Elon Musk, the CEO of both Tesla and Twitter, [tweets his thoughts on Sam Bankman-Fried's reported donation to the Democratic Party](https://twitter.com/elonmusk/status/1598993109786189826). Musk believes the co-founder and former CEO of the defunct cryptocurrency exchange FTX sent far more money to the party than what was officially acknowledged.

Replying to a tweet by Will Manidis, CEO of ScienceIO, which mentioned that SBF donated $40M to the Democrats, Elon said he believes the amount contributed by the former CEO of the fallen crypto exchange FTX is far bigger than what has been publicly announced.

![elon.PNG](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/elon_2943e6d6a1.PNG)

## SBF donating to political parties - Not for the first time

It is not the first time San Bankman-Fried has donated to a political party. He has previously acknowledged giving to the Republican Party in a covert manner.

 In 2020, he was reported to have given $10 million to assist Carrick Flynn, a failed Democratic candidate for a House seat in Oregon, while also giving $5.2 million to Joe Biden's presidential campaign.

He gave Democrats $39,884,256, according to Opensecrets, before FTX collapsed and had to file for [bankruptcy](/news/article/ftx-bankrupt-who-to-blame). The exchange meltdown caused millions of dollars in losses for investors and users. A probe into FTX's handling of consumer money improperly is now underway. The fall of FTX sparked a contagion that has caused several other platforms and [companies to struggle and some to collapse](https://cryptopotato.com/how-wide-does-ftx-contagion-spread-the-affected-companies-so-far).

Then Elon Musk tweets his allegation that the publicly declared $40M donation is incorrect and the actual amount could be anything above $1B. The internet is already flooded with articles and comments alleging that Bankman-Fried donated this amount to a political party to avoid going to jail.

Meanwhile, SBF has been invited to participate in an investigational hearing set on 13 December, 2022, by Democratic House Financial Services Committee Chair Maxine Waters and Republican Ranking Member Patrick McHenry.

The crypto community, alongside investors who lost their money in the FTX fall, is angry and waiting for justice. What is the future of SBF and will the investors get their money back? These are some of the questions people are looking to get answers to. Clarity will only come after a proper investigation.


Elon Musk Tweets 'Where Did the Money Go?'

US Deputy Treasury Secretary Wally Adeyemo has emphasized the need for the United States to collaborate with other countries to develop cryptocurrency regulations effectively.

This development comes a few weeks after FTX, the second most popular crypto exchange, based in the Bahamas, [became insolvent](/news/article/ftx-bankrupt-who-to-blame). CEO Sam Bankman-Fried declared that the protocol did not have sufficient assets to meet customers' demands.

Speaking at the [Reuters NEXT](https://events.reutersevents.com/next) conference, Adeyemo said countries must enact regulatory laws to protest investors, promote financial stability, and block illicit crypto users.

"This is a global phenomenon," Adeyemi said. He added that the US would work closely with international partners to design a regulatory framework to protect the global economy, especially with crypto innovations.

The Deputy Treasury Secretary noted that since FTX was not based in the US, regulatory efforts must be broadened.

## Crypto regulation post-FTX collapse

FTX declared insolvency and Bankman-Fried resigned from his position as CEO on 11 November, a few days after the world's biggest crypto exchange, Binance, dumped a deal to rescue the exchange. This was followed by angry traders pulling $6 billion out.

As a result, Rostin Behnam, chairman of the Commodity Future Trading Commission (CFTC), urged lawmakers on Thursday to quickly design a regulatory framework for crypto assets.

After several congressional hearings to examine the collapse of FTX, members of the Senate Agriculture Committee asked Behnam if the FTX collapse would have been controlled with better oversight.

However, the recent setback in the crypto market has not affected the banking sector. This is according to Janet Yellen, the US Treasury Secretary, who remains skeptical about the crypto industry. She believes in the need for adequate regulation.

While speaking at the DealBook event hosted by New York Times, the Treasury Secretary said adequate customer protection is needed in the crypto sector.

Just like Wally Adeyemo, she agrees that it is important to remain open to financial innovations, given that cryptocurrencies can lower the cost of cross-border transactions and promote financial inclusion.

"I have been skeptical, and I remain quite skeptical," Yellen said. She noted that recent developments are not centered on financial inclusion and cross-border payment.



Wally Adeyemo Calls for Crypto Regulation

Theta is an established and fast-growing cryptocurrency. Theta wallet is the official wallet operated by the [Theta project](/news/article/theta-coin-price) and used to interact with the Theta blockchain.

The web wallet can log into an existing wallet, or users can create a new one. Users with an existing wallet would have to unlock it from an encrypted Keystore file, mnemonic phrase, or private key.

## Creating a new Theta wallet

Theta [recommends](https://medium.com/theta-network/theta-web-wallet-available-now-996867e10db) that if you do need to create a wallet, you should do so offline. As soon as you reach the wallet website, put off your data connection or switch on your airplane mode. Use the "create wallet" button to begin.

Then, you must download the encrypted Keystore file and create a password for your wallet. The encrypted Keystore file you just downloaded is what you would use to unlock your wallet each time you need to access it.

## Mnemonic/seed phrase and private key

Next is copying out the mnemonic/seed phrase and private key and storing them securely. This is because it is the only data you need to recover your Theta wallet should your Keystore file or wallet password be lost.

It is also advised to store these details safely offline and not online or in any cloud storage. After following these steps, you can connect your device to the internet and unlock your new wallet.

## How to connect an existing Theta wallet

To connect an existing wallet, you must upload your pre-downloaded Keystore file or enter your mnemonic phrase or private key. If you must upload your Keystore file, it is recommended that you go offline before uploading it.

Once the wallet is unlocked, you will get a message indicating that it is safe to connect to the internet and go to the wallet.
Now that you are in your wallet, you can check your THETA and TFUEL token balance. You can also send and receive tokens right from your dashboard.

[The Theta Docs](https://docs.thetatoken.org/docs/theta-web-wallet) page gives more insight and details the functionality of the wallet.


Theta Wallet - A Guide

Following Portugal's footsteps, another European government is poised to tighten [crypto laws](/news/article/fatf-crypto-laws) and expand taxes on transactions related to cryptocurrencies. A proposal in Italy's budget plan for 2023 wants to levy a startling 26% tax on capital profits obtained from cryptocurrency trading.

However, this tax bracket will apply if the cryptocurrency profits exceed 2,000 euros ($2,062.3). The Italian authorities regard cryptocurrencies and tokens as foreign currencies.

The bill proposed by Prime Minister Giorgia Meloni's cabinet also allows taxpayers to declare the worth of their assets as of 1 January, 2023, and pay a 14% tax. The goal is to encourage Italians to register their digital asset ownership in their tax forms. 

The proposed legislation, which may be changed in parliament, contains transparency requirements and extends stamp duty to cryptocurrency intermediary fees and a 4% taxation on free cryptocurrency transfers in the case of an inheritance.

The new laws follow after a lengthy drop in digital asset prices, which has resulted in the demise of several prominent cryptocurrency platforms. The current spate of bankruptcies and spectacular collapses, like the recent meltdown of the [exchange FTX](/news/article/ftx-bankrupt-who-to-blame), has prompted regulators worldwide to increase their examination of the young asset class.

## Crypto Taxes Italy and Europe

The current plans in Italy come as [Portugal](/news/article/potugal-crypto-tax), Europe's most crypto-friendly location, announced identical plans to tax cryptocurrency gains. Portugal said in October 2022 that it intends to slap a massive 28% tax on short-term gains on digital assets.

As of now, digital assets are owned by 2.3% of Italy's total population of 1.3 million people. Crypto usage is lower than in other countries, such as France (3.3%) and the United Kingdom (less than 5%). With such high crypto taxes Italy may dissuade other participants from entering the crypto industry.

Many prominent cryptocurrency exchanges have been expanding into Italy, claiming significant economic opportunities. The Italian government approved establishing Binance's facility earlier this year. Nexo and [Gemini](https://www.gemini.com/) have also been allowed to register with an Italian authority. As a result, they will be able to service Italian crypto enthusiasts.



Italy Plans Crypto Gain Taxes

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

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

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

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

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

## XRP lawsuit: Coinbase amicus brief 

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

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

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

## XRP lawsuit: Likely verdict 

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

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

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

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

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

## XRP lawsuit: General consensus  

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

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



XRP vs SEC Lawsuit Update

If you have ever wondered, 'what is PancakeSwap?', this article is here to help.

PancakeSwap is an Automated Market Maker (AMM) decentralised exchange protocol (DEX) built specifically for BEP20 tokens and the Binance Smart Chain. The protocol allows users to swap tokens, provide liquidity, farm and stake native tokens, plus many other cool features.

Created by anonymous developers and launched in September 2020, PancakeSwap has some 2.8 million customers generating total value locked of more than $4 billion (September 2022). The native token of the PancakeSwap platform is CAKE (with a circulating supply of 125 million coins).

## Smart contracts/Low fees

To answer the question, 'what is PancakeSwap?', we need to understand it's structure and purpose. At its core, PancakeSwap is an automated and decentralised exchange (DEX) that relies on smart contracts to swap and execute trades rather than a traditional two-party order book system.

PancakeSwap follows the same model as other DEXs, such as UniSwap and SushiSwap. However, because PancakeSwap is built on the Binance Smart Chain, the fees associated with using the protocol are much lower by comparison.

PancakeSwap has a number of interesting features which allow users to gain rewards in a variety of ways. From earning fees for providing liquidity to generating rewards through staking, PancakeSwap is an example of how a modern decentralised cryptocurrency trading exchange should look and operate.

## BEP20 protocol

What is PancakeSwap? It is a DEX operating as an AMM, and that means there is no central server and no central point of authority. Instead of order books and corresponding buyers or sellers, users contribute to pools of liquidity that enable other users to trade or swap tokens out of that pool.

Although the PancakeSwap platform has been designed to facilitate BEP20 tokens, users of other tokens, such as Ethereum's ERC20 standard, can use the platform provided they wrap their tokens first.

To start using PancakeSwap, users must first connect their online wallet to the exchange. Any wallet compatible with the Binance Smart Chain BEP20 protocol is allowed, although popular wallets such as [Metamask](/news/article/what-is-metamask) and Binance Smart Wallet seem to work best.

Users must have some Binance coin (BNB) in their wallet to begin with, which will then be used for transaction fees. Once connected, users will be able to start swapping and trading tokens through the application. Check out this [Connection guide](https://docs.pancakeswap.finance/get-started/connection-guide) for further help.

## FLIP the CAKE

What is PancakeSwap offering users? It has a number of innovative features which make it very attractive to the modern cryptocurrency trader.

At its core, PancakeSwap is a decentralised exchange and swap platform where users can trade and swap a wide variety of BEP20 tokens. However, users can also help provide liquidity to these markets by adding a token pair to the relevant pool.

By adding liquidity to a pool of their choice (e.g., BNB:CAKE), users are rewarded with LP (liquidity provision) tokens called FLIP and earn 0.17% on all future transactions from traders using this pool. Fees are added to the pool and accrued in real time. They can be reclaimed when the user decides to remove their liquidity from the pool.

Once a user has secured their FLIP tokens, they can access some of PancakeSwap's more advanced features.

By providing further liquidity to any listed pairs and staking their tokens, FLIP holders can earn PancakeSwap's native cryptocurrency CAKE via a process called 'Yield Farming'.

The rewards are calculated from a combination of FARM base APR and LP rewards APR. The total rewards allocated depend on the amount of liquidity in the chosen FARM.

Furthermore, CAKE holders can simply stake their tokens to generate more CAKE via a feature known as Syrup Pools. Choosing between flexible staking or fixed term staking, the user receives auto compounded staking rewards with no deposit-associated fees and can be unstaked at any time.

## More CAKE, NFTs and lotteries

As PancakeSwap’s core utility token, CAKE has a variety of uses on the platform. Furthermore, as CAKE can also be bought and sold on the open market, it ensures that interest in PancakeSwap and its native token remain high.

One other use of the CAKE token is Lottery v2.0. Here CAKE holders can win more CAKE prizes by purchasing tickets at a cost of 10 CAKE tokens per ticket. To be a winner, entrants must match four numbers between one and 14 in the same order in which they are drawn to be in with a chance of winning 50% of the entire lottery pool.
 
PancakeSwap Prediction is a simple prediction market where contestants can win prizes based on their predictions regarding the future price of BNB coin. Each correct guess is rewarded with a proportional share of the payout pool, meaning the more you stake, the bigger your potential win. Transaction fees are set at 3%, while rounds last five minutes.

Anyone looking to generate and trade NFTs can also do this via PancakeSwap's NFT Profile System and NFT Marketplace. For the price of 1.5 CAKE, users can create a personalised NFT which can then be shared with family and friends or traded for other cryptocurrencies or other Binance Chain collectibles.

For those investors looking for the next world-beating application PancakeSwap's IFO (Initial Farm Offering) allows users to purchase project tokens with CAKE. In much the same way as traditional ICOs, some of the hottest Dapps of 2002 were born via PancakeSwap's IFO. With the backing of Binance Smart Chain, it is easy to see why blockchain-based projects like Mines of Dalarnia have achieved massive success.

And finally, no modern decentralised exchange can afford not to offer perpetual futures trading. Partnering with Apollo X, PancakeSwap offers various crypto derivatives without expiration, including perpetual swaps and trades to appeal to the crypto trader looking to use leverage.

## Security audits

As you can see, PancakeSwap is a versatile yet comprehensive decentralised exchange platform showcasing the best of Web3 applications on the market today. As you might expect of one of the world's largest DEX, PancakeSwap has undergone vigorous testing from leading security auditors Certik who have provided [a satisfactory report](https://www.certik.com/projects/pancakeswap).

This, of course, is cause for comfort for the 400,000 DAO community members, of whom every single one has the right to vote on any proposals put forward by the platform.

If you have ever asked, 'what is PancakeSwap?', then hopefully this has helped. With a reputation stemming from its association with Binance Smart Chain feeding an appetite for innovative products and services, it is easy to see why PancakeSwap continues to go from strength to strength, overtaking more established DeFi offerings such as SushiSwap and UniSwap.


What is PancakeSwap?

Although Bitcoin has not been officially recognized as legal cash in Brazil, the country has enacted a law recognizing crypto as a valid payment method across the country, providing a regulatory boost to the growth of the digital currency industry.

The regulatory framework established by the Chamber of Deputies in Brazil makes it possible to utilize cryptocurrencies as legal tender. [Signed under the code PL 4401/2021](https://news.yahoo.com/brazil-legalizes-crypto-method-payment-042930754.html), the legislation expands the meaning of "payment agreements" to include virtual currencies and airline frequent flyer incentives (the popular "miles").

## Brazil crypto acceptance

Legislation approving cryptocurrency payments for goods and services, but stopping short of making them legal tender, has already passed both houses of parliament and only needs to be signed by the President of the Republic to become law.

When it comes to Bitcoin regulation and investor adoption, Brazil has made significant strides. As well as having the largest number of cryptocurrency exchange-traded funds (ETFs) in Latin America, most of the country's main banks and brokers also provide services related to cryptocurrency investments, such as custody or token offerings. One of Brazil's major private banks, Ita, is also looking into the possibility of tokenizing assets as part of a future suite of investor services.

Only tokens classified as securities fall within the jurisdictions of the CVM, Brazil's counterpart to the SEC. 

After the law goes into effect, it will be up to the executive arm of government (the president and its ministers) to decide the body or institution in charge of regulating the situation. The country's Central Bank and the CVM have been the primary public agencies active in the area thus far.

The Brazil crypto law also regulates the provision of services related to the custody and administration of cryptocurrencies by independent third parties, such as Bitcoin trading platforms. Although the law does not address the issue of a digital currency by the country's central bank, significant progress has been achieved in this area.

A crucial part of the Brazil crypto rules is that service providers must keep their own money separate from their customers' money [to avoid a repeat of the FTX case](/news/article/ftx-exchange-under-investigation), in which the exchange is accused of utilizing its customers' money for its financial operations.


Brazil Crypto Acceptance Official

Are you a hardcore crypto believer or a greenhorn getting your feet wet in Web3? Regardless of what stage you are on your blockchain journey, sooner or later you'll create and receive value in the form of cryptocurrency. When you do, you'll [need a wallet to store them](/news/article/crypto-wallet-multiple-currencies), and Trezor is an option.

In this article, we'll examine three reasons to go for the [Trezor Wallet](https://trezor.io/).

•	Security

•	Anonymity

•	User experience

## Security

When it comes to security, there are no 100% guarantees, but the Trezor team pushes the boundaries towards perfection with the procedures and features they have in place to protect the assets of their customers.

One feature that comes to mind would be the capability of on-device interactions like passphrase and PIN. With the Trezor Model T's touchscreen display, the above on-device interactions increase the security of your assets when your wallet is connected to another device. It's got great cryptography courtesy of features such as SLIP-39 Shamir on the Model T and BIP-39 passphrase.

## Anonymity

You can always go one step further in securing your crypto assets with Trezor wallets. It's one thing to have the technical ability to wade off hackers, but what if you hide your stash so they don't even know what to look for?

Switching to a Tor browser for your Trezor wallet can protect two vital pieces of data about you. They're your IP address and extended public key (xpub). Your IP address reveals your ISP and country, while your xpub data shows how many coins are stored in your wallet. If hackers get their hands on such an IP address, they'll try to find funds associated with it.

And no one wants criminals selling such information on the black market or going for your physical address. Using a Tor browser severs the public link with your Trezor xpub so that even if the Trezor database is hacked, they won't get to your IP address.

## User Experience

With Trezor, you get seamless onboarding regardless of your experience with Web3. Once you get your hardware, Model T or Trezor One, download the Trezor suite and install it. In just a few minutes, you'll be through with the entire setup.

Onboarding aside, your day-to-day use of your Trezor wallet is made easy with the touchscreen display. It's an OLED display with 128×64 pixels for the Trezor One and a 240×240 pixel LCD for the Trezor Model T. 

Regardless of your choice, the displays are easy to read and interact with because they emit vibrant colors and show legible text. Despite the small screens, accessing information through clicking and reading is near error-free.

## Wrapping Up

With the recent events unfolding in the crypto industry, it's important to have a secure place to keep your cryptocurrencies. All that chaos with crypto platforms like the [liquidity crunch at FTX](https://techcrunch-com.cdn.ampproject.org/v/s/techcrunch.com/2022/11/08/binance-signs-letter-of-intent-to-acquire-ftx/amp/?amp_gsa=1&amp_js_v=a9&usqp=mq331AQKKAFQArABIIACAw%3D%3D#amp_tf=From%20%251%24s&aoh=16679837828856&referrer=https%3A%2F%2Fwww.google.com&ampshare=https%3A%2F%2Ftechcrunch.com%2F2022%2F11%2F08%2Fbinance-signs-letter-of-intent-to-acquire-ftx%2F) and, formerly, hardcore [Dogecoin](/coins/doge) speculators suing [Elon Musk lends credit to the skepticism of Bill Gates](https://news.sky.com/story/elon-musk-sued-for-258bn-over-claims-he-ran-a-pyramid-scheme-to-promote-dogecoin-12635334).


Why Consider a Trezor Wallet?

Crypto lender [BlockFi](/news/article/is-blockfi-bankrupt), which offered unsecured crypto loans to retail investors, filed for Chapter 11 bankruptcy late Monday. There had been indications that the FTX scandal could render crypto lender [BlockFi bankrupt](https://www.nytimes.com/2022/11/28/business/blockfi-bankruptcy-cryptocurrency-ftx.html?smtyp=cur&smid=tw-nytimes) due to its exposure to the fallen exchange. It is now official.

[BlockFi had suspended withdrawals](https://www.bloomberg.com/news/articles/2022-11-11/blockfi-pauses-withdrawals-says-can-no-longer-operate-as-usual) soon after the collapse of FTX, citing significant exposure to the Bahamas-based exchange. The role of [FTX's failure](/news/article/ftx-bankrupt-who-to-blame) in making BlockFi bankrupt is becoming more evident by the day. 

BlockFi says it owes $275m to FTX US in the bankruptcy filings before a New Jersey court. This amount was part of a $400m lifeline FTX offered BlockFi in June when it began experiencing a liquidity crunch following the collapse of crypto lenders Voyager and Celsius. There was also an option for FTX to buy BlockFi. These facts are only becoming public as the scope of the FTX scandal widens.

BlockFi's bankruptcy filing indicates that the firm had $10 billion in assets and liabilities. While the company said in its bankruptcy filing that it was working to recover obligations owed by several counterparties, it adds that any recovery efforts risked delays from FTX's bankruptcy proceedings.

## BlockFi bankrupt: What next?

BlockFi had been in trouble with the US Securities and Exchange Commission (SEC) over its lending activities. It had been fined $100m by the SEC for not registering its crypto lending products as securities. In declaring BlockFi bankrupt, the filing said it still owes the regulator $30m, among other sums owed to more than 100,000 creditors.

The extent of BlockFi's entanglement with FTX continues to unravel. Bankruptcy filings reveal BlockFi made nearly $680 million in collateralized crypto loans to former FTX CEO Sam Bankman-Fried's Alameda Research hedge fund, even as it got a financial reprieve from the FTX exchange. 

Initial reports indicate that billions of dollars in the FTX balance sheet are unaccounted for. Where FTX got the funds, it used to bail out BlockFi in June is now a subject of speculation. Answers may come in the weeks ahead.


BlockFi Bankrupt - Court Documents

There is trending speculation of a rumoured Elon Musk Twitter Dogecoin arrangement. This rumour was spiked by the latest tweet about Twitter's new look, which Twitter's new CEO, Elon Musk, called "Twitter 2.0 Plan" - "The everything app".

This has made investors excited about the possibility of the [cryptocurrency DOGE](/news/article/elon-musk-twitter-deal) being integrated into Twitter. 
This recent disclosure, in a tweet yesterday, by Musk - who shared lots of slides on "Twitter company Talk" albeit without any mention of Dogecoin - saw the DOGE price surge to 19.4% from $0.089 to $0.107 before cooling off to $0.096, [as reported by CoinDesk](https://www.coingecko.com/en/coins/dogecoin).

![Picture2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Picture2_1cf9f20662.png)
 
However, [according to Coinbase, the price of Dogecoin, which has been on the rise by 26.75%](https://www.coinbase.com/price/dogecoin) in the past seven days, declined by 0.72% in the last 24 hours. In the past hour, the value increased by 1.83%. The current price is $0.096255 per DOGE. Dogecoin is 86.99% below the all-time high of $0.74.

You will recall that on 16 May, Musk tweeted a mock-up of what he called "Twitter 2.0" that included a Dogecoin tip button. The tweet sent Dogecoin's price soaring by nearly 30% in just a few hours. Musk, now Twitter's biggest shareholder, has been a long-time supporter of Dogecoin, [often tweeting about the cryptocurrency and even calling it his "favorite" coin](https://www.google.com/amp/s/www.coindesk.com/markets/2019/04/02/elon-musk-calls-dogecoin-my-fav-cryptocurrency/%3foutputType=amp). 

## Elon Musk Twitter Dogecoin Rumours

In another tweet, world-renowned golfer, Matt Wallace, said, with a hashtag:

"#Dogecoin Acceptance for Twitter Blue Would Be Awesome."

This tweet further deepened speculation on the future of a Twitter Dogecoin payment integration arrangement.
 
![Picture1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Picture1_1ed3d1e487.png)

If Twitter were to integrate Dogecoin into its platform, it would give the cryptocurrency a major boost in exposure and could lead to more mainstream adoption.

More rumours abound amid speculation that [Twitter may be working on a wallet prototype that supports cryptocurrency deposits and withdrawals](https://cointelegraph.com/news/twitter-will-do-lots-of-dumb-things-in-the-coming-months-elon-musk/amp). That, plus an announcement of [an $8 monthly subscription model](https://cointelegraph.com/news/crypto-fans-should-get-behind-elon-musk-s-subscription-model-for-twitter/amp), led to a 40% surge in price.


Elon Musk Twitter: Dogecoin Spikes Over 

Whether you are a stock investor or a crypto investor, a complete trading chart tool is a must for you. [TradingView UK](https://www.tradingview.com/) is one such tool that helps you make your way through the foggy roads of trading. It is cloud software that has made trades accessible for everyone. 

The tool dominates the market, as more than 30 million users get trade insights. If you, too, want to get started with TradingView UK, here’s everything you need to know about the platform!

## Benefits of TradingView UK

### Multiple chart types

One of the reasons behind its popularity among traders is its thorough technical analysis. The tool offers multiple categories of charts for easy data visualisation. It also gives you options like different time frames, trading volume charts, and other technical metrics and research tools. You can also set light or dark mode as per convenience.

### An array of drawing tools

Another edge TradingView UK has over other platforms is its freedom of drawing. Often drawing is one of the best ways to read charts. Therefore, the range of tools it offers becomes quite handy. However, some of the tools are available only in paid versions.

![tradingview 2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/tradingview_2_be0a25c82e.png)
 
#### Source: Daytradingz.com

It also allows you to publish the charts you draw. This will help build your portfolio as an analyst and bring accountability to your analyses. 

### Trading insights

It gives you incredible power to conduct extensive analysis. You can use numerous metrics, indicators, and strategies available on the platform. This equips you with everything you need to get in-depth trading insights. 

![tradingview 3.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/tradingview_3_644905c398.png)
 
### Crypto screener

The platform also offers a screener for cryptocurrency pairs. Through it, you can gauge the performance of a pair in the market. There are options like different time frames, oscillators, and trend-following. Also, you can get a CSV file of this data for offline usage. 

### Compatible with various brokers

Though you cannot trade directly from this platform, it supports several brokers. Among them, [FTX](https://ftx.com/) is the most trusted one for cryptocurrency dealings. But you can also integrate various others through API.

## TradingView price plans

While the basic version is free, there are three paid plans: Pro, Pro+, and Premium. You can either acquire these plans on a monthly or annual basis. It also offers a referral discount. You can get $30 for your next subscription if you refer it to someone.

![trading view.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/trading_view_4fc7a0e00c.png)
 
## Why opt for TradingView?

TradingView UK is a complete platform for everyone, whether you are a novice trader or a seasoned investor. It allows better accessibility as it is web-based, and you can also operate it through your smartphone. The technical analysis it provides can also help you make informed decisions. 

Furthermore, it introduces you to a community of traders. Here you can share your insights and also learn crypto strategies from others. Besides, you can easily integrate it with numerous brokers via APIs. In essence, it can be a definite choice for traders who want assistance with technical analysis.



TradingView UK 101

[Uquid](https://uquid.com/) is one of the largest Web3-based platforms, offering physical and digital products. It creates smart shopping experiences for users by bringing the world of e-commerce and DeFi together. 

To enhance customer experience, it has announced integration with the [Polygon network](/news/article/polygon-crypto). The smart marketplace will leverage Polygon’s low fees, high efficiency, and, most importantly, scalability. It will also allow Uquid to employ its vigorous developer ecosystem.

![uquid.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/uquid_fd41c6718c.png)
 
It will allow customers to enjoy another payment method, the MATIC token. In addition, this Web3 market will have access to Ethereum through this integration.

## Shared vision of building eco-friendly platforms

Both Uquid and Polygon share the vision of [sustainability](/articles/our-news/sustainable-future) and environmental preservation. MATIC’s network is known for being the least harmful to the environment. That’s why the smart marketplace opted for its scalable ecosystem to develop its market. Uquid believes that the MATIC network can shape a user-friendly and environment-friendly platform. 

It will not only reduce gas fees for users, but will also allow easy access to cryptocurrencies. Users can also enjoy access to various decentralised apps (DApps) available on Polygon. 

## About Polygon

[Polygon](https://polygon.technology/) is one of the leading Ethereum scaling solutions. It is entirely decentralised and ideal for creating Web3 DApps. The network leverages Ethereum's security and provides high efficiency at affordable costs. More than 53,000 DApps have chosen its scaling solution to build their platforms. Among them, names like Uniswap, OpenSea, and Aave are notable. 

The network is also a leading force in the non-fungible tokens ([NFT](/news/article/nft-art-marketplaces)) market. It has collaborated with numerous key players in the industry, including [Disney](/news/article/matic-disney-collab), Instagram, Adobe, Stripe, and others.

## About Uquid

Uquid is a platform that first introduced the idea of Web3-based smart shopping. It bridges the gap between the DeFi world and e-commerce by offering more than 85 million products. The platform also introduced the concept of a shop-to-earn market.


Uquid Web3 Market Integrates Polygon

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

## Details of the Metamask news

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

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

## Reactions to the Metamask news

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

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

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

## Cold Wallets 

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

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


Metamask News: Wallet to Collect User IPs

New York State has made a landmark regulatory move under Governor Kathy Hochul. It has become the first American state to ban the [mining](/news/article/mining-company) of specific crypto tokens. These include cryptocurrencies that require extensive energy to be mined.

The Governor has taken the step to confront the [environmental problems](/news/article/environmental-cryptocurrency-concerns) caused by energy consumption.

## New York crypto mining ban 

On Tuesday, Gov. Hochul [signed the legislation](https://www.nysenate.gov/legislation/bills/2021/A7389) to enforce a temporary prohibition on energy-intensive crypto mining. Essentially, the cryptocurrencies included in this category are the ones that run on the Proof of Work (PoW) mechanism. 

The suspension of such activities is imposed for two years in NY. In this period, regulators will neither provide new permits nor renew any existing licenses. The ban is imposed under [Assembly Bill A7389C](https://www.nysenate.gov/legislation/bills/2021/A7389). 

The rationale behind this legislation is the high infrastructure and environmental costs of cryptocurrency mining. The bill also directed the NY State [Department of Environmental Conservation](https://www.dec.ny.gov/) to assess the impact of PoW on the environment. 

The department will prepare a report in a year to assess its impact across the state. It will then provide recommendations to improve future policies.

## What will be the repercussions of the ban?

Various American states recently introduced policies to support the digital asset industry. After [China's crackdown](/news/article/web-wechat-china-ban-nft) on virtual asset service providers, they saw it as an opportunity to attract them to the US. However, this bill has done quite the opposite and may affect the mining operations in the country. 

The timing of this ban is also critical in terms of the market condition. The crypto market is currently going through a rough winter. First, the [Terra Luna collapse](/news/article/terra-luna-collapse) and then the decline of the [FTX exchange](/news/article/ftx-vs-binance-liquidate-funds) have left the investors in shock.

Overall, there is extreme fear among traders who doubt the future of cryptocurrencies. In this scenario, a temporary ban on mining will further aggravate the situation for these digital assets.


New York Crypto Mining Banned

[The UK's](/news/article/uk-crypto-tax-regulations) Starling Bank has tightened its grip on crypto trading, [announcing a ban on all crypto transactions](https://twitter.com/StarlingBank/status/1595095825884930050?t=8EiBd2taolnSd4Wb8VbUvw&s=19) for users, describing the activity as "high risk and heavily used for criminal purposes"'.

Following the collapse of the [FTX exchange](/news/article/ftx-bankrupt-who-to-blame) earlier this month, banks have stressed the need for crypto regulation.

## Starling Bank customers woke up to bad news

Starling Bank crypto customers received a text message stating, "we view the crypto activity as high risk".
The bank said it had decided to halt all card payments to cryptocurrency merchants and "impose additional limitations on outgoing and incoming transfers".

It comes just two weeks after [Santander imposed new limits on Bitcoin and Ethereum](/news/article/santander-uk-news) transactions and warned of the potential consequences of investing in crypto assets.

As of 15 November, Santander's mobile and online banking customers were limited to a £1,000 limit per cryptocurrency transaction and a £3,000 cap on transactions made over a rolling 30-day period. While payments will still be allowed from the cryptocurrency exchange, including Binance, payments sent to Binance will remain blocked.

## Starling is not backing off

A representative of Starling Bank said the institution has had restrictions on cryptocurrency transactions of varying degrees for a long time.

The purpose of this communication, he continued, was to ensure that this was understood by clients who had previously completed such transactions.

He added that while the cutting-edge technology that underlies cryptocurrencies has significant advantages, the high risk and widespread criminal use meant the organisation could no longer support them.

## More banks restrict crypto transactions

The Starling Bank crypto stance is the latest [bank](/news/article/crypto-friendly-banks-uk) move to restrict customer crypto activity. Lloyds, [Barclays](/news/article/barclays-crypto), and RBS have implemented various new measures, such as blocking transactions with cryptocurrency exchanges.

According to finder.com, 47% of UK banks forbid customers from communicating with cryptocurrency exchanges.


Starling Bank Bans Crypto Trading

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

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

## Defence view

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

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

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

## Positive support for Pertsev 

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

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

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

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


Tornado Cash Developer Stays in Detention

Reserve Bank of India will launch the retail central bank-backed digital currency ([CBDC](/news/article/india-cbdc-launch) pilot next month. It will be interoperable with existing payment systems.

On [1 November](https://www.reuters.com/article/india-cenbank-digital-rupee-idUSKBN2RQ0WO), RBI debuted the wholesale segment pilot for the digital rupee. According to the RBI, the digital rupee will increase market efficiency by lowering settlement transaction costs.

The settlement of secondary market transactions involving government securities has been the primary use case of the Reserve Bank of India CBDC.

## Reserve Bank of India CBDC to debut

[According](https://economictimes.indiatimes.com/news/economy/policy/rbi-in-final-stages-of-retail-cbdc-pilot-rollout/articleshow/95598347.cms?from=mdr) to the Economic Times of India, the RBI is reportedly finalising plans to launch the retail digital rupee pilot. The participating [banks](/news/article/which-uk-banks-allow-cryptocurrency-purchases) are the State Bank of India, HDFC, Union Bank of India, Bank of Baroda, ICICI, Kotak Mahindra, Yes, and IDFC First Bank.

The report stated that the pilot would include all commercial banks currently operating in the country and that the National Payments Corporation of India would host the [CBDC](/news/article/cbdc-uk) platform. It will be similar to the instant real-time payment system formed by NPCI, the unified payments interface (UPI) system.

According to the report, the digital rupee is not intended to replace existing widely used payment systems, but to supplement them. The retail CBCD will be compatible with other payment systems and function similarly to UPI.

Each participating bank will test the CBDC on 10,000 to 50,000 users. The banks will work with the PayNearby and Bankit platforms to implement the new payment option, and the NPCI will be in charge of the CBDC infrastructure.

Customers and merchants will both need to download the CBDC-specific wallets. The retail CBDC of India will initially be offered as a stand-alone product, with the final version integrating with existing mobile and internet banking services.

Plans to launch the CBDC were revealed in February 2022 by Indian Finance Minister Nirmala Sitharaman, who claimed that a digital rupee would give India's economy a "big boost". The Reserve Bank of India then suggested a three-step graded rollout strategy, aiming for little or no disruption to the traditional economic system


Reserve Bank of India CBDC Pilot

The Crypto sector is highly volatile and mysterious. The latest secret is the ownership of the [Huobi exchange](https://www.huobi.com/en-us/). 

According to tracker CoinGecko, China-based Huobi Global continues to produce a notable daily trading volume of more than $300 million despite losing its position as the world's leading exchange.

On 7 October, the Huobi exchange platform [announced](https://www.prnewswire.com/news-releases/huobi-globals-major-shareholder-completes-share-sale-301644102.html) that About Capital Management (HK) Co. Ltd, a [Hong Kong](/news/article/crypto-hong-kong-etfs) based-asset management company, had become the exchange's controlling shareholder following a successful buyout deal.

While the transaction of an unrevealed amount crowns About Capital as the new controlling shareholder, the [exchange](/news/article/best-exchanges-for-crypto-uk) stated that the transition would have no impact on core operations or business management teams.
About Capital also revealed plans to create a global strategic advisory board "led by leading industry figures", in addition to other initiatives such as establishing a margin and risk provision fund and measures to improve the exchange's competitiveness.

## Justin Sun - The probable owner

According to reports, Justin Sun spent about $1 billion to acquire roughly 60% shareholding through the [Hong Kong](/news/article/is-crypto-legal-in-hong-kong)-based asset manager About Capital.

Sequoia China and ZhenFund transferred 28% of their ownership in Huobi Global to About Capital. According to insiders, Justin Sun hid his name from the agreements to avoid Chinese scrutiny.

Huobi Global rebranded to "Huobi" because Justin Sun's previous acquisition agreement prohibited shareholders from using Chinese trademarks or conducting business in mainland [China](/news/article/china-crypto-ban).

People familiar with the matter revealed a strict agreement between all parties in this equity transfer agreement regarding trademarks, particularly the use of the Chinese brand "Huobi".

In October, it was reported that the controlling shareholder of the exchange completed the share sale, making About Capital's M&A fund the new controller. Justin Sun joined the Global Advisory Committee of Huobi Global and repeatedly stated that he was not the buyer of Huobi.


Huobi Exchange - Who Owns It?