BlockFi, a cryptocurrency [lender](/news/article/crypto-lender-voyager-sells-assets) that declared bankruptcy on 28 November, has filed a plea with a US court to allow withdrawal for clients who have crypto locked in its wallet accounts.

The [bankrupt](https://www.forbes.com/sites/ninabambysheva/2022/12/20/blockfi-motion-to-allow-withdrawals-for-some-customers-poised-for-success/) firm filed the request with the US Bankruptcy Court for the District of New Jersey on 19 December. If authorised, members can withdraw the cryptocurrency stored on the site. According to the motion, cryptos are kept in wallets belonging to consumers, and the firm has had no legal or equitable interest since it ceased operations on 10 November.

In addition to permitting withdrawals from clients' wallets, the crypto lender is working to enhance the user interface to display transactions accurately. The corporation also intends to perform routine account reconciliation.

## BlockFi withdrawal request applies to particular customers

To clear up any confusion, the firm aims to erase any "attempted" withdrawals from the user interface following the platform pause. The business also noted in the statement that to avoid all doubt, the debtors do not seek to reverse any customer deposits from outside the platform to wallet accounts received post the Platform Pause Time Stamp. 

According to [Twitter](https://twitter.com/TiffanyFong_/status/1604994112943374337?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1604994112943374337%7Ctwgr%5Ee9d42b4167970655ff8ca4c0ccc32bd1b7282d29%7Ctwcon%5Es1_&ref_url=https://cointelegraph.com/news/blockfi-files-motion-to-return-frozen-crypto-to-wallet-users), the crypto company issued an email informing users of the recent court filing. It further stated that it believes clients clearly control their wallet accounts' digital assets. 

“We will seek similar action from the Supreme Court of Bermuda concerning BlockFi Wallet Accounts maintained at BlockFi International Ltd”, the crypto lender added. This motion does not affect withdrawals or transfers from Interest Accounts currently in suspension.

## BlockFi withdrawal halt stems from crypto crash

BlockFi was one of the first companies to fall victim to the early November crypto crash headed by crypto exchange FTX. The crypto lender arranged a $680 million transaction with [FTX](/news/article/ryan-salame-exposed-ftx-truth). As FTX's financial situation deteriorated, the impact on the US grew. 

According to the company's bankruptcy filing, the corporation claimed more than 100,000 creditors and $1 billion to $10 billion in assets and liabilities.


blue image of blockfi logo on image of someone withdrawing crypto

BlockFi Withdrawal Could Resume

The Bank of Spain aims to launch a wholesale central bank [digital currency](/news/article/which-uk-banks-allow-cryptocurrency-purchases) programme and has requested bids from financial institutions and technology suppliers by 31 January.

The selected proposals must be completed in at least nine months, beginning on 3 April, with a completion date of 29 December, 2023. According to the selection process paper, they can offer an extension depending on many circumstances.

## CBDC programme aim, according to the Bank of Spain

According to an [official statement](https://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/NotasInformativas/Briefing_notes/es/notabe051222.pdf) from the financial institution, the initiative aims to imitate the usage of a CBDC in wholesale transactions. In wholesale transactions, monies transfer between banks and financial institutions. 

The bank claims the [wholesale CBDC](/news/article/reserve-bank-of-india-cbdc) initiative is unrelated to the European Union's study on a retail digital euro. Separately, Banque de France announced two studies in September to evaluate the feasibility of a wholesale CBDC.
 
According to a translated 5 December announcement, it would use the programme to experiment with financial asset liquidation, simulate money movement, and assess the merits and downsides of incorporating a wholesale CBDC into its present procedures and infrastructure.

While a retail [CBDC](https://finance.yahoo.com/news/spain-central-bank-opens-call-174249256.html?guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAJJPnYxvXtv0yecmihYLiCclqtZ_YZnB-kJYsxLfIQm1jiSb5dIREbPFcJxBwVc4aS-0gMBYy0dbGQsBohlMMORhi92GPbxcavqroNpkM-nn9OlnzxFMqpZi2y-W8lRLendbL9TJ7k2yDHAxEj4cMLZ_qUF8mljP4vJWpI7zU4C2) is available to the general public, a wholesale CBDC is a digital currency primarily used by financial institutions to keep reserves with a central bank.

The programme is unique to the BDE and is unrelated to work being done in the European Union to investigate the usage of a [digital euro](https://www.ecb.europa.eu/paym/digital_euro/html/index.en.html).

## Reason for undertaking study

In justifying the initiative, the BDE stated that studying CBDCs can assist in assessing how much they can contribute to adapting to the requirements and expectations of an increasingly digital society. 

CBDCs are also being "analysed and experimented" within various jurisdictions, with the primary focus being retail use. However, it claimed that more corporations are venturing into those of a wholesale or interbank kind".


Bank of Spain Proposes CBDC Project

Following the collapse of FTX last month, pressure is rising on US regulatory body the SEC to beef up enforcement of major crypto sector centres. 

The failure of [FTX](https://www.wsj.com/articles/sec-faces-calls-to-boost-crypto-exchange-enforcement-after-ftx-collapse-11670474070) focused attention on crypto exchanges, which serve as key hubs for individual investors and provide services such as digital-coin sales, financing, and asset storage. Despite spending more than six years studying various sector aspects, the Securities and Exchange Commission regulatory agency still needs to sue a major cryptocurrency exchange.

According to sources familiar with the topic and regulatory disclosures, the [SEC](/news/article/xrp-vs-sec-lawsuit-update) is investigating exchanges such as Coinbase Global Inc. and the US operations of Binance and FTX. It has penalised or sued dozens of token creators over the past six years.

According to the SEC, several cryptocurrencies qualify as [securities](/news/article/sec-vs-ripple-news) that should have traded under stock and bond laws. The firm's Chair Gary Gensler says that exchanges are breaching the law by selling unregistered securities and failing to follow standards that the NYSE and Nasdaq Stock Market follow.

## Lawyers believe SEC crypto enforcement is not enough

Some attorneys argue that, despite such claims, regulatory enforcement measures have yet to go far enough as the sector has matured and ordinary people are committing their assets to crypto enterprises. Mr Gensler risks substantial criticism if he does not get things going", according to the report "former SEC enforcement attorney John Reed Stark.

It was a flaw in their plan not to pursue these entities, Mr. Stark explained. 

The exchange kept trading six assets after the SEC sued a former Coinbase employee in July, alleging that the business sold seven improperly issued securities. They could have sued Coinbase, but they chose not to. According to a Coinbase spokesperson, the company thinks that none of the six digital currencies are securities.

## Crypto exchanges believe SEC is using the wrong crypto enforcement laws

According to industry lawyers, the SEC crypto enforcement approach is exhibiting signs of wear and tear after years of the SEC utilising its enforcement arm to drive the industry into its supervision.

According to some industry attorneys, the activities of cryptocurrency exchanges are so unlike those of stock exchanges that compliance with their standards is impossible.


sec logo with hands shaking in the background

SEC Crypto Enforcement Warning

In the latest XRP lawsuit twist, [the US Securities and Exchange Commission (SEC)](https://finance.yahoo.com/news/sec-gets-support-sports-economy-085511025.html) has received backing from sports investment organisation New Sports Economy Institute. The NSEI filed an amicus brief on Friday in the continuing dispute between the SEC and Ripple Labs Inc. 

In the [amicus brief](https://www.courtlistener.com/docket/19857399/717/securities-and-exchange-commission-v-ripple-labs-inc/), NSEI compared cryptocurrencies to a "chameleon engaged in regulatory arbitrage, identifying themselves as assets when it wants to attract money and pleaded to 'investors,' but a currency when it confronts regulatory scrutiny".

"This flip-flopping is deceptive but also unlikely," claimed NSEI.

Even if the Court finds [XRP](/news/article/ripple-price-prediction) to be more of a currency and less of a speculative asset proxy, that will make it an exception rather than a rule. Any ruling in the XRP lawsuit like that should be constructed to avoid significant harm to future crypto speculators, who, in all likelihood, aren't even aware that they aren't investing in the first place, NSEI stated.  

The SEC filed a [complaint](https://forkast.news/sec-pushes-back-on-ripple-interrogatories-over-xrp/) against Ripple and its officials in December 2020, stating that the sale of XRP represented an issue of unregistered securities worth more than US$1.38 billion.

## XRP lawsuit: Coinbase amicus brief 

Coinbase, a cryptocurrency exchange in the US, has formally filed an amicus brief in favour of Ripple Labs Inc. in the case launched by the SEC in 2020. Coinbase, which claims to be the largest crypto trading platform in the US by trade volume, filed a brief in support of Ripple's fair notice defence on [Monday](https://www.courtlistener.com/docket/19857399/705/securities-and-exchange-commission-v-ripple-labs-inc/). 

The [Court](/news/article/xrp-court-case-update) should "deny the SEC's petition for summary judgement on this issue to guarantee that the current due process precedents on which the fair notice argument is based continue to safeguard against unlawful regulatory enforcement when warranted", Coinbase argued in the filing.

According to Coinbase, government bodies cannot condemn activity as a breach of the law unless fair notice is provided. It adds that by prosecuting sellers of XRP tokens after making public remarks suggesting that those transactions were legitimate, the SEC has lost sight of this foundational principle.

## XRP lawsuit: Likely verdict 

According to the CEO of Ripple (XRP), the SEC litigation might go on for another three months. However, many legal experts believe Ripple will prevail because the SEC has yet to give any substantial proof. 

According to legal experts, the SEC's chances of winning the lawsuit have dwindled even more. According to Roslyn Layton, senior analyst at Forbes and senior vice president at Strand Consult, "signs" of a "brutal loss" for the SEC are mounting. The SEC could not establish that Ripple and XRP investors were conscious of, or should have known, the token's claimed position as a security.

According to Layton, the participation of tens of thousands of XRP investors represented by attorney John E Deaton caused the SEC's case to crumble at last. 

Despite dismissing the motion to intervene, Judge Torres allowed the filing of amicus papers, "sending a strong message to the SEC that she would be listening". An affidavit was presented by more than 3,000 XRP investors from Deaton's group of over 75,000. 

Verret believes that if the SEC files an appeal with the Supreme Court, it will be defeated. If the SEC concludes that XRP is not a security, Ripple has already agreed to pay a charge. Currently, though, a resolution looks improbable.

## XRP lawsuit: General consensus  

The crypto community has [rallied around Ripple](https://zycrypto.com/ripple-heading-towards-historical-win-against-sec-in-xrp-suit-as-industry-supports-ripple-en-masse/) since the case was filed in 2020, with more than a dozen firms filing amicus curiae filings in support. Whereas most Ripple supporters say that securities regulations have been improperly used to create uncertainty for the whole sector, the regulator maintains that "most" cryptocurrencies are securities. 

However, CryptoLaw's John E. Deaton cautioned against drawing any conclusions from the Ripple action, implying that the Court may decide otherwise.



XRP Lawsuit Update

In the latest XRP lawsuit twist, [the US Securities and Exchange Commission](https://finance.yahoo.com/news/sec-gets-support-sports-economy-085511025.html) (SEC) has received backing from sports investment organisation New Sports Economy Institute. The NSEI filed an amicus brief on Friday in the continuing dispute between the SEC and Ripple Labs Inc. 

In the [amicus brief]https://www.courtlistener.com/docket/19857399/717/securities-and-exchange-commission-v-ripple-labs-inc/(), NSEI compared cryptocurrencies to a "chameleon engaged in regulatory arbitrage, identifying themselves as assets when it wants to attract money and pleaded to 'investors,' but a currency when it confronts regulatory scrutiny".

"This flip-flopping is deceptive but also unlikely," claimed NSEI.

Even if the Court finds [XRP](/news/article/ripple-price-prediction) to be more of a currency and less of a speculative asset proxy, that will make it an exception rather than a rule. Any ruling in the XRP lawsuit like that should be constructed to avoid significant harm to future crypto speculators, who, in all likelihood, aren't even aware that they aren't investing in the first place, NSEI stated.  

The SEC filed a [complaint](https://forkast.news/sec-pushes-back-on-ripple-interrogatories-over-xrp/) against Ripple and its officials in December 2020, stating that the sale of XRP represented an issue of unregistered securities worth more than US$1.38 billion.

## XRP lawsuit: Coinbase amicus brief 

Coinbase, a cryptocurrency exchange in the US, has formally filed an amicus brief in favour of Ripple Labs Inc. in the case launched by the SEC in 2020. Coinbase, which claims to be the largest crypto trading platform in the US by trade volume, filed a brief in support of Ripple's fair notice defence on [Monday](https://www.courtlistener.com/docket/19857399/705/securities-and-exchange-commission-v-ripple-labs-inc/). 

The [Court](/news/article/xrp-court-case-update) should "deny the SEC's petition for summary judgement on this issue to guarantee that the current due process precedents on which the fair notice argument is based continue to safeguard against unlawful regulatory enforcement when warranted", Coinbase argued in the filing.

According to Coinbase, government bodies cannot condemn activity as a breach of the law unless fair notice is provided. It adds that by prosecuting sellers of XRP tokens after making public remarks suggesting that those transactions were legitimate, the SEC has lost sight of this foundational principle.

## XRP lawsuit: Likely verdict 

According to the CEO of Ripple (XRP), the SEC litigation might go on for another three months. However, many legal experts believe Ripple will prevail because the SEC has yet to give any substantial proof. 

According to legal experts, the SEC's chances of winning the lawsuit have dwindled even more. According to Roslyn Layton, senior analyst at Forbes and senior vice president at Strand Consult, "signs" of a "brutal loss" for the SEC are mounting. The SEC could not establish that Ripple and XRP investors were conscious of, or should have known, the token's claimed position as a security.

According to Layton, the participation of tens of thousands of XRP investors represented by attorney John E Deaton caused the SEC's case to crumble at last. 

Despite dismissing the motion to intervene, Judge Torres allowed the filing of amicus papers, "sending a strong message to the SEC that she would be listening". An affidavit was presented by more than 3,000 XRP investors from Deaton's group of over 75,000. 

Verret believes that if the SEC files an appeal with the Supreme Court, it will be defeated. If the SEC concludes that XRP is not a security, Ripple has already agreed to pay a charge. Currently, though, a resolution looks improbable.

## XRP lawsuit: General consensus  

The crypto community has [rallied around Ripple](https://zycrypto.com/ripple-heading-towards-historical-win-against-sec-in-xrp-suit-as-industry-supports-ripple-en-masse/) since the case was filed in 2020, with more than a dozen firms filing amicus curiae filings in support. Whereas most Ripple supporters say that securities regulations have been improperly used to create uncertainty for the whole sector, the regulator maintains that "most" cryptocurrencies are securities. 

However, CryptoLaw's John E. Deaton cautioned against drawing any conclusions from the Ripple action, implying that the Court may decide otherwise.



XRP vs SEC Lawsuit Update

Vladimir Putin, President of Russia, talking at the International AI Journey Conference in Moscow on 24 November, criticised the monopoly in global financial payment systems and [advocated](http://en.kremlin.ru/events/president/news/69927) for an independent, blockchain-based settlement network. Sberbank, Russia's largest bank and a primary lender to the government, hosted the event.

## Putin aims to introduce new blockchain payment

Putin thinks that digital currencies and [blockchain](/news/category/blockchain-news) technology could be used to create a new international settlements system that is more convenient, safe for its users, and, most importantly, does not rely on banks or third-party meddling. He believes that something comparable will grow and evolve since no one likes monopolists' control, which damages all parties, even the monopolists themselves.

## Why Putin believes the new blockchain payment is the way forward

Putin also warned that global payments and nations are in jeopardy because of strained links between the West and Russia in the aftermath of Ukraine's invasion, labelling national sanctions as unlawful limits.

According to Putin, the current international payment system is expensive, and a small number of states and financial firms control its account system and regulation forms.

## Lawmakers in talks to change rules concerning blockchain payments

The day before Putin's speech, local media reported that officials were discussing modifying current cryptocurrency legislation to create a legal foundation for a nationwide exchange.

Another recent event was the introduction on 17 November of a bill into Russia's State Duma, the lower house of parliament. It authorises cryptocurrency mining and the selling of the cryptocurrency created.

The measure defines mining and mining pools legally and would establish a local cryptocurrency market, marking Russia's next move toward integrating digital assets into its economy.

Anatoly Aksakov, Chairman of the Duma Financial Markets Committee, believes that the passing of the bill will bring this activity into the legal sphere and allow for the formation of a law enforcement practice on matters relating to the creation and circulation of digital currencies. In [Russia](/news/article/russia-approves-cross-border-crypto), users cannot use cryptocurrency for their respective settlements.


Putin's Blockchain Payment System

Monero is a digital currency offering anonymity for users and their deals. It is decentralised and characterised as privacy oriented. Here's how to buy it.

Monero was among the first [cryptocurrencies](https://www.kraken.com/en-gb/learn/what-is-cryptocurrency) to use encryption and provide significant improvements in privacy and fungibility over existing alternatives. 

Its primary distinction was the ability of users to send and receive transactions without exposing this data to anybody investigating its blockchain. 

The [sender](https://www.getmonero.org/get-started/what-is-monero/), receiver, and amount of each transaction are hidden through three key technologies: Stealth Addresses, Ring Signatures, and RingCT. 

Merchants and people that accept Monero should not be concerned about banned or corrupted currency. There is no wire transfer, check clearing fees, multi-day hold periods, or false chargebacks. It is also not bound by any particular legal jurisdiction and offers protection against capital control.

## Why buy Monero? 

If the user is a computer enthusiast looking to learn about cutting-edge breakthroughs in encryption, XMR may be a [cryptocurrency](/news/article/guide-to-glitch-crypto) that piques their interest. 

Similarly, if speculative investors believe crypto users will continue to seek assets with high privacy, they may bet on it.

## Where can you buy Monero? 

Users can look for an individual seller online or go to a crypto-enabled ATM, but the most straightforward way to acquire XMR may be through a reputable exchange.

## How to buy Monero on an exchange

### 1.	Create an [account](https://www.binance.com/en-GB/how-to-buy/monero).
On the various exchanges sign-up page, enter an email address, choose a new username, and set a strong password for protection. 

### 2.	Account verification 
The simplest method to get started is to buy XMR with a [currency](/news/article/zee-crypto) that consumers currently have (such as USD or EUR). In this situation, however, they will be required to present supporting documentation authenticating their identification and linking external accounts. Check out our verification levels documentation for additional information on our onboarding process. 

Users may also purchase XMR using other cryptocurrencies such as Bitcoin or Litecoin by providing their full name, birth date, country of residence, and phone number.

### 3.	Deposit cryptocurrency or cash 
Exchanges provide a range of funding options for cash transactions based on where you reside and your account settings. Investors must first generate a deposit address and transmit money from their current wallet to that address to deposit cryptocurrency. 

### 4.	Purchase XMR 
Users can purchase XMR after their cash is sent to their exchange account. In addition, most exchanges offer global customer assistance, sophisticated order types, charting tools, and leveraged trading alternatives.

## Where to keep Monero after buying? 

Monero is private by default, but that does not mean it is secure. This implies that once consumers have finished purchasing XMR, they must take action to protect their cash. 

There are several wallets from which to safeguard XMR. The consumer's choice determines their security and spending choices. The easiest method is a Monero wallet, allowing investors to transfer, receive, and keep their XMR.


How to Buy Monero

According to a privacy policy agreement by ConsenSys, MetaMask will collect users' IP addresses and Ethereum wallet addresses. What's been the reaction to the news?

## Details of the Metamask news

The wallet's inventor, ConsenSys, notes that the [amended](https://consensys.net/privacy-policy/) privacy policy agreement and data collecting will only apply if users utilise Infura, MetaMask's default Remote Procedure Call (RPC) application. Those using MetaMask with their Ethereum node or a third-party RPC provider are exempt from the recently amended ConsenSys privacy policy. Instead, the other RPC provider's conditions apply. 

According to ConsenSys, information obtained in this manner may be provided to affiliates during business transactions or to comply with law enforcement's Know Your Customer and Anti-Money Laundering laws. With in excess of 21 million monthly active users, MetaMask is one of the most popular self-custody wallets.

## Reactions to the Metamask news

The crypto community's reaction has been generally negative. Cinneamhain Ventures partner Adam Cochran, for example, [stated](https://twitter.com/adamscochran/status/1595792167485808640) that: 
"Nothing is more important than consumer privacy, especially regarding financial information - they have the right to remain anonymous. 

For a long time, the wallet has given excellent free service, but their choice to track IP addresses and link them to transactions is unethical." 

Hayden Adams, the Uniswap protocol creator, reacted to inquiries by [stating](https://twitter.com/haydenzadams/status/1595675130038030336) that the decentralised exchange does not collect IP addresses and does not enable third-party tools on the network to do so. ConsenSys has joined the ranks of significant Web3 firms, such as [Coinbase](/news/article/coinbase-nft-platform), in implementing IP collecting, partly due to more stringent laws.

## Cold Wallets 

"With the latest revelation that [Metamask](/news/article/what-is-metamask)/Infura is gathering IP and wallet addresses, I recommend you to take the time to change your RPC" stated one Twitter user, [@0xBiZzy](https://twitter.com/0xBiZzy/status/1595807037794959363). "Following the collapse of FTX, the crypto industry has made a more significant effort to keep assets on cold wallets – wallets that don't link to the internet. Keep your privacy!" 

RPC is an [abbreviation](https://moralis.io/ethereum-rpc-nodes-what-they-are-and-why-you-shouldnt-use-them/) for remote procedure calls. Developers use it to create decentralised apps (Dapps) and allow programmes to connect directly to the blockchain.


Metamask News: Wallet to Collect User IPs

Tornado Cash developer Alexey Pertsev could be in custody until February after being detained in the Netherlands.

Before Advocate WK Cheng gave his first defence argument on [22 November](https://uk.news.yahoo.com/tornado-cash-developer-alexey-pertsev-132129612.html), the prosecution provided a detailed summary of its research. It depicts Pertsev as a pivotal actor in the operation.

## Defence view

Cheng outlined numerous use cases for Tornado Cash and common misunderstandings about its capabilities.
"I am upset with the [court's](/news/article/pgi-global-closed) ruling. We've attempted to convey the defence's positions as plainly as possible," Cheng said after the preliminary hearing. 

The attorney acknowledged that the first session had been rescheduled for 20 February, 2023, and reaffirmed his conviction that the state had provided a biased interpretation of Pertsev's connection with [Tornado Cash](/news/article/tornado-cash).

Despite a slew of pledges from his defence team, including home surveillance and check-ins at the local police station each week, the prosecution expressed anxiety that Pertsev might flee if released before the first session. The attorney added that they would make some requests and investigations, and there are certain things they need to work out to be ready for the next court session.

## Positive support for Pertsev 

In a Tweet, crypto investor Ryan Adams [stated](https://twitter.com/RyanSAdams/status/1562475044126699521) that the Tornado Cash creator did something positive for the public by writing the code. The forum member said that "a few evil folks" opted to utilise Pertsev's code, and now the developer is paying the price. 

Aside from Adams, crypto expert Jill Gunter [said](https://twitter.com/jillrgunter/status/1562549817535959040) they hadn't released enough information on Pertsev's arrest. Gunter called the accusations' current position "confusing", describing the scenario as a "scary problem".

Protesters gathered in Amsterdam to demand the developer's release. Protesters chanted, "open source is not a crime", urging the authorities to apprehend the criminals rather than the creators.

On 12 August, the court [detained](https://www.theblock.co/post/163297/arrested-tornado-cash-developer-is-alexey-pertsev-his-wife-confirms) the developer on allegations of money laundering using the Tornado mixer. Authorities in the Netherlands stated that the mixer was used to conceal large amounts of money from criminals and can link to crypto frauds and hacks.


Tornado Cash Developer Stays in Detention

Following the fall of the [FTX](https://www.ft.com/content/5d826ca9-389e-41ec-a38b-da43211da974) exchange and the market instability, Bill Ackman, the hedge fund manager and investor, says he remains optimistic about cryptocurrencies.

In a recent Twitter thread, the founder and CEO of Pershing Square Capital Management [stated](https://twitter.com/BillAckman/status/1594456744851558402) that, despite current issues, crypto is here for the long run. However, he said there is a need to enhance regulation and eliminate fraudulent individuals from the industry.

## Who is Bill Ackman?  

Bill Ackman is a billionaire American investor who recently advocated for [eliminating regulatory barriers](https://www.bloomberg.com/news/articles/2022-02-09/bill-ackman-calls-on-new-york-to-remove-crypto-barriers) and relaxing laws in New York to turn the city into a crypto centre. He is also an active participant in several [cryptocurrency](https://cointelegraph.com/blockchain-for-beginners/what-is-a-cryptocurrency-a-beginners-guide-to-digital-money) initiatives.

He believes crypto will stay and can benefit society and substantially build the global economy with proper control and regulation. 
However, he claims that technology needs to improve to combat its capacity to be used to perpetrate fraud.

The issue is that dishonest promoters might generate tokens solely to facilitate pump-and-dump strategies. Some cryptocurrencies are utilised for fraudulent reasons rather than for [legal company development](/news/article/rishi-sunak-crypto-believer-uk-pm).

## Bill Ackman is no longer a crypto sceptic

The investor now sees crypto as having "the ability to help society and develop the global economy substantially". 
He added that it could enable the establishment of essential enterprises and technology that could not previously exist.

It can also incentivise venture participants to gain access to a global workforce to promote a project.

Ackman highlighted that appropriate regulation and oversight would be critical in moving the technology forward.

The hedge fund manager's tweet follows the [FTX crash](/news/article/gemini-crypto-exchange-falls-prey). According to sources, he congratulated former FTX CEO Sam Bankman-Fried for admitting his faults in a tweet but afterward deleted it.

In his post, [the investor](https://www.theblock.co/post/188684/bill-ackman-says-crypto-is-here-to-say-but-highlights-a-curious-use-case) used Helium, a blockchain-based network, as a favourable example of cryptocurrency.


Bill Ackman Bullish on Crypto

After facing the digital equivalent of a bank run, the [imploding crypto trading](https://www.seattletimes.com/business/explainer-whats-happening-at-bankrupt-crypto-exchange-ftx/) business is now in the red by billions of dollars. FTX, one of the biggest exchanges in the world, filed for bankruptcy last week. Its CEO and founder also resigned. The trading firm afterward stated that there had been "unauthorised access" and that cash had vanished.  

According to analysts, hundreds of millions in cash may have gone. Elliptic, an analytics firm, estimated on Saturday that $477 million was missing from the transaction. On social media, there was a debate about whether the exchange was hacked or whether a business insider had taken assets, which cryptocurrency analysts couldn't rule out.

Its new CEO, John Ray III, announced that it would disable the ability to trade or withdraw cash and would take actions to safeguard consumers' assets.

## FTX Bankrupt: How did it happen?

Customers abandoned the exchange due to concerns over its funds and agreed a sale to rival crypto [exchange](/news/article/ftx-uk-warning) Binance. However, the transaction fell through while Binance conducted due diligence on [FTX's](/news/article/ftx-vs-binance-liquidate-funds) balance sheet.

According to its bankruptcy petition, the crypto business estimated its assets at between $10 billion and $50 billion and identified more than 130 associated firms worldwide.

On Friday, FTX and hundreds of linked entities, including founder Sam Bankman-Fried's hedgefund Alameda Research, filed for bankruptcy in Delaware.

## FTX Bankrupt: Bankman-Fried accepts blame

Sam Bankman-Fried apologised on [Twitter Thursday morning](https://twitter.com/sbf_ftx/status/1590709166515310593?s=46&amp;t=Br1_HGNzUBwspKZ7pF6myA), saying he "f—-ed up" and should have done better. Bankman-Fried also announced the closure of Alameda Research, the trading business he co-founded with FTX.

The tweet comes as the former crypto industry star pleads for billions of dollars to avoid bankruptcy. 

This week has been a rapid fall from grace for FTX. After valuing the exchange at $32 billion earlier this year, Bankman-Fried is now searching for someone to backstop the crypto business [after rival exchange Binance withdrew from a plan](https://www.cnbc.com/2022/11/09/binance-backs-out-of-ftx-rescue-leaving-the-crypto-exchange-on-the-brink-of-collapse.html) to purchase it.

He is worth an estimated $23 billion and has been a major political donor to Democrats.



FTX bankrupt: Who's to blame?

RMRK is a set of NFT standards that compose several "2.0 lego" primitives, allowing users to create NFT systems of arbitrary complexity. RMRK coin is its token.

## Origins of RMRK

[Bruno Kvorc](https://twitter.com/bitfalls), the Web3 Foundation's technical instructor at the time, established RMRK in 2020. RMRK began as a hobby project and has grown to a staff of 20 persons. 

The RMRK team is the curator and primary developer of the RMRK standards and the [Skybreach metaverse](https://skybreach.app/), as well as a for-profit corporation producing products on this infrastructure. The team wanted to make great goods, but the infrastructure on which to construct them did not yet exist. So, they opted to build the infrastructure first. This infrastructure is now open to the public.

## The RMRK coin 

The [protocol's](https://coinmarketcap.com/currencies/rmrk/) official token is RMRK. It is not essential to utilise the protocol. However, it can improve the experience and is required as a deposit for Sybil resistance and spam resistance when generating collections from the many supporting chains auto-added to Singular. 

The [maximum supply](https://singular.app/tokens) is ten million. There is no inflation, and the token is deflationary due to the loss of wallet access sometimes, as well as various mechanisms that lock up and periodically slice the tokens.

In a [fairdrop](https://app.subsocial.network/@rmrkapp/the-rmrk-token-fairdrop-16047), users can give 8.9 million (89% of the current circulating supply) [Kanaria eggs](https://kanaria.rmrk.app/) to original Kanaria egg purchasers. 5% is locked for the core team to access after two years (1-year cliff, one-year linear vesting per block), while the rest of the supply is with the community. Investors cannot airdrop new Kanaria NFT purchases.

## Where can you buy the coin?

Users can purchase the currency on the following exchanges: 

KuCoin - This [cryptocurrency](/news/article/asian-yuan-china-token) exchange presently supports the trade of more than 300 popular tokens. It is the first to provide purchasing options for new tokens and is currently open to international and US citizens. 

Gate.io - [gate.io](http://gate.io/) was founded in 2013 and is among the most popular and respected exchanges. It accepts payments from most foreign countries, including Australia and the United Kingdom. Residents of the United States and Canada are, however, not permitted.

## Why choose to use RMRK coin?

The [token](https://www.securities.io/investing-in-rmrk-rmrk-everything-you-need-to-know/) provides users with benefits they should not overlook, such as a way to earn passive income, trade, or use it within the network. Finally, its goal is to provide a set of NFT legos and an easy way to handle NFTs.


RMRK coin: Benefits and uses explained

The FTX exchange is being investigated for mishandling consumer funds and violating securities regulations. Regulatory investigations were among the primary reasons Binance decided not to acquire the firm.

## FTX exchange agreed to sell to Binance

After undergoing the cryptocurrency equivalent of a bank run, the [crypto business](https://fortune.com/crypto/2022/11/10/ftx-sam-bankman-fried-doj-sec-examining-source-says/) decided earlier this week to sell itself to a larger rival, Binance. Customers abandoned the exchange after getting worried about their capital.

## Why is SEC investigating the FTX exchange?

The [cryptocurrency market](https://www.reuters.com/technology/us-probes-ftx-over-handling-client-funds-bloomberg-news-2022-11-09/) has been volatile, with worries over the company's financial stability leading to $6 billion in withdrawals in the 72 hours following Tuesday morning. Binance later announced a [non-binding deal](https://www.reuters.com/markets/currencies/cryptocurrencies-slide-concerns-over-ftx-exchange-rattle-markets-2022-11-08/) to purchase FTX's non-US business to address a "liquidity constraint" at the rival exchange.

According to the source, the SEC is also looking into the business's ties with its US equivalent FTX US and Chief Executive Officer Sam Bankman-Fried's trading firm. The SEC does not want to speak on the existence or nonexistence of a prospective probe, said an SEC representative. A CFTC spokeswoman declined to comment as well.

The crypto community's and securities authorities' inquiry into [Bankman-Fried](/news/article/sam-bankman-fried-lost-billions) and his crypto company are centred on the potential that the firm utilised client deposits to support bets at Bankman-hedge Fried's fund, Alameda Research. Brokers in conventional markets are supposed to keep customer cash apart from other firm assets. Regulators can punish violations. 

An individual acquainted with the [FTX and Binance](/news/article/ftx-vs-binance-liquidate-funds) transactions described them as a "black hole" in which it was hard to distinguish between assets and liabilities. This individual said Bankman-Fried committed the "ultimate sin" by using custodial assets to support Alameda Research.

## Gensler's view on FTX exchange

Under Democratic leadership, the SEC has increased its examination of the cryptocurrency industry. Chair Gary Gensler has already expressed concerns about whether crypto platforms effectively separate funds and if their market-making operations are trading against their clients.

Earlier this year, a cryptocurrency start-up BlockFi Inc subsidiary [agreed to pay](https://cointelegraph.com/news/blockfi-limits-platform-activity-including-a-halt-on-client-withdrawals) a record penalty to resolve allegations connected to its retail lending product. Other organisations, like FTX, enable users to "stake" certain cryptocurrency tokens in exchange for a return.



FTX Exchange Under Investigation

According to news from Pi Coin's inventor and head of technology, Nicolas Kokkalis, Pi Network "has tried to make cryptocurrency accessible globally". Pi Network is the cryptocurrency community for PI, the Pi Coin, often known as Pioneers. 

PI, according to Kokkalis, allows Pioneers to mine on their phones with no fiat cost while contributing to development, inclusiveness, security and decentralisation, usefulness, stability, and durability.

## Pi Network news: Pioneers warned 

Pi informed pioneers that Pi Coin will have no initial coin offering or crowdfunding sales. This is because the main goal is to "create the most inclusive and broadly dispersed digital currency and ecosystem for all Pioneers"'

It clarified that it is not associated with any organisation purporting to sell or generate PI, PI futures, PI non-fungible tokens, PI airdrops, or other PI derivatives. The [blog](https://minepi.com/blog/pi-account-safety) further informs Pioneers that any website asking them to claim PI is a scam since users can only claim all mined PI through the official Pi Network app.

It continued by saying that the names do not imply an official affiliation with Pi Network. Unless otherwise clearly verified by their official communication channels.

## Pi Network: How to mine Pi Coin

[Pi Network](https://twitter.com/PiCoreTeam/status/1555674682480680960), the Pi Coin (PI) crypto community, has produced an instructive video on how to build and utilise the Pi Wallet. 

The movie, which is now on Pi's [home screen](https://minepi.com/), explains how mining works. Unlike Bitcoin (BTC), PI is the only [cryptocurrency](/news/article/asian-yuan-china-token) that can be mined with a smartphone. Furthermore, the video claims that mining PI with a user's phone is free of charge and causes no battery drain.

## Pi Network news: Where does PI rank? 

According to [Watcher. Guru data](https://twitter.com/PiCoreTeam/status/1564349423215190016), as of 28 August, 2022, Binance Coin (BNB) ranked #1 among the top ten cryptos' Twitter profiles, with 9.36 million followers. Bitcoin (BTC) came in second with 5.49 million followers, while Shiba Inu (SHIB) came in third with 3.46 million followers. Pi Coin (PI) is the ninth most followed cryptocurrency on Twitter, with 1.65 million followers. 

Pi conducted a [Twitter](https://twitter.com/PiCoreTeam/status/1559317083309035520) poll, and 61% of Pioneers, or Pi members, were recommended to it by a friend. Family members came in second with 17%, and coworkers came in third with 4%. However, 18% said “other." A total of 54,722 people voted in the Twitter poll.

Pi Network, the [crypto](/news/article/time-tokens) community for Pi Coin, has expressed gratitude to its Pi Chat moderators for their assistance in translating Pi messages into more than 50 different languages. The moderators are the "backbone of communicating with the whole Pi community".


Pi Network News: Pi Going Global?

Santander said in an emailed statement on Friday that it will prohibit UK clients from transferring real-time payments to cryptocurrency exchanges beginning next year as part of steps to safeguard customers from fraudsters.

## When will the block begin?

The bank will implement a plan meaning all payments made to cryptocurrency exchanges via telephone banking and in-branch payments will be blocked, as well as internet and mobile banking, at an unspecified point in 2023.

The bank will follow in the footsteps of other UK retail banks in restricting client transfers to cryptocurrency exchanges. For transfers to crypto exchanges via mobile and online banking, its users will face restrictions of 1,000 pounds ($1,123) per transaction and 3,000 pounds overall in any rolling 30-day period. Last year, the [Natwest Group](https://www.reuters.com/technology/natwest-caps-transfers-crypto-exchanges-including-binance-over-fraud-concerns-2021-06-29/) in the United Kingdom set a daily limit for consumers to transmit to bitcoin exchanges. 

Customers will still be able to receive crypto [exchange](/news/article/best-exchanges-for-crypto-uk) payments into their accounts. [According to a note](https://www.santander.co.uk/personal/support/fraud-and-security/cryptocurrency) on the bank's website, there has been a significant increase in the number of UK clients who have become victims of cryptocurrency fraud in recent months. Global regulators have warned of the risks of scams and fraud in the primarily unregulated realm of cryptocurrency trading.

A spokeswoman for Santander stated that securing our clients from cryptocurrency fraud is a primary concern. "We want to further safeguard clients by barring all faster payments we find from Santander accounts to cryptocurrency exchanges - this will come into play in 2023".

## Faster Payments in the UK that Santander News refers to

Faster Payments is the infrastructure that enables real-time bank transactions for most UK bank accounts. Pay UK, which owns the respective company, stated in an email that it is working with authorities and the [payments](/news/article/russia-approves-cross-border-crypto) sector to create and implement more robust protection for fraud victims. 

Santander said it would continue to prohibit all payments to the cryptocurrency exchange Binance, a policy implemented in July 2021 in response to a warning from the UK's financial authority regarding the exchange. Binance did not reply immediately to a request for comment.




Santander UK news - Crypto transfers blocked

[Bitcoin Prime](https://www.business2community.com/cryptocurrency/bitcoin-robots/bitcoin-prime-review) is a cryptocurrency bot. It is a trading service that automatically analyses the cryptocurrency markets for trading opportunities. Read on for a Bitcoin Prime review.

Bitcoin Prime executes trades on users' behalf when it discovers potentially profitable situations. According to the website, up to 90% of their deals are profitable under favourable market circumstances. 

The platform's performance is shown by its AI system, which detects and responds to price trends. While it does not disclose the intricacies of its algorithm, it searches for many of the tried and proven technical patterns that traders worldwide use to earn money.

It is available for free. All users need to begin is a $250 down payment. The platform generates revenue by charging a 2% fee on successful accounts. However, investors will not pay a commission until their trading account earns money.

## Bitcoin Prime review - How the platform works 

The [platform](https://bitcoinprimeapp.com/) monitors price changes in 14 major cryptocurrencies, including Bitcoin, BTC Cash, Ethereum, Litecoin, Bitcoin Gold, ZCash, Dash, Ethereum Classic, [Cardano](/news/article/cardano-hard-fork), IOTA, EOS, NEO, Binance Coin, and Ripple.
 
Bitcoin Prime initiates a transaction when the algorithm identifies a price pattern. Furthermore, it will place an order in the user's [brokerage](/news/article/genesis-crypto-claim) account and track the deal as it progresses. When the time comes to close the position, it will issue the order, and all money, including any gains, will be refunded to their account (minus a 2% commission for profitable accounts). The algorithm also learns from successful and unsuccessful transactions to trade more consistently and successfully in the future.

[Bitcoin](/news/article/bitcoin-dropping-price-us-news) Prime promises to be open for business every hour of every day. While trading on the system requires little effort, users need to tweak the algorithm's settings to be effective in different market circumstances. One of the good features of the platform is that it offers a plethora of instructional resources and a sample account to allow you to understand how the algorithm works.

Most importantly, investors' monies are in third-party broker accounts. It can issue trading orders using the funds in your account but cannot directly access your cash. Because only you have access to your money, this might give some security when utilising this service. Users can withdraw funds at any moment and receive a payment within a few hours. 

## Bitcoin Prime - Is it worth the investment?

Bitcoin Prime is legitimate and has received positive feedback from sites such as Trustpilot and testimonials.

However, we highly advise potential investors to do their homework and weigh the possible hazards before joining up and depositing money into the platform.


Bitcoin Prime Review - Fraud or Legit?

As an official partner of Haas F1, they will collaborate with the team and external [contributors](https://www.haasf1team.com/news/haas-f1-team-partners-opensea-future-nft-collaborations) to create a range of branded NFTs. The F1 Team and OpenSea will work together to create an outstanding utility that will bring fans closer to the team and fascinating collections to the NFT community. 

They seek to present new and differentiated collections to the NFT community, with a shared vision of increasing participation and creating unique, best-in-class Web3 experiences.

## Where will the OpenSea logo appear on Haas F1 car? 

In support of the collaboration, the [emblem](/news/article/nft-hackers-passports) will feature on the F1 Team's VF-22 entry for increased exposure. 

"We've been looking for the perfect partner in the NFT area, and we've found it in Guenther Steiner, Team Principal of the respective F1 Team".  

Haas added that they know they will be in excellent hands with the leading peer-to-peer marketplace guiding them on their collections and fan interaction opportunities since OpenSea is an industry leader with innovation at the heart of all they do.  

According to Shiva Rajaraman, [NFTs](https://www.thepaddockmagazine.com/opensea-and-haas-f1-team-sign-a-partnership-agreement/) can unlock new experiences and provide a canvas to bring people together in new ways around the things they love. We're excited to work with the F1 team to create unique collections, new experiences for their devoted fan base, and new opportunities for everyone to come even closer to the action.

## What is OpenSea? 

OpenSea is the world's leading peer-to-peer marketplace for NFTs. They are on a mission to help the world's creators, collectors, and collaborators own and shape their relationships directly. We're building the world's most trusted and inclusive NFT marketplace with the best selection.

The leadership team is based in New York and includes Google, Palantir, Lyft, Uber, Stanford, and Berkeley members. a16z, Paradigm, Coatue, YCombinator, Founders Fund, Coinbase Ventures, 1Confirmation, and Blockchain Capital are among the investors.


Haas F1 racing team's collaboration with OpenSea

Philip Hennche, director of Channels Innovation, believes that investing in [gaming](https://www.cryptopolitan.com/nfts-play-to-earn-gaming/?swcfpc=1) is a "marquee moment" since "gaming is a highly essential channel for them in terms of how they connect to their clients."

## Burberry Metaverse new collection

Philip Hennche, director of Channels Innovation, believes that investing in [gaming](https://www.cryptopolitan.com/nfts-play-to-earn-gaming/?swcfpc=1) is a "marquee moment" since "gaming is a highly essential channel for them in terms of how they connect to their clients."

## Burberry's Metaverse inspiration 

The company's metaverse is inspired by the British fashion brand founded in 1856. The firm is presently engaged in advertising its commodities in the metaverse industry. According to Rachel Waller, their Global Innovation Director, the metaverse is the "New Frontier of Storytelling" for Brands looking to engage customers in novel ways.

Minecraft is a [metaverse](/news/article/facebook-metaverse-nft) game that will soon allow people to play on any chain. The [game](/news/article/web3-games-raised-millions) seeks to offer each player a distinct [NFT](https://www.cryptopolitan.com/news/nft/) personality and visually represent the game using various animations and settings. There would be a metropolis named SkyCity where people may play it with one another. Minecraft is regarded as one of the most sophisticated games on the globe.

## Previous Burberry and Minecraft partnerships

It has collaborated with another gaming franchise before. It has several more industry partners, beginning with B bounce (2019), B Surf (2020), in-game NFT collection (2021), and the second one in July 2022. 

Burberry and Minecraft started a new journey in the game world on November 1, 2022, to increase brand consumers and raise awareness of the metaverse. Burberry: Freedom to Go Beyond is a four-round video game set in a simulated London metropolis. For game purposes, requiring the players to wear several Burberry brands.

## Burberry Metaverse collection helps the environment

The game location is in a natural setting where players must overcome various tasks and interact with multiple creatures. The goal is to magnify nature's marvels in this way. Furthermore, to safeguard the environment, both firms will give enough money to protect around 525,000 trees through various measures. This programme will ensure the environment and aid in preserving numerous animal species lives.



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