Ceffu was launched in December 2021, originally as Binance Custody. It rebranded in February 2023, with a new name inspired by Binance’s Secure Asset Fund for Users, which was in turn a play on the crypto term SAFU, or “safe,” and with a logo now distinct from, if vaguely reminiscent of, Binance’s.
Depending on how you look at it, this could be ominous for Coinbase’s future growth or simply a matter of common sense. ETH and BTC are the two largest networks, but that hasn’t prevented, say, Solana from finding a user base. Not every token will be a winner, but presumably unless something catastrophic happens recent launches like Sui and Aptos will find uses and users too.
Allan Joseph Bankman and Barabara Fried, the parents of Sam Bankman-Fried, have been sued by the FTX bankruptcy estate.
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The Fed on Wednesday is widely expected to hold rates steady, but investors will monitor new economic projections and Chairman Powell’s press conference for clues about the direction of future policy.
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The sale of tokens won’t flood the market because liquidations are bound by sell limits, the report said.
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Per the Metcalfe law (ML), the value of the network is directly linked and proportional to the square of the number of users it has. Ether enables users to transact on the Ethereum blockchain, earn interest, and participate in network security through staking, store non-fungible tokens and much more. Thus, ether’s value proposition has long been closely tied to Ethereum’s network usage.
The whipsaw in prices caught some crypto derivatives traders off-guard, liquidating roughly $100 million worth of leveraged trading positions over the past 24 hours, according to Coinglass data. Short traders, who attempted to profit from lower prices, endured $60 million in losses, while long traders, who bet on higher prices, suffered $40 million in losses.
“No one really expects a change in the policy rate or balance sheet guidance at this meeting,” Scotiabank said in a preview note to clients on Friday. “Instead, it will focus upon tweaks to forward guidance on the policy rate, updated macroeconomic projections and guidance that [Fed Chair Jerome] Powell provides. This one is likely to be about buying time.”
Sam Bankman-Fried stands accused of committing wire fraud and conspiracy to commit several other types of frauds. His once-mighty crypto exchange, FTX, collapsed in dramatic fashion nearly a year ago, shedding billions in value. And in two weeks, he’ll begin his effort to convince a jury of his peers that he didn’t commit any of many alleged crimes while running the company.
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The report, which follows allegations from broadcaster and former politician Nigel Farage that his bank account was shuttered over his political views, said “the most common reported reasons for personal and business account applications being declined, suspended or terminated were financial crime suspicions identified, due diligence concerns, and inactive/dormant accounts.”
