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Bitcoin Plummets as CFTC and FBI File Charges Against BitMEX

Bitcoin Plummets as CFTC and FBI File Charges Against BitMEX
  • CFTC and the U.S. Attorney for the District of New York have charged BitMEX for operating an unregulated exchange and non-compliance with KYC and AML guidelines.
  • The price of Bitcoin is already in free fall from the news.
  • While the CFTC has filed a civil suit against BitMEX, the FBI is coming after BitMEX with criminal charges. The maximum penalty entails five years in prison.

    BitMEX is a highly-popular crypto exchange that introduced perpetual swap contracts for Bitcoin which have now become the industry standard. 

    The exchange is a favorite among Bitcoin traders due to its ease of access. Prior to this year, the exchange required no KYC or AML verification. As of August, the exchange reported that they would implement mandatory KYC regulations.

    The CFTC has charged BitMEX for violating multiple CFTC regulations, including operating an unregulated trading platform. CFTC Chairman noted in the press release:

    “We can’t allow bad actors that break the law to gain an advantage over exchanges that are doing the right thing by complying with our rules.”

    The owners of the exchange Arthur Hayes, Ben Dilo, Gregory Dwyer, and Samuel Reed are looking at the following repercussions: 

    “Disgorgement of ill-gotten gains, civil monetary penalties, restitution for the benefit of customers, permanent registration and trading bans, and a permanent injunction from future violations of the Commodity Exchange Act (CEA).” 

    Moreover, the Feds have simultaneously charged BitMEX with violating Bank Secrecy Laws which pertain to money-laundering and anti-terrorist activities. Preston Byrne, a lawyer at Anderson Kill Law, tweeted: 

    “Feds are going for the gusto and bringing a parallel criminal case for alleged BSA violations. BitMex isn’t going to be able to settle this with a slap on the wrist and a fine.”

    The details indictment from the U.S. Attorney of New York Source:

    Bitcoin dropped 1.54% in the first 15-minutes of the announcement. The downfall continues as we speak, dragging BTC price from $10,900 to lows of $10,611, at press time. 

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    Author: by
    Nivesh Rustgi

    A Mannequin for the Subsequent Technology DEX, TitanSwap Will Be a Dex With Higher Consumer Expertise

    A Mannequin for the Subsequent Technology DEX, TitanSwap Will Be a Dex With Higher Consumer Expertise

    TitanSwap is utilizing the renBTC protocol to implement cross-chain operations. In contrast with the presently extra widespread custodial cross-chain options wBTC and tBTC, the renBTC good contract is a non-custodial entry mechanism. Its core is the RenVM digital machine, a decentralized community primarily composed of 1000’s of “darkish nodes” Run on. Due to this fact, TITAN’s answer is extra decentralized and sensible.
    As well as, underneath the AMM mannequin, value discovery and the danger of liquidity suppliers are largely decided by the Bonding Curve.

    TitanSwap proposes the TITAN Adaptive Bonding Curve, which mechanically adapts to totally different bond curves for various asset varieties, which is able to convey larger liquidity and an ideal mixture of higher value discovery mechanisms to make sure that customers can acquire Smaller slippage, decrease prices, and extra systematically present larger liquidity.

    TITAN believes that the primary purpose for impermanent losses is value fluctuations, particularly violent fluctuations.

    TitanSwap’s answer is to dynamically modify the curvature of the Bonding Curve to make the curve steeper when the value fluctuates sharply, thereby decreasing the revenue margin for arbitrageurs and making the value return to the traditional value extra rapidly and at a decrease price.

    TitanSwap will decide whether or not it must dynamically modify the curvature primarily based on Realized Variant and the way in which of VPIN. This scheme is much like the implementation mechanism of Bancor V2, however Bancor V2 requires value oracle recognition, and there could also be circumstances the place the oracle fails.

    A earlier report by Huobi Analysis Institute confirmed that whatever the sharp rise or fall within the value of digital belongings, VPIN’s predictions will typically enhance considerably. It has a sure predictive impact and may be thought to be a number one indicator of volatility. Choices buying and selling, market makers’ provision of liquidity, and change threat management administration are of guiding significance.

    When discussing tips on how to take care of excessive challenges similar to community congestion, the Layer 2 help answer proposed by TitanSwap can also be very fascinating.
    When contemplating using Layer 2 expertise, TITAN hopes to realize exponential enhancements, and TITAN considers utilizing state channels or unmanaged aspect chains. TITAN believes that its Layer 2 help answer is extra appropriate for utilizing Optimistic Rollup. TITAN will steadily understand the help of this answer on the Ethereum official community within the technique of cooperation with Optimistic Rollup.

    From the attitude of transaction charges and transaction delays, Layer’s answer exploration will significantly improve the consumer expertise. Odaily Planet Day by day believes that the earlier gamers who land on the appliance would be the first to get a substantial first-mover bonus within the DEX market.

    TITAN needs to supply members with new alternatives for liquidity mining.

    Along with the buying and selling perform, one other main side of the present DEX is the liquidity mining.
    Regardless of CEX or DEX, all change depends on market makers to supply liquidity and depth to the platform. Nevertheless, the market makers of conventional centralized exchanges must play an expert function, and it’s not doable for all abnormal customers to take part within the work of market makers.

    The explanation why the AMM-based DEX can emerge can also be as a result of it removes the skilled threshold necessities for market makers, and anybody can inject liquidity into the pool and acquire advantages.
    TITAN hopes to supply liquidity suppliers with a feast of revenue. The present earnings composition of liquidity suppliers on TITAN contains AMM charge earnings, liquidity distribution underneath the corresponding weights of various buying and selling swimming pools TITAN, secure forex Compound Pool lending charges, and secure forex Y Pool mortgage rate of interest, Synthetix Pool reward, Ren Pool reward, and so forth.
    Nevertheless, extra typically, the hidden rule of liquid mining is that solely massive gamers can turn out to be the ultimate winners, and small cash holders are nearly unprofitable.
    The way to stability the connection between massive liquidity suppliers and abnormal liquidity suppliers, in order that abnormal members can take part pretty has turn out to be an enormous downside.

    Beneath the AMM mechanism, liquidity is dependent upon the quantity of funds. If the aim of DEX is to supply customers with higher depth, it should not exclude bigger liquidity suppliers. The bigger the funds enter the pool, the higher consumer buying and selling expertise may be achieved.
    TitanSwap hopes to supply customers with higher depth and obtain a stability between liquidity suppliers of various sizes.

    TitanSwap revealed that TITAN will maintain some particular occasions that emphasize the stability of income and worthwhile for small and informal customers. Within the brief time period, it’ll encourage extra individuals to take part in DEX, hoping that extra individuals can expertise the operation technique of liquid mining.

    DEX is not only a prepare to casinos, DEX itself additionally has a robust wealth impact.

    On September 17, Uniswap introduced the launch of the governance token UNI, after which airdropped 150 million UNI to almost 50,000 addresses that had invoked Uniswap V1 or V2 contracts. We joked that “an iPhone 12 was allotted to everybody.”

    TitanSwap additionally designed the governance token TITAN, with a complete quantity of 1 billion. At current, the primary approach for customers to acquire TITAN is buying and selling and liquidity mining. Holders have the suitable to suggest and vote, and might collectively decide a part of TITAN’s future governance rights.

    When it comes to distribution, TITAN promised to launch 90% of TITAN tokens by way of liquid mining. The staff has no pre-mining and no reservation. 10% of the tokens are offered to buyers as start-up capital, after which the TITAN venture turns into a real decentralized group venture. This ratio is already a lot increased than most DEX tasks.

    Nevertheless, DeFi and liquid mining have certainly pushed DEX into the mainstream forward of time. When DeFi is not any lengthy in style, how a lot market area will stay for DEX?

    The official TitanSwap staff acknowledged that the distribution of TITAN might be in keeping with the expansion technique of the complete community. Because the community transaction quantity will increase, the liquidity of TITAN token distribution will enhance, in order that when TITAN is used extra, there might be extra customers holding TITAN tokens.

    This design is definitely to maintain the tokens from being concentrated within the arms of early massive liquidity suppliers as a lot as doable.
    “On this approach, the annualized price of return could also be comparatively low, however TITAN pays extra consideration to the long-term incentives somewhat than short-term. We don’t need to go away the market with a multitude.” Ghughur mentioned.

    At 8pm on September 24, Huobi launched TITAN along with a “new coin mining” occasion for TITAN. This occasion will present four million TITAN tokens as a reward for taking part within the new coin mining exercise for the lock-up customers, with the full lock-up restrict of eight million HT.
    The start of TitanSwap introduced a extra fascinating arbitrage instrument to this sport of DEX.

    We imagine that DEX and CEX would coexist for a very long time sooner or later, however the future DEX will certainly transfer in the direction of integrating extra CEX capabilities. TITAN is probably going to make use of its first-mover benefit to turn out to be a breaker sooner or later DEX ecosystem. Whether or not it’ll break by way of the present dominance of Uniswap or convey new wealth to the market, TitanSwap is value wanting ahead to.

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    Bitcoin, Blockchain, CEX, Cryptocurrency, Decentralized, DEX, RenVM, Good Contracts, TITAN, TITAN Tokens, TitanSwap


    Author: By admin

    US Senate Candidate Is a Hodler, Sees Bitcoin as Alternative Store of Value to US Dollar | News Bitcoin News

    US Senate Candidate Is a Hodler, Sees Bitcoin as Alternative Store of Value to US Dollar | News Bitcoin News

    Bitcoiner US Senate Candidate Sees Bitcoin as Alternative Store of Value to US Dollar

    US Senate candidate Cynthia Lummis is pro-bitcoin. She bought her first bitcoin during her time in Congress. Now she calls herself a hodler and sees the cryptocurrency as a viable alternative store of value to the US dollar.

    Cynthia Lummis served Wyoming as a conservative Republican in the U.S. House of Representatives for eight years. She is now in the running for the U.S. Senate, with the endorsement of President Donald Trump.

    Lummis revealed during the third annual Wyoming Blockchain Stampede on Sunday that she is a bitcoin “hodler,” having purchased her first BTC in 2013. She elaborated:

    It was during my time in Congress that I first learned about bitcoin. I was struck by how innovative bitcoin is with its decentralized public ledger and a fixed supply.

    While serving as State Treasurer, Lummis was always hunting for a good store of value because one of her duties was to invest the Permanent Wyoming Mineral Trust Fund. Noting that the state of Wyoming has “significant savings” due to its vast mineral resources, she revealed that the state’s treasurer currently manages around $20 billion in savings spread across nine investment pools.

    What cryptocurrency will become the main one in a year?

    “Knowing that there’re only going to be 21 million bitcoin makes it an attractive store of value,” Lummis explained. “I have long worried about the Federal Reserve’s program of quantitative easing and the amount of debt on which our nation’s economy’s future rests,” she further shared, adding that the U.S. has created $3 trillion more in debt since March.

    Citing economist Nassim Taleb saying last week that “The most underestimated risk in financial markets today is that the dollar ceases to be a reserve currency,” Lummis stressed that this is something we should all worry about. She aims to address this issue to prevent the dollar from losing its world’s reserve currency status. Taleb is not the only one who has warned about this problem. Goldman Sachs made a similar warning in July.

    “I want to address America’s debt when I go to the U.S. Senate. But I also want to protect the value that America’s workers generate through their labor. We cannot continue to debase our currency and expect that the American workers’ wages and savings will be unaffected,” she continued, emphasizing the importance of preventing American savers’ rapid loss in purchasing power. The former US representative opined:

    Bitcoin to me has shown great promise and may rise as a viable alternative store of value to the US dollar both on the institutional level and the personal level.

    Lummis then revealed how she got into bitcoin, stating:

    I bought my first bitcoin in 2013 because I believe in the economic power of scarcity and the potential for bitcoin to address some of the manipulations in our financial system … Now I am a hodler and I hodl because like gold I want to preserve the relative value of my labor over time.

    She proceeded to talk about Wyoming’s achievements in the blockchain and cryptocurrency area, giving the example of cryptocurrency exchange Kraken, which recently obtained a banking charter and established an office in Wyoming. She also outlined some concerns over anti-money laundering (AML) and know-your-customer (KYC) laws that hinder innovation but are not effective at preventing money laundering.

    What do you think about Lummis’ view on bitcoin? Let us know in the comments section below.

    Open Interest on Bitmex Drops 16%:  Investors Withdraw 37,000 BTC in Less Than 24 Hours

    Smart Contract Protocol RSK Attempts to Bring Defi to the Bitcoin Network

    Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here.

    Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


    Author: News by Kevin Helms

    Bitcoin Just Printed a Monthly Close Above a Pivotal Support Level

    Bitcoin Just Printed a Monthly Close Above a Pivotal Support Level

    It’s been quite the boring past four weeks for the Bitcoin market. The cryptocurrency, after suffering a strong plunge at the start of the month, was largely rangebound between $10,000 and $11,000 over September.

    Despite the lack of strong price action, not all hope is lost for Bitcoin bulls.

    In fact, many analysts remarked at the time of the candle close that the cryptocurrency is actually in a good long-term position. Here’s why they think so.

    Bitcoin has seen a weak performance over the month of September. Since the start of the month, the cryptocurrency has slipped a handful of percent, printing a red candle for the first time since June.

    Despite this drop, not all hope is lost.

    The cryptocurrency, having bounced strongly from the monthly lows around $9,800, is actually in a bullish state as per some analysts.

    One trader shared the chart below right after the monthly candle close. The chart shows that Bitcoin is actually sitting above a level of macro support, $10,500, on a monthly time frame.

    This level marked the highs of Bitcoin’s rallies in 2019 (monthly time frame) and in February (intra-month time frame). Bitcoin managing to turn this level into support suggests the formation of a “bullish trend” on the monthly chart, the trader said.

    The trader that made this observation is the same one that predicted in the middle of the March crash that the asset would see a V-shaped reversal to $10,000 by May/June. He was proven correct just months after he made this call, nailing the timing and the shape of the price action.


    Chart of BTC's price action since the start of 2017 with analysis by crypto trader Bitcoin Jack (@BTC_JackSparrow on Twitter). Chart from

    Long-term on-chain trends are also bullish for Bitcoin.

    CryptoQuant, a crypto-asset analytics and data firm, recently shared that the following ten of its eleven long-term on-chain trends are currently printing “buy” signals for Bitcoin:

  • Miners’ position index
  • Puell Multiple
  • Hash Ribbons
  • All Exchanges Outflow Mean
  • All Exchanges Reserve
  • Stablecoin Supply Ratio
  • All Exchanges Stablecoin Reserve
  • MVRV Ratio
  • Network Value to Metcalfe Ratio
  • Stock to Flow
  • While on-chain trends aren’t perfect determinants of price action over the short term, these long-term trends suggest that Bitcoin is in a phase of macro growth.

    Where the cryptocurrency will rally to, though, remains to be seen.


    Author: Nick Chong

    Owners of BitMEX, a Leading Bitcoin Exchange, Face Criminal Charges

    Owners of BitMEX, a Leading Bitcoin Exchange, Face Criminal Charges

    Technology|Owners of BitMEX, a Leading Bitcoin Exchange, Face Criminal Charges

    BitMEX made itself a haven for hackers and illegal transactions, American prosecutors said.

    American authorities brought criminal charges on Thursday against the owners of one of the world’s biggest cryptocurrency trading exchanges, BitMEX, accusing them of allowing the Hong Kong-based company to launder money and engage in other illegal transactions.

    BitMEX is far from the first cryptocurrency company to be suspected of facilitating criminal activity. But it is the largest and most established exchange to face criminal charges.

    Federal prosecutors in Manhattan indicted the chief executive of BitMEX, Arthur Hayes, and three co-owners: Benjamin Delo, Samuel Reed and Gregory Dwyer. Mr. Reed was arrested in Massachusetts on Thursday, while the other three men remained at large, authorities said.

    Prosecutors said BitMEX had taken few steps to limit customers even after being informed that the exchange was being used by hackers to launder stolen money, and by people in countries under sanctions, like Iran.

    “BitMEX made itself available as a vehicle for money laundering and sanctions violations,” the indictment released on Thursday said.

    BitMEX has handled more than $1.5 billion of trades each day recently, making it one of the five biggest exchanges on most days. BitMEX and Mr. Hayes have been known for pushing the limits in the unregulated cryptocurrency industry.

    After it was founded in 2014, BitMEX grew popular by allowing traders to buy and sell contracts tied to the value of Bitcoin — known as derivatives, or futures — with few of the restrictions and rules that were in place in other exchanges. That allowed investors to take out enormous loans and make risky trades.

    The relaxed attitude also made it possible for people all over the world to easily move money in and out of BitMEX without the basic identity checks that can prevent money laundering. In August, BitMEX put in place some of those verification checks.

    Mr. Hayes is from Buffalo, and previously worked as a trader at Deutsche Bank and Citi after graduating from the University of Pennsylvania. He incorporated BitMEX in the Seychelles even though its offices were in Hong Kong and New York.

    Mr. Hayes chose Seychelles “because it cost less to bribe Seychellois authorities — just ‘a coconut’ — than it would cost to bribe regulators in the United States and elsewhere,” according to the indictment.

    A spokesman for HDR Global Trading Limited, one of the corporate entities controlling BitMEX, said: “We strongly disagree with the U.S. government’s heavy-handed decision to bring these charges, and intend to defend the allegations vigorously.”

    BitMEX has been reported to be under investigation by American authorities since last year. On Thursday, American cryptocurrency experts said they were not surprised that the exchange would attract scrutiny given its freewheeling attitude.

    “The vast majority of firms that service the U.S. are compliant, so it’s not surprising that the government would now turn to those that refuse to follow the law,” said Jerry Brito, the executive director of Coin Center, a research and lobbying group in Washington.


    Author: Nathaniel Popper

    Bitcoin News Roundup for Oct. 1, 2020

    Bitcoin News Roundup for Oct. 1, 2020

    Bitcoin (BTC) faced selling pressure in September as the U.S. dollar rose against major currencies for the first time in six months. 

    Diginex has become the first crypto exchange operator to be traded on Nasdaq, listing under the EQOS ticker symbol.

    A federal judge has ruled Kik’s 2017, $100 million token sale violated U.S. securities law, and wants to see a proposal for refunds.

    The U.S. Securities and Exchange Commission has confirmed it is taking action against SALT Lending after ruling the company’s $47 million initial coin offering was an illegal securities issuance.


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