Market
Phillip Gradwell Joins Tether During Legal Battle
Tether, the issuer of the world’s largest stablecoin, has appointed Phillip Gradwell as the new Head of Economics. Gradwell joins the company amid a lawsuit alleging market manipulation involving USDT.
Stablecoins remain a crucial focus for digital asset regulators and the public. Their backing and dollar peg are some of the areas of interest.
Phillip Gradwell To Enhance Tether’s Communication
In a Monday announcement, Tether revealed its intention to leverage Gradwell’s experience engaging regulators, among other skills, to further its mission. He will help the firm advance its understanding of digital asset adoption, focusing on how Tether’s USDT stablecoin supports dollar hegemony.
“As the first and most widely used stablecoin, USDT conveniently and securely brings the US dollar to people globally. This enhances the liquidity and stability of the US financial system. It also reinforces the role of the dollar in global finance thereby supporting dollar hegemony. Philip’s expertise will enable Tether to bring even further understanding to our indispensable role in supporting the dollar,” Tether CEO Paolo Ardoino wrote.
Phillip Gradwell transitioned from a six-year career as chief economist at the blockchain analytics firm Chainalysis. Tether’s interest in his experience measuring digital asset activity and communicating with regulators comes amid an ongoing market manipulation lawsuit.
Read more: What Is a Stablecoin? A Beginner’s Guide
In the long-standing class-action lawsuit, which traces back to 2019, Shawn Dolifka and Matthew Anderson claim Tether and Bitfinex conspired to manipulate cryptocurrency prices using USDT stablecoin. Reportedly, Bitcoin is among the cryptocurrencies whose prices the defendants manipulate.
“[Tether and Bitfinex] executed a sophisticated scheme to fraudulently inflate the price of cryptocurrencies, including Bitcoin. They orchestrated massive, carefully timed purchases […] to signal to the market that there was enormous demand. Thus, caused the price of those commodities to spike,” an excerpt in the court documents read.
With this, the plaintiff claims Tether and Bitfinex violated the Commodities Exchange Act (CEA) and the Sherman Antitrust Act. The plaintiff also challenges the stablecoin’s status, that its one-to-one backing by the US dollar is false.
“In reality, Tether issued billions of USDT to itself with no US dollar backing — simply creating the USDT out of thin air. This ultimately resulted in billions of dollars of damage to innocent crypto commodity purchasers.”
Tether and Bitfinex Denounce Manipulation Lawsuit
Since its inception, the lawsuit has suffered multiple delays, amendments, and settlements. In 2021, Tether signed an $18.5 settlement with the New York Attorney General over USDT backing. In October 2021, the US Commodity Futures Trading Commission (CFTC) also imposed a $41 million fine against Tether regarding the same matter.
Throughout the ongoing litigation, Tether and Bitfinex assert that the plaintiffs lack evidence to support their market manipulation claims. Nearly three weeks ago, Judge Katherine Failla of the US District Court for the Southern District of New York permitted the plaintiffs to proceed with a proposed Second Amended Complaint. Despite this, Tether remains confident in their defense, believing the plaintiffs’ “conspiracy theories” will ultimately be rejected.
“The decision does not suggest that plaintiffs’ claims have any merit, as leave to amend a complaint is freely granted and the Court must accept plaintiffs’ allegations as true, however baseless they might be in reality. As with the prior complaint, the claims asserted in plaintiffs’ proposed amendment are wholly without merit. Ultimately, it is the facts and evidence that matters, not plaintiffs’ false and misleading allegations,” Tether stated.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
This development reflects the ongoing strife between crypto firms and industry regulation. Tether’s onboarding of Gradwell’s knowledge and experience highlights its commitment to defending its position and bringing in personnel with skill sets that could deliver a favorable outcome.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Notcoin Price’s 25% Rally Is Early Christmas for NOT Traders
Notcoin (NOT) has been in a persistent downtrend since June, facing significant price declines. However, recent developments suggest a potential turning point for this Telegram-based cryptocurrency.
A notable 25% rally has sparked optimism, providing NOT traders with a much-needed boost. This upward momentum could signal a shift as positive sentiment grows within the Notcoin community.
Notcoin Has Considerable Support
Over the past month, Notcoin’s funding rate has remained consistently positive, reflecting a generally optimistic outlook among traders. Despite NOT’s declining price in October, traders held firm, maintaining their positions as funding rates indicated a strong conviction. This resilience in the face of price declines suggests that Notcoin enthusiasts are confident about a potential recovery, indicating stable long-term support from the community.
Such sustained optimism is a promising sign for NOT’s future. The positive funding rate, coupled with recent price action, suggests that investors believe in Notcoin’s potential for a turnaround. If this sentiment continues, it could provide the stability necessary for NOT to build on its recent gains and overcome resistance levels.
Notcoin’s macro momentum is beginning to show strength, supported by technical indicators such as the Relative Strength Index (RSI). The RSI is currently gaining bullish momentum, suggesting that buying interest is on the rise. However, to sustain this growth, NOT needs to turn the neutral line at 50.0 on the RSI into a support level.
Achieving this support on the RSI would signal sustained bullish strength, encouraging additional investor interest. For NOT to maintain its recent rally, this level of momentum must be sustained. Without a firm foundation, Notcoin may struggle to hold on to its current gains, emphasizing the importance of consistent growth indicators.
NOT Price Prediction: Recovering Losses
Notcoin’s price surged by 25% during today’s intra-day high, rebounding from the recent support level of $0.0057. This uptick reflects growing buying pressure, and the altcoin is now looking to continue this momentum with hopes of reaching higher targets.
The broader market’s bullish sentiment could aid Notcoin’s progress, provided investors resist the urge to book profits too soon. If successful, NOT’s target is to flip the resistance at $0.0094 into a support level, solidifying its position and potentially enabling further gains.
However, Notcoin has previously struggled to close above the $0.0083 resistance level. Another failed breach at this price point could prompt a pullback toward $0.0070. A drop below this level would invalidate the current bullish outlook, potentially pushing NOT back to its recent support of $0.0057, which would signal a return to the downtrend.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
FTX Files Over 20 new Lawsuits as Part of asset Recovery Efforts
On November 8, the administrator overseeing FTX’s bankruptcy filed more than 20 new lawsuits, ramping up legal actions against several entities.
These lawsuits indicate a concerted effort by FTX to recover assets from multiple companies and individuals. Since November 2022, the FTX Debtors have filed 51 adversary actions, with 30 of them occurring in recent weeks.
FTX Targets $1 Billion in Losses With New Lawsuits
According to documents from the FTX bankruptcy docket, most of the latest filings address various claims, including political contributions, the defunct exchange philanthropic efforts, investments, and allegations of market fraud and manipulation.
“FTX is going after dozens of left leaning groups for all the donations that were made fraudulently with customer money,” an FTX creditor stated.
Thomas Braziel, founder of 117 Partners, stated that FTX might reclaim some donations under US bankruptcy law. He noted that funds can be recovered if they were donated with fraudulent intent or lacked equivalent value. Also, donations made while the donor was insolvent are particularly at risk of being clawed back.
“Not all donations are immune. Bankruptcy trustees will look closely at the debtor’s intent, timing, and financial condition when deciding if a charitable transfer can be clawed back,” Braziel said.
In addition to the non-profits, the failed exchange legal team is pursuing other prominent figures and entities. The estate has filed a lawsuit against former White House Communications Director Anthony Scaramucci and his company, seeking damages of more than $100 million. Another suit targets the team behind Storybook Brawl, a video game that FTX co-founder Sam Bankman-Fried invested in and promoted.
FTX also filed a significant clawback lawsuit against Nawaaz Mohammad Meerun, known as “Humpy the Whale,” who allegedly caused over $1 billion in losses through market manipulation. Earlier this year, Humpy led a governance attack on the DeFi protocol Compound Finance, causing significant losses for the platform.
“Meerun also repeatedly violated FTX’s rules, forcing Alameda to take over Meerun’s risky positions and suffer hundreds of millions of dollars in additional losses. All told, FTX and Alameda suffered approximately $1 billion in losses due to Meerun’s crimes, and Meerun has used the proceeds of his exploits to fund a wide range of other criminal activity,” FTX alleged.
These legal actions reflect FTX’s increasing efforts to recover assets from numerous individuals and companies. Over the past week, the exchange has filed legal actions against major centralized exchanges like Crypto.com and KuCoin over funds belonging to the platform.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Analyst Says Altcoin Season Will Begin Due to This Reason
Altcoins have recently surged alongside Bitcoin, which reached a new all-time high this week. Despite Bitcoin’s record-breaking price, the cryptocurrency leader is beginning to lose market dominance.
This shift has raised interest in an upcoming Altcoin Season, also known as AltSeason, as altcoins gain traction among investors.
AltSeason Is Not Far Away
Crypto analyst MikyBull Crypto highlighted that Bitcoin’s dominance is nearing a bearish MACD crossover. Historically, this has often been seen as a key indicator of an impending Altcoin Season.
According to the analyst, the post-election atmosphere is driving this shift, as it historically acts as a catalyst for altcoin rallies. This potential shift in market conditions could lead to a phase where altcoins outperform Bitcoin in terms of growth.
Similarly, analyst IncomeSharks suggested that Bitcoin’s dominance signals a momentum transfer to altcoins. IncomeSharks recommends that investors “buy and hold” altcoins through November, anticipating continued gains as the month progresses.
This analysis aligns with the view that Altcoin Season may begin by month’s end as investors look to diversify away from Bitcoin. Thus as for investors looking to make the best of altcoins might have to hold their horses until the arrival of a confirmation.
Arrival of the Altcoin Season
The Altcoin Season Index currently reflects that while Bitcoin’s dominance is slipping, it has not fully dissipated. For AltSeason to officially begin, 75% of the top 50 altcoins would need to outperform Bitcoin. This benchmark requires 33 of these altcoins to show stronger growth than BTC, confirming the arrival of this season.
Currently, only 19 altcoins are surpassing Bitcoin in gains, indicating that AltSeason has not yet fully materialized. If this figure rises, it would signal a definitive shift. However, for now, Bitcoin’s influence still holds, delaying the start of a strong altcoin rally.
If institutional interest in Bitcoin intensifies, BTC’s dominance could strengthen, potentially postponing the Altcoin Season until 2025. An increase in BTC-focused investments may extend Bitcoin’s lead, keeping altcoin growth in check until broader conditions favor alternative assets.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
-
Market21 hours ago
China Sentences Official for Espionage Fueled by Crypto Debt
-
Altcoin21 hours ago
Shiba Inu Burn Rate Surges 1300%, Will This Trigger a SHIB Price Rally?
-
Altcoin22 hours ago
Ripple CEO Garlinghouse’s Big Take On SEC Lawsuit, XRP ETF, & Trump’s Checklist
-
Altcoin20 hours ago
Dogwifhat Whale Bags $16M WIF, Price To Gain 20% Ahead?
-
Market19 hours ago
This Is Why Dogecoin’s Price Is Far From Noting a 7-Month High
-
Market18 hours ago
Buterin Envisions Prediction Markets Evolving Into Info Finance
-
Altcoin18 hours ago
Shiba Inu Coin Transfers Goes Live on Robinhood Crypto, Will SHIB Rally to $1?
-
Market16 hours ago
Bitcoin’s New ATH Brings Largest Growth Since January 2023