- Markets have continued their disastrous week in the wake of a fresh interest rate hike. Traditional markets are moving towards their June lows with the S&P 500 and Nasdaq at $3,667 (-2.42%) and $11,255 (-2.15%), respectively. The US Dollar is continuing its tear, with $DXY approaching $113, a 20-year high. Crypto markets are down on the day, with $BTC holding the $18.6k level (-3.76%) and $ETH just below $1.3k (-3.02%). Chiliz ($CHZ) continues to show relative strength against the market, only down 1.60% today, and is one of the best weekly performers (+14.07%). The strength comes on the back of increased publicity leading into the World Cup as well as speculation that fan tokens can be the next popular thing for American sports leagues such as the NFL, NBA, MLB, and NHL.
- The CFTC has issued an order filing and settling charges against crypto protocol bZeroX and its founders, Tom Bean and Kyle Kistner. The charges come with a $250k fine and are for “illegally offering leveraged and margined retail commodity transactions in digital assets; engaging in activities only registered futures commission merchants (FCM) can perform; and failing to adopt a customer identification program as part of a Bank Secrecy Act compliance program, as required of FCMs.” In conjunction with charges against the founders, the CFTC filed a federal civil enforcement action against Ooki DAO, which is the rebrand of bZeroX and operates the same software. The charges raise many questions about the legal structure of many DAOs and whether they are truly decentralized and autonomous. In this particular case, the CFTC has determined that the DAO was operating as an unincorporated association; and that Bean and Kistner were actively participating members and are therefore liable for the violations committed.
- Compute North, one of the largest crypto mining data-center companies, is the latest crypto company to file for bankruptcy. According to the company’s filing, they owed as much as half a billion dollars to over 200 creditors. In February of this year, Compute North raised $385 million, but declining crypto prices and increased energy costs have put significant pressure on the company’s profitability. Compute North has deep ties with prominent players in the crypto mining industry, including Marathon Digital, Hive Blockchain, and Atlas Mining, among others. Marathon has clarified that the bankruptcy claims will not affect current mining operations and that they are in communication with Compute North. The full implications of the bankruptcy are still unknown, but the company is seeking to restructure to a watered-down version of itself or potentially seek a sale of its assets.
Crypto Daily Report – September 23
Sep 23, 2022
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