Značka: IPO

SEC alleges fintech and 'market maker' firms manipulated crypto market in token scheme

The United States Securities and Exchange Commission, or SEC, has announced charges against Hydrogen Technology Corporation and its market marker Moonwalkers Trading Limited related to allegedly perpetrating a scheme to manipulate the trading volume and price of Hydro tokens.In a Sept. 28 announcement, the SEC said former Hydrogen CEO Michael Ross Kane hired Moonwalkers and its CEO Tyler Ostern “to create the false appearance of robust market activity” following the distribution of Hydro tokens through an airdrop, bounty programs and direct sales in 2018. Kane then had Moonwalkers sell the tokens in the “artificially inflated market” for more than $2 million in profit on behalf of Hydrogen.“As we allege, the defendants profited from their manipulation by creating a misleading picture of Hydro’s market activity,” said Joseph Sansone, chief of the SEC Enforcement Division’s market abuse unit. “The SEC is committed to ensuring fair markets for all types of securities and will continue to expose and hold market manipulators accountable.”According to the SEC, Kane’s, Ostern’s and the companies’ actions constituted manipulation of the crypto market, violating provisions of U.S. securities laws. The regulator reported Ostern had consented to pay more than $40,000 in disgorgement and interest, subject to approval by a New York federal court “with civil monetary penalties to be determined at a later date.” The SEC’s complaint sought similar actions against Kane, as well as having the former CEO barred from holding officer and director positions.Many in the crypto space criticized the SEC complaint as an example of regulation by enforcement — in this case, claiming the regulator was extending airdrops to its purview.“They say airdrops meet the Howey test’s “investment of money” prong, even if no one makes an investment and no money changes hands,” said Jake Chervinsky, head of policy at the crypto advocacy group Blockchain Association. “The SEC talks a lot about airdrops, but then only seems to argue that distributions via direct sales, bounty programs and employee compensation are securities transactions.”Others suggested that while the SEC’s actions may have been seemingly par for the course on crypto enforcement, they may not have necessarily been targeting token airdrops:To be fair, the complaint seems to suggest that the “bounties” where users were rewarded with tokens for a promotional action count for that clause. Not the generic airdrop.I still don’t think that should merit an “investment of money” but there is arguably more precedent.— Adam Cochran (adamscochran.eth) (@adamscochran) September 28, 2022Related: Binance denies allegations of market manipulationThough the SEC has pursued many enforcement actions against initial coin offerings among crypto firms, the regulator’s stance on airdrops’ role in alleged token schemes is unclear. Commissioner Hester Peirce said in a February 2020 speech that the SEC has hinted a token airdrop “might constitute an offering of securities.”“Since the SEC has found that some tokens can be securities, if you are considering using an airdrop token distribution, be warned that even giving away tokens is not necessarily free from scrutiny under securities law,” said crypto lobbying group Coin Center’s research director Peter Van Valkenburgh in a 2017 blog.

Čítaj viac

Chinese chip designer reportedly filed for $50M Nasdaq IPO

Chinese mining chip designer Nano Labs has applied for an initial public offering (IPO) in the United States to raise $50 million on Nasdaq amid sluggish market conditions.According to information obtained by the Renaissance Capital IPO monitoring tool, the Huangzhou-based crypto mining chip maker has filed with the U.S. regulator Securities and Exchange Commission (SEC) for its upcoming public offering on Nasdaq, the world’s second-biggest stock exchange.The application for American depository shares is occurring amid a slew of regulatory difficulties in China and the United States, causing a shortage of Chinese issuers’ overseas fundraising. Only two IPOs took place in 2022 in New York, raising $49.5 million, compared to 28 IPOs that raised $5.8 billion last year.Nano Labs, however, is pressing ahead with its Nasdaq offering even though it has yet to produce a viable product. The firm plans to transform into a metaverse business, providing computing power for gaming and entertainment.A metaverse is a new online environment being developed on the blockchain. Users may create avatars and own digital property in these virtual realms, sometimes referred to as “next-generation internet” or Web3 applications.The two main shareholders of Nano Labs are co-founders Kong and Sun Qifeng, with 32.8% and 22.3% stakes, respectively. Kong was previously the co-chairman and a director at rival Canaan, which is the first cryptocurrency-mining rig maker to list in the U.S. in November 2019. In August 2020, he departed Canaan amid a corporate power struggle, according to reports from China then.Nano Labs’ products are used to mine cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Filecoin (FIL). In 2020, the company’s earnings were solely derived from China-based clients. To expand sales overseas, it established a subsidiary in Singapore last year.Related: Celsius Network’s crypto mining subsidiary SEC filing suggests plans for IPOAfter Beijing cracked down on crypto activities in May 2021, China, which was previously the world’s biggest cryptocurrency mining location, has witnessed some activities pushed underground. In July last year, the hash rate briefly went to zero, a metric of the network’s computing power for validating transactions and creating new digital assets.Even if the IPO is a success, Nano Labs faces the danger of being delisted. If a U.S. audit regulator fails to examine Chinese accounts for three years, mainland Chinese firms may be delisted from American markets by 2023. Nano Labs claimed it would face this problem as a result of auditing work done by its accounting firm’s offices in China.

Čítaj viac

Celsius Network's crypto mining subsidiary SEC filing suggests plans for IPO

Celsius Mining, the mining subsidiary of crypto lending platform Celsius Network, has filed paperwork with the United States Securities and Exchange Commission, or SEC, suggesting plans for an initial public offering (IPO).In a Monday announcement, Celsius said its mining subsidiary had filed a Form S-1 draft registration statement with the SEC, suggesting the firm may be planning an initial public offering. The SEC requires companies in the United States to file an S-1 registration for shares to be listed on a national exchange, like the Nasdaq or New York Stock Exchange. https://t.co/RhNOsQPBqA— Celsius (@CelsiusNetwork) May 16, 2022Reports suggest it can take anywhere from three to six months for the SEC to approve an IPO, potentially meaning shares of Celsius Mining could be listed in the United States by the end of 2022. Crypto exchange Coinbase sent its S-1 registration statement to the SEC in December 2020 and listed its COIN shares on Nasdaq roughly five months later, in April 2021.Founded by Alex Mashinsky in 2017, Celsius Network allows users to earn interest by holding cryptocurrencies. In June 2021, the platform invested more than $200 million into Bitcoin (BTC) mining infrastructure as well as positions in Core Scientific, Rhodium Enterprises and Luxor Technologies, later announcing the yields would be redistributed to depositors.Related: Celsius Network execs deny rumors of significant losses amid market volatilityAccording to the Celsius website at the time of publication, roughly 1.7 million people use the platform, holding more than $16.9 billion in assets as of May 6. The crypto lending firm was the first in decentralized and centralized finance to hold more than $20 billion in assets under management. 

Čítaj viac

Crypto Biz: The Web3 arms race is upon us, Apr. 14-20, 2022

“Web3” used to be an empty industry buzzword that described the next iteration of the internet. In 2022, Web3 is still an annoying buzzword, but at least the blockchain community is trying to assign it real-world utility. This week’s Crypto Biz newsletter features several major funding rounds dedicated on building the Web3 economy. After reading through the stories, you can decide whether we’re actually getting closer to defining Web3 or not. Oh, and remember all the buzz surrounding Special Purpose Acquisition Companies, or SPACs? A crypto-focused SPAC just closed an initial public offering on the Nasdaq, raising $115 million in the process. Framework Ventures allocates half of $400M fund to Web3 gamingRemember DeFi Summer 2020? Well, venture capitalists are gearing up for Web3 Summer 2022. That should certainly help numb the crippling pain of 2021’s Summer of Wyckoff. Framework Ventures is certainly anticipating big things for the space. This week, the venture firm announced that it would invest $200 million of a new $400 million fund in Web3 gaming projects. Now for the hard part: How do they identify the next Axie Infinity? Framework was an early investor in Chainlink, Aave and The Graph, so it knows how to spot gems very early. KuCoin-backed companies launch $100M Web3 developer fundI used to associate KuCoin with endless shitcoin listings, but the exchange is a lot bigger than I thought. Not only does KuCoin have its own venture arm, but it’s also rolling out a new NFT marketplace called Windvane. KuCoin Ventures and Windvane have co-launched a $100 million “Creators Fund” to help fund — you guessed it — Web3 projects. If we’re going to be technical about it, the Creators Fund wants to target NFT startups that are contributing to the development of Web3. Projects at the intersection of art, sports and GameFi are all eligible to receive funding. Crypto exchange CoinDCX raises $135M funding to support Indian Web3For all the uncertainty surrounding India’s cryptocurrency laws, the country is becoming quite the hotbed for digital asset investing. This week, local exchange CoinDCX became India’s first crypto-centric business to complete a Series D funding round, raising $135 million to support various Web3 initiatives. While it’s not entirely clear how the funding will be used, CEO Sumit Gupta said India has the opportunity to become a leader in the Web3 economy. Gupta also told local news outlets that Web3 will only add to India’s financial system.Crypto-focused SPAC raises $115M in Nasdaq IPOA SPAC by the name of Aura FAT Projects Acquisition Corp recently launched its initial public offering (IPO) on Nasdaq, raising $115 million with a focus on crypto industry assets. The IPO was actually oversubscribed by $15 million, which tells you all you need to know about the institutional appetite for all things crypto. Aura FAT is eyeing strategic acquisitions in the blockchain sector, focusing on Web3 (there it is again), digital ledger technology (DLT), e-gaming assets and crypto more generally. Wait until you read about the SPAC’s geographical presence.Don’t miss our portfolio reveals!What does your crypto bag look like? In this week’s The Market Report, Cointelegraph analysts revealed their crypto holdings. Full disclosure: I’m a hardcore Bitcoiner because I believe Bitcoin (BTC) is the best monetary alternative we have in the age of rapidly inflating fiat. But, my fellow analysts Jordan Finneseth and Benton Yuan have a much different take. You can watch the full replay below. [embedded content]Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.

Čítaj viac

Blockchain.com names custody partner for its institutional offering

Blockchain.com, a cryptocurrency exchange and financial services firm, has named Standard Custody & Trust Company as the custodian for Blockchain.com and Altis Partner’s new institutional platform, Blockchain.com Asset Management (BCAM).On April 6, Blockchain.com introduced a suite of institutional investment solutions that combine the crypto trading infrastructure, research and security software services of Blockchain.com in partnership with investment management firm Altis Partners.According to the Thursday announcement, Standard Custody’s service is regulated, insured and led by a team of experts from the crypto and financial services industry. Charles McGarraugh, Altis Partners’ chief investment officer, stated that:“The advent of distributed ledger technologies and crypto assets has the potential to change the structure of financial services and global capital markets while presenting new opportunities for investors.”Institutional involvement in the cryptocurrency industry has increased considerably over the years, suggesting a stark change in how traditional investors view digital assets. Since the debut of Bitcoin (BTC) futures in December 2017, the crypto industry has given institutional onramps to trading platforms, secure custody solutions, and new product offerings such as exchange-traded products, micro futures, and now exchange-traded funds.The expansion of crypto custody continues as more institutional investors seek exposure to Bitcoin, Ether (ETH), and decentralized finance (DeFi). Last week, decentralized finance wallet and browser extension MetaMask teamed up with four major crypto custodians to expand its institutional offering: Gnosis Safe, Hex Trust, GK8, and Parfin.Related: What is driving institutions to invest in crypto? BlockFi’s David Olsson explainsCoinbase, Microstrategy and EQONEX Group are just a few firms that actively encourage institutional investors to get involved in the crypto market. As more institutional money enters the cryptocurrency space, publicly listed companies with direct exposure to crypto have emerged as a viable entry point for traditional investors.

Čítaj viac

Exodus crypto wallet starts trading on SEC-registered platform

Major software cryptocurrency wallet Exodus has gone public on the digital asset securities firm Securitize Markets following a $75 million crowdfund capital raise.Exodus’ shares started trading on Securitize on Wednesday, allowing investors from all across the United States and international investors from more than 40 countries to trade the Exodus Class A common stock.Trading under the ticker symbol EXOD, the Exodus Class A common stock is digitally represented on the Algorand blockchain via common stock tokens.Tokenized shares in @Exodus_io are now trading on Securitize Markets. Retail investors included! With 24-7 order placement, 8am-8pm ET trading hours, near-instant deposits and promotional $0 fee trading, get started here: https://t.co/h55WEoAQMr pic.twitter.com/JasA5C7Qbx— Securitize (@Securitize) March 16, 2022According to a spokesperson for Exodus, Securitize Markets is the second trading venue to list Exodus shares after launching on tZero in September 2021. The new listing on Securitize enables the firm to onboard new retail investors and raise funds, Exodus CEO and co-founder JP Richardson said:“Securitize’s platform enabled us to onboard over 6,800 mostly retail investors and raise $75 million. Now, with the trading of Exodus shares on their platform, it’s all under one roof. We are very excited about the increased ability to trade our shares.”As previously reported, Exodus raised $75 million via a mini initial public offering sale approved by the U.S. Securities and Exchange Commission in May 2021. The SEC previously registered the Securitize platform as a transfer agent in 2019. The digital securities platform is backed by some major crypto companies and investors, including Coinbase, Morgan Stanley investment funds and Blockchain Capital.“Now that Exodus shares are available for retail investors to trade on Securitize Markets, a bigger market for their shares, price discovery and liquidity potential has been created, and this should be an example to many other private businesses that want to raise capital from their community,” Securitize CEO Carlos Domingo said.Related: Crypto-related stocks jump in positive reaction to executive orderExodus initially sold its shares at a price of $27.42 per unit. According to the latest available data on TradingView, EXOD was trading at $15.9 on March 14.Exodus Class A common stock’s 90-day chart. Source: TradingViewFounded in 2015, Exodus is a major software cryptocurrency wallet integrated with a decentralized crypto exchange. Last week, the company reported nearly $96 million in revenues for the fiscal year of 2021, which is a 350% increase year-over-year.

Čítaj viac
Načítava

Získaj BONUS 8 € v Bitcoinoch

nakup bitcoin z karty

Registrácia Binance

Burza Binance

Aktuálne kurzy