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🚨 Heads up, BTC enthusiasts! The US Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Mosaic Exchange Limited and its CEO Sean Michael for allegedly operating a fraudulent digital asset commodity scheme. 🚨 Between 2019 and 2021, Mosaic falsely claimed to have significant assets under management and a proprietary trading algorithm with an 82% accuracy rate. They also boasted high-profit margins of 20% to 60% per month and partnerships with certain crypto exchanges. 📈💰 However, the CFTC found that Mosaic didn't possess the substantial assets it claimed, and its trading algorithm actually incurred losses for customers. The profit margins and partnerships were also unsubstantiated. 😱💔 CFTC Commissioner Kristin Johnson called the scheme a "sham" and a "virtual house of cards," resulting in investors losing massive wealth. Stay vigilant, folks! 🕵️‍♂️💸

🚨 Heads up, BTC enthusiasts! The US Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Mosaic Exchange Limited and its CEO Sean Michael for allegedly operating a fraudulent digital asset commodity scheme. 🚨

Between 2019 and 2021, Mosaic falsely claimed to have significant assets under management and a proprietary trading algorithm with an 82% accuracy rate. They also boasted high-profit margins of 20% to 60% per month and partnerships with certain crypto exchanges. 📈💰

However, the CFTC found that Mosaic didn't possess the substantial assets it claimed, and its trading algorithm actually incurred losses for customers. The profit margins and partnerships were also unsubstantiated. 😱💔

CFTC Commissioner Kristin Johnson called the scheme a "sham" and a "virtual house of cards," resulting in investors losing massive wealth. Stay vigilant, folks! 🕵️‍♂️💸

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🎉Big news, BTC enthusiasts! Monochrome Asset Management, an Australian investment firm, is set to launch the country's first-ever spot Bitcoin exchange-traded fund (ETF) - the Monochrome Bitcoin ETF (IBTC) - on May 4, 2024. 🚀 This isn't just any ETF; it's the first to hold BTC directly in Australia! The IBTC is scheduled to be listed for trading on the Cboe Australia exchange on June 4. Monochrome's strategy? A strictly passive buy and hold investment strategy for bitcoin, without the use of derivatives, leverage, or short selling. 📈 Monochrome applied to launch IBTC in April, as the U.S. spot Bitcoin ETF market heat spread globally. The firm received approval to launch a spot Bitcoin ETF in August 2022, offering investors direct exposure to BTC, ether, and other cryptocurrencies. 🌐 While other firms have released Bitcoin ETFs that indirectly hold BTC or gain exposure through offshore products, Monochrome’s IBTC is different. It was approved under a new crypto licensing category implemented by the Australian Financial Services (AFS) in 2021. The ETF will use a custody solution that meets the country’s regulatory standards, and its holdings will be kept offline in a device not connected to the internet. 🛡️ This exciting development comes as several other countries approve the listings of spot Bitcoin ETFs, offering investors direct exposure to the cryptocurrency. The success of the first wave of ETFs launched in the U.S. earlier this year has triggered a wave that is spreading across regions like Hong Kong. 🌏 So, gear up, BTC fans! The Bitcoin ETF wave is here, and it's making waves in Australia! 🏄‍♂️🎉
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🚀Buckle up, BTC enthusiasts! Matter Labs, the brains behind ZkSync Ethereum Layer 2 network, has dropped its bid to trademark the term "ZK"! 🎉 In a twist of events on June 3rd, Matter Labs revealed that it's dropping the trademark attempt due to the impossibility of finding a group of people perceived as "credibly neutral" by everyone. Previously, Matter Labs had filed to trademark "ZK" (short for zero-knowledge) in nine countries, sparking a dispute with Polyhedra Network over the use of ZK as a ticker symbol. Polyhedra Network accused Matter Labs of bullying and undermining Web3 principles. As the backlash grew, Matter Labs backed down, stating that what works within the Ethereum ecosystem might not work globally, given the diversity of perspectives and stakeholders. "We're proud to be a part of a movement that cares so deeply about cypherpunk values," they said, expressing gratitude to the zksync community for their support. However, key figures from ZK projects, including Shafi Goldwasser and Silvio Micali, co-inventors of ZK proofs, and Sandeep Nailwal and Brendan Farmer, co-founders of Polygon, strongly opposed the move. They argued that "ZK" should remain accessible to all parties and warned that pursuing the trademark could alienate Matter Labs from its community. StarkWare, a ZK-proof technology developer, called the behavior "oppressive," and ConsenSys-backed Layer 2 scaling solution Linea also condemned Matter Labs. So, it's a victory for the crypto community as Matter Labs abandons the 'ZK' trademark following community outcry! 🎉🎉🎉
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🚨Crypto news alert!🚨 Sam Kazemian, founder of Frax Finance, has pointed the finger at an inside job for the recent hack of the project's official account. The breach occurred on June 1, leaving the decentralized stablecoin protocol FRAX USD in the lurch. 😱 In a Telegram post, Kazemian claimed that the Frax Finance team is "reasonably sure" they've identified the culprit, a "serial scammer" known to blockchain investigator ZachXBT. "This was an inside job," Kazemian stressed, adding that the breach was not due to any security flaws or phishing attacks. 🕵️‍♂️ The drama unfolded when the Frax Finance account was compromised. Kazemian urgently reached out to his followers, seeking assistance to contact the platform's customer service. However, he claimed that the passwords were not tampered with and there were no internal security issues within Frax Finance that could have led to the breach. Instead, he pointed to potential social engineering and insider involvement. 😲 As of now, the account remains active but no new posts have been visible since the hack. Neither the platform nor its CEO, Elon Musk, has made any official comments addressing the breach. 🤐 This incident is the latest in a series of hacks targeting crypto projects, allegedly attributed to insider actions. In late May, a crypto trader reported a similar compromise of his account, suggesting that the attackers took control of his account through bribery and used it to promote a pump-and-dump scheme. 📉 Stay tuned for more updates on this developing story! 📰👀
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🚀🚀Buckle up, Bitcoin enthusiasts! Social Capital CEO Chamath Palihapitiya predicts Bitcoin will hit a whopping $500,000 per coin by the end of 2025! 🎉🎉 This prediction outshines those of analysts at Standard Chartered and Bernstein, who see a more modest price appreciation due to the halving effect. 📈📈Palihapitiya's forecast is based on Bitcoin's performance after previous halvings. For instance, Bitcoin's price multiplied 7.8x within 18 months after its third halving in May 2020. The halving, a feature in Bitcoin's software, cuts its supply inflation rate in half every 210,000 blocks, or roughly every four years, theoretically creating a supply shock that drives up Bitcoin's price. 🔮🔮Using this model, Palihapitiya projects Bitcoin reaching $497,977 by October 2025. If we consider the average price performance between Bitcoin's second and third halvings, the projected price skyrockets to $1.14 million! 💰💰Where will the demand come from, you ask? Palihapitiya points to an "increasing body of countries" that may adopt a dual currency standard, like El Salvador. He believes Bitcoin will "completely replace" gold and even begin to have transactional utility for hard assets if it truly reaches over $500,000 per coin. 🏦🏦The significance of newly launched Bitcoin ETFs, which have "commercialized Bitcoin," is also acknowledged by Palihapitiya. Analysts at Standard Chartered, impressed by the powerful inflows this year, predict Bitcoin to reach $200,000 by the end of 2025. So, are you ready for the Bitcoin rollercoaster? 🎢🎢
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