypto in India. She thinks that the introduction of K-pop NFTs to India will give a push to both Korean culture and NFT’s adoption. “K-pop fans are a very strong community, now every K-pop fan will be forced to think about NFTs, which will lead some of them to actually buy those NFTs for the sake of love for their k-pop stars. K-pop fans already have spent on merchandise and tickets to support their stars. Owning k-pop, NFTs will now be called ‘a proof of being a k-pop fan,’ especially genZ will get more attracted to NFTs now, which will push the NFT craze to next level. This is going to be quite exciting!” Maharajan of bitsCrunch says, “With the growing popularity of K-pop in India, moving the production of music videos to the digital realm may be the way of the future.” While K-pop fans are voicing their <a href="https://www.theatlantic.com/technology/archive/2021/12/nft-kpop-environmental-problems/621091/">concerns </a>over carbon-torching NFT, various <a href="https://www.businessinsider.in/cryptocurrency/news/binance-and-the-record-label-behind-k-pop-sensation-blackpink-will-work-on-creating-eco-friendly-nfts/articleshow/89435868.cms">labels </a>have started working on launching greener NFTs. Bangia is optimistic that K-pop fans will accept NFTs that support their favorite artists, “but my personal hope is that we can find a way to minimise the amount of energy that blockchain requires,” she adds. K-pop has been able to make international inroads in recent years and now with the arrival of various K-pop NFTs, the future of hallyu in India looks <a href="https://youtu.be/gdZLi9oWNZg">Dynamite</a>!

NFTs may finally leverage India's fandom for Korean drama and music, which Indian brands have failed to cash in on

<ul class="summary-list"><li><keyword id="12303302" type="UNKNOWN" weightage="60" keywordseo="shiba-inu" source="Orion">Shiba inu</keyword> jumped to its highest for the year on Monday amid a broader rally in meme coins.</li><li>The token gained 51% in 24 hours, according to CoinMarketCap data.</li><li>Cryptos saw a massive sell-off in the past weeks as investors grapple with the possibility of a more hawkish Fed.</li></ul>The dogecoin-inspired cryptocurrency shiba inu jumped to its highest for the year on Monday amid a broader rally in meme coins.The token gained 51.12% in 24 hours to stand at $0.00003492 by 1:11 p.m. ET, according to CoinMarketCap data. Shiba inu started in August 2020 as almost a copycat coin to <keyword id="11955065" type="UNKNOWN" weightage="60" keywordseo="dogecoin" source="Orion">dogecoin</keyword>, the original meme <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword>currency, and shot up in value by about 80,000 times in 2021, making it one of the top crypto stars of last year.Other meme coins from dogecoin to <keyword id="13124633" type="UNKNOWN" weightage="60" keywordseo="floki-inu" source="Orion">floki inu</keyword> also gained on Monday after suffering from a recent slump.Digital assets including bitcoin and ether saw a massive sell-off in the past weeks as investors grappled with the prospect of aggressive monetary tightening by the Federal Reserve, causing investors to trim risky assets from their portfolios. This encouraged chatter about a <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-winter-crash-slump-interest-rates-regulation-ubs-2022-1?utm_medium=ingest&amp;utm_source=markets">"crypto winter"</a> — a period in which prices stay depressed for a long time.But shiba inu has been slowly staging a rebound, boosted by a couple of factors.Over the weekend, the community behind the coin revealed a partnership with Welly's, a small fast-food chain in Naples, Italy. Welly's will accept the coin, launch non-fungible tokens, and initiate a full rebrand of the store to reflect the new joint venture, according to a February <a href="https://shytoshikusama.medium.com/chow-down-shib-x-wellys-17932137edb2">announcement</a> by Shytoshi Kusama, the pseudonym of the coin's community leader.And in <a href="https://markets.businessinsider.com/news/currencies/shiba-inu-crypto-metaverse-blockchain-virtual-reality-shibverse-memecoin-meta-2022-1">late January</a>, Kusama offered investors a sneak peek at a shiba inu metaverse project by posting an image from the "shibverse" <a href="https://twitter.com/Shibtoken/status/1485675975669075973?s=20">on Twitter,</a> triggering a rally in the meme coin. The team initially touted plans for a metaverse back in November in a <a href="https://shytoshikusama.medium.com/the-future-of-gaming-is-shib-6b35b1cae170">blog post</a>."Shiba inu has also developed a cult-like following in recent months, which has resulted in increased prices," Vladimir Kardapoltsev, CEO of PointPay, a blockchain-based financial ecosystem, said in a recent note. "According to Etherscan wallet addresses, the passionate SHIBArmy has grown to over 1 million hodlers, and Elon Musk's tweets have contributed to the project's growth."The ethereum-based token, since its creation, remains a popular coin trade in ethereum wallets, based on data from <a href="https://twitter.com/WhaleStats">WhaleStats</a>.Still, not everyone is as bullish on the meme coin trend. Daniel Polotsky, founder and chief advisor of CoinFlip, a network of bitcoin ATMs, has this warning for investors:"When there is a bull market or market uptick, it's reasonable to assume that a speculative asset like shiba inu may see some quick returns," he told Insider. "However, realize the good times may end and those holding the bag filled with speculative assets can end up losing the most."

Shiba inu rallies 50% to a new 2022 high as meme coins soar

<ul class="summary-list"><li>Binance froze withdrawals of a staked Ankr protocol token Friday.</li><li>The exchange's chief executive Changpeng Zhao said the crypto could have been targeted by hackers.</li></ul>Binance said Friday that it will freeze withdrawals of a cryptocurrency that derives part of its value from a link to the exchange's own native <a href="https://coinmarketcap.com/currencies/bnb/">Binance Coin</a> token.Chief executive Changpeng Zhao said withdrawals of Ankr's <a href="https://coinmarketcap.com/currencies/bnb/">Reward Bearing Staked BNB</a> coin would be paused while Binance probed a potential attack by hackers.The token, which held around $123 million of assets and was intended to offer Binance Coin holders returns via staking, crashed 99.5% Friday to trade at $1.51."Initial analysis is developer private key was hacked, and the hacker updated the smart contract to a more malicious one," <a href="https://twitter.com/cz_binance/status/1598575867311132673">'CZ' said on Twitter</a>. "Binance paused withdrawals a few hours ago."Binance has also frozen around $3 million that hackers moved to its centralized exchange, he added.Hackers have relentlessly targeted digital assets in 2022 with more than $3 billion wiped from the sector this year, according to Chainalysis.Binance's freezing of Ankr's token comes at a time when investors are worrying about contagion from the implosion of rival exchange FTX and a brutal crypto winter that has seen bitcoin's price fall 63% year-to-date, with the token trading at just under $17,000 at last check.Read more: <a href="https://www.businessinsider.com/sam-bankman-fried-criminal-liability-lawyers-ftx-collapse-bankruptcy-crypto-2022-11">Sam Bankman-Fried said he doesn't think he's criminally liable for FTX's implosion, but that his lawyers don't want him speaking publicly</a>

Binance has frozen withdrawals of a crypto linked to its own token that looks like it's been hacked, CEO 'CZ' says

<ul class="summary-list"><li>The <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword> of a "<keyword id="11423341" type="UNKNOWN" weightage="60" keywordseo="cryptopunk">CryptoPunk</keyword>" character fetched $11.8 million, setting a new world auction record for a single CryptoPunk.</li><li>The token, dubbed "Covid Alien," was bought by Shalom Meckenzie, the largest shareholder of DraftKings.</li><li>The sought-after token is one of the nine alien CryptoPunks made by Larva Labs in 2017.</li></ul>The non-fungible token of a character from the "CryptoPunk" series fetched <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.sothebys.com%2Fen%2Fbuy%2Fauction%2F2021%2Fnatively-digital-cryptopunk-7523%2Fcryptopunk-7523">$11.8 million Thursday</a>, setting a new world auction record for a single CryptoPunk, luxury auction house <keyword id="165441" type="COMPANY" weightage="60" keywordseo="Sothebys">Sotheby's</keyword> said. The NFT, dubbed "Covid Alien," was bought by Shalom Meckenzie, the largest shareholder of online sports gambling firm DraftKings. The sought-after <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-4ee5bbf0-7fff-3320-0c19-a2f4bc133ef8">token</a> called "CryptoPunk #7523" is one of the nine alien CryptoPunks made by artists Matt Hall and John Watkinson, the founders of Larva Labs, in 2017. It is the only one with a mask. Before the sale, a collector known as Sillytuna owned the token. In total, there are 10,000 24 x 24-pixel CryptoPunks with no two that are exactly alike. Other characters in the collection are composed of 24 apes, 88 zombies, 3,840 females, and 6,039 males. The NFTs were initially released for <a href="https://www.larvalabs.com/cryptopunks">free</a> besides a small transaction fee but the record-breaking amount seen from Covid Alien indicates the massive interest investors have. Following the sale, the auction house <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.sothebys.com%2Fen%2Fpress%2Fpunks-on-paper%3Flocale%3Den">announced</a> it will offer five "exceptionally rare" CryptoPunks later in June. <div type="image" title="download" height="708" width="1416" msid="83416739" hostid="261"></div> NFTs have <a href="https://markets.businessinsider.com/news/stocks/nfts-majority-americans-surveyed-digital-art-more-than-a-fad-2021-4-1030272455?utm_source=markets&amp;utm_medium=ingestgest" target="_blank">soared in popularity</a><a href="https://www.businessinsider.com/non-fungible-tokens-nfts-have-taken-over-heres-why-theyre-important-2021-4?utm_source=markets&amp;utm_medium=ingestgest" target="_blank"> this year</a>. The market thus far has seen immense growth and buyers now vastly exceed sellers, according to a report from L'Atelier BNP Paribas. These tokens are <a href="https://www.businessinsider.com/non-fungible-tokens-nfts-have-taken-over-heres-why-theyre-important-2021-4?utm_source=markets&amp;utm_medium=ingestgest" target="_blank">digital representations of artwork, sports cards, or other collectibles </a>tied to a blockchain, typically on ethereum. Each NFT has a signature that can be verified in the public ledger and cannot be duplicated nor edited. When people buy <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-946183ab-7fff-7270-0449-a3e4ea0b7609">NFTs</a>, they gain the rights to the <a href="https://www.businessinsider.com/why-are-people-buying-nfts-investing-in-nft-crypto-art-2021-3?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank">unique token</a> on the blockchain, not the artworks themselves. But the fact that the information on a blockchain is next to impossible to alter makes NFTs appealing, especially to artists. Many have speculated the space is <a href="https://www.businessinsider.com/is-nft-market-bubble-crypto-art-sales-popular-prices-plunge-2021-4?utm_source=markets&amp;utm_medium=ingestgest" target="_blank">in a bubble,</a> and apart from some massive sales, evidence shows the craze may be cooling for now. The number of <a href="https://www.businessinsider.com/crypto-art-nft-millennial-entrepreneurs-ikonick-disrupting-market-2021-6">NFT sales for June is about half of what they were during March's peak</a>, the industry tracker <a href="https://nonfungible.com/market/history">NonFungible.com</a> showed. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword>, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-cryptocurrency-exchange-wazirx-has-listed-shiba-inu-tokens-for-trading-in-indian-rupees/articleshow/82731429.cms">Chiacoin claims to be an eco-friendly cryptocurrency — here's how it works</a> <a href="https://www.businessinsider.in/cryptocurrency/news/here-is-why-a-ban-on-cryptocurrencies-may-not-be-even-possible/articleshow/82741310.cms">Is a ban on cryptocurrencies even possible?</a> <a href="https://www.businessinsider.in/cryptocurrency/news/latin-america-and-south-asia-show-two-ends-of-the-crypto-regulatory-spectrum/articleshow/83638437.cms">Even as Latin America embraces Bitcoin, Southeast Asia is clamping down on cryptocurrencies</a>

'CryptoPunk' NFT called 'Covid Alien' was bought for $11.8 million by DraftKings' largest shareholder in a Sotheby's auction

<ul class="summary-list"><li>Kim Kardashian violated a 1930s securities law in promoting crypto on her Instagram, the head of the SEC said. </li><li>The SEC said Kardashian had violated Section 17(b) of the Securities Act of 1933. </li></ul>Securities and Exchange Commissioner Chair Gary Gensler on Monday said Kim Kardashian was charged over an Instagram post touting a crypto security because she didn't disclose information that's required under a decades-old US securities law. The SEC said Monday Kardashian will pay $1.26 million to settle charges stemming from a June 2021 Instagram post about <a href="https://www.coingecko.com/en/coins/ethereummax">EMAX tokens</a>, a crypto asset security sold by EthereumMax. In an October 3 <a href="https://www.sec.gov/litigation/admin/2022/33-11116.pdf">administrative filing</a> by the Securities and Exchange Commission, the regulator in imposing a cease-and-desist order said Kardashian had violated Section 17(b) of the Securities Act of 1933. "Part of that law said that if you tout a stock, you need to disclose not only that you're getting paid but also the amount - so the source and the nature of those payments," <a href="https://www.cnbc.com/video/2022/10/03/sec-chair-gary-gensler-breaks-down-charges-against-kim-kardashian-over-a-crypto-promo.html">Gensler said in a CNBC interview</a> on Monday. The TV reality star's post contained "#ad" - a hashtag used by influencers on social media to signify that a post is an advertisement. But the SEC said it found Kardashian failed to disclose that she was paid $250,000 to publish the post about EMAX tokens. Her post contained a link to the EthereumMax website that had instructions for potential investors to purchase the tokens, the regulator said. Gensler said the ad hashtag may be appropriate under other laws to use on promotions for products such as perfume or vacation homes. "But these are the securities laws … and this was really to protect the investing public when somebody is touting a stock, and whether that's a celebrity, an influencer or the like, that's at the core of what this is about." The SEC in announcing its action against Kardashian on Monday <a href="https://twitter.com/GaryGensler/status/1576897535427448832">released a video featuring Gensler</a> centered on its message that investment products promoted by celebrities and influencers do not mean they are appropriate vehicles for everyone. The chairman in the CNBC interview noted the SEC had previously <a href="https://www.businessinsider.com/sec-floyd-mayweather-jr-dj-khaled-illegally-touted-icos-2018-11">charged boxing champion Floyd Mayweather and record producer DJ Khaled</a> over promoting a Centra Tech initial coin offering without either of them disclosing they were being paid. The <a href="https://www.sec.gov/news/press-release/2018-268">2018 charges</a> were the SEC's first cases to charge touting violations involving ICOs. Mayweather and Khaled each agreed to pay more than $100,000 in fines to settle charges without admitting or denying the findings. Kardashian, without admitting or denying the findings, also agreed not to promote any crypto asset securities for three years, the SEC said. Crypto "is a highly speculative asset class. And so when a celebrity or influencer is touting it, it's important that the public understands that relationship and are they getting paid and how much they're getting paid on their Instagram site," Gensler said. Kardashian cooperated with the SEC and is "pleased" to have resolved the matter so that she can focus on her business pursuits, her lawyer <a href="https://www.businessinsider.com/kim-kardashian-undisclosed-instagram-crypto-ads-sec-settlement-ethereummax-emax-2022-10">said in a statement provided to Insider</a>. "I want to acknowledge Miss Kardashian has been cooperating and [providing] ongoing cooperation and we really appreciate that," Gensler said during the interview. EMAX tokens on Monday shot up 10% to $0.000000004935, according to CoinGecko.

Kim Kardashian ran afoul of a 1930s securities law in her Instagram post touting the EMAX crypto token, SEC Chair Gary Gensler says

<ul class="summary-list"><li><keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword> is several years ahead of other countries in developing a <keyword id="6472011" type="UNKNOWN" weightage="60" keywordseo="Central-Bank-Digital-Currency">central bank digital currency</keyword>, Ulisse Dell'Orto of Chainalysis told CNBC Monday.</li><li>"We haven't seen a national roll out" like we have seen in China, Dell'Orto said.</li><li><keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">Crypto</keyword> is still a barrier to the digital <keyword id="62260" type="COMPANY" weightage="60" keywordseo="Yuan">yuan</keyword> despite China's crackdown that grew in May.</li></ul>China is several years ahead of other major economies in its efforts to develop a central bank digital currency and, in doing so, could increase its global influence, Chainalysis executive Ulisse Dell'Orto told CNBC in an <a href="https://www.cnbc.com/video/2021/08/09/chainalysis-on-chinas-digital-yuan-and-central-bank-digital-currencies.html">interview</a> Monday.Dell'Orto, who is managing director of Asia Pacific &amp; Japan at data platform Chainalysis, spoke about how China's efforts to turn its legal tender to a "computer code" means it's on track to widely roll out a digital version of its currency any minute, while other countries like the United States or the United Kingdom are still in the very early stages of exploring official digital coins of their own."The rapid deployment of the digital yuan will basically enable China to expand its global influence. They have been pioneering CBDCs, leaving some of the largest powers in the world several years behind," Dell'Orto told CNBC. China is the only developing nation that has released a national rollout of their own central bank digital currency (<keyword id="6791630" type="UNKNOWN" weightage="60" keywordseo="CBDC">CBDC</keyword>), Dell'Orto said. China was the first major nation to run a trial of its digital yuan, in which it handed out <a href="https://markets.businessinsider.com/news/stocks/china-cbdc-trial-digital-yuan-beijing-lottery-2021-6">$6.2 million</a> in the token to residents via mobile apps in June. In parts of Europe, like <a href="https://www.reuters.com/article/us-switzerland-france-cenbank-digitalcur-idCAKCN2DM15U">Switzerland and France</a>, there have been some digital currency pilots, as well as a number of initiatives across southeast Asia. The Bahamas, for example, has already issued a CBDC - named the Sand dollar.CBDCs are a digital form of a central bank's national currency that could offer users a safer, centralized alternative to standard <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> like bitcoin, which are often highly volatile.The rise in popularity of cryptocurrencies, which are decentralized and not subject to any government or authority, afford their users a degree of flexibility and anonymity. <keyword id="46318" type="ORGANIZATION" weightage="60" keywordseo="central-banks">Central banks</keyword> are looking at CBDCs as a means of keeping currency in circulation - which would include a digital version - in public, rather than private, hands to continue to ensure the stability of the financial system. Dell'Orto said a digital yuan could facilitate trade between China and many of its international trade partners, such as those involved in its so-called "<a href="https://www.businessinsider.com/what-is-belt-and-road-china-infrastructure-project-2018-1?r=US&amp;IR=TIR=T">Belt and Road</a>" infrastructure program - a multi-billion dollar project aimed at connecting trade routes between China and over 100 other countries by land and sea."If we're only simply looking at the <keyword id="4443512" type="PERSON" weightage="60" keywordseo="Belt-and-Road-Initiative">Belt and Road Initiative</keyword>, it could definitely be a digital currency that could be used and traded with their partners. So I think that this will have a very important impact on China's policy, and this is why China's trying to roll out its currency as soon as possible," he said in the interview.

China is years ahead of other major countries in the development of its digital yuan, giving Beijing the chance to expand its influence: Chainalysis

<ul class="summary-list"><li><keyword id="2382887" type="PERSON" weightage="60" keywordseo="eToro">eToro</keyword> added four new <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> tokens to its offering this week, including two <keyword id="4164994" type="PERSON" weightage="60" keywordseo="defi">DeFi</keyword> assets. </li><li>DeFi has gained traction in the crypto community in recent weeks as prominent investors back this asset type. </li><li>DeFi has faced increased regulatory scrutiny, as tokens have dealt with cyber security issues. </li></ul>eToro <a href="https://www.etoro.com/news-and-analysis/crypto/new-cryptoassets-available-on-etoro/">added</a> two <keyword id="11094379" type="UNKNOWN" weightage="60" keywordseo="decentralized-finance">decentralized finance</keyword> tokens, Aave and Yearn.Finance YFI, to its trading offering this week, alongside crypto tokens Compound COMP and Decentraland MANA. DeFi has gained traction amongst crypto investors in recent weeks after having been long overlooked on account of its complex nature.Aave uses smart contracts, which allow users to receive different types of interest, and can be selected based on individual needs. It ranks among the top 30 largest cryptocurrencies by market capitalization and was last trading at around $331 per token based on Coinmarketcap <a href="https://coinmarketcap.com/currencies/aave/">data</a>. Yearn.Finance YFI encompasses several DeFi programs that are designed to optimize investing. Investors can earn profits through YFI contracts, or add tokens based on initial investment. YFI is ranked 61st based on market size and valued at just above $42,000, according to <a href="https://coinmarketcap.com/currencies/yearn-finance/">Coinmarketcap</a>. With the four new tokens, there are now 23 crypto assets available on eToro, one of the largest retail trading platforms. DeFi has gained traction and popularity within the crypto community in recent weeks, as sector heavyweights have signaled their support. "Shark Tank" investor Kevin O'Leary announced earlier this week he was <a href="https://markets.businessinsider.com/currencies/news/kevin-oleary-shark-tank-defi-ventures-investing-crypto-anthony-pompliano-2021-5-1030463248">planning to launch a DeFi investing company</a> and Chainlink's co-founder Sergey Nazarov <a href="https://podcasts.apple.com/us/podcast/base-layer-episode-210-sergey-nazarov-co-founder-chainlink/id1445373535?i=1000522603277">said</a> he believed a shift towards DeFi was unavoidable. DeFi is based on <keyword id="6355684" type="PERSON" weightage="60" keywordseo="Blockchain">blockchain</keyword> technology and aims to remove any middlemen from the investing process. It has a variety of uses, including digital currency exchanges, stablecoins and wrapping bitcoin to link them to the <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">ethereum</keyword> network. Smart contracts also allow users to earn interest on their investments. So far, DeFi has been widely regarded as too complex and inaccessible to especially retail investors as it requires significant expertise. Security issues and past crashes of DeFi investment vehicles have also led investors to be cautious.Cryptocurrency exchange Binance has seen a number of hacks and attacks on DeFi products based on its systems. Most recently BurgerSwap, a DeFi platform on which users swap digital burgers, was <a href="https://twitter.com/burger_swap/status/1398161871778115586">attacked</a> by hackers and lost over $7 million of its clients funds. Regulators including the SEC chairman Gary Gensler have urged caution, <a href="https://www.sec.gov/news/testimony/gensler-2021-05-26">saying</a> the DeFi was challenging for investors due to its volatility and the novelty of products included under the umbrella term.

You Searched For "initial token offering" and got 10 results

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