Discover what's driving the growth of the cryptocurrency world with an in-depth look at Coin MarketCap. 

This article explains the ins and outs of this powerful tool, from tracking the market trends of different coins to its user-friendly interface. 

In our in-depth review, we discuss what it is, its features and benefits, how to use it effectively, and much more. 

## What is Coin MarketCap and how does it work? 

[Coin MarketCap is a platform that provides comprehensive data](https://cointelegraph.com/tags/coinmarketcap) on cryptocurrencies. It functions as a market intelligence hub, allowing individuals to keep track of the latest trends and insights in the digital currency market. 

The platform offers a variety of tools to help users understand the performance of cryptocurrencies, such as real-time price and market cap data. The platform also provides a range of other features, like the ability to track prices over time, view trading volumes, and see the top gainers and losers of the day. It is an essential tool for anyone involved in cryptocurrency. 

## Understanding the different metrics 

As cryptocurrency evolves, it's essential to understand the various metrics used to track price changes. Each metric provides valuable insights into the cryptocurrency market's health and overall performance, from market capitalization to trading volume. Understanding these metrics can help investors guide investment decisions and identify growth opportunities. 

However, it's important to note that no metric tells the entire story. Investors should use a combination of metrics to gain a comprehensive understanding of the cryptocurrency market. By staying informed and knowledgeable about these different metrics, investors can make informed decisions and navigate the ever-changing landscape of cryptocurrencies. 

## Exploring Coin MarketCap features 

As cryptocurrency becomes increasingly relevant in today's financial landscape, tools like this platform are becoming essential for investors looking to[ track the price](/news/article/coinbase-review-uk), market capitalization, and other critical data of various cryptocurrencies. 

The platform offers a user-friendly and intuitive interface that allows users to explore a variety of features, including the coin page, which provides detailed information about individual cryptocurrencies; the price chart, which displays price trends over time; and the market capitalization feature, which shows the total value of a particular cryptocurrency. With its robust features, this is an essential tool for anyone looking to stay current on cryptocurrency. 

## Analyzing data from Coin MarketCap 

As the cryptocurrency market fluctuates, making informed investment decisions is more important than ever. By analyzing data from reputable sources such as Coin MarketCap, investors can gain valuable insights into market trends and make more strategic investments. 

This requires professionalism and attention to detail when sifting through large amounts of data, but the potential rewards can be significant. 

With the correct information, investors can capitalize on emerging trends and avoid costly mistakes. Whether you're experienced or just starting, a professional approach to cryptocurrency investing can help you achieve your financial goals. 

## Comparison with other platforms 

When comparing cryptocurrency platforms, Coin MarketCap stands out as a reliable reference point for investors in the digital currency market. It provides an updated real-time overview of the top cryptocurrencies, their prices, and market trends. 

However, many other platforms have emerged, offering various services and investment opportunities. While some cater to novice traders, others target experienced investors with advanced trading tools and strategies. 

Therefore, before selecting a platform, investors must consider the features and services and determine which suits their investment goals and strategies. 

## The benefits of using Coin MarketCap 

Coin MarketCap is a valuable tool for crypto traders who want to stay ahead. With real-time pricing, market capitalizations, and historical data, Coin MarketCap provides a comprehensive overview of the crypto market. 

This information helps traders make informed investment decisions and reduces trading risks. The platform offers a wealth of resources, such as educational articles and market analysis, to support traders in their journey. 

Overall, it is a must-use tool for any serious crypto trader looking to maximize their profits. 

Several helpful analytics pages allow users to measure various aspects of cryptocurrency performance. Additionally, Coin MarketCap is free to use and enables users to compare. Mastering the basics of using the platform can help crypto traders understand the market better and better prepare themselves for success in their trading endeavours. 

coin marketcap logo on blue image of stock graph

An in-depth analysis of Coin MarketCap 

Keeping track of numerous coins and their market price can become overwhelming as the crypto industry continues to expand and diversify. That's where WorldCoinIndex comes in. 

Listing more than 1,500 cryptocurrencies, [WorldCoinIndex allows individuals to compare different coins](https://www.crunchbase.com/organization/worldcoinindex) while being connected to over 100 cryptocurrency exchanges and 7,000-plus cryptocurrency markets. 

In addition to price information, this platform supports quick access to key information on particular cryptocurrencies, like their website, block explorer, forum, Twitter, and Reddit feeds. 

## Tracking cryptocurrency with WorldCoinIndex 

At WorldCoinIndex, users can view the most up-to-date and accurate data on cryptocurrency prices and market capitalization statistics. 

The platform's graphical charting system provides real-time rate tracking and market analysis. Also, the easy-to-use interface makes it simple to search for a specific coin, navigate through the marketplace, and assess market trends that align with the current market demand. 

Furthermore, [WorldCoinIndex offers features](https://www.worldcoinindex.com/) like the Portfolio Tracker, that enables users to add a cryptocurrency or ICO investment portfolio to be viewed at a glance. This tool provides a comprehensive portfolio breakdown, including the percentage of your investments in each coin. You can keep track of your coin's price movements within a specified period. 

The WorldCoinIndex platform also includes an ICO Calendar, which shows the dates of upcoming Initial Coin Offerings. You will receive a notice of the date and the target fundraising amount. 

Users can also access information on newly released coins, coin summaries, a cryptocurrency calculator, and the best cryptocurrency apps. 

One powerful advantage of the platform is its customizability; users can configure personal notifications to specific events, including significant market changes, price increases, and news. 

They can also filter and sort data by variables like the price, circulating supply, trading volume, and market cap, marking the platform a comprehensive cryptocurrency gateway. 

The platform stands out from cryptocurrency competitors by providing up-to-date market analysis, real-time rate tracking, comprehensive coin data, a customizable interface, and an easy-to-use system that [makes cryptocurrency investments simple](/news/article/what-is-market-cap-in-crypto). 

WorldCoinIndex takes a step further from merely providing market prices. It also includes news articles regarding cryptocurrency, predictions, and analysis of the cryptocurrency markets. With WorldCoinIndex, cryptocurrency investors can quickly discover and monitor investments and ICO opportunities. 

worldcoinindex logo over image of man trading

WorldCoinIndex: The comprehensive crypto platform 

As cryptocurrency becomes increasingly significant in the financial world, it's essential to have trading platforms that prioritize fairness, governance, and innovation. EQONEX, a cryptocurrency exchange that is part of the EQONEX Group, is the first Nasdaq-listed company focusing on crypto. 

EQONEX aims to tackle some[ problems plaguing cryptocurrency exchanges](https://twitter.com/eqonex?lang=en), such as high fees, opaque pricing, and security concerns. By prioritizing fairness, governance, and innovation, the platform is positioning itself to be a leading player in cryptocurrency trading. 

## EQONEX's solution to cryptocurrency trading woes 

Fairness: One of the main problems with many cryptocurrency exchanges is that they lack transparency and fairness. Many exchanges charge high fees, making trading unaffordable for regular investors. The exchange solves this problem by using a maker-taker fee structure. 

This structure rewards traders who provide liquidity to the order book with lower fees. Traders who take liquidity pay higher fees. EQONEX also uses a price-time priority system to prevent market manipulation and ensure that all traders have an equal chance of executing their orders. 

Governance: Another key issue in cryptocurrency trading is governance. Many exchanges lack oversight, making them vulnerable to hacks and fraud. The platform has taken steps to ensure that it operates transparently, securely, and compliant. 

For instance, it has a robust Know Your Customer (KYC) policy, which requires all traders to complete an identity verification process. EQONEX also uses a third-party custodian to hold users' funds, providing an extra security layer. Finally, it is committed to complying with relevant regulations and laws, including anti-money laundering (AML) and counter-terrorism financing (CTF) laws. 

Innovation: Cryptocurrency is a rapidly evolving field, and trading platforms must stay ahead of the curve. EQONEX has several innovative features that set it apart from other exchanges. For example, it offers a unique perpetual futures contract, called the EQO perpetual, which allows traders to take positions on the price of Bitcoin without worrying about the contract expiring. 

The platform also offers a sophisticated matching engine, which can handle one million transactions per second. This speed and efficiency allow traders to execute their orders quickly and accurately. 

EQONEX is an exciting development in the [world of cryptocurrency trading](/news/article/coinbase-review-uk). By prioritizing fairness, governance, and innovation, it's positioned to become a leading player. 

eqonex logo on blue image of person holding cryptocurrency

EQONEX: Fairness, governance, and innovation in crypto? 

## The world of one-of-a-kind Batz on CryptoBatz 

CryptoBatz is a platform that allows users to buy, sell, and trade unique digital collectables known as Batz. 

Batz are unique digital collectables stored on the Ethereum blockchain as non-fungible tokens (NFTs). 

Each Batz is a one-of-a-kind NFT that features a different cartoon bat character. The cartoon bat character is the same across all Batz, but each NFT has a unique combination of color, background, and other features that make it distinct. 

Batz differ from other NFTs in that they are designed to be a unique form of digital collectable. Other NFTs, such as [CryptoKitties](https://www.cryptokitties.co/) and [Art Blocks](https://www.artblocks.io/), may have a wider range of uses and applications beyond being collectable. 

## The Rise of CryptoBatz 

Batz are [a unique form of digital collectable](https://www.cryptobatz.com/#story) that offer several benefits to those who own them. They are stored on the Ethereum blockchain as NFTs and can be bought, sold, and traded on various NFT marketplaces. The unique designs and potential value make them a popular choice for those interested in digital art and collectables. 

## Uses for Batz 

Batz can be used in various ways, from displaying them as digital art to participating in Batz Battles, a game feature on CryptoBatz. 

Here are ways to use your Batz: 

- Display your Batz: Batz can be displayed as digital art in various ways. For example, you can set your Batz as your computer screensaver or display it on a digital picture frame. 

- Trade your Batz: Batz can be traded on [various NFT marketplaces](/news/article/nft-tax-uk-rules-explored), allowing you to profit from the value of your Batz potentially. 

- Participate in Batz Battles: Batz Battles is a game feature on CryptoBatz where users can battle their Batz against other users' Batz for a chance to win prizes. In Batz Battles, each Batz has unique stats that determine its strength in battle. You can upgrade your Batz's stats by purchasing upgrades on the CryptoBatz marketplace. 

- Collect Batz: For many users, collecting it is a hobby. Each Batz is unique, so collecting Batz can be a fun and rewarding experience. 

cryptobatz nft on pink background image of bats

CryptoBatz: The World of One-of-a-Kind Batz

One of the more unusual crypto tokens on the market is Sweatcoin (SWEAT), which rewards users for their physical activity through a digital currency system. With its innovative approach, it's no wonder many are curious about Sweatcoin's prospects and how much it is worth. We will be examining the SWEAT price prediction from 2023 to 2034, considering historical price action, current developments, and social sentiment from the community.

## Forecasting the future: A look at how much SWEAT crypto will be worth

Sweatcoin has revolutionized the world of fitness apps by incentivizing users to exercise regularly through its Move-to-Earn model. By rewarding users with a unique cryptocurrency, SWEAT, it has made fitness a more profitable and fun experience. Users can now turn their daily steps into valuable products or donate to charitable causes. With Sweatcoin's vast marketplace of branded goods and services, users can select from thousands of options that cater to their needs.

SWEAT, Sweatcoin's cryptocurrency, has entered the crypto space and is built on the NEAR blockchain. Using Movement Validators, the token confirms if people are taking the required steps to issue the crypto. Users can earn SWEAT by completing daily exercise routines, with one SWEAT awarded for every 1,000 verified steps.

The token can be bought, sold, and traded on exchanges. It is used to collect revenue from NFT sellers, buy NFTs, subscribe to Sweatcoin's premium services, and collect advertising fees.

The SWEAT Wallet is Sweatcoin's dedicated crypto wallet allowing users to securely store and manage their SWEAT tokens.

With an uncapped supply, SWEAT will become harder to mint over time, as each SWEAT token will require more steps to mint than the last. This makes SWEAT a unique cryptocurrency that rewards users for leading a healthy lifestyle while incentivizing them to continue their fitness journey. Overall, Sweatcoin's innovative approach to fitness and crypto has made it a popular choice among users worldwide, with its ratings soaring high on both Apple App Store and Google Play Store.

[Sweatcoin was founded in 2015 by Anton Derlyatka](https://ambcrypto.com/predictions/sweatcoin-price-prediction), Oleg Fomenko, Egor Khmelev, and Henry Child. They introduced a groundbreaking concept of incentivizing physical movement through their platform. Their interest in bringing together the worlds of crypto and fitness led to the creation of the token SWEAT.

In September 2022, SWEATCOIN launched its new Web3 SWEAT token, distributing more than 4.7 billion tokens to 13.5 million holders. The Sweat Wallet was also launched to provide accessibility to users unfamiliar with blockchain technology while allowing token staking and NFT games.

The response was overwhelming, with more than two million downloads of the Sweat Wallet app within 72 hours of the Token Generation Event (TGE).

Before the TGE, the Sweat Foundation and Sweatcoin announced plans to burn 4.76 billion of their SWEAT allocation, adding more user value. They also pledged to use 50% of their profits to buy SWEAT from the secondary market, which would then be burned or distributed as staking yield. To ensure transparency, they promised to publish evidence of their buying activity. This commitment showcases Sweatcoin's dedication to creating a valuable user ecosystem and promoting community transparency.

## How much will SWEAT crypto be worth? Supply, demand, and adoption rates

[Despite being a relatively new token, SWEAT has ambitious plans](/news/article/sweatcoin-crypto-what-to-know). The team has laid out a four-phase roadmap to ensure the token's success in the years to come. The first phase focuses on staking and rewards, incentivizing users to hold and stake their SWEAT tokens.

The second phase, delivered via Moonpay between August and December 2022, introduced Dynamic NFTs, Learn to Earn, and Fiat on-ramp. The team aims to continue building on this by introducing a crypto-crypto exchange, NFT marketplace, crypto marketplace curated offers, tiered transaction fees, referral fees, and Sweat DAO in the third phase planned for 2023-2024.

The fourth and final phase, planned for 2025 onwards, aims to create an open economy of movement, data analytics, and Movement Validators. This phase will leverage the power of the NEAR blockchain to gather and analyze data, ultimately creating a more efficient and transparent platform. With this roadmap, SWEAT has laid a clear path for the token's future development and success.

## How much will SWEAT crypto be worth? A comprehensive analysis of future value

2023-2025 Price Predictions: In 2023, our analysis suggests that Sweatcoin's price should range between $0.01 to $0.016, with an average price of $0.013. By 2024, we predict that the price will range between $0.018 to $0.027, with an average price of $0.022. Looking ahead to 2025, we anticipate that SWEAT's price will range between $0.022 to $0.034, with an average price of $0.028.

2026-2028 Price Predictions: As we move into 2026, our analysis predicts that Sweatcoin's price will range between $0.028 to $0.043, with an average price of $0.035. By 2027, we expect the price to range between $0.036 to $0.054, with an average price of $0.045. In 2028, we predict that the price will range between $0.045 to $0.068, with an average price of $0.056.

2029-2031 Price Predictions: Our analysis suggests that in 2029, the SWEAT price will range between $0.057 to $0.086, with an average price of $0.071. Moving forward to 2030, we predict that the price will range between $0.072 to $0.1, with an average price of $0.09. By 2031, we expect the price range to be between $0.091 and $0.13, with an average price of $0.11.

2032-2034 Price Predictions: As we reach the final years of our prediction, we anticipate that in 2032, Sweatcoin's price will range between $0.11 to $0.17, with an average price of $0.14. In 2033, our analysis suggests that the price will range between $0.14 to $0.21, with an average price of $0.18. Finally, in 2034, we predict that the price will range between $0.18 to $0.27, with an average price of $0.22.

## SWEAT crypto: The next big thing?

Overall, our analysis suggests that Sweatcoin's price will experience gradual growth over the next decade, with a potential for significant increases in the long term.

However, it's important to remember that market conditions can be unpredictable, and our predictions are based on current trends and developments. As with any investment, conducting research and weighing the risks before making any decisions is essential.


green image of sweatcoin token with two men exercising and sweating

How Much Will SWEAT Crypto Be Worth?

Crowdcube is a crowdfunding platform that allows people to invest in start-ups and small businesses in exchange for equity. 

Founded in 2011 by Darren Westlake and Luke Lang and headquartered in the UK, it has raised more than £200 million from 400,000-plus investors. 

## What is Crowdcube? 

Crowdcube allows businesses to raise money by selling equity stakes to investors. They can choose to invest as little as £10 and receive equity in the company in return. Equity crowdfunding is a relatively new way of raising money, and Crowdcube is [one of the leading platforms](https://www.crowdcube.com/?country=GB) in the space. 

It has helped several businesses raise money, including Bulb Energy, Revolut, and Monzo. 

## How does it work? 

Companies looking to raise money on Crowdcube create a profile and a funding campaign. Potential investors can browse these campaigns and decide if they want to invest. 

If an investor decides to proceed, they will enter into a contract with the company. This contract will specify how much equity the investor will receive in exchange for their investment. The equity that investors receive can be sold or transferred at any time. However, it may be subject to certain restrictions, such as a lock-up period. 

Crowdcube takes a percentage of the money raised as a fee. This fee is typically 5% of the total amount raised. Crowdcube is a popular choice for companies looking to raise funds through equity crowdfunding. It has a large community of investors and a streamlined process for creating and funding campaigns. 

## Benefits of investing through Crowdcube 

Here are three benefits of investing through Crowdcube: 

#### You can diversify your portfolio. 

Crowdcube offers the opportunity to a wide range of businesses, from early-stage start-ups to established companies. This means you can spread your risk by investing in many different businesses rather than putting all your eggs in one basket. 

#### You can get involved with businesses about which you're passionate. 

Crowdcube gives you a chance to invest in businesses that you believe in and that align with your values. This way, you can make money while supporting businesses about which you're passionate. 

#### You can get access to exclusive deals. 

Crowdcube offers exclusive deals to its members, which means you can get access to investment opportunities that aren't available to the general public. You can secure a place on the ground floor of businesses with high growth potential. 

## Risks of investing through Crowdcube 

- Lack of diversification: When you invest in a single company through Crowdcube, you put all your eggs in one basket. This can be risky, as the company's success or failure will directly impact your investment. If the company you invest in fails, you could lose all your money. 

- Illiquidity: Crowdcube investments are not liquid, so you cannot sell your shares easily or quickly. If you want to access your money before the company is sold or goes public, you may have to wait a long time or take a significant loss. 

- Lack of regulation: Crowdcube is not subject to [the same regulations](/news/article/crypto-regulations) as the stock market. This means there is a higher risk of fraud, and investments may be less secure. 

- Early-stage companies: The companies that list on Crowdcube are typically early-stage and have a higher risk of failure. You should carefully research any company before investing, as there is a good chance you could lose your money. 

If you are considering this, it is essential to know the risks involved. While there are potential rewards, there is also a significant risk. 

## How to invest through Crowdcube 

The average investment on Crowdcube is £1,000. Equity crowdfunding is a new way of investing that has only become possible in recent years. It allows you to make investments in early-stage companies and start-ups in return for equity. 

This means you own a piece of the company and are entitled to a share of the profits if the company does well. It has funded 400-plus companies and raised more than £200 million since it was founded in 2010. 

The process of investing is straightforward. First, you need to create an account on the website. This is free and only takes a few minutes. 

After creating an account, you can browse the different opportunities. You can filter these by sector, stage of funding, and other criteria. Once you have found an investment opportunity that you are interested in, you can view more information about the company and the investment. 

You will also see how much money has already been invested and how much the company is looking to raise. Once you have decided that you want to invest, you can do so with a few clicks. 

You must provide your payment details and agree to the terms and conditions. Once you have invested, you will become a shareholder in the company. You can view all the information about your investment, including the share price, on your account. 

Crowdcube: The Rise of Equity Crowdfunding

Before we examine USDC vs USDT, we need to understand what stablecoins are and how they operate.

Every cryptocurrency token has a level of volatility, from Bitcoin to Shiba Inu. Cryptocurrencies are susceptible to both exhilarating price increases and sudden, precipitous declines in the same way that traditional assets are.

Stablecoins have emerged as a reliable method for investors to keep their money in the cryptocurrency ecosystem despite the wild price swings that have been occurring recently.

Stablecoins, coins pegged to a real-world asset, most commonly a fiat currency, offer protection against the price volatility to which other coins are prone. Both USD Coin (USDC) and Tether (USDT), pegged to the US dollar, have emerged as the most prominent stablecoins.

They have maintained their position at the forefront of the market and can be found in the most important cryptocurrency exchanges, wallets, and applications. It is helpful to have an understanding of how each stablecoin operates before making a decision regarding which one is the most suitable for your requirements.

#What are stablecoins

A cryptocurrency whose value is backed by an external asset, such as the US dollar, is known as a stablecoin. For a significant portion of their early existence, Bitcoin and other early cryptocurrencies could only be traded for other cryptos or traditional currencies.

If you wanted to trade your coins for something else, there was no mechanism for holders of cryptocurrencies to switch to a fiat-backed asset without first leaving the ecosystem of cryptocurrencies entirely. Stablecoins are what made this possible in the first place. 

Stablecoins [are utilized by many crypto traders](https://www.moonpay.com/learn/cryptocurrency/what-is-the-difference-between-usdt-and-usdc) so that they may continue to participate in the ecosystem by keeping an asset that maintains its value. You may swap them whenever you want, 24 hours a day, without going to your bank to withdraw cash first.

Bitcoin was designed to be less volatile than other digital currencies. As long as the backing ratio is accurate, the value of these tokens will never change and will always remain the same.

#Why are so many stablecoins pegged to the USD?

The most widely used stablecoins in circulation today are USDT and USDC, with market capitalizations in the multi-billion dollar range. However, they are not the only ones doing this.

Binance has its stablecoin, known as BUSD, and Dai, also known as DAI, is a cryptocurrency built on Ethereum and developed to operate only on those networks. Both of these coins will always be worth $1, just like USDC vs USDT, but it does not mean they are interchangeable. The coin you choose to buy will depend on the blockchain and applications with which you intend to engage.

In 2014, Tether Limited of Hong Kong became the first company to produce USDT to bridge the gap between cryptocurrencies and fiat currencies. Tether provided users with access, for the very first time, to a platform-agnostic, blockchain-based US dollar that held many of the technical advantages of Bitcoin, Ethereum, and other crypto assets, including their high liquidity but none of their volatility.

This was made possible by Tether's use of the Ethereum blockchain. Tether has built a permissionless mechanism to send crypto-dollars to anyone with speed, transparency, and a low cost. This opens up the use case of cryptocurrencies to include remittances, payments, and more. Tether has accomplished this by tapping into the best of both worlds.

As soon as it was made available to the public, hundreds of cryptocurrency trading pairs began listing against USDT, providing the token with an early mover advantage in the market for stablecoins. There are 74.7 billion USDT tokens circulating across the most important blockchains, including Bitcoin, Ethereum, EOS, Algorand, Tron, and many more.

It is possible to buy or trade for hundreds of different cryptocurrencies using USDT on cryptocurrency exchanges, making it the most popular trading pair in the crypto market. Anyone can use USDT to conduct transactions that are not only inexpensive but also speedy, and they can earn interest on decentralized financial protocols.

It also provides a method for businesses to accept cryptocurrency payments denominated in fiat money, allowing them to do so without assuming the market risk typically associated with accepting payments in the form of more volatile cryptocurrencies.

USDT has maintained a position among the top five cryptocurrencies regarding market capitalization and trade volume, frequently surpassing the daily trades conducted in Bitcoin.

## Stability of the USDC vs USDT

Because of how USDT was developed, its dollar value will almost always remain constant at $1. Although there is a remote possibility that the price could shift by a few cents here and there, the market tends to quickly correct itself to back to its original $1 price point.

Coinbase and Circle collaborated in 2018 to create the stable cryptocurrency USDC. Its price, pegged at $1 and not adjusted, is the same as that of USDT and any other token backed by USD. The Centre Consortium oversees the technical and financial standards for the stablecoin and ensures transparency surrounding a true 1-to-1 backing.

The Centre Consortium is also in charge of the governance of the coin. This indicates that $1 and other cash equivalents are kept in reserve for every created USDC.

A supply of 34.6 billion USDC is circulating, while an equal monetary amount is held in reserve. To facilitate the expansion of the USDC ecosystem, Circle has made it possible for Circle's licensed and regulated financial institutions to become Circle members and issue USDC tokens. 
You may buy or trade USDC on [virtually all leading cryptocurrency exchanges and providers](/news/article/crypto-exchange-gemini-cuts-staff). Similar to USDT, USD Coin can be sent and received by any wallet or exchange compatible with the ERC-20 standard used by Ethereum.

USDC vs USDT: Understanding the Stablecoins

According to the documents filed in bankruptcy court by Genesis Global and its associated organizations, the parent company, Digital Currency Group (DCG), owes its subsidiaries more than $1. 65 billion.

The holding firm Genesis Global Holdco (GGH), the lender Genesis Global Capital (GGC), and Genesis Asia Pacific are the three organizations that have sought protection under bankruptcy laws (GAP).

## DCG owes subsidiaries more than $1.65 billion

[A declaration](https://www.coindesk.com/business/2023/01/20/digital-currency-group-owes-subsidiary-genesis-global-over-165b/) was filed at the end of January with the bankruptcy court of the Southern District of New York (SDNY) by Paul Aronzon, a member of a special committee of the board of directors of GGH, the holding company of the Genesis Global entities. It said that DCG's debt to Genesis includes loans of $575 million, due in May of this year, and a $1.1 billion promissory note due in June 2032.


The special committee is investigating the lending operations between GGC and DCG to evaluate whether or not the defunct companies have any legitimate claims against DCG connected to these transactions that could benefit the restructuring process.


Lev Dassin, a former acting US Attorney for New York's Southern District, is in charge of the investigation by the legal firm Cleary Gottlieb Steen & Hamilton LLP, which also represents Genesis in the proceedings.


To be more specific, the investigation is looking into the lending of "approximately $850 million in unsecured loans to the DCG entities, the DCG (promissory) note, various transactions that restructured the $850 million in unsecured loans in November 2022, and DCG's purported exercise of a $52.5 million set-off in November 2022.


Additionally, the committee is looking at potential avoidance actions and the different types of actions that can be taken around DCG entities, Gemini Trust Company, LLC, and other Genesis lenders.


When a debtor takes action to avoid or annul certain fund transfers before filing for protection under Chapter 11, this is known as an avoidance action. The January filings are another chapter in a series of high-profile failures that have shaken the cryptocurrency industry over the past year.


These failures include the implosion of the Terra cryptocurrency exchange and the collapse of the FTX cryptocurrency exchange. Genesis became entangled in the failures of the hedge fund Three Arrows Capital and FTX. Both of these businesses eventually went bankrupt. Genesis was compelled to restrict withdrawals in its lending unit shortly after FTX filed for Chapter 11 bankruptcy in November. 

Gemini, [the cryptocurrency exchange](/news/article/crypto-exchange-gemini-cuts-staff) owned by Cameron and Tyler Winklevoss, was a key customer of Genesis's lending business and was one of the reasons for the suspension. Since then, CEO Cameron Winklevoss has been running an open campaign against Genesis, DCG, and the company's CEO, Barry Silbert.

Before it filed for protection under Chapter 11, Genesis Global had attempted to obtain new cash or negotiate a settlement with its creditors. According to the documents filed in the bankruptcy case, the corporation owed $3.5 billion to its top 50 creditors.

genesis global logo over red image of man in debt

Genesis Global: A Closer Look

Gaming operation Entain is often regarded as among the most trustworthy in the world. A significant portion of the organization's achievements are attributable to its capacity for innovation and staying abreast of the most recent fashions.

In recent times, the company has investigated various forms of technology, such as the blockchain and the Metaverse. The company has since progressed further by creating an NFT auction focusing on social responsibility.

## Responsible gambling promoted with NFT auction

Entain owns numerous major gambling businesses, including the world-famous PartyCasino. In addition, it operates multiple philanthropic organizations, including the Entain Foundation US. The 'Superheroes of Responsible Gaming' auction is being organized and hosted by the Foundation, which is also involved in the event.

[The face of the event is Charles Oakley,](https://www.crypto-news-flash.com/entain-launches-an-nft-auction/) a former NBA star who is now an Entain partner. Entain places significance on responsible gambling, and the NFT auction was organized to promote and emphasize the concept as much as possible.

You can anticipate that the business will not be the party to benefit financially from selling the NFTs. Instead, the Charles Oakley Foundation will receive 100 percent of all funds raised. And it's an NFT auction because the target for the message about responsible gambling this time is 'tech-savvy audiences'.

Enlightening Media, which was responsible for designing the artwork for the NFTs, and Wager Score are two more companies engaged in developing the NFTs. The latter entity is a business that, in the course of performing its function as a player protection service, will, in real-time, offer information regarding affordability.

Alongside Entain's Martin Lycka, Brianne Doura-Schawohl, an internationally recognized responsible gaming consultant, and Bill Pascrell III, Esq., a partner at Princeton Public Affairs Group, Bo Grey, the founder of Wager Score, [also appears as one of the NFTs](/news/article/largest-nft-marketplace-2023). 

Following the initial release of NFTs, which focussed on disordered gambling, this new variety of NFTs has been developed.

Currently collaborating with Entain, Oakley expressed his satisfaction with introducing a second generation of NFTs and stated, "My post-NBA work is focused on preventing problems among neglected communities."


pink image of entain logo over nft auction photograph

Entain Leads the Way with NFT Auction

Beginning on February 1, 2023, SWIFT will no longer handle the transfer of fiat money from bank accounts to cryptocurrency exchanges if [the value of the transaction is less than $100,000](https://techstory.in/swift-will-no-longer-process-fiat-currencies-transactions-below-100k-to-crypto-exchange/). This action will prevent crypto access for hundreds of thousands, if not millions, of clients.

Binance, the world's biggest cryptocurrency exchange in terms of the volume of cryptocurrency trading, was one of the first crypto exchanges to tell its users of the development that occurred this week.

## Binance announces impact of SWIFT crypto restrictions

Binance has stated that this decision will impact only Signature Bank customers. The statement on the SWIFT crypto development was issued to Asia Markets. It said that one of the fiat banking partners, Signature Bank, had informed Binance that as of February 1, 2023, they would no longer support any cryptocurrency exchange customers who bought or sold an amount less than $100,000.

[Binance said that as a direct consequence of this change](/news/article/binance-news-dea-uses-exchange-to-track-cartels), certain customers would no longer be allowed to utilize SWIFT bank transfers to buy or sell cryptocurrency with or for USD for sums less than $100,000.

The previous week, Signature Bank disclosed that it would be taking steps to lessen its exposure to several cryptocurrencies. Concerns about restricting access to cryptocurrencies are becoming more widespread.

Although it is the largest and most important financial network in the world, SWIFT, or Society for Worldwide Interbank Financial Telecommunication, is somewhat of a secretive Belgian-based cooperative.

SWIFT is responsible for the daily settlement of trillions of dollars’ worth of international money transactions. Following the commencement of hostilities in Ukraine in 2014, the US and its allies disconnected Russia from the SWIFT network.

This development brought SWIFT back into the news cycle. Due to the gravity of the situation, the French finance minister likened the decision to shut off Russia's access to SWIFT to the use of a nuclear financial option.

It is, however, still a mystery why institutions involved in stopping SWIFT transfers have moved to release what would become a crypto-nuclear option for millions of people who do not have a minimum of $100,000.

The European Central Bank (ECB) is planning to begin testing a digital currency this year, with the possibility of a complete deployment by 2026. One idea suggests this could be a precursor to central bank digital currencies.


Yellow image of phone doing crypto payment with Swift logo overlayed

SWIFT Crypto Restrictions Leave Users in Dark

In the early days of 2023, Bitcoin drives the crypto market and Bonk, a new meme coin, is making waves with its surge.

BTC, the top cryptocurrency, has gained 26% so far this month, including 22% in the past week, rising back above $20,000 and setting it up for its best month since October 2021, shortly before the Big Crypto Crash.

Ether has risen 29% this year, helping push the global cryptocurrency market past $1 trillion, according to CoinGecko. "After a tough year last year for cryptos, we are seeing a type of mean reversion," [said Bespoke Investment Group analyst Jake Gordon](https://www.reuters.com/technology/cryptoverse-bitcoin-is-back-with-bonk-2023-01-17/), referring to asset values returning to long-term norms.

Bitcoin surge drags crypto market up with it
Dogecoin and Shiba Inu have risen by 19% and 27% in 2023. But buyers beware.

Wave Financial co-founder Les Borsai advised investors to be wary of altcoins like DOGE, Shiba Inu, and Bonk. However, speculators are speculating on these tokens.

[Since FTX, the crypto exchange, filed for bankruptcy in November](/news/article/is-crypto-dead), the Solana blockchain has lost funds and users. However, Bonk, a dog-inspired Solana meme coin, is gaining popularity. The Solana token has risen 131% in the first few weeks of 2023, the largest gainer among significant cryptos.

Tom Dunleavy, senior research analyst at data firm Messari, said talk of Solana's death have been "highly overblown". The ecology is strong despite speculation driving price appreciation.

## Crypto reversal too early

Crypto gains were attributed to anticipation that inflation had peaked, decreasing the need for tighter central bank policy. "Bitcoin and crypto tend to front-run everything," said Wave Financial's Borsai.

According to Blockchain.com, Bitcoin trading volumes on major exchanges reached $151 million in a week, the largest in nearly two months. Chainalysis data showed a Bitcoin surge with total BTC flows, including trading and payments, rising by 13,130 BTC in the last seven days, the greatest increase in 64 days.

Market watchers cautioned against premature celebration due to low trading volumes and macroeconomic uncertainty.

"Despite the recent surge we've observed, it's too early to proclaim a definitive reversal for the crypto market," said Prometheum co-founder Aaron Kaplan. He added that if interest rate increases are below market expectations, there will be a benefit to risk assets. This could, he said, see crypto prices continue to trend upward.

Kaplan, however, warned: "There's too much uncertainty right now."


green bitcoin token with transaction background

Bitcoin Surge Hits New Heights for early 2023

Whether you're new to Helium and HNT staking or a seasoned professional, you can use several tips and tricks to improve your staking experience. Here's a brief guide of things you should know before you begin.

## HNT staking explained

### Become a validator to stake HNT: 

[Helium staking is the process of staking coins and crypto](https://www.helium-staking.com/). The amount of money a validator earns depends on the initial stake. The minimum staking amounts vary by coin, but can go as low as tens of thousands of dollars. The amount of rewards for earning also varies by the total supply of HNT in circulation.

You can stake multiple validators to increase your chances of earning. You can also stake different types of cryptocurrencies. There are two basic types of staking: partial and full. Generally, [a full staker retains all earnings minus the operational costs](/news/article/crypto-lending). However, a partial staker can split the stake with other validators in the Vanager network.

A validator node is a beefy cloud computer that performs consensus group. It adds new blocks to the blockchain and checks transactions. It also maintains the shared network state and helps keep the network secure. You can get a validator node started by staking 10,000 HNT. Then, you'll need to install the node software in a suitable environment.

To earn rewards, a validator must be online and perform consensus group work. HNT staking rewards are paid out every 30 blocks and a validator node is rewarded for stability and security. There are a few penalties for failing to participate in the consensus group.

If a validator is not in contact with the network for a period of time, the reward is slashed. The maximum penalty is five months. Then, they can participate in the Consensus Group again after the same amount of time.

For those looking to earn passive income, you can also invest in an unstaking validator. These are great ways to support the network without staking.

### Transition to Proof of Stake

Using crypto-economic incentives, Helium (HNT) incentivizes participants to build Internet of Things (IoT) networks. The network is secured by Helium's blockchain, and hotspots provide service to IoT devices.

In the past months, there has been a significant MoM increase in the number of hotspots on the network. These operators are using consumer-grade hotspot hardware and basic internet connections.

Helium uses the Proof of Coverage protocol to validate hotspot locations. This allows the network to operate securely across distributed operators. In addition, it distributes rewards to HNT holders. 

These rewards are then sent to verify transactions.


blue image of hnt helium token over trading statistics

HNT Staking and Maximizing Returns

This next quarter, the central bank in Russia will start looking into two different potential cross-border CBDC settlement models.

There are continuous sanctions against Russia due to its invasion of Ukraine. Yet, reports indicate that Russia's central bank is about to begin building a cross-border settlement system using a central bank digital currency (CBDC).

[According to a report published on 9 January by media outlet Kommersant](https://cointelegraph.com/news/russia-to-begin-work-on-cbdc-settlement-system-in-q1-as-sanctions-endure-report), the digital rubble plans are expected to progress in the first quarter of 2023. Russia's central bank will study two possible cross-border settlement models before moving forward.

## CBDC Russia future: Bilateral agreements or hub-based platforms

In the proposed plan’s first version, different countries will integrate their CBDC systems by entering into separate bilateral agreements with Russia. 

Each agreement would be crafted to ensure that asset conversion and transfer between the nations would be compliant with the rules outlined in the other agreements.

The second, more complicated approach suggests establishing a single hub-like platform on which Russia and other countries can engage, sharing common protocols and standards to make it easier for connected countries to make payments to one another.

Roman Prokhorov, the Financial Innovations Association (AFI) board of directors' head, expressed his opinion that the first model was less promising for bilateral interactions between countries, but was easier to implement.

While the first model was simpler to implement, the second was more complex. The other choice was deemed more "advanced," and its proponent evaluated the possibility of implementing an initial two-way system.

He viewed China as the most likely partner in this scenario due to the country's "technical and political readiness". [According to reports from September,](/news/article/russia-approves-cross-border-crypto) Russia's plans to use digital currency for settlements with China may only occur sometime in 2023. Others, however, believe that technological limitations rather than political ones will support the CBDC Russia proposes.

## CBDC Russia will not improve political situation - claim

Alexey Volkov, the vice president of the Association of Banks of Russia, stated that the introduction of a digital ruble will not change or improve the global political situation of the country and that trials for the Russia CBDC platform can only be undertaken with countries that are friendly with the Russian government and are technologically ready.


Russia to Develop CBDC Settlement System

The Boba coin price has been bullish in recent times. Why is that?

Boba Network is a brand-new platform that provides lightning-quick transactions and costs up to 100 times lower than Layer-1. For the first time, the power of Web2 will be available on-chain through a technique called hybrid computing. Execution of complicated algorithms like machine learning classifiers or data collection from the actual world can be accomplished by smart contracts by calling any external Web2 API.

## Bullish trend

Boba coin is designed to help people save money when they buy gas. This coin has an inbuilt discount system that allows you to get a 25% discount on your gas fees.

Among the various cryptocurrencies, Boba coin price has experienced [a bullish trend over the past month](https://coinmarketcap.com/currencies/boba-network/). Its price has been steadily climbing over the last three days. However, it is still in a relatively low range. A slight correction is expected in the next few days.

In the short term, Boba might see some resistance levels. 

Several factors could influence its value. For instance, regulations and taxes could make it more expensive to invest. Also, technological developments and news events could affect its prices.

Another factor that may be influencing the Boba coin price is celebrity endorsements. Many celebrities promote NFTs on social media, which could help drive the price higher. Similarly, government plans can have a positive impact on the market. To determine the direction of the price, most investors use a combination of technical and fundamental analysis.

## Boba coin price on the cryptocurrency market

The current BOBA value is [$0.1868, with a market cap of $63,397,682](https://www.coingecko.com/en/coins/boba-network). Many factors, such as government regulations, technology advancements, and tax policies, influence the token's exchange rate.

Boba aims to become a pragmatic L2 and gain adoption from developers and users. The network also aims to gain more accessibility to the market by implementing an open-source, decentralized network. It uses Ethereum as a settlement layer, making transactions faster and cheaper.

The network experienced a bullish period in the past year. It gained 28% over the 14 days leading up to 8 April 2022. The market capitalization of the token increased by 44.9%, indicating that the price was relatively stable. The average daily transaction fee was also high.

There is a potential for the Boba coin price to drop a bit because the COVID-19 pandemic caused economic distress across the globe. News events have impacted the crypto markets. Some newsmakers have been promoting NFTs on social media. It is also possible that [new DeFi protocols may be deployed on the platform](/news/article/what-is-a-defi-token), which would challenge OolongSwap's dominance.

In the future, the network will increase its value, boosting market sentiment among cryptocurrency enthusiasts.

## BOBA tokens offer a 25% discount on gas fees

Using the BOBA token, developers can plug code into algorithms on web-scale infrastructure to create complex problems. This platform is compatible with the Ethereum network, allowing users to transfer money faster than conventional Layer 2 solutions.

This platform will provide users with near-instant transfers between L2 and L1 while also providing low costs of transactions. It's built on optimistic rollup architecture, making possible sophisticated algorithms on-chain.

The network features an incentivized yield farming mechanism for liquidity providers. This enables users to earn interest on digital assets. They can pay for gas with their native BOBA tokens, boosting user options and trading volume.

Boba's Hybrid Compute mechanism allows for fast transactions and can process more than 60x more transactions than traditional Layer-2 solutions. It also provides on-chain access to games, enabling game development on the blockchain. The network plans to expand to other L1s, attracting developers and game enthusiasts to the platform.

Boba's circulating market cap surged in Q3 2022, a result of high activity. However, the overall market cap stayed relatively stable, indicating that the token's value was not a major driver. Its TVL has remained steady, declining since the spike.

The network has two key contributors: OMG Network, formerly known as OmiseGo, and Enya, a blockchain infrastructure company. The company has been responsible for implementing the Fast Exit to L1 protocol and cross-chain bridging.

Boba has the potential to be a key player in the DeFi ecosystem. The platform's unique features can help users build a better, more robust blockchain game. As the number of new contracts deployed on the network grows, it will likely be a significant driving force in the future.


Boba Coin Price Analysis

In these turbulent times in crypto, the term 'bear market' is echoing almost everywhere. If you are a [crypto newbie](/news/article/crypto-invest-strategy), it might be one of those tricky terms for you. Here's an easy explainer that will reveal what it is and how you can navigate through it. 

A crypto bear market is an intrinsic part of the cryptocurrency world. It denotes the market state where asset values are continually depreciating. Here, investor sentiments are pessimistic, and demand is lower than supply. More importantly, the minimum decline in the prices of digital assets has to be at least 20% for an overall bearish trend.  

## Bear vs bull market

To completely understand the cryptocurrency bear market, it’s crucial to see it in [contrast](/news/article/crypto-fear-and-greed-index) with the bull one. A bull cycle is the exact opposite of a bear cycle. Where bullish trends indicate high demand and lower supply, bearish show low demand and higher supply. 

Investors have confidence when the trends are bullish and movements are upwards. It triggers a favourable economic environment with a sustained increase in asset values. 

Another significant difference between the two is economic activity. In a bullish cycle, since the economy is strong, there is more trading and liquidity. Contrarily, the bearish cycle has lower trading activity and liquidity. There is also increased selling pressure among the investors, further decreasing prices.

However, the bearish cycle allows investors to buy assets at lower prices. So, you can make better profits when the crypto trends enter a bullish cycle.  

## Signs of a bearish market

Here are a few of the signs that indicate market bears.

1.	A prolonged period of declining prices of cryptocurrencies. There is at least a 20% dip in the values of the assets. 

2.	Increasing [FUD](/news/article/blockchain-energy-fud) (fear, uncertainty, and doubt) among investors, indicating negative sentiments and low confidence.

3.	High selling pressure.

4.	A lower trading volume.

5.	The lower price of cryptocurrencies in the futures market as compared to the current price.

6.	The 50-day moving average of an asset crosses its 200-day value, known as the death cross.  

## How to stay afloat in the crypto bear market?

Bearish trends can be troubling for novice traders as we start panic selling during this period. But, this mostly results in losses rather than gains. So, what should one do when the trends go bearish?

1.   Dollar-cost averaging (DCA)

In the bearish cycle, many people try to time the bottom. However, this exposes them to more risks as it is a gruelling task. When you go to [buy the dip](/news/article/what-crypto-to-buy-now), it is possible that the asset’s price may dip further than expected. Hence, DCA can be the least riskier strategy in this scenario. 

It allows you to invest small amounts in a coin at regular intervals. You can invest weekly, monthly, or at any set period. If you consistently follow this strategy, it will help you accumulate a high-conviction digital asset. So, when the bulls enter the market, you will be better positioned to make profits.

2.   Study the causes of the bearish trend

Secondly, studying the causes behind the bearish trend is essential. The traditional market also indirectly affects the behaviour of virtual currencies. For instance, you can start with the inflation rates. 

Currently, in the United Kingdom, [the inflation rate is 11.1%](https://twitter.com/bankofengland?s=20), against which the government’s target is 2%. It means there’s a tightening monetary policy, which is less favourable for economic activities. It is advisable to look for a drop in inflation rates. 

Other causes include oil prices or other world events that may affect the economy, like the [Russia-Ukraine](/news/article/ukraine-russia-crypto-wallet) war. 

3.   Investing in crypto ETF

Investing in crypto exchange-traded funds (ETFs) is safer than investing in one currency. ETFs give you exposure to multiple cryptocurrencies and their blockchain technologies. It works in a way somewhat similar to stocks and allows diversification of assets.

4.   Keep an eye on industry giants

To develop a long-term investment strategy, it is advisable to analyse the moves of industry giants. The money flow from large financial institutions like [BlackRock](https://www.blackrock.com/corporate/global-directory), [Goldman Sachs](https://www.goldmansachs.com/), or others may indicate the market state. Their investments in certain areas can signal where to invest for long-term gains.

## Bottom line

A sudden decline of double digits in the prices of digital assets can be scary for less experienced traders, if not everyone. However, if you know the signs of a crypto bear market and develop a long-term investment strategy, you can more likely survive the declining cycle. DCA, [investing in ETFs](/news/article/crypto-etf-uk), and closely monitoring the world events that affect the economy can help you.


red iamge of bears over bearish poor crypto stocks trending down

Crypto Bear Market: How to Survive

United States financial regulators have issued their first-ever combined warning to banks regarding cryptocurrency risks and the potential dangers of crypto markets and digital assets.

The regulators warned the financial institutions to guard against fraud, legal uncertainty, and deceptive disclosures by digital asset companies. [A notice was also sent to banks over the "contagion risk" posed by the sector](https://www.bbc.com/news/business-64159452).

It comes less than two months after the trading platform FTX went offline, which sent shockwaves across the cryptocurrency market. The joint statement from the Federal Reserve and Federal Deposit Insurance Corporation, alongside the Office of the Comptroller of the Currency, stated that they were closely watching the activity of banking organizations regarding cryptocurrencies.

According to the statement, "The events of the previous year have been characterized by high volatility and the exposing of weaknesses in the crypto-asset industry."

The authorities also stated that it was "very likely inconsistent with safe and sound banking procedures" to issue or hold tokens stored on public, decentralized networks.

## US regulators issue warning to banks on cryptocurrency risks

In addition, banks were encouraged to take action to prevent issues in the digital asset market from spreading to the broader financial system.

"Risks associated with the crypto-asset sector that cannot be mitigated or managed mustn't move to the financial system," it continued.

"The banking system is not a suitable environment for these risks."

The statement released on Tuesday follows several months of reluctance by watchdogs of the US financial industry to publish universal recommendations on cryptocurrencies, even though institutions have requested clearer advice from authorities.

[The failure of the FTX exchange](/news/article/is-crypto-dead) in November sent shockwaves through the sector. It was the second-largest cryptocurrency exchange in the world, serving as the gateway for millions of consumers to enter the market for digital assets.


sign pointing to safe or risky over red image of american flag and cryptocurrency coins

Cryptocurrency Risks Warning Issued to US Banks

Two top officials of Sam Bankman-Fried's cryptocurrency empire have admitted to committing fraud. [The Southern District of New York US Attorney announced on Wednesday night](https://www.nytimes.com/2022/12/21/technology/ftx-fraud-guilty-pleas.html) that two former employees of Sam Bankman-Fried crypto businesses had pled guilty to federal criminal fraud charges and are collaborating in prosecuting the disgraced crypto entrepreneur.

Gary Wang, 29, founded the exchange FTX, and Caroline Ellison, 28, ran the cryptocurrency hedge fund Alameda Research. They played pivotal roles in the development of the global Sam Bankman-Fried crypto empire, which he launched with the creation of Alameda and FTX.

Following last week's fraud complaints against Mr. Bankman-Fried, two federal regulatory agencies, the Commodity Futures Trading Commission and the SEC (Securities and Exchange Commission), filed civil fraud charges against Mr. Wang and Ms. Ellison and Mr. Wang on Wednesday.

## Facing further legal trouble as former employees plead guilty to fraud

[Mr. Bankman-Fried is in detention](/news/article/former-ftx-ceo-sbf-arrested) in the Bahamas after agreeing to be extradited to face trial in the US. The 30-year-old is in an especially precarious legal position due to the criminal and civil allegations leveled against the former top executives.

The US Government has accused him of perpetrating a massive fraud lasting for years that led to FTX filing for bankruptcy last month.

Two of his closest advisors are now helping federal prosecutors with their investigation. The friendship between Mr. Bankman-Fried and Mr. Wang and Ms. Ellison extended beyond that of close colleagues. He lived with them in a lavish condominium on Paradise Island, the Bahamas, where FTX was headquartered.

Prosecutors and regulators have filed charges against Mr. Bankman-Fried, alleging that he misappropriated billions of dollars from his customers to fund his activities. These include purchasing real estate in the Bahamas, trading cryptocurrencies at Alameda, funding political campaigns, and investing in other cryptocurrency companies. They say he bilked crypto trading company clients, financiers, and lenders.


Sam Bankman-Fried's Crypto Execs Admit Fraud

Karl Sebastian Greenwood, the co-founder of the fraudulent cryptocurrency OneCoin scam, has pleaded guilty to charges brought by the United States Department of Justice (DoJ).

[He faces a maximum of 60 years in prison](https://cointelegraph.com/news/4b-onecoin-scam-co-founder-pleads-guilty-faces-60-years-jail) if convicted of all charges. The DoJ said on 16 December that Greenwood had entered a guilty plea in a federal court in Manhattan to charges of money laundering conspiracy, money laundering conspiracy, and wire fraud conspiracy. Each charge carries a maximum potential sentence of 20 years in prison.

With the OneCoin scam, Greenwood is alleged to have operated "one of the greatest worldwide fraud schemes ever committed", according to US Attorney Damian Williams. 

## OneCoin Scam Promoted as a 'Bitcoin Killer'

Williams further asserts that Greenwood promoted the OneCoin sam as a "Bitcoin killer" despite the tokens being "totally worthless". Greenwood and "Cryptoqueen" Ruja Ignatova were the founders of OneCoin. It was a Bulgarian company that sold a cryptocurrency with the same name, and Greenwood was the CEO of the OneCoin scam.

According to emails that the DoJ collected between the two parties before the company's establishment in 2014, the individuals referred to it as a "trashy currency". Outwardly, it appeared to be a multi-level marketing company, with members earning commissions for allegedly selling cryptocurrency bundles containing OneCoin and the capacity to mine more cryptocurrency. This was the company's stated intention.

OneCoin could only be converted into fiat currency through the Xcoinx exchange, a private platform. It was a [combination of a pyramid and a Ponzi scheme](/news/article/bitcoin-motion-trading-bot-scam) since investors could bring in new members without a tangible product on offer. Later investors were compensated with the money from the initial investors. 

According to the DoJ, Greenwood's position as the "global master distributor" of the fake cryptocurrency enterprise resulted in him collecting around $21.2 million (€20 million) monthly. On 5 April, 2023, Greenwood is scheduled to appear in front of District Judge Edgardo Ramos to receive his punishment.


Latest Moni