PeckShield, a security company based in China, alerted British crypto lender Euler on [Twitter](https://twitter.com/peckshield/status/1635203838939652097?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1635218198042918918%7Ctwgr%5E2f837db4eb37d5b619c2b3b4b80aab66b93c455d%7Ctwcon%5Es3_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Feuler-finance-hacked-for-over-195m-in-a-flash-loan-attack) about a possible hack. It posted transaction details indicating that the hack resulted in a loss of $197 million.

PeckShield suggested that the hackers took advantage of a vulnerability in Euler's system. Euler acknowledged the situation and stated it was working with security experts and law enforcement. The lender also promised to provide more information as soon as it becomes available.

Crypto critic Molly White, who documents [hacks](/news/article/north-korea-hackers-stole-1.7b-crypto) and scams on her blog ‘[Web3 is Going Just Great’](https://web3isgoinggreat.com/), stated that the hack on Euler was the most significant this year. 

White ranked it as the eighth largest theft on the all-time list, although it pales compared to some of the crypto industry's most massive scams, reaching billions of dollars.

At the beginning of last year, the [crypto](/news/article/oxen-crypto-price-prediction) sector was on an upward trajectory, with the market for digital tokens and cryptocurrencies valued at hundreds of millions of dollars.

Crypto companies were aggressively marketing themselves through TV commercials, sports team sponsorships, and promoting their technology as revolutionary, as they aimed to attract new investors from the general public.

## Euler crypto falls victim to malicious hackers leveraging flash loans

According to a detailed analysis conducted by the blockchain security firm [Slowmist](https://twitter.com/SlowMist_Team/status/1635288972103667714?t=zUb040PYVunVm0p3pV1eGg&s=19), the recent attack on Euler crypto lender involved the use of flash loans by the attacker. The funds were deposited and leveraged twice to trigger [liquidation](/news/article/bitcoin-liquidations-spark-price-spike), after which the attacker sent the funds to the reserved address as well conducting a self-liquidation to collect any remaining assets.

The attack's success was attributed to two factors:

•	Funds were sent to the reserved address without undergoing a liquidity check, resulting in soft liquidation.

•	The soft liquidation logic was activated by the high leverage, which allowed the liquidator to transfer only a fraction of the liabilities to themselves while obtaining most of the collateral funds from the liquidated user's account.

Gustavo Gonzalez, a solutions developer at the blockchain security firm OpenZeppelin, informed [Cointelegraph](https://cointelegraph.com/news/euler-finance-hacked-for-over-195m-in-a-flash-loan-attack) that the entire incident occurred in a single transaction per pool, utilizing flash loans from AAVE.


Euler Crypto Lender Suffers $200m Hack 

[Litevault](https://www.litevault.info/) is a user-friendly online wallet for storing, sending, and receiving Litecoin (LTC). It offers the convenience of accessing your LTC from any internet-connected device without downloading the blockchain.

It ensures the safety of users' wallets by encrypting them before storing them on its servers. It provides the added security of two-factor authentication via email address. This web wallet is open source, and its software has been developed with a focus on simplicity and ease of use. Additionally, it requires no operating system for its functionality. 

Originally designed for the storage of LTC, Litevault has since added the ability to use Changelly and other options.

The platform is managed by an individual known as "Someguy123", based in the UK. They have developed various projects, such as the Litecoin Block Explorer. Presently, "Someguy123" is working on producing code for the [Litecoin](/news/article/litecoin-predictions) 2.0 exchange and a new initiative called "Coinbet".

The e-wallet provides an online service that employs in-browser cryptography, which helps to minimize the likelihood of the coin operator accessing your cryptocurrency assets without your consent.

## How does it function?

Upon logging into Litevault, the server receives your identification information from the browser. It then sends an encrypted form of your wallet and the AES algorithm. The browser decrypts this using your password (which is not shared with the server) to access your private keys for signing transactions.

The utilization of the wallet is free of charge. However, when conducting [LTC](/news/article/litecoin-price-gbp) transactions, users must consider that the Litecoin network demands a fee for each data processing activity. In addition, exchanges typically impose a service charge ranging from 0.5-2% when purchasing Litecoin.

## How to use the e-wallet

To use the Litevault [wallet](/news/article/best-crypto-wallet-uk-top-picks), one must register an account by signing up and entering their full name, email, and other necessary information. After verifying the account, users can log in and create a new wallet encrypted with their chosen passphrase and store it on the company's server. 

Users can also enable two-factor authentication to keep a backup of their passphrase for added security. Additionally, it offers Tor hidden service for users seeking anonymity. 

## Is Litevault wallet safe?

The wallet has gained a significant following in the cryptocurrency market due to its user-friendly interface and high level of security. It has maintained a flawless track record with no reported security breaches. 

This is because all data passing through the tool and the browser for accessing the wallet is encrypted. Only the user with the wallet's passphrase can decrypt this information. As a result, it is crucial to safeguard the passphrase as it is the only means of restoring and gaining access to the funds it holds.

## Bottom line

Litevault wallet is a reliable and secure tool designed specifically for Litecoin users. It boasts an open-source web-based interface that is intuitive and beginner-friendly. Additionally, its exclusivity to Litecoin is not a hindrance as it is the first and most established [altcoin](/news/article/altcoin-buzz) with a stable market cap. Moreover, Litecoin serves as a trading pair for most crypto assets, making it a convenient option for users. Litevault is also a fast and dependable light node capable of handling various Litecoin transactions.


blue image of blockchain and litevault logo

Litevault Wallet Review 2023 

[Duelbits](https://duelbits.com/) UK website is an online gaming and gambling platform offering users in the United Kingdom a diverse range of games using CSGO money or skins.

![duelbits.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/duelbits_4c70ccc91b.png)
 
The site has been designed to appeal to a broad range of players, attracting more and more people to the platform. The operators of Duelbits have integrated casino gaming and CSGO [gambling](/news/article/betfury-crypto-dapp) games, including a live casino section where real-life dealers play alongside the players.

## User-friendly interface and payment methods

The Duelbits UK platform has been developed with a simplistic design and easy navigation, ensuring users can use the site efficiently and maximize their gaming experience. The user interface of Duelbits has a clear layout, making it easier for users to browse the available games and choose their preferred options.

Furthermore, the platform offers standard payment methods such as PayPal and credit cards. Players can use these methods to deposit money into their CSGO gambling account. Signing up for Duelbits and using cryptocurrency payment options is quick and straightforward without undergoing KYC verification.

## Games and community chat

The Duelbits UK website's homepage showcases various live games, such as dice and roulette, that allow users to participate in [crypto](/news/article/crypto-events-to-attend-uk) sports betting. The top menu provides access to all the essential features of the platform, such as customer service, a provably fair system, and bonuses offered.

In addition to this, there is a community chat box that displays the number of online users. The website's modern design features a simple layout, allowing users to stay engaged and entertained for extended periods. The platform lets players view previous wins and gives the community a transparent and privileged gambling experience.

## Is it legit or a scam?

Duelbits is a legitimate online [casino](/news/article/review-rollbit-exchange) that offers a fair gaming experience to its players. The casino operates on a provably fair system that allows players to transparently verify the randomness and fairness of a game's results, which ensures that Duelbits' operators cannot rig the games.

The Duelbits UK platform stands out from the crowd as it has earned a great reputation in the online casino industry for not being associated with malicious activities.

It provides instant deposits and withdrawals to its players, another significant aspect proving the site's legitimacy. Duelbits processes withdrawals and deposits instantly, never blocking client funds, which allows players to withdraw lump sums of money immediately. Therefore, Duelbits is a trusted and legitimate crypto casino that players can enjoy without any concerns about being scammed.


Duelbits UK Review 

[POLi Payments](https://www.polipayments.com/index.html) is an online payment system that provides customers with a secure and convenient payment method, and allows them to buy cryptocurrencies, including Bitcoin.

This payment system is a subsidiary of Australia Post, one of the world's largest postal services. The company has been operating since 2010 and is headquartered in Melbourne, Australia.

The platform enables users to purchase [Bitcoin](/news/article/bitcoin-fear-and-greed-index) or crypto using POLi deposits through trusted exchanges regulated in Australia by AUSTRAC. It employs a direct connection to the user's bank account, meaning there is no need to provide credit card details when making a payment. The only requirement is the user's internet banking login details.

Once the user has logged into their bank account via the POLi platform, they can select the amount of money they want to transfer. The funds are transferred immediately from the user's bank account to the merchant's account.

## How to buy Bitcoin with POLi Payments

In Australia, it is advisable to purchase Bitcoin or other cryptocurrencies using POLi through a broker registered with AUSTRAC (the Australian Transaction Reports and Analysis Centre) and regulated by ASIC (the Australian Securities and Investments Commission).

[eToro](/news/article/etoro-uk-review) is a trusted multi-asset investing platform that meets these requirements, offering a broad range of more than 70 cryptocurrencies. The platform is ideal to buy Bitcoin with POLi. Below is the step-by-step process:

•	Step 1: Register an account with [eToro](/news/article/etoro-fees) and complete the verification process, whether for personal or company use.

•	Step 2: Input the desired amount in AUD that you wish to deposit on the eToro platform.

•	Step 3: Log in to your bank account via the POLi platform and deposit your preferred fiat currency.

•	Step 4: Locate the cryptocurrency you wish to purchase and execute your trade.

## Is the payment platform safe?

The platform provides a secure and reliable online payment system to safeguard your personal and financial information. The company employs cutting-edge security protocols such as 128-bit SSL encryption to ensure the safety of your data. 

Furthermore, your transactions are processed through a secure connection to your bank, and your bank login details are never stored on the server. This makes it an ideal option for online payments, particularly if you do not possess a credit card or do not wish to use one for online transactions.

## Bottom line

POLi Payments is a reliable and efficient option for individuals purchasing cryptocurrencies such as Bitcoin in [Australia](/news/article/australia-crypto-regulation). This payment method is characterized by its fast, secure, and user-friendly process. Using POLi deposits, customers can securely buy digital assets through the eToro exchange at low transaction costs.

For those searching for a viable alternative to traditional payment methods when acquiring cryptocurrencies within Australia, POLi payments could be the ideal solution.


How to Buy Bitcoin with POLi

Yuga Labs, the company behind Bored Ape Yacht Club, released new information regarding the second trial of its gamified Otherside [Metaverse](/news/article/metaverse-vr-project-guide) platform on Wednesday.

The "second trip" will [occur](https://news.yuga.com/otherside-2nd-trip) on 25 March and consist of a two-hour narrative adventure led by four team captains from Otherside.

This trip is exclusively available to holders of Otherdeed NFTs, representing land in the unreleased Otherside Metaverse. Each Otherdeed holder, known as a "voyager", can invite a companion to join them in the adventure. The live experience can accommodate up to 10,000 voyagers on a first-come, first-served basis. Non-holders can watch a live stream of the event on the company's YouTube channel.

## Yuga Labs' Otherside an intersection of the brand's umbrella projects

According to an [interview](https://www.coindesk.com/web3/2022/12/21/see-you-on-the-otherside-how-yuga-labs-is-bringing-its-billion-dollar-business-into-the-metaverse/) with CoinDesk in December, Wylie Aronow and Greg Solano see [Yuga Labs’](/news/article/yuga-labs-explained) Otherside as the nexus of all the company's brand portfolio projects. In April 2022, the company hinted at its Metaverse aspirations by introducing a platform where players could possess the land and transform their current NFTs into playable avatars. Yuga Labs launched 55,000 Otherdeed NFTs connected to virtual land ownership, generating approximately $320 million in prior sales.

In July 2022, the company held its inaugural event for more than 4,600 participants, causing significant congestion on the [Ethereum](/news/article/ethereum-pow-price-prediction) network. Those who joined the first trip and are voyagers on the second trip will have the chance to obtain a distinctive [Obelisk Piece](https://otherside.xyz/my-otherdeeds) connected to the broader Otherside storyline. As per OpenSea's data, the total sales of Otherdeed NFTs have amounted to 524,130 ETH, which is approximately $806 million. At the time of writing, the minimum price for an Otherdeed NFT is 1.9 ETH, equivalent to $2,920.

The Otherside ecosystem is built around digital communities and blockchain technology, presenting chances for individuals to own digital land and use the native currency, [ApeCoin](/news/article/ape-coin-price). This currency is critical in powering interactions and transactions within the Metaverse's economy. By possessing digital land through "Otherdeeds", users can curate their immersive events and experiences.


pink image of otherside metaverse trip by yuga labs

Yuga Labs' Otherside Sails Again 

Snoop Dogg is announced as one of the co-founders of Shiller, a Web3-based livestream platform for creators. This investment marks another Web3 collaboration for the well-known hip-hop artist.
Shiller will heavily incorporate blockchain technology, enabling content creators to "token-gate" their streams and promote non-fungible tokens or other e-commerce products. These content creators can receive payment in [Ether](/news/article/ethereum-pow-price-prediction) (ETH) or NFTs, which can be exchanged for fiat currency. 


The Snoop Dogg investment and partnership list includes one with Sandbox in April last year to introduce the "Snoop Avatars" NFT collection. He released the hip-hop track "A Hard Working Man", followed by a 50,000-piece NFT release. He also teamed up with [Yuga Labs](/news/article/yuga-labs-explained), the creators of Bored Ape Yacht Club (BAYC) and CryptoPunks, to perform on a Metaverse-transformed stage at 'MTV's Video Music Awards'. Furthermore, Snoop Dogg has recently become the "[Chief Ganjaroo Officer](https://www.prnewswire.com/news-releases/roobet-announces-partnership-with-entertainment-legend-snoop-dogg-301759861.html)'' at Roobet, a crypto casino, as announced by Roobet on 1 March.

## Shiller launches as part of growing creator economy

The launch of Shiller is likely a part of the broader creator economy movement anticipated to involve Web3 technology. Web1 allowed users to read content and write HTML, whereas Web2 facilitated user-to-user interactions, popularised by a few social media giants, including Facebook, Google, and YouTube. [Web3](/news/article/web3-games-raised-millions) seeks to remove intermediaries by empowering creators to own their content and its revenues fully. Platforms like Shiller emphasise the empowerment of creators to take ownership of their content without the intervention of any centralised intermediaries such as social networking platforms.


Shiller will enable creators to have greater control over the monetisation of their content. According to a [statement](https://shiller.io/dogg/), Snoop Dogg, the co-founder of Shiller, expressed his enthusiasm for partnering with London-based tech entrepreneur Sam Jones to launch the platform. He believes that Shiller allows creators to reach their fans in distinctive ways and monetise their content on their own terms, aligning with his philosophy of directly engaging with his fans.


snoopdog dancing next to Shiller app logo

Snoop Dogg Investment in Shiller 

Yaya Fanusie, a cryptocurrency researcher and former CIA analyst, believes the slow start on US CBDC ([Central Bank Digital Currency](/news/article/uk-sought-cbdc-head)) development could lead to a loss of control over the global financial system. 

Fanusie, currently the policy head at the Crypto Council for Innovation, noted in a Bloomberg interview on 28 February that sanctioned states seek to transact on financial infrastructure that isn't heavily influenced by the US to move funds more freely across borders.

Further, he suggests that if the US [CBDC adoption](/news/article/central-bank-of-kazakhstan) continues to lag, it may result in unforeseen geopolitical implications and trouble over time. According to him, the state-issued central bank digital currencies could be a crucial element in the global adoption of such infrastructure. He also warned that the US could lose its influence over developing new standards in this area, negatively impacting its economic statecraft.

However, the US Federal Reserve has recently made progress in the US CBDC project, known as the [Digital Dollar Project](https://digitaldollarproject.org/wp-content/uploads/2023/01/Digital-Dollar-Project-White-Paper-2.0_2023.pdf), with the release of its latest whitepaper on 18 January. Nevertheless, the Federal Reserve has yet to receive approval from the US government to move forward with this project.

## China's advantage on early adoption of CBDC  

Fanusie, in the [Bloomberg interview](https://www.youtube.com/watch?v=BCRvX9s7xMA), noted China's advantage in the early adoption of CBDC since 2014 and the launch of the pilot version of its digital yuan (e-CNY) on 4 January, 2022. According to him, the e-CNY has already processed millions of transactions across millions of wallets.

Further, he added that an array of pilots are currently testing smart contracts to introduce programmability into CBDCs. Additionally, China is assisting other nations in adopting similar standards and collaborating for their CBDC to CBDC transactions. Fanusie noted that countries might have an unspoken "race" to gain a geopolitical advantage in the CBDC realm.

## Opponents' viewpoint

Some critics of central bank digital currencies believe governments leverage blockchain-backed CBDCs to retain financial oversight over their populace.

One such instance of this resistance occurred in the United States, where Congressman Tom Emmer, an advocate of cryptocurrency, put forward the CBDC Anti-Surveillance State Act to safeguard the financial confidentiality of American citizens against potential intervention by the Federal Reserve.


red image of US building and crypto coins

Delayed US CBDC Adoption Could Spell Trouble 

Crypto lawyers have rejected cryptocurrency claims made by SEC chair Gary Gensler, who recently stated in an interview that all cryptocurrencies except Bitcoin are securities that fall under its jurisdiction.

In an [interview](https://nymag.com/intelligencer/2023/02/gary-gensler-on-meeting-with-sbf-and-his-crypto-crackdown.html) with New York Magazine on 23 February, Gensler stated that "everything other than Bitcoin" falls under the US Securities and Exchange's jurisdiction as a security. He elaborated that crypto projects, besides Bitcoin, are considered securities because they involve a group in the middle, and the public anticipates profits based on that group. However, he noted that this is not the case with Bitcoin. 

## Crypto attorney's opinion on SEC's regulatory jurisdiction

Lawyer and policy lead at the Blockchain Association, Jake Chervinsky, argued with the comments by Gary Gensler on his authority over the cryptocurrency sector.

He [tweeted](https://twitter.com/jchervinsky/status/1629871537217044481?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1629871537217044481%7Ctwgr%5E91719ed73ca7c438481d7858aed2e4689c4c61c9%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fcrypto-lawyers-flame-gensler-over-claims-that-all-crypto-are-securities) on 26 February that Gensler's opinion is not legally binding, and the SEC must prove its jurisdiction over each token in court before regulating any of them. 

Lawyer Logan Bolinger also supported Chervinsky's view by [tweeting](https://twitter.com/TheWhyOfFI/status/1629649343627116545?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1629649343627116545%7Ctwgr%5E91719ed73ca7c438481d7858aed2e4689c4c61c9%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fcrypto-lawyers-flame-gensler-over-claims-that-all-crypto-are-securities) that Gensler's opinions on what is or isn't security are not legally conclusive, as the ultimate decision is up to the judges, not the SEC chairs.

Also, Jason Brett, the policy lead at the Bitcoin Policy Institute, tweeted that Gary Gensler's comments "shouldn't be celebrated, but feared" and that there are alternative ways to win than with a "regulatory moat".

## Enforcement challenges: Gabriel Shapiro

Gabriel Shapiro, the general counsel at investment firm Delphi Labs, took to [Twitter](https://twitter.com/lex_node/status/1629965092547620864?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1629965094430932993%7Ctwgr%5E91719ed73ca7c438481d7858aed2e4689c4c61c9%7Ctwcon%5Es2_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fcrypto-lawyers-flame-gensler-over-claims-that-all-crypto-are-securities) to explain the difficulty the Securities and Exchange Commission would face in enforcing its rule on the [cryptocurrency](/news/article/what-is-future-of-cryptocurrency) industry. 

According to Shapiro, more than 12,305 tokens valued at around $663 billion are considered unregistered securities and thus illegal in the US. Per Chervinsky's comments, the SEC would have to file a lawsuit against each token creator for enforcement.

Shapiro outlined that the SEC has two main ways of handling cryptocurrencies: imposing fines on token creators and requiring registration or by imposing fines and directing that the created tokens be destroyed and delisted from exchanges. However, he noted that SEC registration is too expensive for most token creators, and there is no clear path for token registration.

Shapiro questioned the SEC's plan for the industry, given that registration appears unfeasible, leading to potentially huge fines, work stoppages, destruction of dev premines, and delisting from trading. He concluded that such a plan would require 12,305 lawsuits and put billions of American dollars at risk, leaving everyone wondering about the SEC's plan.


Gary Gensler in front of red image of crypto markets

Gary Gensler Crypto Claims Challenged

Video game publisher [Ubisoft](https://www.ubisoft.com/en-us/) has launched non-fungible tokens (NFTs) of its popular Rabbids characters for the Ethereum metaverse game [The Sandbox](/news/article/buy-sandbox-land-simple-guide). The Ubisoft NFT collection was made available to users already added to an allowlist, with public sales starting on Wednesday.

![Screenshot 2023-02-22 at 10.22.12.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_02_22_at_10_22_12_fe06936510.png)
 
[The company is releasing 2,066 Rabbids avatars](https://www.sandbox.game/avatar-collections/rabbids-lunar-new-year-avatars/en) via Ethereum scaling network Polygon, with each Ubisoft NFT priced at 100 SAND, or approximately $78 at the time of writing. The avatars are themed around the Lunar New Year, and their designs will be unveiled to buyers this Friday.

## Rabbids game world to launch on The Sandbox

On 28 February, The Sandbox will launch a Rabbids game world as part of its current open alpha test, featuring a limited number of playable experiences. The avatars are described as a "key to future utility" in The Sandbox, including potential access to future drops. 

The Sandbox previously released [NFT](/news/article/are-nfts-dead-investigation) items and accessories with Rabbids themes and added Rabbids characters to its museum-like NFT Institute experience last September. However, today's mint is the first time users can buy these avatars for use in the game.

## Ubisoft's Web3 expansion

Ubisoft was among the first major video game publishers to take notice of Web3 and begin experimenting with NFTs. The company has been experimenting with NFTs for some time, having previously released a Rabbids-themed NFT to benefit charity UNICEF and collaborated with Web3 fantasy sports startup Sorare on One Shot League. 

The Rabbids NFT release follows Ubisoft's earlier announcement of plans to bring the characters to The Sandbox, made one year ago. The game publisher has previously supported NFT projects like [Axie Infinity](/news/article/axie-infinity-price-prediction) and Nine Chronicles and invested in [Metaverse](/news/article/how-to-buy-land-in-metaverse-worlds) investment firm Animoca Brands and game maker Horizon.

The company has continued to make moves, investing in Horizon and joining the Mythos Foundation last fall. Ubisoft recently collaborated with cloud storage startup Aleph.im to develop fully decentralized smart contracts on Tezos.


Ubisoft Launches Rabbids NFT Collection 

The Securities and Exchange Commission has charged former Boston Celtics player Paul Pierce for promoting the cryptocurrency EthereumMax on Twitter without disclosing that he was being paid to do so. To resolve these charges, Pierce has agreed to pay a fine of $1.1 million and around $240,000 in disgorgement and prejudgement interest.

## SEC fines Paul Pierce $1.1M for promoting EthereumMax

The Securities and Exchange Commission has [accused](https://www.sec.gov/news/press-release/2023-34) former NBA star and ESPN employee Paul Pierce of violating the federal Securities Act. The SEC claims that Pierce failed to disclose receiving compensation from a cryptocurrency company for promoting their product online and made money from "an untrue statement of a material fact". 

The [SEC](/news/article/crypto-exchange-kraken-faces-sec-probe) further alleged that Pierce misled the public about his holdings of EMAX, sharing misleading screenshots of his EMAX holdings and profits. Also, he failed to disclose that his actual personal holdings were significantly lower.

He has been fined $1.1 million by the SEC for promoting cryptocurrency, EthereumMax (EMAX). This is the same security product that influencer [Kim Kardashian was previously charged for touting](/news/article/kim-kardashian-crypto-ad).

The NBA star used Twitter to promote EMAX tokens without disclosing that he had received more than $244,000 in the cryptocurrency as payment for his promotions. He did not admit any wrongdoing as part of the settlement and has agreed to pay a $1.1 million penalty and disgorge around $240,000.

Furthermore, he has also been banned from promoting any crypto asset securities for three years, according to the SEC.

The SEC Chairman, [Gary Gensler](/news/article/sec-crypto), said the case is a reminder to celebrities that the law requires them to disclose how much they are being paid to promote investment in securities. He added, "you can't lie to investors when you tout a security".

SEC has recently intensified its efforts to enforce regulations in the cryptocurrency industry. On Thursday, it [charged Terraform](/news/article/terraform-labs-accused-of-fraud-by-sec), a stablecoin issuer, and its CEO, Do Kwon, with crypto fraud.


blue image of paul pierce next to SEC logo

Paul Pierce Settles with SEC Over Crypto Row 

Web Generated Modular Interfaces is a digital art collection that features 10,000 randomly generated profile pictures. The official [WGMI website](https://wgminterfaces.com/) does not provide the NFT project's release date, sales and distribution details, pricing, or airdrop information.

The Interfaces [NFT](/news/article/largest-nft-marketplace-2023) collection is composed of various art depicting a range of high-quality images. The initiative aims to provide token holders with the opportunity to purchase a unique piece of digital art.

The project has provided followers with a spreadsheet that allows them to keep track of the whitelisted users.

The spreadsheet also includes all pre-public mint approval requests. At the time last recorded, it had 1,656 individuals on the spreadsheet who had been granted permission.

The spreadsheet provided consists of two columns, with the left column listing the Twitter IDs of individuals and the right column providing the reasons for their inclusion.

On 17 December, 2021, the project released its first video detailing the NFT collection and thanking its supporters for their ongoing support. The video received a huge positive response from fans and followers.

## Founders

The [NFT](/news/article/rarity-tool) website and Twitter account list the following three individuals as the founders of the project: 

•	Anna Kajda.

•	Arek Kajda.

•	Daniel Linthwaite.

All three individuals are experienced designers, illustrators, and artists. They have established foundation profiles and have a track record of selling their work on the platform, demonstrating their credibility and expertise in the field.

## Twitter craze

The NFT has a crazy social handle following. It has the highest quality unique collections that surpass other artworks. This is evident in the growing community of enthusiasts that follow the project on Twitter, where the handle [@WGMInterfaces](https://twitter.com/WGMInterfaces) has amassed more than 179,000 followers.

## Is the Interfaces NFT dead?

The founders [announced](https://medium.com/@wgminterfaces/a-passion-project-that-no-longer-feels-like-a-passion-project-c388011db108) on 27 February, 2022, that they would no longer continue with the project. The project received massive traction and attention from the crypto community, putting unexpected pressure on its creators.

As a result, the founders had to stop the project saying it did not align with their vision.


Interfaces NFT: Is It Dead? 

Ethereum PoW, or ETHW, is a hard fork of the Ethereum blockchain with "The Merge". But what is the prediction for the native token's price?

[Ethereum](/news/article/ethereum-price-in-uk) is a leading blockchain platform widely known for its native ether (ETH), the second-largest cryptocurrency in the market. It is a key player in the decentralised finance ([DeFi](/news/article/what-is-a-defi-token)) space, enabling users to create decentralised applications (DApps) with native tokens.

It was founded in 2013 by Vitalik Buterin, who pioneered smart contracts computer programs that automatically execute when certain conditions are met. These smart contracts have been beneficial for the Ethereum platform and have been adopted by many other blockchains. 

It previously operated on a Proof-of-Work (PoW) consensus mechanism, similar to [Bitcoin](/news/article/bitcoin-bull-or-bubble-debate). This relies on miners to solve complex mathematical equations to add blocks to the blockchain, earning rewards in return.

## Problems that led to the birth of Ethereum PoW(ETHW)

The PoW consensus mechanism used by [Ethereum](/news/article/why-is-ethereum-going-down) had two main drawbacks.

First, it required a vast amount of computing power, making it both costly and not very eco-friendly.

Second, the mechanism resulted in slower transaction speeds, leading to higher transaction costs, known as gas fees. Bitcoin did not face this issue as it only performs one function. With Ethereum's multiple functions, transactions on the blockchain were slower.

## The birth of Ethereum PoW (ETHW)

To address the challenges of PoW, Ethereum decided to adopt a Proof-of-Stake (PoS) consensus mechanism. Under this system, individuals are chosen to add blocks to the blockchain based on the amount of the native token they hold, in this case, Ether (ETH). This new mechanism requires less electricity, making it more environmentally friendly and appealing to investors. Additionally, it results in faster transactions and lower gas fees.

In December 2020, Ethereum announced that it would be transitioning to a PoS consensus mechanism, known as "[The Merge](/news/article/the-merge-ethereum-nft-impact)", which took place on 15 September, 2022. However, this transition harmed the blockchain's miners, as they were no longer needed and lost their supplemental income.

As a result, a group of anonymous miners established a version of Ethereum based on the original pre-Merge blockchain. This version is called Ethereum Proof-of-Work (ETH PoW). It allows people to continue earning rewards by adding blocks to the blockchain traditionally while utilising the same features as the original Ethereum. The mainnet of this Ethereum fork came online on 15 September, 2022, following The Merge.

Like any blockchain, Ethereum PoW has a native coin. ETHW is used to pay miners and can be bought, sold, or traded on cryptocurrency exchanges.

## ETHW price history

Ethereum Proof-of-Work (ETHW) was officially launched on 15 September, 2022, and reached an all-time high of $141.36 on CoinMarketCap on 8 August, 2022. The value dropped to below $100 the following day. The prices continued to decline over the next few weeks, and by the end of the month, the value of ETHW was $49.58.

As the Merge approached, the ETHW price peaked at $63.29 on 3 September, but fell to a low of $27.03 on 9 September. 

After the launch, there was some growth, and the coin reached a post-Merge high of $14.42 on 16 September. However, it faced a replay message attack which caused the price to drop to a post-Merge low of $4.22 on 19 September. The coin recovered and reached $13.78 on 24 September. It remained above $10 for the next week but fell again, reaching a low of $6.59 on 13 October before recovering to $7.66 the next day.

The collapse of the [FTX](/news/article/is-crypto-dead) exchange into bankruptcy had a negative impact on the market and ETHW, as the coin reached an all-time low of $3.13 on 22 November, with a small attempt at recovery in the following week. On 1 December, 2022, it was trading at $3.60 with a market cap of around $387.5 million, making it the 79th largest cryptocurrency.

## Ethereum PoW current price

As of the time of writing, Ethereum PoW is trading at USD 3.95 with a 24-hour trading volume of $1,83,52,256. 

Ethereum PoW is down 4.54% in the last 24 hours. It is ranked 83 on the CoinMarketCap with a market cap of $42,55,57,593, with a circulating supply of 10,78,18,999 ETHW coins.

## Ethereum PoW price prediction

Ethereum PoW price prediction by [DigitalCoinPrice](https://digitalcoinprice.com/forecast/ethereum-pow) suggests that the coin price could reach $9.05 in the current year and $10.69 the following year. The site predicts that by 2025, ETHW could be worth $14.81 before rising to $18.53 in 2027 and $22.51 in 2028. It also suggests that the coin could close the decade at $30.66, and in 2030 it predicts that it could trade at $42.71, with the potential to reach $59.23 in 2031.

[WalletInvestor's](https://walletinvestor.com/forecast/ethereumpow-prediction-data) Ethereum PoW price prediction for 2023 suggests it could face a challenging year. The site predicts that the coin's value could drop to a low of $0.277 by the start of December 2023.

It is essential to remember that the cryptocurrency markets are volatile, making it challenging to predict the price of a coin or token in a short period and even in the long term. If you are considering investing in crypto, we recommend conducting thorough research. Analyse the current market trends, news, technical and fundamental analysis, and expert opinion before making investment choices.


Ethereum PoW Price Prediction 

Before diving into the Polkadot price prediction for 2030, let's have an overview of the project.

Polkadot is a cryptocurrency that has gained significant attention in recent years due to its impressive performance in the market. Many investors are bullish on DOT and believe it has a bright future in the cryptocurrency market. 

Let's dive in and see what the project offers and what stays ahead in the market.

## Overview

Polkadot is a blockchain project founded in 2016 by [Ethereum](/news/article/ethereum-price-in-uk) co-founder Gavin Wood and developed by the Web3 Foundation's Parity Technologies. The project aims to incentivize a global network of computers to operate a blockchain, on top of which users can launch and operate their blockchains.

The network has several key elements that work together to allow for interoperability between blockchains and data sources. The main blockchain is called the relay chain, and there are also multiple user-created parallel chains called parachains. The network also has a connecting layer, the bridge, which enables the transfer of value and data between blockchains, including non-blockchain databases.

Unlike other similar projects, such as Ethereum, Cosmos, and EOSIO, Polkadot utilizes a unique protocol that connects a network of purpose-built blockchains through what it calls 'parachains'. This allows a high number of transactions to be conducted simultaneously and creates an open environment for innovation and collaboration through partnerships with other blockchain protocols.

Additionally, Polkadot's protocol allows blockchains to upgrade seamlessly without the need for forking, which can be time-consuming and divisive. This feature reduces the possibility of community splitting, token volatility, and administrative cleanup. Furthermore, it enables the development of parachains, allowing faster transactions and a more efficient and streamlined upgrading process.

## DOT - The native token

DOT is [Polkadot](/news/article/polkadot-price-uk) network's native token, serving three primary purposes:

1.	Governance: DOT holders can control the Polkadot protocol by voting on upgrades, transaction fees, and overall governance. Each vote's weight is determined by the number of tokens held and the time they have been locked in for voting.

2.	Staking: DOT holders can participate in securing the network by becoming validators or nominators. By doing so, validators mint new blocks, and nominators support validators; in return, they receive rewards in the form of DOT tokens.

3.	Parachain slot acquisition: The Polkadot network allows users to gain access to operate a blockchain on the network by leasing a parachain slot through an auction process. To lease a slot, a user must lock a specific amount of DOT tokens for a certain duration. During this period, the locked tokens will not be accessible and released once the lease has expired and the parachain is removed.

DOT is not an ERC-20 token and is not built on the Ethereum blockchain. The coin's total supply is not capped, like Ethereum, making it an inflationary cryptocurrency without a scarcity aspect. The smallest denomination of the coin is called a Planck, which is equal to 1,000,000,000,000 DOT.

## DOT - Current price analysis

The current value of Polkadot (DOT) is $6.31 and holds the #12 spot among all other cryptocurrencies. There is a total supply of 1,159,186,749 DOT in circulation, with a market capitalization of $7,291,883,031.

Over the past 24 hours, the coin's price has grown by 0.66%. Additionally, it has steadily increased over the past seven days, showing a growth of 7.87%. This has led to excitement among Polkadot investors regarding the potential investment returns.

In the last 30 days, the coin has experienced a 39.43% increase, rising from $4.52 to its current value and pushing its market capitalization to $7,291,883,031. It is recommended to wait for a bear market before investing in DOT. The price of DOT has increased by 7.72% in the past 90 days, adding $0.451941 to its previous value of $5.85.

## Polkadot price prediction 2030

This year, there are positive predictions in the market after the harsh crypto winter of 2022. DOT is a highly popular cryptocurrency with significant growth in recent years. It is expected to offer a high return on investment to its investors. Many investors are bullish on the coin and believe it has a bright future. 

Let's walk through the [Polkadot](/news/article/polkadot-ath-reached) price prediction for 2023-2030 and unveil the potential future value of the coin.

[Bitnation](https://bitnation.co/forecast/polkadot-new-price-prediction/) Polkadot price prediction 2023-2030 suggests that the maximum price for Polkadot could reach $11.35 as the market starts to recover. The minimum expected is $7.57, with an average of $9.46.

As the coin is expected to reach new highs in 2024, the maximum price could be $17.66, with an average price of $15.77. In the event of a bear market, the minimum price could drop to $13.87.

2025 is expected to boost crypto recognition all over the business sectors. With this impressive growth, the coin could reach as high as $23.96, averaging around $22.07. In a sell-off, the minimum price could be expected to fall to $20.18.

In 2026, with the continued growth of capital in the crypto market, the coin could reach a maximum of $30.27, averaging around $28.38. If a sell-off occurs, the minimum price will fall to $26.49.

Considering the adoption of the coin by countries worldwide in 2027, it is anticipated to reach a maximum price of $36.58, with an average price of $34.68 expected. In the event of a bearish market, the minimum could fall up to $32.79.

In 2028, investors could see DOT reaching a maximum price of $42.88, with an average of $40.99. In a bear market, the minimum price could reach $39.10.

2029 is expected to show another major bull, which means that Polkadot investors may see the coin achieve a maximum of $49.19. The average price is expected to reach $47.30. In the bearish market condition, the minimum is predicted to go to $45.40.

Based on market sentiment, the Polkadot price prediction 2030 is that the value of DOT will continue to rise with a potential maximum price of $55.49. However, if the market does not support this growth, the average could be around $53.60, with the minimum dropping to $51.71.

In contrast to Bitnation’s prediction, [Priceprediction](https://priceprediction.net/en/price-prediction/polkadot) has higher hopes from DOT. It suggests that the coin could reach a maximum of $135.67 by 2030, with an average of $118.10. In the worst case, it is expected to see a minimum of $114.12.

## Polkadot price prediction 2030 - Conclusion

Although these are just predictions made by Bitnation and Pricepredicton, based on experts and technical analysis, we can expect to see high-value ROI from DOT investments. 

Crypto is volatile, and I always suggest that you conduct a thorough market analysis before making investments.


green image of polkadot DOT token over image of crypto stock prices

Polkadot Price Prediction 2030

## Wells Fargo: Bear market rally ends

Chris Harvey of Wells Fargo & Co has declared the end of[ the bear market rally](https://www.marketwatch.com/story/a-different-animal-the-bear-market-is-over-but-that-doesnt-unleash-bulls-to-send-stocks-on-a-2023-tear-according-to-wells-fargo-9e7fb65a) that wiped out up to $12 trillion in US equity values. 

According to the equity analyst, the recent pullback in investment-grade corporate bond yields does not align with the prevailing fear that the S&P 500 will renew a selloff and reach its October lows. Additionally, healthy balance sheets at the corporate and consumer levels indicate a subdued level of systemic risk, indicating that the catalyst for an extended market downturn is largely absent.
Harvey predicts that downtrends often end with sharp tightenings and healthy issuance, similar to what we have experienced over the past few months.

In a note on Monday, he stated that when downtrends progress to the "next level," we typically see spreads widen, not tighten, as we have observed today. He further supports this view on systemic risk by pointing to IG spreads.

## Wells Fargo report declares bear market rally ends

In a recent research note, Wells Fargo, America's fourth-largest bank, announced that the downtrend is over, but there is no uptrend in store. The report acknowledged a [new market trend](/news/article/bull-and-bear-markets) that is not explicitly bullish but indicates that the bear market is behind us.

![wells fargo chart of cryptocurrency market](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/wells_Fargo_382710a917.webp)

  
"The [bear market](/news/article/crypto-bear-market-survival) is over, but it is not the great regulation," stated Harvey, adding he sees neither a bear nor a bull market, "just a market". While investors may expect a sharp reversal, the report predicts a "giveback" that is not likely to be immediate.

Wells Fargo's current analysis suggests that mid-cap growth stocks present the best risk/reward potential. The report recommends pharmaceutical equities as a preferred defensive play.
Furthermore, the S&P 500 has increased by 7% in 2023, rising to nearly 4,092 in Monday trading. This number is close to Wells Fargo's S&P 500 price target of 4,200 for the year.



blue image of bears and bitcoins on rally track

Bear Market Rally Over Says Wells Fargo 

[Doge Dash](https://www.hello.one/arcade/dogedash) is an ecosystem that combines both [play-to-earn](/news/article/free-play-to-earn-games) gaming and non-fungible tokens (NFTs). It is built on the Binance Smart Chain (BSC) and allows users to earn rewards through gameplay.

The ecosystem features various games, NFTs, merchandise, and staking options, using a familiar arcade style to attract a wide audience to the cryptocurrency world. The game includes ten levels with increasing difficulty to reach a doghouse in a world filled with obstacles and enemies.

Upon completion of the game, players receive coins in their cryptocurrency wallet, which can be traded immediately.

Additionally, players can choose from a list of NFTs as skins for the game, providing unique superpowers and access to exclusive events. DOGEDASH is the native currency and utility token of the ecosystem, which can be used to purchase lives or earned as rewards.

DOGEDASH has a cap of 100 billion tokens, which is significantly more than the number of tokens in circulation during the game's early stages. This means there is currently an abundance of supply, but that's not all.

It is designed to be a deflationary token, meaning that a portion of the tokens are removed from circulation and burned. Specifically, 3% of DOGEDASH tokens used for bets, NFTs, and merchandise are eliminated this way. Over time, as the supply of DOGEDASH decreases, it will become more scarce and valuable, making it an even more attractive investment opportunity.

The ecosystem also charges a 5% transaction tax, with 3% of the tokens removed from circulation to boost the value of the remaining tokens and the remaining 2% used for marketing and increasing brand awareness.

## What makes Doge Dash unique?

Doge Dash is a unique combination of a video game and the DOGEDASH cryptocurrency token. It can be played online or as an app and features a side-scrolling gameplay style similar to the Super Mario Run game. Players control a cartoon [Doge](/news/article/dogecoin-bridge-explained) character, and the game includes elements such as jumps and obstacles. Additionally, Doge Dash also has a variety of NFTs, which can be used in the game and provide unique powers and access to exclusive events.

One of the critical features of Doge Dash is that it has a small fee of 100 DOGEDASH tokens for each play. The game also has ten levels and distributes 10,000 tokens throughout the game. Upon completion of the game, players receive all the crypto tokens they have collected. However, the game is known to be challenging to finish.

As part of a recent rebrand, Doge Dash has become a part of the HELLO ecosystem. This allows token holders to swap their DOGEDASH tokens for the new HELLO tokens at an equal value.

HELLO aims to be a leading player in the crypto and entertainment industry and has several new projects in the works, such as a new version of Doge Dash called Dash of the Dead and a show called Crypto Cribs.

## What is the future of Doge Dash?

The future of Doge Dash is closely tied to the overall performance of the cryptocurrency market. According to [Priceprediction.net](https://priceprediction.net/en/price-prediction/doge-dash), Doge Dash has an outstanding potential to reach new heights. Its forecasts suggest that the token can hit the price of $0.006 by 2030.

When investing in DOGEDASH, it's crucial to have a clear strategy and evaluate your risk tolerance and financial situation. The token may not be suitable for those with lower risk tolerance, but it can be a worthwhile investment for those who are comfortable with higher levels of risk and have a stable financial position.

Additionally, DOGEDASH offers the potential for speculative gains and provides exposure to a constantly evolving technology and expanding ecosystem.


dogedash logo over picture of gaming setup

DOGEDASH and Doge Dash: The Crypto and the Game

Tumbles in crypto values have followed the decision of cryptocurrency exchange Kraken to suspend staking.

On 9 February, major coins were in the red, causing a drop in the cryptocurrency market capitalization by 5.45% to $1.02 trillion. Bitcoin fell below $22,000, while Ethereum dropped to $1,549. Doge went down by 10.07% at $0.081.

Meanwhile, US stocks took a hit and erased previous gains, as concerns about potential decisions from the Federal Reserve overshadowed positive reactions to the latest round of corporate earnings reports. The S&P 500 saw a decline of 0.9% and closed at 4,081.50, while the Nasdaq Composite Index experienced a drop of 1.02% and fell at 11,789.58.

[Kraken](/news/article/crypto-exchange-kraken-faces-sec-probe) made a settlement with the US Securities and Exchange Commission. As part of the settlement, Kraken agreed to suspend its cryptocurrency staking operations and immediately discontinue its crypto staking-as-a-service platform for US customers. The [SEC](/news/article/sec-probe-giving-advice-for-crypto-trading) charged Kraken for offering unregistered securities and has asked it to pay a $30 million penalty.

## Investors witnessed [crypto tumbles](https://www.benzinga.com/markets/cryptocurrency/23/02/30850294/over-200m-long-crypto-positions-wiped-out-as-bitcoin-ethereum-dogecoin-drop?SNAPI) across markets in the aftermath of the Kraken suspending staking operations

Almost $200 million worth of long and short crypto was liquidated in the past 24 hours. More than 43% of liquidations worth $100M took place on Binance. Of the total liquidations, $53M worth of BTC was liquidated, ETH liquidation stood at $52M, and Doge liquidation totalled around $5M.

## Crypto analyst advice to traders after crypto tumbles

Crypto analyst Rekt Capital has sounded the alarm on [Bitcoin's](/news/article/jim-cramer-says-ignore-bitcoin-hype) impending losses. According to the analyst, the BTC must close above $22,692 to maintain its technical uptrend.

The analyst has cautioned traders about the dangers of making trades based on "fear of missing out" (FOMO) and instead suggests, "if you must FOMO, choose a red day".

Another crypto analyst, Kaleo, views the recent retest of the high-timeframe trend breakout as a supportive factor for Bitcoin. Kaleo believes that the market has yet to experience a significant breakout, which presents an opportunity for investors to accumulate more BTC. Although it may take some time, Kaleo believes that the $30,000 level remains a target for the cryptocurrency.


red image of kraken logo and Ethereum, Dogecoin and Bitcoin tokens falling

Crypto Tumbles as Kraken Suspends Staking

Brian Armstrong, CEO and co-founder of Coinbase, has expressed opposition to the potential ban on end-user crypto staking in the US. He shared his views in a [Twitter thread](https://twitter.com/brian_armstrong/status/1623459203150131201?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1623459237631528960%7Ctwgr%5E862a6b7c3994d5642726da789626635dbbbfa090%7Ctwcon%5Es2_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fgetting-rid-of-crypto-staking-would-be-a-terrible-path-for-the-us-coinbase-ceo) posted on 9 February, which has since received over 2.2 million views. 

## Brian Armstrong explains opposition

The Coinbase CEO strongly opposes the potential ban on crypto [staking](/news/article/staking-on-revolut-announced) in the United States. In the Twitter thread, he posted that the US Securities and Exchange Commission ([SEC](/news/article/sec-probe-giving-advice-for-crypto-trading)) was considering ending retail [crypto staking](/news/article/what-is-staking-crypto). 

He chose not to disclose the rumour's origin, but emphasised the significance of currency locking and quoted it as "a really important innovation in crypto".

According to him, virtual currency locking brings numerous benefits to the cryptocurrency space, including improved scalability, heightened security measures, and a reduced carbon footprint.

He also referenced a [blog post](https://www.paradigm.xyz/2022/10/ethereums-new-staking-model-does-not-make-eth-a-security) from crypto investment firm Paradigm, published on 5 October. It argued that Ethereum's transition to Proof of Stake and its resultant staking model does not classify it as a security.

This argument from Paradigm came just a few weeks after SEC Chairman Gary Gensler raised concerns about proof-of-stake cryptocurrencies potentially violating securities laws while talking to reporters after a Senate Banking Committee meeting on 15 September, 2022.

Armstrong strongly criticised the lack of regulatory clarity in the US and the "regulation by enforcement" approach driving companies, such as the failed exchange FTX, to move offshore. He also emphasised the need for regulation that offers clear guidelines for the industry while promoting innovation.

## Crypto staking ban could deal a significant blow to the crypto industry

As reported by [Staking Rewards](https://www.stakingrewards.com/), the top four cryptocurrencies staked by market capitalisation account for more than $55 billion in staked assets. This highlights the potential impact of a nationwide ban on the already struggling cryptocurrency industry, which has seen an outflow of related businesses.

Some experts in the industry predict that the SEC might target centralised token-locking service providers rather than the technology itself. They believe that going after the technology would result in a losing battle that would set a damaging precedent.

Coinbase, one of the leading centralised exchanges, is currently facing an SEC investigation, which was disclosed in an SEC filing on 9 August 2022. The probe is related to Coinbase's staking rewards program and other offerings.


Yellow image of Coinbase CEO and bitcoins

Brian Armstrong Opposes Crypto Staking Ban 

The new management of FTX is taking steps to [recover political donations](https://decrypt.co/120637/ftx-demands-return-political-donations) made by its former executives, including Sam Bankman-Fried, as part of the ongoing bankruptcy proceedings and plans to recover funds to repay the crypto exchange's creditors. 

## FTX funds donations to political parties

Bankman-Fried had been open about his political donations even before the exchange [collapsed](/news/article/is-crypto-dead). He was the second-largest CEO contributor to Joe Biden's 2020 campaign with a donation of $5.2 million. He also admitted to being a significant donor to Democratic and Republican candidates during the November midterm elections. 

The FTX funds donations to political parties are under [investigation](/news/article/ftx-exchange-under-investigation) by US prosecutors, with court documents filed in January indicating a review of donations totalling $93 million between March 2020 and November 2022.

## FTX plans to take back its political donations

FTX is taking action to retrieve millions of dollars from political contributions. John John Jay Ray III, the newly appointed company's CEO, has issued a formal demand for the return of "contributions or other payments" by 28 February.

The new management has outlined a pathway for politicians and political groups to voluntarily return the funds, with unreturned donations then required to be repaid with interest. 

Additionally, the company emphasized that it will still seek to recover funds donated to third parties like charities. The company clarified that recipients of such contributions are not exempt from its demand for return.

According to recent data from Unusual Whales, 196 members of Congress received campaign contributions from FTX's former executives, including [Ryan Salame](/news/article/ryan-salame-exposed-ftx-truth), Sam Bankman-Fried, Nishad Singh, and others.

In addition to recovering political donations, FTX's new team is also taking steps to repay its creditors, including plans to sell $4.6 billion in non-strategic investments, such as subsidiaries LedgerX, FTX Japan, Embed, and FTX Europe. 

A task force has also been formed by the Southern District of New York US Attorney's Office to investigate the exchange's collapse, including recovering missing customer funds and handling prosecutions relating to the FTX crash.


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