In the fall of 2021, the [cryptocurrency industry](/news/article/crypto-news-australia-regulation) hit a high market value of $3 trillion. Early crypto ETF UK investors benefited greatly from rapid growth. As a result, there is much excitement about discovering and investing in the next cryptocurrency startup.

If investors want indirect exposure to digital currency , [crypto ETF's](https://www.ft.com/content/7b219639-dccd-4a4b-ad37-b8701df22db6) are an excellent investment. Buying equity in firms with bitcoin exposure is a safer, perhaps less rewarding option.

## Here is a list of seven crypto ETF’s UK to consider for 2022:


### 1. Amplify Transformational Data Sharing ETF

The Amplify Transformational Data Sharing ETF is one of the largest funds focusing on the cryptocurrency and digital asset market, with $955 million in assets under management as of spring 2022. The fund's top assets include cryptocurrency trading platform Coinbase Global and semiconductor manufacturer Nvidia, which produces GPUs and the hardware required for crypto mining. Although it does not directly invest in cryptocurrencies, it is a fantastic place to gain exposure to companies that hold and offer crypto currency services, as well as the “picks and shovels” of the industry.

### 2. Bitwise 10 Crypto Index Fund

The Bitwise 10 Crypto Index Fund is a monthly rebalanced fund that invests in the top ten cryptocurrencies (as determined by market cap). Since Bitcoin and Ethereum are the largest cryptocurrencies, they account for 61% and 29% of the underlying portfolio, respectively. As it trades over the counter, this fund can trade at a significant discount or premium to the underlying crypto values it holds, depending on share demand.

### 3. Siren Nasdaq NexGen Economy ETF

Another fund focusing on firms developing and capitalizing on blockchain technology is the Siren Nasdaq NexGen Economy ETF. Its emphasis has widened to include more general technology companies with a crypto or blockchain segments; It also includes shares of traditional lenders and digital payment networks that have begun to dabble in cryptocurrency.

### 4. First Trust Indxx Innovative Transaction & Process ETF

Another large crypto exchange traded fund is the First Trust Indxx Innovative Transaction & Process ETF. The portfolio has 103 stocks, making it the most diverse cryptocurrency ETF. First Trust is also a significant and well-established organisation that has built a wide range of investment products, which may satisfy those investors concerned about track record and fund manager reputation. It offers broad exposure to the crypto area and several multinational IT businesses.


### 5. Bitwise Crypto Industry Innovators ETF

The Bitwise Crypto Industry Innovators ETF debuted in May 2021, making it a latecomer to the crypto fund scene. This fund's underlying equities include several Bitcoin miners and owners. It only has 30 equities, concentrating on inventors and crypto pioneers.

### 6. Global X Blockchain ETF

The Global X Blockchain ETF argues that blockchain technology serves purposes other than cryptocurrency. It makes appropriate investments in 25 tech and Bitcoin mining firms leading the charge in cryptocurrency and underlying blockchain technology.

### 7. Global X Blockchain & Bitcoin Strategy ETF

The Global X Blockchain & Bitcoin Strategy ETF, which began in November 2021, is closely related to the Global X Blockchain fund, which accounts for about half of the underlying holdings. The new ETF investment, however, differs in that the other half of the portfolio invests in Bitcoin futures. Bitcoin futures are a method of simulating the daily fluctuations in the value of an asset, in this instance, Bitcoin. 

Cryptocurrencies are still a relatively new asset class, and ETFs dedicated to them are even more so. Investors should expect much volatility in cryptos and the firms focused on their growth, as with any emerging asset class.

If Investors feel that cryptocurrency usage will grow in popularity over time, they should acquire some crypto directly as part of a diversified portfolio. However, there should be an investment thesis for each cryptocurrency invested. 

The views of the article is that of the author and is not to be interpreted as financial advice, rather as opinion.


Top Crypto ETF’s to invest in the UK 

[Elrond](https://elrond.com/) supports dApps, NFTs, and other types of transactions. The platform is also designed to handle high volumes of transactions. It can handle tens of thousands of transactions per second, more than what [Bitcoin](/coins/btc) and Ethereum blockchains can handle.

## History of the Elrond Company

Beniamin Mincu, Lucian Mincu, and Lucian Todea Elrond  founded Elrond in 2017. Beniamin and Lucian Mincu (brothers) also co-founded MetaChain Capital and ICO Market Data, an aggregator of information around initial coin offerings.

Beniamin Mincu is currently the CEO of Elrond while Lucian Mincu is the CIO. Lucian Todea is the COO of the blockchain platform.

In June 2019, Elrond conducted a private investment round that saw it raise $1.9 million from several angel investors. The same month the project held an Initial Exchange Offering (IEO) and raised $3.25 million in exchange for 25% of its total token supply.

Elrond’s native tokens were initially known as Elrond with the symbol ERD. However, after the project launched its mainnet in July 2020 the native coins were changed to EGLD coins. ERD holders then received 1 EGLD coin for every 1,000 ERD coins they held.




## Elrond’s Unique Features

Elrond stands out with its fast and cheap transaction costs. Its capabilities are possible due to several features, which include;

•	Sharding

Sharding involves splitting a blockchain into smaller pieces known as shards, enabling nodes to only process a fraction of the network’s transactions. It is one way blockchains like Ziliqa and Polkadot are using to solve blockchain’s scalability problem.
Elrond uses a transaction mechanism called “Adaptive State Sharding” that splits nodes into subsets to verify transactions. Once transactions are processed, the shards broadcast them to Elrond’s central blockchain (metachain) where they will be settled.

•	Secure Proof of Stake (SPoS)

Secure Proof of Stake is similar to the Proof of Stake consensus mechanism. Instead of miners, Elrond depends on validators to validate transactions and new blocks to the blockchain.
Because Elrond consists of shards instead of a single chain, validators only run nodes that verify transactions within a specific shard.

Transactions from all shards have to be synced, validated, and then written to the blockchain. Contributors to the successfully added batch of transactions get the staking reward via EGLD tokens.




##How Elrond Works

Elrond requires three key participants to work efficiently, validators, fishermen, and observers. The three, operate the Elrond blockchain simultaneously. They enable the Elrond blockchain to be highly scalable;

•	Validators: Validators stake EGLD tokens to verify transactions and add new blocks to the Elrond blockchain.

•	Fishermen: Fishermen verify new blocks after they are added to the Elrond blockchain by validators. Their job is to find invalid blocks and malicious actors participating in the network.

•	Observers: Observers maintain the history of the Elrond blockchain. They are passive network participants who are ineligible for EGLD rewards.

## EGLD Token

The EGLD token is the native currency of the Elrond blockchain. It can be used for staking, to pay transaction fees, and incentivize validators. It can also be used for governance and smart contracts.

EGLD tokens have been performing pretty well since they first came into the scene. According to Coinmarketcap, EGLD coins are currently trading at $56.90 per coin. They are the 42nd largest cryptocurrencies in the world with a live market cap of $1,299,447,038.

EGLD coins have a max supply cap of 31,415,926. There are currently 22,895,867 EGLD coins in public circulation. The coins can be bought in various crypto exchanges including Binance.us, KuCoin, Gate.io, Bitfinex, OKEx, and Crypto.com.

You will need a crypto wallet that is compatible with EGLD coins before you can buy them. Some compatible crypto wallets include the official Elrond wallet, MetaMask, and Trust wallet. The digital coins can also be stored in hardware wallets like Ledger and Trezor.

Based in Malta, the Elrond Company is one company looking to solve one of blockchain’s greatest problems, scalability. The company’s blockchain network stands out with its features that enable it to handle high volumes of transactions cheaply.

While Elrond faces stiff competition from Ethereum, Cardano, and Polkadot, it has the capabilities to compete with them. Some of its features, Adaptive stake sharding and secured proof of stake, rival the leading blockchain platforms.


The Elrond Company

The Law Commission of England and Wales, an independent body created to review and recommend law reforms if needed, confirmed it wants to broaden property rules to the crypto space, including non-fungible tokens as well.

According to the official consultation paper, the government had been asking for a complete review of  the law regarding cryptocurrencies in order to enable their development.

“The Commission’s proposals aim to deliver wider recognition and legal protections for digital assets, allowing a more diverse range of people, groups and companies to interact online and benefit from them,” the [announcement](https://www.lawcom.gov.uk/law-commission-proposes-reforms-for-digital-assets-including-crypto-tokens-and-nfts/) said.

Beside characterizing cryptocurrencies as personal property, reform would include crypto investors  being protected by law in case of losses in hacks or scams.

## Plenty of NFT investors

Commercial and Common Law Commissioner Sarah Green commented there are plenty of [NFT](/news/category/nft-news) investors nowadays who never ask “what happens when things go wrong?”.
“It's not clear at all what happens if you hack into my wallet and take my bitcoin or if ... this system fails and I can't access my Bitcoin,” Green asserted.

The seemingly crypto-friendly proposal is aimed, in part, at helping the U.K. government’s goal of turning the country into a global crypto hub, the commission said in a statement. The commission's proposals, however, would not apply in Scotland or Northern Ireland, which have their own legal systems.

The paper claims the law must acknowledge all unique features of digital assets, including NFTs, that will create a stable legal basis for the crypto industry and its users. With this transformation, the legal system can help create a legally safe environment for cryptocurrencies and the overall market.

This comes in the light of recent announcements by the UK’s Financial Conduct Authority (FCA) that confirmed it has some severe intentions to strengthen cross-border crypto-asset regulation.

It is expected that the UK will become a crypto hub, meaning being more collaborative and innovative when it comes to the supervision of cryptocurrencies in the future.


UK to assess new law defining crypto as property

The world of blockchain is one of the most exciting and innovative industries today. If you're looking for an internship in this field, you're in luck – because there are dozens of opportunities out there!

But before we get into the specifics, let's take a closer look at what blockchain is and why it's so exciting.

## What is blockchain?

You might have heard about blockchain technology, but do you know what it is? Blockchain is a distributed database that allows for secure, transparent and tamper-proof transactions. It's this secure system that has made blockchain a hot topic in the world of business and technology.

If you're interested in getting a crypto internships, read on. In this guide, we'll tell you everything you need to know about how to get started. We'll also give you some tips on how to make yourself stand out from the crowd.

## Why is blockchain an exciting industry?

To put it simply, blockchain is revolutionizing how the world does business. It's providing new ways for companies to track and share data, and it's even paving the way for new forms of commerce.

What's more, the blockchain industry is still in its early stages, which means there are plenty of opportunities for growth and development. And with the rise of cryptocurrency, there are now more opportunities than ever to get involved in the blockchain world.

So, what are you waiting for? Start your journey into the exciting world of blockchain today!

## How many opportunities are there in blockchain?

The world of blockchain is growing rapidly, and with that comes an increasing demand for talented and skilled workers. So, how many opportunities are there in blockchain?

Well, the short answer is: a lot. There are currently thousands of jobs and crypto internships available in the blockchain industry, and that number is only going to grow in the coming years. Whether you're looking for a paid 
or unpaid position, there's definitely something out there for you.

## How to get an internship in blockchain

There are plenty of opportunities in the current market. Whether you're looking for a paid or unpaid position, there are plenty of options out there for you.

The best way to find a crypto internship is to start by doing some research. Check out job websites like LinkedIn, [cryptocurrencyjobs.co](https://cryptocurrencyjobs.co/internship/), uk.indeed.com, etc., and see what companies are hiring interns in this field. Once you've got a list of potential employers, start by sending them your resume and Cover Letter.

If you're having trouble getting started, here are a few tips to help you out:
1. Tailor your resume and cover letter specifically for the company you're applying to.
2. Make sure your skills and experience match the requirements of the position.
3. Highlight any experience you have in blockchain or related technologies.
4. Showcase your passion for the industry and why you want to work in it.
5. Practice, practice, practice! The more confident you sound when talking about blockchain, the better.

## What to expect as a blockchain intern

For starters, you'll likely be working with a team of highly skilled and passionate individuals who are committed to advancing the industry. You'll also be exposed to cutting-edge technologies and learn about the latest trends and innovations. And as the industry grows, so will your opportunities for career development. So if you're excited about blockchain and want to gain experience in this field, an internship is definitely the way to go!

## Conclusion

There are so many opportunities in the blockchain industry when it comes to internships. You can find paid and unpaid internships all over the world, but if you're based in the United Kingdom, there are plenty of options for you as well.

The blockchain industry is constantly growing, so it's a great time to get involved. Not only is it an exciting industry to be in, but there are also many opportunities for career growth.

Read [Latest Moni](/news) to understand more about crypto world and its latest news. 



Guide to Crypto Internships

Kraken exchange, one of the world's largest cryptocurrency exchanges, is under federal investigation for allegedly breaching United States sanctions by enabling customers in Iran and beyond to purchase and sell digital tokens.

Kraken, an $11 billion private entity that allows customers to purchase, trade, or hold multiple cryptocurrencies, has previously faced [regulatory action](/news/article/us-sec-regulation). The Commodity Futures Trading Commission fined the corporation $1.25 million last year for unlawful trading services. 

The cryptocurrency firm would be the largest US crypto business to face OFAC enforcement action. Sanctions on Iran, enacted by the US in 1979, ban the export of goods or services to people or companies in the country.

As the market for digital currencies has risen, the federal government has progressively clamped down on crypto firms. Tether, a stablecoin corporation, was penalised by the CFTC last year for false representations regarding its reserves. Simultaneously, the Justice Department charged an ex-employee of Coinbase, the largest cryptocurrency exchange in the US, with [insider trading](https://www.bloomberg.com/news/articles/2022-07-21/ex-coinbase-manager-arrested-in-us-crypto-insider-trading-case) earlier this month.

## Lawsuit Accused Business in 2019

The Kraken exchange and the subject of sanctions came up in a November 2019 lawsuit filed by a former finance department employee who accused the business of earning money from accounts in sanctioned nations.

Jesse Powell, Kraken's exchange CEO, allegedly stated that he would contemplate breaching the law in various instances if the benefits to the firm exceeded the possible fines. 

However, it is believed Powell stated that the Kraken exchange regularly checks compliance with sanctions laws and, as a general rule, communicates to regulators even possible problems.  

That same year, OFAC began looking into the Kraken exchange, concentrating on the company's accounts in Iran. Sources alleged Kraken users had also created accounts in Syria and Cuba.

A lawyer from a renowned law firm that handles crypto regulations believes that as crypto moves without a bank or intermediaries, exchanges are liable for certain forms of financial regulatory compliance.




Kraken Exchange Under Investigation

Voyager Digital Holdings, a centralised crypto lender, has [rejected an offer from FTX](https://cointelegraph.com/news/voyager-rejects-alameda-buyout-offer-as-it-harms-customers) and its investment arm Alameda Ventures to buy out its digital assets, claiming that the moves "are not value-maximizing" and may "harm clients."

In a rejection letter submitted in court on Sunday as part of its continuing bankruptcy procedures, Voyager lending attorneys condemned the offer made public by FTX, FTX US, and Alameda on Friday to buy out all of Voyager's assets and existing liabilities, leaving the defaulted loan to Three Arrows Capital (3AC).

## Bankman-Fried proposal plan

On Friday, the three businesses linked to FTX CEO Sam Bankman-Fried proposed a plan to Voyager in which Alameda would absorb all of Voyager's assets and utilise FTX or FTX US to sell and distribute them equally among subscribers affected by the bankruptcy.

Bankman-Fried stated in FTX's news release that his idea was a method for Voyager customers to recover their losses and move on from the platform:

“Voyager’s customers did not choose to be bankruptcy investors holding unsecured claims. The goal of our joint proposal is to help establish a better way to resolve an insolvent crypto business.”

In a late-night Twitter conversation, Bankman-Fried reiterated his firm's justification for asking to purchase Voyager. He claimed that Voyager's clients had "been through enough already," and that they should be able to retrieve their assets as quickly as possible because bankruptcy processes "can take years."

## Voyager Lending Response

On Sunday, in response to Bankman-Fried proposal plan, the Voyager lending claimed:

“The AlamedaFTX proposal is nothing more than a liquidation of cryptocurrency. It’s a low-ball bid dressed up as a white knight rescue.”

It also outlined six ways in which the proposal could "harm customers," including capital gains tax consequences, unfairly capping the value of each Voyager user's account at its July 5 value, and the effective elimination of the VGX token, which would "instantly destroy in excess of $100 million in value:"

The letter further rejected claims that AlamedaFTX had a better chance of obtaining purchase bids owing to the two companies' continuous partnerships, stating: "Nothing could be farther from the truth as indicated by this answer."

For more latest crypto news, Read [Latest Moni](/news).



Voyager lending rejects FTX’s buyout offer

If you ask Nikhil Rathi, the new chief executive, FCA crypto regulation may become a new item on its agenda. According to him, the UK’s Financial Conduct Authority (FCA), has some severe intentions to strengthen cross-border crypto-asset [regulation](/news/article/crypto-regulations). 

David Hamilton of Pinsent Masons commented on [Rathi’s recent speech](https://www.fca.org.uk/news/speeches/how-uk-will-regulate-future) on how the US and the UK had “agreed to deepen ties”, regarding financial development. He also added that both countries were “exchanging views on crypto-asset regulation and market developments”. 

“Intensive dialogue between our nations is essential to ensure we deliver consistent outcomes,” said Rathi. He added that since the UK had left the European Union, it got the rare opportunity to connect its regulation to today’s market challenges.

Rathi also confirmed FCA primarily invested in data and technology, and kept scanning 100,000 websites for fraud on a daily level.

“The US and UK will deepen ties on crypto-asset regulation and market developments – including relation to stablecoins and the exploration of central bank digital currencies,” Rathi concluded.

## FCA crypto regulation to be more innovative 

Recently, the UK, US and Singapore launched the International Organization of Securities Commissions (IOSCO) governance body on DeFi and crypto market integrity risks. 

Hamilton commented that Rathi’s speech was vital, especially if viewed in the context of the G20 Financial Stability Board’s (FSB) [announcement](https://www.fsb.org/2022/07/fsb-statement-on-international-regulation-and-supervision-of-crypto-asset-activities/) earlier this month on establishing a new regulatory framework for crypto supervision.

Hamilton also added that Rathi’s speech showed just how important it is for companies to have adequate policies and procedures to comply with the Money Laundering Regulations.
Rachael Preston of Pinsent Masons asserted the speech shows FCA’s intention to become an essential player of the regulatory game. 

“Expect to see a more collaborative, innovative and adaptive style of supervision in the future, with the FCA continuing to push the boundaries of the role of a financial regulator in modern society,” Preston said.

She also added that technology solutions will play a substantial leading role in the FCA’s transformation plans, and will be a key factor regarding its effectiveness. 
 
“The question is whether such an approach can deliver the right outcomes to what is an ever more complex, nuanced and user experience-led market,” Preston said.



FCA crypto regulation – new item in the UK-US financial co-lab

In recent years, the online gambling industry has progressed tremendously as it is worth [61.5 billion USD](https://www.statista.com/statistics/270728/market-volume-of-online-gaming-worldwide/) and is expected to grow by 86% in 2028. The primary reason behind its growth is the inclusion of cryptocurrencies in gambling. 

Now, various online casinos deal in fiat currencies and digital tokens. One of the most popular options is mBit Casino which is ideal for [Bitcoin](/coins/btc) players. But, like any other online gambling platform, critics question its legitimacy. Are you wondering whether this casino is white-labelled or not? Read this review to find out the truth! 

## How does gambling work on mBit Casino?

mBit is a Bitcoin wagering platform that is regulated by the Curacao government. You can anonymously register on it and start gambling in Bitcoins. However, if you want to bet with fiat currencies, you would need to provide your personal details. It offers a variety of game categories and payment options. 

Other than Bitcoin, you can gamble with Ethereum, Dogecoin, BitcoinCash, Litecoin, and Tether. It gives you jackpot opportunities like Mega Moolah, or you can try your luck with free spins. 

## Prominent features 

1.	Deposit/no deposit welcome bonuses
You can either deposit an amount initially or start without it. In either case, you will get welcome bonuses. mBit no-deposit welcome bonus will be 50 free spins. Whereas your initial 3 deposits will earn you 250 spins and up to 2.5 BTC.  

2.	Variety of game types
The range of game categories it offers is another distinctive feature. You will get a table, poker, jackpot, slots, and live dealer games. These games are backed by reputable gaming providers. 

3.	Anonymity and security
Crypto gambling will ensure that you remain anonymous. It doesn’t require personal information and keeps you safe from data thefts. Curacao regulates the casino and it has the backing of CoinGaming.io and Direx NV, making it a secure space for gambling.

4.	Withdrawal speed and payment options
Its speedy withdrawals and numerous payment methods are other special features. For transactions, you will have options like bank transfer, Visa, MasterCard, Skrill, Accentpay, and many others.

## Final Verdict: Is mBit Casino legitimate?

In a nutshell, yes, it is a legit, white-label platform for Bitcoin gambling. The Curacao government oversees its regulations which ensures the platform’s safety. Its affiliation with CoinGaming.io and Direx NV further verifies its authenticity. 

Besides that, the range of secure payment options like Visa, MasterCard, Skrill, and others, adds to its credibility. So, good news for Bitcoin gamblers: mBit Casino is legitimate, making it one of the favourites to go!




mBit Casino Review

The United Kingdoms’ giant lender, Barclays, is set to invest a modest sum in a growing cryptocurrency custody firm, Copper. Sky News has [reported](https://news.sky.com/story/barclays-snaps-up-stake-in-2bn-cryptocurrency-firm-copper-12658295) that Copper, a $2bn crypto firm having Hammond Lord as its advisor, has attracted Barclays crypto investment. Barclays confirmed its stake in the recent round of investment for the company. 

The funding has long been under discussion because of the bear market. However, the company has managed to close it in the Series C round. The company’s valuation has reportedly reached $2 billion. Last year, it was a billion short of its expected $3 billion valuation.

The previous round of investment for the firm took place in March 2021. In the Series B round, it raised around $50 million. But Copper did not disclose its valuation after that.  
Barclays crypto funding of ‘millions of dollars’
According to the sources, Barclays crypto investment for this round will be ‘millions of dollars.’ The funding will be concluded in the coming days. However, neither Copper nor Barclays has confirmed the investment. 

Besides, the company has attracted investments from various other lenders. These include prominent names like MMC Ventures, Dawn Capital, and LocalGlobe. 
On the other hand, the crypto news shows the declining market, where several companies like Celsius have declared bankruptcy. Amidst such a climate, securing Barclays crypto funding is a success for the company. 

Previously, the UK’s giant lender refused its services to firms like Coinbase and Binance. But, the bank is one of the oldest to support cryptocurrencies and digital assets in the country. Hence, its stake means more credibility for the firm. 

On the contrary, Copper is facing issues with the United Kingdom’s Financial Conduct Authority. There is a deadlock over the issue of temporary registration required for companies that provide digital asset services. That’s why it is working with Switzerland’s regulations. Find out more about recent development in the digital world at [Latest Moni](/news). 






Barclays snaps up stake in $2bn cryptocurrency firm Copper

The cryptocurrency trading platform FTX, which was co-founded by the billionaire Sam Bankman-Fried, is reportedly in advanced talks to buy the South Korean company Bithumb, according to a person familiar with the subject.

According to the individual, who asked not to be named since they were talking about something sensitive, the companies have been in conversations for several months now. A spokeswoman for Bithumb has stated that they are unable to confirm anything at this time.

The FTX spokeswoman that we reached out to declined to respond. [According to a person who spoke](https://www.bloomberg.com/news/articles/2022-07-22/bankman-fried-s-ftx-said-in-talks-to-buy-south-korea-s-bithumb) on the condition of anonymity to Bloomberg, the two exchanges have been negotiating the arrangement for a number of months now.

As of the time this article was being published, neither Bithumb nor FTX had responded to Forkast's request for comment on the topic. Sam Bankman-Fried, the co-founder and chief executive of FTX, has provided assistance to businesses like BlockFi and Voyager Digital when those companies have experienced a liquidity problem.

Bithumb is one of only five cryptocurrency exchanges in South Korea that have been granted permission to provide cash-to-cryptocurrency conversion services.

In South Korea, Bithumb was responsible for 17.1 percent of the entire cryptocurrency trade volume in 2017, second only to the Upbit exchange in that regard. By providing financial support to struggling businesses or acquiring them outright, Bankman-Fried intends to capitalize on the current downturn in the cryptocurrency industry.

This week, persons with knowledge of the situation stated that FTX and its American company FTX US are in talks to acquire fresh financing. If successful, this would put Bankman-Fried in a position to continue his deal-making frenzy, which has seen him commit almost one billion dollars so far.

According to the data provider CoinGecko, the cryptocurrency trading platform Bithumb, which was established in 2014, presently handles an average daily volume of trades worth approximately $569 million.

It was one of the crypto exchanges in South Korea whose premises were raided this week by local prosecutors as part of an expanding probe into Terraform Labs following the failure of the TerraUSD stablecoin in May. The investigation comes as a result of the collapse of the TerraUSD stablecoin. 

For more developments on the crypto news go to [Latest Moni](/news).


Bankman Fried's FTX is now in discussions to acquire Bithumb

If you have been interested in crypto poker, roulette, slots, or gambling in general, you’ve probably come across many scam sites, one of which is the [FortuneJack scam.](https://www.trustpilot.com/review/fortunejack.com)

Still, we don’t want to allege that anyone was being illicit or fake so let’s try to explain what this ‘crypto casino’ is about. 

According to some (most probably paid) ads, this is one of the oldest crypto casinos on the web that is now facing numerous accusations of scam – especially when big money is involved.

The latest complaint against FortuneJack includes more than 800 Monero (XMR). And not just that, but the whole transaction history of one of the best winning clients was deleted.

According to a user known as PaperWallet, he accumulated a total of $120K on FortuneJack. Still, just a moment before the withdrawal, the whole betting history was deleted by the casino and over half the amount won was deducted.

This, of course, can be added as a ticket to technical support (or lack of) and perhaps the issue can be resolved for that matter. However, the company that calls itself the oldest crypto casino has to take care of its reputation and should not allow such things to happen.

Also, after the complaint, support didn’t answer over 28 hours. 

## Infamous year to start the business

Fortunejack started with its operations in 2014 – the same year hackers stole 740,000 [Bitcoin](/coins/btc) from Mt. Gox customers and 100,000 from the company itself. Not directly related – but shushes the general sentiment.

Also, when looking at the company’s Terms of Service (ToS), it’s viable that the company can, at any moment, change the rules for its customers and they can take effect immediately without previous notice of such actions.

According to the website, the company is encouraging users to regularly check for such updates because it can shrug off any liability for any loss resulting from the changes made.

If we look at regular casinos, which all have similar ToS’s, this could imply that winnings could also be cancelled.

When PaperWallet’s support ticket was finally answered, FortuneJack said its Terms of Service gives them the right to cancel bets when the player places more similar bets as, in such cases, only one of such bets is considered active.

The real question is – why does the company allow that kind of bet to be placed and why does it wait for the outcome before reacting, in this case - nullifying them? More precisely, what would it do if the player had lost?
To us, this seems like a cheating policy involving malicious interpretation of their terms. 

A good reputation is what it’s all about at the end and we believe that Fortunejack forgot that.
The rules should be more apparent and the warnings about this kind of situation should be publicly visible (not only in the fine print).

Finally, bets that are “same” or “similar” should not be approved in the first place, and players should be warned on all of these terms.


The FortuneJack Scam Explained

Daniel Shin, the co-founder of Terra Labs, was the subject of attention on Wednesday, July 20, as his home was invaded by prosecutors, according to a [news media report](https://www.msn.com/en-us/money/companies/south-korean-prosecutors-raid-terra-co-founder-daniel-shins-home-report/ar-AAZQNFF?fromMaestro=true).

The report said the raid came about due to investigators believing the crash of the algorithmic stablecoin TerraUSD (UST), which led to the market crash of May, was due to fraud on the part of the executives of the crypto company.

In May, [UST collapsed](/news/article/terra-luna-collapse). It was supposed to hold its peg against the United States Dollar (USD), like Tether (USDT), Circle's USDC, and Binance USD (BUSD), which continue to hover around $1.

This led to several exchanges and hedge funds falling victim to overexposure. Due to the impact of the crash in Terra, investors who poured liquidity into LUNA, the native asset of the Terra ecosystem, filed a complaint against co-founder Do Kwon and Terraform Labs.

Many of the investors' alleged that fraud and extensive violations of securities laws in the country led to them suffering irrecoverable losses.

A series of lawsuits have followed for other projects, with the high-profile case being the suing of self-proclaimed DogeFather Elon Musk by a Dogecoin investor for billions of dollars.

## Why is Daniel Shin being targeted? 

As an executive of Terra Labs, he is in a better position to know the activities that preceded the collapse of one of the most vibrant ecosystems in the crypto finance industry than many. Terra Labs had more than $30 billion in total value locked (TVL) before the market downturn, per DeFiLlama.

In the early days of the week, authorities raided local cryptocurrency exchanges including Upbit and Bithumb.

In June, a travel ban was placed on many stakeholders, including former staff members of Terraform Labs.

Aside from Shin, co-founder Do Kwon is alleged to have evaded the paying of taxes and the government continues to investigate the crypto executive.
The two heads of the crypto firm are residents of Singapore, but it is unclear if they live there on a full-time basis.

With that said, the revival of Terra (LUNA) continues to see above-average liquidity. As of writing, LUNA was exchanging hands for $1.93 and had a trading volume of approximately $58.29 million, per data from CoinMarketCap..


Daniel Shin’s Home Raided by South Korean Authorities

The first case of Coinbase insider trading has resulted in charges. US prosecutors in Manhattan have charged a former product manager with wire fraud, according to the New York Times.

Product manager Ishan Wahi and his brother, Nikhil Wahi, were taken into custody in Seattle on Thursday. Another defendant, Sameer Ramani, remains at large, and the Securities and Exchange Commission (SEC) has filed civil accusations against him as well.

## Coinbase insider trading is the subject of an investigation by the SEC

Lawyers representing Ishan Wahi, 32, released a statement saying that he is "innocent of all crime and intends to defend himself forcefully."

Requests for feedback from Nikhil Wahi's lawyer were not immediately returned. A lawyer for Ramani was not immediately available to Reuters.

Prosecutors allege that[ Ishan Wahi divulged sensitive information](https://www.foxbusiness.com/markets/ex-coinbase-manager-charged-crypto-insider-trading-case) on upcoming Coinbase announcements about additional cryptocurrency assets that users would soon be able to trade on the exchange. He booked a flight to India after being summoned to Coinbase's Seattle headquarters by the company's security director, according to the report.

For the first time in insider trading of digital assets, an ex-NFT marketplace employee has been charged. Law enforcement prevented him from boarding that flight on May 16. The bond for Ishan Wahi was set at $1 million and his passports had to be surrendered.

Despite his alleged attempt to run, prosecutors did not urge that he be arrested. On August 2, he will appear in federal court in Manhattan.

A total of 25 crypto assets were allegedly bought and sold for a profit by Nikhil Wahi (26) and Ramani (33), it states in the related civil accusations, nine of which the SEC said it had classified as securities.

## Cryptoqueen added to FBI's list of top 10 most wanted

The SEC's investigation into Coinbase's listing of the coins deemed securities in the complaint is ongoing, according to an SEC official.
At least 14 times before Coinbase's statements in June 2021 and April 2022, Ethereum blockchain wallets were used to acquire the assets, according to prosecutors.

At least $1.5 million in ill-gotten gains were generated as a result of these transactions.

An internal investigation into the trading was shared with authorities, according to Coinbase's chief security officer Philip Martin. 

For breaking crypto news on Coinbase and more, go to [Latest Moni](/news).


Insider Trading Charges Filed Against Ex-Coinbase Manager

[Cointelegraph](https://cointelegraph.com/) was founded in 2013. As a leading independent digital media resource, the portal covers a wide range of news on emerging fintech trends, crypto assets, and blockchain technology.

A group of writers and editors under the management team ensures stakeholders of centralised and decentralised finance are fed with the most accurate, up-to-date news about the rapidly evolving nature of the financial world.

In a saturated market where every information outlet wants to be the first to break the news, the editorial content found on the platform is unbiased.

What’s more, Cointelegraph readers can find comprehensive crypto price charts, in-depth analytics, regular reports, and opinion pieces on the current revolution digital currencies have brought to the global population.

The crypto news hub shares the belief of several market commentators who think the power of blockchain technology and cryptocurrencies will become a part of our daily lives in the not-too-distant future.

This is why it has gathered resources to raise awareness and properly educate readers about the pros of being involved in the transition from Web2 to Web3 and the metaverse as a whole.

News of an investor suing Elon Musk for billions of dollars over [Dogecoin](/coins/doge) losses was featured on the portal. Though the platform is free to navigate by people from all walks of life, so long as there is an internet connection, it offers a feature called Cointelegraph Markets Pro.

## Cointelegraph Markets Pro 

This is reserved for subscribers who want in-depth information about the market. Cointelegraph Pro is an easy-to-use and straightforward dashboard powered by the same data and technology employed by leading institutional investors in the crypto industry.

Found on the Cointelegraph app, NewsQuakes on the data intelligence platform uses artificial intelligence (AI) to comb through thousands of essential sources. Once potential market-moving events are detected, subscribers are alerted through smartphone notifications.

Announcements from NewsQuakes are tapped from the official handles of crypto project Twitter accounts, credible posts, and exchange websites.

Due to the difficulty in monitoring all projects simultaneously, this tool becomes essential in providing traders with time-sensitive information to make timely trading decisions.

Potential subscribers should know they would be fed news about primary drivers of the price of digital assets, such as partnerships, staking, and exchange listings.

Despite competition from others, millions of people source information from this news service to educate themselves about the latest developments in the decentralised finance sector.


Cointelegraph Explained

In crypto news from Australia, the [Australian Competition and Consumer Commission (ACCC)](https://www.accc.gov.au/) is testing automated scam site removal.

After more than 300 reports, ACCC's trial has taken down various scam sites, including ones linked to cryptocurrency.

Cybersecurity experts believe this measure will help regularly take down fraudulent sites that pose a cyber threat to consumers.

## Crypto News Australia

On Tuesday, the ACCC's chair, Gina Cass-Gottlieb, announced the trials at the 2022 Law Council Australia. This followed crypto news from Australia that, last year, there was a loss of around 113 million (AUD) because of cryptocurrency scams in the country. That's why ACCC thinks that action against such scams is mandatory.

ACCC is currently working with the Australian Securities and Investment Commission (ASIC) to remove crypto scam sites from the internet. To take an efficient and automated action against scammers, ACCC is taking help from Netcraft, a UK-based firm. Netcraft is an experienced firm for cybersecurity as it has been working with the UK’s National Cyber Security Network for the last four years. 

Cass-Gottlieb said more than 300 scam sites have been reported and removed from the internet in the last three weeks. These sites include phishing, tech support, puppy, and cryptocurrency investment scams.

## Australia Introducing Strict Crypto Regulations

Other crypto news from Australia suggests that the country's crypto regulators are introducing strict policies for criminals. Along with taking action against scam sites, the Australian courts have announced severe sentences for criminals who will use crypto in their illegal activities.

The ruling came after a recent study on Crime and Cryptocurrency in Australian courts. According to this study, using blockchain for crimes indicates considerable planning and technical knowledge. That's why the court concluded that the crimes involving crypto are more offensive to the law. 

Australia is now also looking to shape a formidable framework for cryptocurrencies to ensure a safer environment for investors. Previously, many other countries like the UK, Russia, South Africa, and others have made amendments to their cryptocurrency regulations.

Read more crypto news at [Latest Moni](/news).



Crypto News Australia: Regulator Trials Automated Scam Site Removal

According to Tesla's newest Q2 financial statement, Bitcoin was one of the essential items that impacted the operating income.

As per the official data, the operating income improved year-to-year to $2.5 billion in the second quarter, resulting in a 14.6% operating margin.

"As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency," Tesla's statement said, adding: "Conversions in Q2 added $936M of cash to our balance sheet."

However, during the regular quarterly investor call, the company's CEO, Elon Musk, revealed that even though Tesla holds Dogecoin as well, it didn't convert any of that into fiat.

 "We still have it," Musk claimed.

Just a month before, speaking at the Qatar Economic Forum in Doha, Musk [confirmed](https://www.bloomberg.com/news/articles/2022-06-21/musk-says-he-supports-dogecoin-after-people-encouraged-him-to) he supports Dogecoin, reiterating that Tesla accepts the currency as payment for its products. He also announced that his company SpaceX intends to do the same.

Musk says he intends to 'personally support' Dogecoin in response to the many people who are not wealthy and have encouraged him to buy and support DOGE.

## Tesla’s Musk – Bitcoin and Dogecoin advocate

Back before, Musk was [pretty vocal](/news/article/elon-musk-bitcoin) about owning Dogecoin. However, he never confirmed that Tesla or SpaceX have it in their portfolios. It is not known whether the assets left in crypto are remaining Bitcoin or, perhaps, Dogecoin.

If we try to calculate how much Bitcoin Tesla has left, we should look at the sheet where it says the company owned 42,000 Bitcoin heading into the second quarter.

After the company sold 75%, there should be 10,500 at the quarter's end. We can only presume that the snapshot was taken somewhere at the end of June when fiscal Q2 ended. At the time, 1 Bitcoin was worth somewhere between $18,750 and $20,300. This could mean that there are 10,500 coins, of which $197 to $213 million are Bitcoin.

Musk has been a crypto advocate for years and was pretty influential in market moves. In 2021 he helped Bitcoin jump after admitting Tesla bought some for its corporate vault.


Tesla Bitcoin Sale Confirmed by Elon Musk

Binance is one of the world's major cryptocurrency exchanges. However, the firm has received criticism from authorities due to lack of necessary permissions.

The latest Binance news covers the exchange platform being [fined 3.3 million euros (£2.8million) by the Dutch Central Bank (DNB)](https://watcher.guru/news/heres-why-the-dutch-central-bank-fined-binance-for-3-3-million) in April 2022. The penalty was levied because the exchange provided services to Dutch nationals without being properly registered. The DNB's General Fine Setting Policy was used to calculate the amount to be paid as fine.

In a statement issued on Monday, the regulator stated that violations committed by Binance are punished by third-category penalties, with a base amount of €2 million (£1.7 million).

This basic amount was increased for Binance, with DNB outlining many reasons for doing so.

According to DNB, one of the reasons is that digital asset brokerage behemoth is not only the largest supplier of crypto services globally but also has a high number of consumers in the nation.

Since May 21, 2020, the Dutch Central Bank has mandated virtual asset service providers (VASPs) to be registered under the Anti-Money Laundering and Anti-Terrorist Financing Act.

According to the authority, Binance violated the registration regulations from May 21, 2020, until last December 1, 2021, when DNB finished its inquiry.

According to DNB, this is the major reason for the higher penalties because these offences are considered extremely serious.

DNB warned Binance in August 2021 that operating in the Netherlands without the appropriate legal registration "may increase the risk of customers becoming involved in money laundering or terrorist financing."

However, the DNB stated that it has reduced the punishment by 5%, partly because Binance has already submitted a registration application, which is presently being reviewed, and because the exchange has been "relatively transparent about its operations throughout the process."

The crypto exchange has been steadily expanding across Europe. Binance revealed last week that its Spanish subsidiary, Moon Tech Spain, has been registered as a VASP with the Bank of Spain.

Both France and Italy certified the crypto exchange as an official digital asset supplier in May of this year.

Read [Latest Moni](/news) for more crypto news. 



Binance news: DNB fined Binance 3.3 million euros

It seems the crypto brokerage Genesis filed the claim against the bankrupt crypto hedge fund Three Arrows Capital (3AC) which allegedly owes it $1.2 billion. 

Genesis is not the only creditor who filed the claim. According to the sources familiar with the situation, co-founder of 3AC Zhu Su submitted $5 million claim, while Chen Kaili Kelly, the wife of another 3AC co-founder, Kyle Davies, filed a $66 million worth lawsuit.

Also, faltered crypto companies [Celsius Network](/news/article/celsius-bankruptcy-protection) and Voyager Digital are among others who lent money to Three Arrows. A crypto derivatives exchange Deribit also filed an $80 million claim.

Genesis Asia-Pacific earlier has confirmed its exposition to Three Arrows. On July 9 filing in Singapore, high court revealed there was a $2.36 billion loan to the fund. Genesis CEO, Michael Moro recently [tweeted](https://twitter.com/michaelmoro/status/1544733041045786626) about the whole situation admitting the loans to Three Arrows “had a weighted average margin requirement of over 80%." According to Moro, "once they were unable to meet the margin call requirements, we immediately sold collateral and hedged our downside”.

## Genesis reveals crypto Ponzi scheme

The company confirmed that since then, it has been collaborating with Digital Currency Group to find the optimal strategy for isolating the risk further. 

“DCG has assumed certain liabilities of Genesis related to this counterparty to ensure we have the capital to operate and scale our business for the long-term,” Moro said.

He added that both the DCG and Genesis balance sheets remain stable and that there is no remaining exposure to Three Arrows Capital.

There is still a legal question here of how a co-founder could at the same time be a creditor to his own company. It all adds up to the Ponzi scheme where old investors are funded with money from the newcomers.

When looking at the filings, it was reiterated that “3AC is insolvent and should be wound up” in different words. 

In an affidavit filed June 26, Charles McGarraugh, Blockchain.com’s Chief Strategy Officer, claimed that Kyle Davies wanted to borrow another 5,000 Bitcoin from Genesis, valued at approximately $125 million at the time. He said the reason for credit was “to pay a margin call to another lender.” 

Latest Moni

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