Značka: WSJ

WSJ: Terraform Labs claims case against Do Kwon is ‘highly politicized’

WSJ: Terraform Labs claims case against Do Kwon is ‘highly politicized’

podľa | sep 29, 2022 | 0 |

Terraform Labs, the company behind the development of the Terra (LUNA) blockchain said South Korea’s case against its co-founder Do Kwon has become political, alleging prosecutors expanded the definition of a security in response to public pressure.“We believe that this case has become highly politicized, and that the actions of the Korean prosecutors demonstrate unfairness and a failure to uphold basic rights guaranteed under Korean law,” a Terraform Labs spokesman said to The Wall Street Journal on Sept. 28.South Korean prosecutors issued an arrest warrant for Kwon on Sept. 14 for violations of the countries capital markets laws, but Terraform Labs laid out a defense arguing Terra (now known as Terra Luna Classic (LUNC)) isn’t legally a security, meaning it isn’t covered by capital markets laws.The spokesman alleged prosecutors of expanding the definition of a security due to intense public pressure from the collapse of Terra and its connected algorithmic stablecoin TerraUSD (UST), now known as TerraClassicUSD (USTC).“We believe, as do most in industry, that Luna Classic is not, and has never been, a security, despite any changes in interpretation that Korean financial officials may have recently adopted.” The argument by Terraform Labs’ stems from the unclear regulatory status of cryptocurrencies and the companies who create and issue them. Currently, capital market and electronic securities’ systems in the country don’t include a legal definition of non-standardized securities issued through a blockchain.Related: South Korea’s financial watchdog wants to ‘quickly’ review crypto legislationThe country is moving to regulate the space with its financial regulator, the Financial Services Commission (FSC) preparing guidelines for security tokens by the end of 2022. A leaked government report in May further revealed South Korea’s plans to roll out a crypto framework by 2024.Kwon’s whereabouts remain unknown and Terraform Labs did not comment on his location citing physical security risks, but Kwon says he’s not making an effort to hide even after a notice was sent to global authorities by Interpol.

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0.3% fall in assets “could render Tether technically insolvent” — WSJ

0.3% fall in assets “could render Tether technically insolvent” — WSJ

podľa | aug 29, 2022 | 0 |

An article in the Wall Street Journal (WSJ) has claimed that Tether’s balance sheet is in a position that even a 0.3% drop in value of its reserve assets could “render Tether technically insolvent.”In an Aug. 27 report, WSJ journalists Jean Eaglesham and Vicky Ge Huang focused on the cloudy nature of Tether’s USDT reserves and its long-awaited audit that has been in the works since 2017. Eaglesham and Huang suggested that such a “thin cushion of equity” could cause mayhem in the market, if Tether’s liabilities were to outweigh its assets: “A 0.3% fall in assets could render Tether technically insolvent — a development that skeptics warn could reduce investor confidence and spur an increase in redemptions.”At the time of writing, Tether has $67.74 billion worth of assets and $67.54 billion worth of liabilities, marking a difference of just $191 million as per Tether’s website. Tether CTO Paolo Ardoino has however, played down the severity of Tether’s tight margins, telling the publication that he expects its capital to “grow significantly over the next few months,” adding: “I don’t think we are the systemic risk in [the crypto] system.”Ardoino also pointed out that the firm has had no issues redeeming customer funds, and managed to redeem $7 billion worth in just 24 hours during a recent crypto market crash. Tether’s website currently states that 79.62% of its reserves are backed by cash, cash equivalents, other short-term deposits, and commercial paper. The remainder consists of 8.36% worth of other investments including unspecified digital tokens, 6.77% in secured loans, and 5.25% in corporate bonds, funds, and precious metals. Ardoino however declined to comment on what Tether’s roughly $5.6 billion worth of other investments are made of, according to the report.The nature of Tether’s reserves has been a long-running and key narrative in the crypto space given the market dominance of its stablecoin and the firm’s dealings with regulators in over alleged misrepresentations of Tether’s backing in the past. As part of an $18.5 million settlement with the Office of the New York Attorney General in February 2021, Tether is legally required to publish quarterly reports breaking down the specific composition of its cash and non-cash reserves. Related: Waves-backed stablecoin USDN breaks peg again amid protocol upgradeArdonio also told the WSJ that will soon switch to monthly reports as part of the company’s push to provide greater transparency. Earlier this month, Tether signed on major accounting firm BDO Italia to aid its reporting transparency targets by conducting independent attestations. However, there is still yet to be a full audit into the firm that would dig further into Tether’s financials and provide the full scope of its operations.

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WSJ says 'the NFT market is collapsing' but the data says otherwise

WSJ says 'the NFT market is collapsing' but the data says otherwise

podľa | máj 4, 2022 | 0 |

An article in the Wall Street Journal has claimed sales of non-fungible tokens (NFTs) are “flatlining” — in the same week that the top five collections alone accounted for more than $1 billion in primary and secondary sales.The article cited data from NFT market analysis platform Nonfungible suggesting the number of NFT sales has fallen by 92% since an all-time high in September 2021. Wallets active in the Ethereum (ETH) NFT market were also said to have declined by 88% since a high in November 2021.“The NFT market is collapsing,” the article concluded. Red line shows number of sales with volume on left y-axis, white shows active market wallets, volume on right y-axis. Source: NonfungibleHowever, onchain data from Dune Analytics’ dashboard suggest that the NFT market is still robust, with information showing that NFT users and transactions are much higher than what’s reported by Nonfungible.Dune Analytics total active NFT users Dune Analytics NFT transactions per day Analytics also show that volume per day in USD on Ethereum NFTs over the week is some of the highest seen since February with popular marketplace OpenSea seeing nearly $550 million in volume on May 1 alone.Dune Analytics. Source.Analysis from Tom Schmidt, partner at venture capital firm Dragonfly Capital shows a similar story when focused on OpenSea transactions and USD volume.come on, man pic.twitter.com/CTJFldAHNk— Tom Schmidt (@tomhschmidt) May 3, 2022Sub-sectors within the NFT market are emerging and while some areas of the oversaturated market are in a downturn, others are seeing major gains.Nansen’s analytics platform which indexes NFT collections by type show that “Blue Chip” NFTs — established and highly prized brands such as the Bored and Mutant Ape Yacht Club and Azuki tokens — are far outperforming art or gaming tokens.The Nansen Blue Chip-10 Index tracking the top 10 NFT projects is up 81% year to date (YTD), while comparatively the indexes tracking the top art and gaming NFT collections are respectively down 39% and 49% YTD.This phenomenon of NFT market capital consolidating into the top collections was pointed out in an analysis by NFTstatistics.eth who shared a chart in late April showing the top 5 collections are driving the Ethereum NFT market.This trend continues: BAYC, Azuki, CloneX, Doodles & now Moonbirds separating themselves from everyone else. I’ve talked about large-caps outperforming, but it’s really the top-5 projects driving all the gains. pic.twitter.com/UsUlwHMJ9M— NFTstatistics.eth (@punk9059) April 26, 2022

“There’s clearly a trend right now that five or six of the most successful projects are sharply outperforming while the rest are flat to down,” pseudonymous NFT market analyzer NFTstatistics.eth told Cointelegraph.Related: OpenSea top-10 NFT projects soar as new liquidity enters the marketThe data from Nonfungible shows a spike on May 1 with the number of sales and active wallets that day hitting numbers not seen in their data from November 8 2021 directly correlating with the record-breaking (and Ethereum breaking) Otherside metaverse land sale by Yuga Labs again contradicting the claim that NFT sales are “flatlining.” It’s not clear why the Nonfungible data the WSJ relied on is misaligned with Dune’s data, however it could be due to the inclusion of sales volume from P2E gameAxie Infinity by Nonfungible.Volume for the popular play-to-earn hit an all-time high of over $40 million on November 4 2021 before a gradual decline to its current levels of around $500,000 according to CryptoSlam data.But the collapse in popularity of a P2E game as NFTstatistics.eth says “is an extremely different message from ‘NFTs are collapsing.’”@DJohnson_CPA suggests that AxieInfinity was so big it dominated numbers in November and has since collapsed. Seems possible. From where I sit, this is an extremely different message from “NFTs are collapsing”https://t.co/lq66GbhbAj— NFTstatistics.eth (@punk9059) May 3, 2022

While the current debate focuses on Ethereum NFTs, Solana is fast becoming a popular blockchain for this type of asset and is the second-largest blockchain behind Ethereum for NFT sales volume.Last week, the Solana NFT project Okay Bears topped OpenSea’s 24-hour sales tracker for the first time, and holds fourth place behind the Mutant Ape Yacht Club in 7 day sales volume on CryptoSlam with over $47 million worth transacted.

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GameStop shares jump 26% in after hours trade after NFT division unveiled

GameStop shares jump 26% in after hours trade after NFT division unveiled

podľa | jan 7, 2022 | 0 |

The share price of Reddit’s cult-favorite stock GameStop Corporation (GME) jumped by one quarter (in after-hours trading following a Wall Street Journal report on its upcoming NFT division. The U.S. retail game store giant has been quietly working on an NFT marketplace since May, and ramped things up in October by listing several job openings for Web 3.0 and NFT-experienced software engineers and product marketers. According to a Jan. 6 report from the WSJ, GameStop has now hired more than 20 people to operate its freshly minted NFT unit. An unnamed source familiar with GameStop’s plans told the outlet that the unit is building an NFT platform that enables the buying, selling and trading of gaming NFTs, along with establishing key cryptocurrency partnerships. The marketplace is slated to launch later this year, and the firm is said to be close to penning partnerships with two crypto companies that will share technology and co-invest in the development of blockchain and NFT games, along with other additional NFT projects.The news was warmly welcomed by after-hour traders who drove the price of GME up 26% since th market close to sit at $162.48 at the time of writing according to Tradingview. After-hours trading (AHT) is often quite volatile due to a lack of liquidity in the market but impacts the price of a stock in a similar way to regular trading. However, the WSJ’s lack of named sources, or direct confirmation from GameStop has raised the eyebrows of some more conspiratorially-minded GME fanatics. In a post that has 1,100 comments and a 97% upvote ratio on the r/Superstonk Reddit community, user “u/brettmagnetic” questioned if the WSJ article could actually have that much of a bullish effect on after-hours GME trading. “Sorry, but I don’t believe the movement in price after hours has to do with the WSJ posting about the Gamestop NFT market. I think something else is happening and this article was put out to give the NFT market as the scapegoat for the price increase.”User “MrFlags69” echoed similar sentiments, arguing that: “The author credited ‘the people’ as the only source I saw. This is anything but journalism.”Neither GameStop nor RC said shit today. WSJ is not on GameStop’s side. I’m not convinced that the AH bump was due to news about an NFT marketplace but rather a cover story for something going on BTS like forced FTD covering or margin calls. In any case, I buy and hold. pic.twitter.com/jDQFtTYIBr— ssddman.eth (@0xssddman) January 6, 2022

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