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• The crypto market cap saw net inflows of around $10 billion and is currently at $1.16 trillion.
• Bitcoin’s market cap increased by 0.88% to $540.81 billion, while Ethereum’s decreased by 0.32% to $216.37 billion.
• XRP recorded the highest gain of 2.04%, while Polygon and Cardano posted the highest loss of 1.5% and 1.46%, respectively.

Crypto Market Update

The cryptocurrency market cap saw net inflows of around $10 billion over the last 24 hours and currently stands at $1.16 trillion — up 0.16%. During the reporting period, Bitcoin’s market cap increased by 0.88% to $540.81 billion — while Ethereum’s market cap decreased by 0.32% to $216.37 billion except for Bitcoin, BNB, and XRP which recorded gains during the reporting period with XRP seeing the highest gain of 2.04%, while Polygon and Cardano posted the highest loss of 1.5% and 1.46%, respectively.

Bitcoin

In the last 24 hours, Bitcoin increased by 0

• Aiden Pleterski, self-proclaimed ‚Crypto King‘ of Canada, is accused of misleading investors by promising investments in cryptocurrency and foreign exchange.
• New court filings reveal that he was kidnapped and held ransom for three days before being released.
• He is said to have raised a staggering $41.5 million from investors, but only invested $670,000 of it on personal expenses such as private jets and vacations.

Crypto King Raised Millions But Only Invested $670K

Aiden Pleterski, self-proclaimed ‚Crypto King‘ of Canada, is accused of misleading investors by promising investments in cryptocurrency and foreign exchange. According to the findings, he raised a staggering $41.5 million from investors but only invested $670,000 — expending nearly 38% of the funds raised on personal expenses including private jet rentals, extravagant vacations and the acquisition of high-end cars.

Kidnapping & Torture Over Failed Investments Scheme

New court filings in the case reveal previously undisclosed details of his kidnapping and torture which occurred over three days December 2022 as a result of his failed investment scheme. Pleterski’s father testified to the trustee that his son was kidnapped in the middle of the night and subjected to brutal torture and beatings during his three-day captivity while being driven around Southern Ontario. The landlord received a ransom call demanding $3 million for his release, in which Pleterski allegedly pleaded with him saying that his physical life was in danger. After three days he was released by his captives.

Investors Seeking Repayment Through Other Means

In a bankruptcy trustee report filed earlier this year it stated that only $25 million in creditors have come forward —indicating that those who had invested the other $16 million may be seeking repayment via other means. In a statement given to the bankruptcy court Pleterski said “I guess you could say greed took over” referring to why he decided to invest funds into personal expenses instead of following through with investor’s expectations when investing into crypto assets/foreign exchange trading activities.

Court Case Ongoing & Unclear Outcome

The Ontario court case between Aiden Pleterski vs numerous creditors is still ongoing with an unclear outcome at this time as lawyers battle out details regarding if/how much money will be repaid back to those taken advantage by investing into what they thought would be profitable crypto assets/foreign exchange trading activities led by Pleterski (the Crypto King). Although many are hopeful for some sort justice served due to recent developments such as kidnappings & ransoms related directly or indirectly with Pleterksi’s fraudulent investments scheme(s).

Conclusion

The case involving Aiden Pleterski highlights how easily scammers can take advantage naive investors with fraudulent investment schemes — even when presented with seemingly legitimate opportunities such as investing into crypto assets or foreign exchange trading activities led by one labeled ‘Crypto King’ like himself.. It also further reinforces why its important to do your own research & due diligence before investing capital into any type financial opportunity presented online or offline regardless if its labeled legitimate or not!

• The crypto market cap remained flat at 1.09 trillion despite declining by around 0.16% during the reporting period. Bitcoin and BNB were the only top 10 cryptos to record gains, while Shiba Inu and Solana were the biggest losers, tanking by more than 5%.
• Tether (USDT) market cap increased to $74.47 billion, while Binance USD (BUSD) and USD Coin (USDC) remained flat and decreased respectively.
• Bitcoin increased 1.59% to trade at $24,966 as of 07:00 ET, with Ethereum falling 1.35% to trade at $1,664 in the same time frame.

Crypto Market Cap

The cryptocurrency market cap remained flat at 1.09 trillion despite declining by around 0.16% during the reporting period. All top 10 cryptocurrencies recorded losses in the last 24 hours, except Bitcoin and BNB which rose 1.59% and 2.8%, respectively while Shiba Inu and Solana were the biggest losers tanking by more than 5%.

Stablecoins

Tether (USDT) market cap increased to $74.47 billion, while Binance USD (BUSD) remained flat at $8.34 billion — USD Coin (USDC) decreased to $37.49 billion during this period of time..

Bitcoin Performance

Bitcoin increased 1.59% to trade at $24,966 as of 07:00 ET with its market dominance increasing slightly from 43 . 8 % t o 44 . 5 % . The asset peaked at $25 , 240 before returning to current levels .

Ethereum Performance

Over the last 24 hours , Ethereum fell 1 . 35 % t o trade a t$1 , 664 a s o f 07 : 00 ET . It s m arket domi nance dropped t o 18 . 8 % from 19 . 0 % . ETH ’s p rice performance mirrored that of Bitcoin with it peaking at$1701 before returning back down again..

Top 5 Gainers PromPROM was the day’s biggest gainer , r ising 35 . 28 % over t he repor ti ng period t o$6 . 32 a s of press ti me with i ts m arket ca p standing a t$115 . 45 million .. Gains NetworkGNS gained 20 . 34 % t o$9 . 17 a s of press ti me , w it h i ts marke t ca p stan ding a t$279 .. 44 millio n … Mask NetworkMASK increase d 12 .. 94 %t o trading a t 4 .. 03 a s of writing wit h i ts marke t ca p standing a

• Missouri has passed a bill called the „Digital Asset Mining Protection Act“ to protect the rights of crypto miners.
• The bill ensures that crypto-mining companies are subject to the same laws as other businesses and prevents energy companies from applying discriminatory tax rules to mining corporations.
• The U.S. is one of the leaders in crypto mining, with Texas hosting over 30 mining companies within its borders, and Mississippi recently passing a legislative bill that legalized Bitcoin (BTC) mining within the state.

Missouri Passes Crypto Mining Protection Law

The U.S. state of Missouri has passed the „Digital Asset Mining Protection Act“ on March 7th in order to protect the rights of crypto miners. This legislation won’t allow state and political subdivisions to halt crypto mining nodes‘ work, ensuring that crypto-mining companies are subject to the same laws as other businesses so that specific laws can’t target them. Additionally, it mandates the state to give „proper notice“ before making adjustments to rules related to crypto mining.

U.S.: A Leader in Crypto Mining

The United States is one of the leaders in cryptocurrency mining, with two major pools – Foundry and Antpool – accounting for over 51% of global hash rate according to data from October 2022. Texas stands forward as a hub for these operations, hosting over 30 different mining companies within its borders, while Mississippi recently passed a legislative bill legalizing Bitcoin (BTC) mining within its boundaries too.

New York’s Contrasting Attitude Towards Mining

However, not all states have been welcoming towards cryptocurrency mining operations – New York’s senate passed a bill back in June 2022 banning any new proof-of-work (PoW) projects from starting up for three years across its borders due to environmental concerns caused by large scale electricity consumption associated with these activities.

Digital Asset Mining Protection Act

Despite New York’s efforts however, Missouri remains determined not only legalize but also protect cryptocurrency miners by passing this act which:

• „Precludes the state and political subdivisions from prohibiting running a node or series of nodes for purpose of home digital assetminig.“

• „Ensures that energy companies cannot apply discriminatory tax rules against miners.“

• „Mandates proper notice before making adjustments related to digital assetmining.“

Conclusion

The Digital Asset Mining Protection Act was voted unanimously on March 7th by both Democrats and Republicans alike before moving onto House committee approval and then eventually Senate consideration – demonstrating an overall positive attitude towards cryptocurrency operations across United States despite some individual states opposing this trend due environmental concerns associated with such activities..

• Coinbase will suspend Binance USD (BUSD) trading starting March 13 at noon Eastern Time.
• The suspension will include Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime platforms.
• The SEC requested Paxos to halt further BUSD production on Feb. 13 citing violation of securities and investor protection laws.

Coinbase Suspending BUSD Trading

Crypto exchange Coinbase announced that they will suspend trading for Binance USD (BUSD) on March 13, 2023 at 12pm ET via their official Twitter account. This suspension includes Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime platforms; however users can still access and withdraw their BUSD holdings after Mar. 13th.

SEC Requested Paxos to Halt Further BUSD Production

The Securities and Exchange Commission (SEC) requested Paxos to halt further BUSD production on Feb. 13 citing violation of securities and investor protection laws. Between Feb. 13th and Feb 17th, Binance lost 16% of its BUSD holdings prompting the need for a burn of idle funds in the last seven days amounting to $2 billion on the BNB Chain.

Impact of Suspension

The suspension may have an impact on cryptocurrency traders as it is one of the main stablecoin options available in the market right now which can be used as a hedge against price volatility in other cryptoassets such as Bitcoin or Ethereum when investing into crypto markets with margin products or leveraged tokens like wBTC or renBTC respectively .

Outlook Ahead

It remains unclear how long this suspension will last but there is no doubt that it has caused uncertainty among traders in the short term who are now left with limited stablecoin options for trading purposes or hedging against price volatility risk when dealing with margin products or leveraged tokens .

Conclusion

Cryptocurrency exchange Coinbase made an announcement that it would suspend trading for Binance USD (BUSD) on March 13th due to security issues raised by The Securities and Exchange Commission (SEC). This may cause some disruption amongst traders who use these assets as a hedge against price volatility when dealing with margin products or leveraged tokens until more clarity is provided by regulators around these regulations in the future .

• January saw an exceptional performance in the crypto market, with altcoins outpacing Bitcoin.
• AAA games have begun hitting the markets, led by Illuvium’s Beta launch.
• GameFi funding continued to drop, with only three projects receiving funding in January.

Crypto Market Performance

January was a highly favorable month for the crypto market, with altcoin prices significantly outperforming Bitcoin—which is usually the first of the two to experience a bullish cycle. This suggests that investors are strategically awaiting any sign of positive macro news to jump back into speculative assets.

Blockchain Games Launching

The long-awaited AAA blockchain games have finally begun hitting the markets, led by the Beta of Illuvium which has already seen much activity. Other popular games such as Axie Infinity and Polygon have seen user numbers increasing significantly since January 1st.

GameFi User Numbers

New users as a percentage of total users in GameFi decreased to 36% from 38.8% in December while active GameFi increased slightly at the end of December; however, new user numbers were still low compared to August 2022 figures.

GameFi Investment & Funding

GameFi funding continued to drop over January, hitting record monthly lows of $20.9M – although three projects within the space did receive backing during this period.

Crypto Macro Overview

In terms of broader developments within cryptocurrency markets: ETH increased from the low-$1,200s at the end of December to a high of $1,660; many prominent altcoins also doubled or tripled their values; BNB’s GameFi user numbers declined however overall sentiment remains largely optimistic amongst investors and developers alike.

• Optimism’s OP token fell 13% in the last 24 hours following an 11M token airdrop.
• The airdrop was part of a broader plan to distribute 19% of its initial governance token supply.
• At the time of press, the OP price is down 10.97% over the past 24 hours with a 24-hour trading volume of $493.87 million.

Optimism Airdrop

Optimism recently distributed 11.7 million tokens to over 300,000 wallets on February 9th, increasing its OP token circulating supply to 234.74 million. This was part of a broader plan to distribute 19% of its initial governance token supply and eligible users included those who have spent more than $6.10 on gas since March 25th 2022 and those who delegated their voting power of their OP tokens.

Price Impact

Following the news, the OP token fell by 13% in the last 24 hours to $2.33 as of press time according to CryptoSlate data and at the time of press it is down 10.97%. According to Dune analytics data, the average amount air dropped was $38 while the maximum amount was $10,462 and transaction volume has ranged between 160-200 since falling from its all-time high (ATH) of 800k back in January 2021 .

Market Summary

At the time of press, Optimism is ranked #76 by market cap with a market capitalization of $559 million and a 24-hour trading volume of $493 million; meanwhile global crypto market is valued at at 1$ trillion with 24 hour volumeof 69 billion and Bitcoin dominance currently at 41%.

Year To Date Performance

OP has been one if not thee best performing digital asset year to date rising by over 200% since Jan 1st 2021 reaching its all-time high (ATH) in Feb 3rd 2021of 3$.

Conclusion

Optmism’s recent 11m token air drop has had an immediate effect on price resulting in 13% decrease however this will likely be temporary given it’s year to date performance which indicates long term growth potential for holders .

• The Indonesian Trade Minister said five out of the 25 registered crypto exchanges in the country may be part of the national bourse.
• The Trade Ministry of Indonesia had initially planned to set up a national cryptocurrency exchange by the end of 2022, but the ministry is now aiming to have the exchange set up before June 2023.
• The Indonesian government is currently reviewing crypto exchanges that will be part of the national bourse.

The Indonesian government has announced plans to set up a national cryptocurrency exchange before the end of June 2023. This comes after the House of Representatives passed regulatory reforms in December last year, which allowed for the issuance of new crypto exchange licenses.

According to the Trade Minister of Indonesia, Zulkifli Hasan, the government is currently reviewing the five active exchanges that are registered with the Commodity Futures Trading Regulatory Agency. These five exchanges are in contention to become part of the national bourse.

The plans to set up a national crypto exchange were initially set for the end of 2022, however, the government had placed a moratorium on the issuance of new crypto exchange licenses. This moratorium had attracted criticism from people who believed that the government was unnecessarily „making things difficult“. However, the minister clarified that the moratorium was needed to „clear the regulations“.

Now that the moratorium has been lifted, the government is looking to set up the national crypto exchange before June 2023. The Minister also emphasised that the government does not want to rush the process as this could potentially create a lot of confusion for the public, who may not be aware of the nuances of crypto trading.

The five exchanges that are in contention to become part of the national bourse are part of the 25 exchanges that are registered with the Commodity Futures Trading Regulatory Agency. The government is now looking to ensure that the regulations are well-defined and that the process is carried out in an orderly manner.

Once the national crypto exchange is set up, it will become an important part of the Indonesian financial system. It will open up a new avenue for investors to invest in cryptocurrencies, while also providing a regulated platform for trading. The government is confident that the new exchange will help to create a stable and secure environment for trading cryptocurrencies.

• Prosecutors seized roughly $50 million from FTX founder SBF’s deposit to Farmington State Bank on Jan. 4
• Alameda Research, SBF’s venture capital, had previously invested $11.5 million in the bank in March 2022
• The bank had only three employees when SBF deposited the amount and changed its name to Moonstone Bank after the investment

On January 4th, prosecutors seized just under $50 million from FTX founder Sam Bankman-Fried (SBF) which was held in Farmington State Bank. This was only $500 short of the amount deposited. The bank specialized in agricultural loans to farmers and had only three employees when SBF made the deposit.

Alameda Research, SBF’s venture capital, had previously invested $11.5 million in the bank in March 2022. This investment saw the bank change its name to Moonstone Bank, as well as the addition of online banking services.

Prior to FTX’s investment, the bank had been steadily collecting about $10 million in deposits for a decade. By the third quarter of 2022, this amount had increased to $84 million. Of this increase, $71 million came from new accounts.

The former head of the Independent Community Bankers of America, Camden Fine, shared his thoughts on the investment. He said: “The fact that an offshore hedge fund that was basically a crypto firm was buying a stake in a tiny bank for multiples of what it was worth just a few years ago is pretty remarkable.”

The seizure of the $50 million deposit was a shock to the small bank, which had only three employees at the time of SBF’s deposit. It is unclear why the prosecutors decided to seize the money, but it is likely that it was done in connection with a criminal investigation. It is also unclear what will happen to the seized funds, but it is likely that the money will be returned to SBF in due course.

• Genesis creditors have launched a class action lawsuit against Digital Currency Group (DCG) and its CEO Barry Silbert for alleged violations of federal securities laws.
• The lawsuit alleges that Genesis violated the Securities Act by executing lending agreements involving securities without qualifying for an exemption from registration under the securities laws.
• The lawsuit also alleges that Genesis committed securities fraud by making false and misleading statements about its financial condition.

Creditors of Genesis, a digital asset lending platform that filed for bankruptcy last week, have launched a class action lawsuit against its parent company Digital Currency Group (DCG) and its CEO Barry Silbert for alleged violations of federal securities laws. The lawsuit was filed in the U.S. District Court for the District of Connecticut by creditors who loaned their digital assets to Genesis between February 2, 2021 and November 16, 2022.

The lawsuit alleges that Genesis violated the Securities Act by executing lending agreements involving securities without qualifying for an exemption from registration under the securities laws. The complaint further alleges that Genesis committed securities fraud by making false and misleading statements about its financial condition.

The class action seeks to hold DCG and Silbert liable as “Control Person(s)” in accordance with federal securities laws. The lawsuit alleges that the defendants were aware or should have been aware of the violations of the Securities Act and profited from them.

The lawsuit was filed by law firm Silver Golub & Teitell LLP which is representing Genesis creditors in the lawsuit. The firm noted that the “scheme to defraud was carried out, according to the Complaint, in order to induce prospective digital asset lenders to loan digital assets to Genesis Global Capital and to prevent existing creditors from understanding the true financial condition of Genesis Global Capital.”

The lawsuit seeks compensatory damages and equitable relief for the victims of the alleged fraud. According to the complaint, Genesis had deceived its creditors and investors by making false and misleading statements about its financial condition and prospects. As a result, creditors and investors have suffered significant losses due to their reliance on the false representations.

The lawsuit also seeks to enjoin DCG and Silbert from further violations of the Securities Act and to impose civil penalties. It remains to be seen how the case will progress but the lawsuit is likely to have a significant impact on the digital asset industry as a whole.