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Crypto Whale Data

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Crypto Whale Data

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  • SEC fines Jump Trading subsidiary $123 million for propping up TerraUSD stablecoin during depeg In May 2021, following a "depeg" of the algorithmic TerraUSD stablecoin, the token was able to stabilize back at its $1 peg, seemingly automatically. Behind the scenes, however, a subsidiary of Jump Trading's crypto unit, Tai Mo Shan, stepped in with $20 million worth of purchases to help stabilize the token, allegedly misleading investors in the token and its counterpart luna, according to an SEC complaint. The SEC and Tai Mo Shan, presumably named after Hong Kong's highest peak, agreed that the latter should pay about $123 million in fines — over $86 million in disgorgement and about $36 million in a civil penalty — for its actions, which the regulatory agency alleges "caused investors to be deceived about the efficacy of Terraform’s arbitrage mechanism." The $86 million figure was determined based on the amount of money, plus interest, the SEC says Tai Mo Shan profited after it stepped in with $20 million worth of buys of Terraform Labs' TerraUSD stablecoin (UST) in May 2021, after UST briefly depegged before seemingly automatically stabilizing. In exchange, Tai Mo Shan received unlocked luna tokens early, which it was able to sell into the market. The SEC had previously accused Tai Mo Shan of profiting $1.28 billion from the deal in an earlier complaint. Though Terraform Labs founder Do Kwon touted how TerraUSD had survived a "black swan event" in "as intense of a stress test in live conditions as can ever be expected," failing to mention Tai Mo Shan's actions to prop up the coin had the effect of deceiving investors into believing the algorithmic stabilization mechanism functioned as expected, the SEC alleges. Jump Crypto's president, Kanav Kariya, had pleaded the fifth when asked about the deal in a prior deposition. As part of the settlement, Tai Mo Shan will pay the penalty without admitting or denying the findings in the SEC's order. "Tai Mo Shan should have known that purchasing UST and supporting its price in this manner misled the market about the stability of UST’s peg and the effectiveness of Terraform’s algorithm meant to maintain that stability," the SEC wrote in its order. Terraform Labs, for its part, agreed to pay over $4 billion in fines in a settlement with the SEC following its ecosystem's collapse. The firm got permission from a U.S. bankruptcy judge to begin winding down in September of this year.
  • MicroStrategy founder Michael Saylor advocates for Trump-backed 'strategic bitcoin reserve' in proposal to set crypto industry standards MicroStrategy founder Michael Saylor has backed President-elect Donald Trump’s strategic bitcoin reserve in a digital asset policy proposal published on Friday. The so-called “Digital Assets Framework” also lays out a plan for the U.S. to support industry growth, set standards for compliance and communication, as well as set rights for crypto asset holders and companies. “By establishing a clear taxonomy, a legitimate rights-based framework, and practical compliance obligations, the United States can lead the global digital economy,” Saylor wrote in his proposal. “A capital markets renaissance fueled by digital assets will unlock trillions in wealth, empower millions of businesses, and solidify the US dollar as the foundation of the 21st-century digital financial system.” Saylor became one of the most visible Bitcoin backers after his firm began purchasing the asset in 2020, in a bold bet that U.S. monetary and fiscal policy would drain the dollar's value. MicroStrategy, which sells business intelligence software, is now the single largest corporate bitcoin holder, with an estimated $42.6 billion stockpile. Although Saylor is known as a Bitcoin maximalist — someone who believes there is an insurmountable gulf between Bitcoin and other blockchains — his proposal argues for creating universal standards for “ digital assets (beyond Bitcoin)” and strengthening the U.S. dollar’s hegemonic position as the world’s reserve currency. Implementing his plan, which includes creating a “universal” taxonomy and set of standards, would “position America as the global leader in the 21st-century digital economy” and neutralize the national debt. Plan specifics Under his proposed taxonomy, Saylor defines a “digital commodity” as “an asset without an issuer, backed by digital power,” citing Bitcoin as an example. He also classifies assets “with an issuer,” including a “digital security” like tokenized equity or debt, a “digital currency” that is “backed by fiat” and a “digital token,” which is fungible and offers utility. NFTs and tokens backed by “physical assets” like gold and oil have their own delineations. In addition to classifying different cryptocurrencies, Saylor argues for a “robust framework of rights and responsibilities” to be applied to issuers, exchanges and other participants. This includes the baseline rights “to create and issue digital assets” as well as custody, trade and transfer these assets. The responsibilities Saylor advocates largely center around public disclosures and complying with local laws. “No one has the right to lie, cheat, or steal. All participants are civilly and criminally responsible for their actions,” Saylor writes. Meanwhile, in a bid to drive “efficiency and innovation,” he also argues that compliance costs related to issuing a token should be limited to 1% of a firm’s assets under management and no more than 10 basis points annually to maintain an asset. This could help drive “the cost of issuance from $10–100 million to $10–100 thousand,” he writes, and reduce the time to launch a token to a matter of minutes rather than years. Neutralizing the debt To some extent, Saylor wants the U.S. to be at the center stage of the digital economy because he wants the U.S. to remain at the center stage of the global economy. He argues implicitly that becoming the de facto crypto hub is key for maintaining the hegemonic status of the U.S. dollar, which he has previously referred to as a “melting ice cube.” To this end, Saylor says the U.S. should position the dollar as the “global reserve digital currency” by growing the stablecoin market from a market capitalization of $25 billion to $10 trillion, thereby “creating massive demand for US Treasuries.” He also calls for U.S. investors to “capture the majority of the wealth” of the growing crypto industry.
  • Team behind HAWK memecoin, tied to 'Hawk Tuah Girl,' sued for alleged securities law violations
  • El Salvador to limit bitcoin activities for $1.4 billion deal with IMF
  • US Federal Reserve cuts fed funds rate by 25 basis points
  • Ethereum ETF staking yields could drive institutional adoption if regulatory barriers ease under Trump: analysts
  • NFT collection CyberKongz says it has received a Wells Notice from SEC
  • Global crypto investment product YTD inflows quadruple any other year: CoinShares
  • Polygon community weighs proposal to deploy over $1 billion in stablecoin on its bridge for yield generation

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