Cointime

Download App
iOS & Android

SEC Charges Justin Sun, Issues Coinbase Wells Notice; Nasdaq Eyes Crypto Custody | Cointime Weekly Mar.19 – Mar.25

Top stories

SEC Charges Justin Sun, Issues Coinbase Wells Notice

The U.S. Securities and Exchange Commission sued Justin Sun Wednesday on allegations of selling and airdropping unregistered securities, fraud and market manipulation.

The SEC sent a Wells notice to Coinbase this week regarding some of their digital assets, Coinbase Earn, Coinbase Prime, and Coinbase Wallet.

Terraform Labs Founder Do Kwon Arrested in Montenegro

Do Kwon, the former crypto mogul responsible for the $40 billion downfall of two digital currencies in 2022, was arrested. The online community has been abuzz with photos and videos of Kwon's arrest. 

Nasdaq Eyes Crypto Custody Launch by End of Second Quarter

Nasdaq Inc. expects its custody services for digital assets to launch by the end of the second quarter as it joins a growing pool of traditional financial firms that could fill the role of crypto middlemen following a spate of bankruptcies in the industry.

Hindenburg Research Blasts Jack Dorsey's Block

Hindenburg Research, a financial research firm, has issued a report claiming that Jack Dorsey’s Block, formerly known as Square, has facilitated fraud for criminals, allowing them to conduct criminal activities using the platform. 

Tether Says It Has Around $1.6 Billion in Excess Reserves

Tether’s chief technology officer, said the company estimates that the excess reserves will increase by $700 million in the current quarter, which is not yet over. That would take Tether’s excess reserves to $1.66 billion. And it would be the first time Tether crosses the $1 billion mark.

Global regulations

French Lawmakers Agree to Ban Crypto Influencer Promotions

French social media influencers wouldn’t be allowed to hawk unlicensed crypto products under plans voted on by lawmakers on a key committee Wednesday.

U.S. IRS Seeks to Tax NFTs Like Other Collectibles

The U.S. Internal Revenue Service is considering whether to tax non-fungible tokens (NFTs) on a par with other collectibles such as stamps, works of art and fine wine.

White House Report Says Crypto Doesn’t Have Fundamental Value

In a massive, 513-page annual economic report, the White House downplayed the significance of cryptocurrencies, highlighting their negative aspects and describing them as risky for both consumers and the entire U.S. financial system.

Australia Reportedly Asks Banks To Report on Crypto

The Australian Prudential Regulation Authority (APRA) has started requesting banks to declare their exposures to startups and crypto-related companies, the Australian Financial Review reported on March 21.

Payment Restriction in EU Anti-Money Laundering Bill Irks Crypto Industry

Policymakers hope that they can close a loophole for untraceable transactions by prohibiting payments over a €1,000 ($1,070) threshold from unregulated crypto payment services providers operating in the European Union.

Crypto weekly price action

Research and technology

How Effective Is GPT for Auditing Smart Contracts?

With the recent release of GPT-4, can it be applied to auditing blockchain and Solidity smart contracts? Based on this question, we conducted various feasibility tests.

Secure Smart Contract Programming in FunC

We’ll go through a couple of the most interesting features of the TON blockchain, then we’ll go through a list of best practices for developers programming smart contracts in FunC.

Cross-Chain vs. Multi-Chain

In this article, we’ll define what these two new terms—cross-chain and multi-chain mean and outline their differences and distinct benefits.

Choosing the Right Crypto Wallet

In this comprehensive guide, we will explore the differences between custodial and non-custodial wallets and the benefits of custodial wallets. 

Fundraising and investment

Trading Platform eToro Raises $250M After Terminating SPAC Deal

Trading platform eToro has secured $250 million in funding at a $3.5 billion valuation. Participants in the round include ION Group, SoftBank Vision Fund 2, Velvet Sea Ventures, and some existing investors.

Character AI Receives $150M Funding from a16z and Others

The series A funding round also included money from Nat Friedman, A Capital, SV Angel and Elad Gil.

Germany-based Fintech Raisin Raises EUR 60 Mln in Series E Funding

The money comes from M&G’s Catalyst, a USD 6 billion private assets fund from the asset management giant as well as existing investor Goldman Sachs and an unnamed financial institution. 

Anonymous DAO Tomi Raises $40M for ‘Surveillance-Free’ Internet

The funding round was led by venture firms DWF Labs, Ticker Capital and Piha Equities, as well as Japanese crypto investor Hirokado Kohji.

CCP Games Raises $40M for Blockchain-Based Game Set in EVE Online Universe

The funding round was led by Andreessen Horowitz, and featured several other investors, including Nexon and BITKRAFT. 

Multi-Chain Wallet BitKeep Raises $30M at $300M Valuation

Bitget announced a $30 million investment into multi-chain wallet BitKeep at a $300 million valuation. The deal will see Bitget become the controlling shareholder of BitKeep and allow the latter to "access to the exchange's proven technology and security capabilities in the exchange domain.

Viral Quotes

"Bitcoin is a hedge against a ‘domino’ run on the banks and on poor over-controlling governance."

— Tim Draper, Billionaire venture capitalist

"Trust and confidence are earned over many years, but can be wiped out in a few days. I fear we are heading for a train wreck."

— Bill Ackman, Billionaire and CEO of Pershing Square Capital Management

"Fully integrating a digital currency may improve household welfare, but banking sector stability could suffer."

— Office of Financial Research, United States Treasury

"In addition to the decentralized custody and control of money, it has been argued that crypto assets may provide other benefits, such as improving payment systems, increasing financial inclusion, and creating mechanisms for the distribution of intellectual property and financial value that bypass intermediaries. So far, crypto assets have brought none of these benefits."

— Economic Report of the President

Comments

All Comments

Recommended for you

  • Russian Foreign Minister Lavrov: Meeting with U.S. Secretary of State Rubio Scheduled for Tomorrow

    On July 22, Russian Foreign Minister Lavrov stated that the meeting with U.S. Secretary of State Rubio has been scheduled for tomorrow.

  • Supermicro Surges Over 14% Pre-Market as Q4 Gross Margin Doubles Guidance, New Orders Exceed $60 Billion

    On July 22, AI server manufacturer Supermicro (SMCI.US) surged over 14% in pre-market trading to $29.17. On the news, the company released preliminary results for the fourth fiscal quarter ended June 30. The company's GAAP and non-GAAP gross margins are expected to be between 15% and 17%, nearly double the previously guided range of 8.2% to 8.4%. Management attributed this better-than-expected performance to favorable customer structure and product mix. Meanwhile, the company's total new orders for the quarter exceeded $60 billion, a record high.

  • US Optical Communication Stocks Fall in Pre-market, Marvell Down Over 2%

    On July 22, US optical communication concept stocks fell collectively in pre-market trading, with Astera Labs, Coherent, Credo Technology, Ciena, AXT Inc, and MaxLinear falling more than 3%, and Fabrinet, Lumentum, Corning, Applied Optoelectronics, Tower Semiconductor, Marvell Technology, POET Technologies, and GlobalFoundries falling more than 2%.

  • US AI chip stocks fall pre-market, Intel down 3%

    On July 22, US stock market AI chip stocks generally fell before the market open, with Intel down 3%, TSMC, AMD, and Qualcomm down over 2%, Broadcom down nearly 2%, and NXP and Nvidia down over 2%.

  • Russia Develops 150nm Lithography Machine, Performance Comparable to Pentium 4 from 20 Years Ago

    On July 22, according to Fast Technology, Russia's Green City Nanotechnology Center (ZNTC) has successfully developed a prototype of an electron beam lithography machine (ELL) with a design standard of 150nm. The project is a key research and development task under the framework of Russia's national plan for scientific and technological development, codenamed Progress ELL 150. This device is mainly used for manufacturing photomasks, and can also directly draw circuit patterns on substrates without using masks. The 150nm process roughly corresponds to the performance level of Intel's Pentium 4 from 20 years ago. In 2025, ZNTC demonstrated a similar device with 350nm resolution, and has now advanced to 90nm and 130nm technology nodes. Industry experts point out that such equipment is only suitable for small batch production of specialized chips in fields such as aerospace and defense.

  • Beijing State-owned Capital: Nearly 10 Billion Yuan Allocated to Stock Market from Own Funds

    On July 22, Beijing State-owned Capital Operation and Management Co., Ltd. announced that, as of now, it has allocated nearly 10 billion yuan from its own funds to invest in the stock market. Going forward, the company will continue to support listed company stocks using its own funds and through its subsidiaries, including securities firms and public funds, while also backing the development of the Beijing Stock Exchange. Rooted in its functional role as a state-owned capital operator, the firm is committed to safeguarding the strategic value of core assets of listed companies and contributing to the stable and healthy growth of the capital market through concrete actions, as a state-owned enterprise based in Beijing. (Beijing State-owned Capital)

  • U.S. Stock Futures Fall, Major Indices Decline

    U.S. stock futures are lower, with Nasdaq 100 futures down 1%, S&P 500 futures down 0.4%, and Dow futures down 0.3%.

  • Japan's Two-Year Government Bond Yield Rises to 1.47%, First Time Since 1995

    Japan's two-year government bond yield rose to 1.47%, the first time since 1995.

  • WTI and Brent Crude Surge Over 4%

    On July 22, international oil prices surged rapidly. WTI crude oil futures rose over 4% to $87.77 per barrel; Brent crude oil futures rose over 4% to $94.71 per barrel.

  • Bank of Japan Reportedly Willing to Raise Rates Faster Than Once Every Six Months

    On July 22, the Bank of Japan is reportedly willing to raise interest rates at a pace faster than once every six months.