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Chainalysis Says BitForex Trading Volumes Could Be Fake

BitForex exchange could be faking its bitcoin trading volume, according to a report released Friday by crypto auditors Chainalysis. For every one bitcoin recorded entering on-chain between January and November, BitForex claims some 40,000 bitcoins trades traded, the Chainalysis report said. That compares to most leading exchanges average with about 6 bitcoins traded to one on-chain.  “There should be a relationship with the bitcoin moving onto the exchange and how much it is traded,” Philip …

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Stablecoin Crisis Could Wreck Global Finance, Fed Warns in New Report

The U.S. Federal Reserve Board on Friday warned that a stablecoin crisis could wreak havoc on the global economy and outlined the steps issuers must take to protect the status quo.  The central bank’s prognosis – buried deep in the November edition of its semiannual “Financial Stability Report” – rests on a stablecoin worst case outcome: a run on the issuers, in which coin holders panic en-masse and demand the return of the fiat they …

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Crypto Derivatives: A Corner of the Market or the Market Itself?

Emmanuel Goh is co-founder & CEO of skew. – a financial technology startup headquartered in London since 2018. These opinions are his and do not necessarily reflect the view of CoinDesk. The following article originally appeared in Institutional Crypto by CoinDesk, a weekly newsletter focused on institutional investment in crypto assets. Sign up for free here. The race is on. One business day before the much-awaited ICE/Bakkt launch, the CME announced it would be listing …

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Fintech Arm of Chinese Insurance Giant Files for US IPO After Blockchain Push

OneConnect Financial Technology, the fintech arm of China’s largest insurance company, filed a prospectus on Wednesday for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The firm plans to list its shares on NASDAQ. OneConnect’s filing with the SEC today called for a target raise of $100 million, though that figure could go higher. Reuters reported in September that the company was looking for a New York listing after it failed to …

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HSBC, SGX to Investigate if DLT Offers Efficiency Boost for Bond Markets

Can digitalizing bonds with distributed ledger technology (DLT) bring benefits to market participants? That’s a question being asked by HSBC Singapore in a new trial being developed in partnership with Singapore Exchange (SGX) and investment firm Temasek. The effort will examine the potential of DLT to streamline the issuance and servicing of fixed income securities, debt instruments that pay fixed interest to investors, with a specific focus on the Asian bond markets. In an announcement on Wednesday, HSBC …

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Despite Denials, Tron Founder Confirms Investment in Poloniex Crypto Exchange

Justin Sun, founder of crypto platform Tron, said he is part of the investor group that recently acquired Poloniex from fintech firm Circle, after denying his involvement initially. Speaking at a joint Tron-Poloniex event live-streamed over Twitter on Tuesday, Sun said Tron was among several investors in the exchange, but the exchange is operated independently from his company. Founded in 2014, Poloniex was acquired by Circle in early 2018 for $400 million. The exchange, which …

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Pension Funds Double Crypto Asset Exposure in Morgan Creek’s Fund to 1%

Morgan Creek Digital now takes up around 1 percent of the assets of two Fairfax Retirement System pension funds – an investment which has more than doubled since taking their first position in the fund that closed in February. Two of the three pension funds under the system from Fairfax County, Virginia, the Police Officer’s Retirement System and Employees’ Retirement System, invested $55 million in Morgan Creek’s second fund in October. The new allocation came …

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Leading Japanese Firms Partner on Security Token Research

Mitsubishi UFJ Financial Group – Japan’s largest financial group and the fifth largest bank in the world by assets – is leading a 22-member research consortium to develop standards around security token management. The group – the Security Token Research Consortium – includes security issuers, broker dealers and technology companies, such as NTT Docomo Inc. and KDDI Corp., the two largest telecommunications companies in Japan. Securitize, a firm that enables the issuance and management digital …

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Bittrex Target of Latest $1 Million Crypto SIM Hack Lawsuit

Crypto exchange Bittrex is being sued over a SIM swap that netted criminals 100 bitcoin, currently worth nearly $1 million. The case resembles other recent high-profile heists in which a hacker seizes control of a victim’s cell phone to then loot online crypto accounts: the swap was from cellular carrier AT&T, money was taken from Bittrex, and the hack took control over the victim’s online identity. The hack against Seattle-based angel investor Gregg Bennett, however, …

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Harbor Now Has Both Broker-Dealer and Transfer Agent Licenses in the US

Security token startup Harbor has secured a transfer agent license from the U.S. Securities and Exchange Commission (SEC). A month after receiving a broker-dealer license from the Financial Industry Regulatory Authority (FINRA), Harbor was granted the license Thursday to better ensure interest and dividend payments to investors. The firm is the first blockchain company to be granted both licenses. Transfer agents act as liaisons between firms, investors and regulatory bodies by keeping track of investment …

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