FOMC Raises Rates: Bitcoin Stays Put at $28,500

• The Federal Reserve raised the federal funds rate by 25bps.
• Bitcoin’s price has stayed relatively flat at $28,500.
• The Fed is expecting one more rate hike and dropping “ongoing rate hikes” from statements.

FOMC Verdict: Rates Raised by 25bps

The Federal Reserve raised the federal funds rate by 25 basis points, taking it to 4.75 – 5%. This was seen in the latest FOMC verdict.

Bitcoin Price Remains Flat

Upon announcement of the new fed funds rate, Bitcoin’s price remained relatively flat at $28,500.

Fed Dot Plot

The Fed sees 5.1% on the median dot plot for the end of 2023 and 4.3% for the end of 2024. This was revealed in their latest dot plot chart released after the FOMC verdict announcement.

Expectation of Another Rate Hike

The Fed also expects one more rate hike and is no longer making statements regarding ongoing hikes as they have dropped this language from their statements entirely. They do however state that “the US banking system is sound and resilient” which adds confidence to their decisions moving forward with this new stance on rates.

Powell Discusses New Economic Projections

All eyes are now on Jerome Powell who will be discussing newly released economic projections for 2023-2024 at 6:30 PM GMT following the FOMC verdict announcement today (Mar 22).

Hackers Steal $390K from Poolz Finance: DeFi Attack Uncovers Flaw

• Hackers stole $390,000 from Poolz Finance on March 16.
• The attack was discovered by crypto sleuth PeckShield and was due to a classic arithmetic overflow issue.
• Poolz Finance flagged the hacker addresses and froze all POOLZ token porting on the ChainPort bridge in response to the exploit.

Hackers Steal $390k From Poolz Finance

Hackers stole $390,000 from Poolz Finance on Mar. 16, according to Forkast News‘ report. Cross-chain Web3 platform Poolz Finance (POOLZ) was targeted in the attack which was first noticed by crypto sleuth PeckShield, who Tweeted about it as a warning to Poolz Finance.

The Attack

PeckShield noted that their initial analysis showed that the hack was due to a classic arithmetic overflow issue which allowed hackers to drain funds from the contract. This incident affected POOLZ’s token vesting protocols on both Binance Smart Chain (BNB) and Polygon (MATIC) chains.

Poolz Response

In response to the exploit, Poolz Finance tweeted saying they had frozen all POOLZ token porting on the ChainPort bridge and flagged the hacker addresses. They promised to put an equal amount of liquidity from their company treasury into PancakeSwap and also create a new smart contract for the POOLZ token which would be airdropped to all addresses registered before the hack occurred.

Price Impact

Shortly after this incident happened, CryptoSlate data reported that POOLZ had suffered a -97.25% decrease in its value over 24 hours with it having lingered at around $4 before then being traded for only $2.7864 afterwards; also showing losses of -10.19% and -96.96% over one hour and seven days respectively.

Conclusion

 Poolz Finance is a decentralized crowdfunding platform which helped 96 projects hold initial dex offerings since its launch in 2023; however, it has now unfortunately been subject to an attack resulting in significant financial loss for itself and investors alike with no clear resolution yet other than what has been proposed by Poolz itself through promises of compensation with similar amounts of liquidity being added back into PancakeSwap along with other initiatives such as creating new smart contracts for POOLZ tokens which will be distributed via an airdrop prior to any future tradings taking place again within this project’s ecosystem or elsewhere within DeFi space ultimately remaining uncertain until further announcements are made regarding this matter

Feds Move 40k BTC, Sparking Fear of Price Drop

• New data by Glassnode reveals that the US government is transferring around 40,000 Bitcoin held in wallets linked to law enforcement seizures.
• The transfer of $1 billion worth of Bitcoin between U.S. government wallets raises concerns about a potential sell-off that could drive down BTC prices.
• This movement stems from the 2013 raid of the illegal goods and services marketplace known as the Silk Road, where FBI had amassed over 144k tokens across various seizures.

US Government Crypto is on the Move

New data by Glassnode reveals that the US government is transferring around 40,000 Bitcoin held in wallets linked to law enforcement seizures. The transfer of $1 billion worth of Bitcoin between U.S. government wallets has raised concerns within the cryptocurrency community about a potential sell-off that could drive down BTC prices. This movement stems from the 2013 raid of the illegal goods and services marketplace known as the Silk Road, where FBI had amassed over 144k tokens across various seizures.

Impact on Short Term Market

Fears are mounting that a sell-off of potentially 40k Bitcoin could put downward pressure on the price of cryptocurrency. Moreover, with Bitcoin already down over 9% in just last week alone, it remains to be seen what kind of support there is at sub-$21k level indicating more short term losses may be on horizon.

Movement Originates From Silk Road Hack

In 2021, 9,861 tokens were seized from Silk Road hacker and sent to Coinbase cluster according to on-chain data show by PeckShield another blockchain security firm which confirmed in tweet that roughly 40,000 BTC was consolidated into two wallets controlled by US government .

Restitution for Victims Of BitConnect Fraud Scheme

From time to time U S Feds also sells off seized illicit crypto gains like in 2021 Department Of Justice announced they have sold $56 million worth cryptocurrency as restitution for victims BitConnect fraud scheme .

Conclusion

The movement of these funds has sparked fear amongst investors due to its potential negative effect on short term market performance and value which must be monitored closely .

Phishing Scammer Monkey Drainer Shuts Down, $13M in Assets Stolen

• Monkey Drainer, a notorious crypto scammer, shut down its services on Feb. 28th
• The scammer was known for providing phishing kits for malicious players and had stolen around $13 million worth of digital assets
• Wallets linked to the scammer transferred 200 Ethereum (ETH) — over $300,000 — to the mixing protocol Tornado Cash

Crypto Phishing Scammer Monkey Drainer Shuts Down Services

According to a Telegram post on its channel, notorious crypto scammer Monkey Drainer shut down its services on Feb. 28.

How Did Monkey Drainer Operate?

Monkey Drainer’s phishing kit was used to steal around $13 million worth of digital assets, according to CertiK. The scammer took a 30% commission on all stolen funds from scammers using its phishing kit.

Notable Crypto Hacks Involved With Monkey Drainer

Some of the popular phishing hacks the Monkey Drainer was involved in included stealing over 700 Ethereum (ETH) from two individuals, according to ZachXBT. The scammer also stole NFTs worth roughly 520 ETH, about $824,200, in November 2022.

Monkey Drainer Accounts Moving Funds To Tornado Cash

Peckshield reported that wallets linked to the scammer transferred 200 Ethereum (ETH) — over $300,000 — to the mixing protocol Tornado Cash. The wallets hold a balance of 840 ETH ($1.4 million).

What Will Happen To All Related Files And Servers?

The scammer said „operating large-scale cybercrime“ requires high dedication and advised young cyber criminals not to „lose themselves in the pursuit of easy money.“ While the scammer did not reveal why they are closing their services, they said they were moving on to „something better than ever before.“ All files, servers and devices related to monkey drainer will be destroyed immediately.

Bitcoin and US Equities Diverge: Second Most Uncorrelated Period in Over a Year

• In 2022, U.S. equities and Bitcoin had a strong correlation due to central bank rate hikes worldwide.
• This correlation was broken in November 2022 when FTX collapsed, but the divergence was short-lived.
• As of 2023, Bitcoin has continued to be negatively correlated with S&P 500, Nasdaq and DJI.

Bitcoin and US Equities: A Yearly Overview

U.S. equities had a strong correlation with Bitcoin throughout 2022 due to unprecedented rate hikes from central banks worldwide. This correlation was disrupted in November 2022 when FTX collapsed, resulting in a brief period of divergence between the two asset classes before resuming their joined paths once again. However, as 2023 began, Bitcoin started to diverge away from traditional U.S. equities such as S&P 500, Dow Jones Industrial Average (DJI) and Nasdaq (NDAQ). Currently, Bitcoin is in a negative correlation with S&P 500 (-0.38), NDAQ (-0.21) and DJI (-0.38).

The Most Uncorrelated Period In Over A Year

This is the second most uncorrelated period between Bitcoin and U.S equites since January 2022 – a sign that investors may be beginning to view them as separate asset classes rather than one entity tied together by macroeconomic forces such as inflation or interest rates . It remains to be seen whether this trend will continue for the rest of 2023 or if it will result in another surge of correlations similar to what we saw last year when both markets were strongly linked together for well over 12 months straight

Implications For Crypto Markets

The implications of this continuing trend could have far-reaching effects on the crypto markets as investors begin to view these assets independently rather than just as an extension of traditional markets like stocks or bonds . There are now more opportunities for traders and investors alike who are looking for unique ways to diversify their portfolios without having to rely solely on traditional investments such as stocks or bonds . Additionally, this could also result in increased volatility within the cryptocurrency market as traders take advantage of any potential discrepancies between the prices of different digital assets while hedging against any potential losses through other traditional investments .

Risks Of Investing In Crypto Markets

While there are many advantages that come with investing into cryptocurrencies , it’s important for all traders and investors alike to understand the risks associated with these types of assets . Cryptocurrency investments can prove highly volatile due to their decentralized nature , meaning that prices can swing drastically within very short periods of time based on market sentiment alone . Additionally , some crypto exchanges may not be regulated by governments , making them potentially vulnerable targets for hackers looking to steal funds from users’ accounts . As such , it’s important that all traders take necessary precautions when investing into digital assets such as researching each exchange thoroughly before committing funds or trading on them

Conclusion

As we move into 2023, it looks increasingly likely that we will see continued divergence between Bitcoin and US equity markets – potentially providing new opportunities for savvy investors looking for unique ways to diversify their portfolios without relying solely on conventional financial products like stocks or bonds . However , it’s also important for all traders and investors alike to understand the risks associated with investing into cryptocurrencies before committing any funds towards these types of assets

25% of Tokens Launched in 2022 Resemble P&D Schemes – Report

• Chainalysis‘ recent report revealed that 24% of tokens launched in 2022 experienced a significant price decline within the first week of launch.
• The report suggests that these price drops are likely due to pump-and-dump (P&D) schemes.
• An analysis of the 25 tokens with the most significant price drops showed they lacked trustworthiness and had honeypot coding to prevent new buyers from selling their tokens.

Almost 25% of Tokens Launched in 2022 Resembled P&D Schemes

Chainalysis’ recent report revealed that 24% of over one million tokens launched in 2022 experienced a significant price decline within the first week of launch. This suggests that these declines may be attributed to pump-and-dump (P&D) schemes, which occur when holders promote an asset with misleading statements causing a rise in its value before selling it at an overvalued price, resulting in its subsequent crash.

Analysis of Tokens Showed They Lacked Trustworthiness

An analysis was conducted on the 25 tokens with the most significant price drops within their first week; this analysis revealed that these projects lacked trustworthiness and contained “honeypot” coding preventing new buyers from selling their tokens. Furthermore, data points indicated 445 unique wallets belonging to either individuals or groups were responsible for 24% of all the 9,902 detected P&D scheme resembling tokens — with one wallet responsible for launching 264 such tokens alone in 2022.

Pump & Dump Schemes May Have Influenced Token Prices

These findings suggest that P&D schemes may have affected token prices as soon after they were listed on exchanges — while some market conditions can also affect prices negatively, there is reason to believe that P&Ds caused some of them. Due to this, regulators have stepped up efforts to monitor crypto markets and crack down on any illegal activities taking place therein.

How Can Investors Protect Themselves?

Given what has been discussed thus far, it is imperative for investors who wish to partake in cryptocurrency trading and investments do so responsibly by conducting thorough research into any project before investing funds into it; doing so will help ensure investors make well informed decisions and protect themselves against potential scams or fraudulent activity.

ConclusionTo conclude, Chainalysis’ recent report revealed that almost 25% of all tokens launched in 2022 resembled P&D schemes – suggesting many investors may not have been aware or able to distinguish between legitimate projects and those created solely for malicious activities such as money laundering or market manipulation. As such, investors should take caution when engaging with cryptocurrencies and conduct thorough research into any project prior to investing funds into it to protect themselves against possible scams

Bronson Set to Release 10K Piece NFT Collection: Inside the UK’s Most Violent Prisoner

• UK’s most violent prisoner Charles Salvador ‚Bronson‘ is launching an NFT collection.
• The 10,000 piece collection includes 1,500 previously unseen pieces from Bronson’s 47 years in prison.
• 25% of proceeds from the NFT sale will go towards a foundation supporting art-making programs for at-risk youth.

Charles Salvador ‘Bronson’ to Release NFT Collection

Charles Salvador ‚Bronson,‘ who was first imprisoned in 1974 for armed robbery and has since become known as the UK’s „most violent“ prisoner, is launching an NFT collection that features his artwork. The 10,000 piece collection includes 1,500 previously unseen pieces from Bronson’s 47 years spent in prison and solitary confinement, alongside 8,500 3D pieces inspired by poetry, personal interviews, and writings.

Collection Details

Certain rare NFT holders are being promised a meet and greet with the founders and an AMA with the artist, in addition to various other physical items. 25% of proceeds from the NFT sale will also go towards a foundation supporting art-making programs for at-risk youth.The physical exhibition at Henarch Galleries will only be accessible to those who hold an NFT and opens on Feb. 26th. Prices for Bronson’s works on paper range from £700-£30,000 while prices for the NFTs have yet to be determined; they are scheduled for a Feb 12th release on OpenSea.

Background

Bronson has not left jail since 1974 due to repeated offenses against both staff and fellow inmates; he now calls him Charles Salvator. Retired Metropolitan police detective Peter Kirkham told Sky News that he hopes this project will boost Bronson’s bid for parole: “If we can show that Charlie wants to get out of prison to work on his art, I think there is definitely a good chance that he gets out on parole.“ It’s not the first time a sitting prisoner has released an NFT collection either – In Dec 2021 an auction of drawings made by Silk Road founder Ross Ulbricht raised over $6 million dollars to support families with incarcerated children.

Curator’s Take

London-based curator Oliver Hammond told Sky News that he hopes the exhibition will boost Bronson’s bid for parole: “If we can show that Charlie wants to get out of prison to work on his art, I think there is definitely a good chance that he gets out on parole.“

Conclusion

Controversial inmate Charles Salvador ‚Bronson‘ is releasing an expansive 10,000 piece NFT collection featuring never before seen artwork created during his 47 years spent in prison and solitary confinement as well as 3D pieces inspired by poetry and more. A portion of proceeds earned from sales will go towards helping at risk youth through artistic programming initiatives while some lucky buyers may even get a meet and greet opportunity with the artist himself!

Kraken Shuts Down Abu Dhabi Office, Lays Off 8 Staff

• Kraken, a crypto exchange, has closed its Abu Dhabi office and is ending support for United Arab Emirates‘ national currency Dirham.
• The exchange discharged eight members of its MENA team, keeping the managing director Benjamin Ampen to oversee the transition in the region.
• Kraken users in the region will still be able to use the platform but deposits in Dirhams will be automatically converted to USD.

Kraken Closes Abu Dhabi Office

Kraken, a cryptocurrency exchange, has closed its Abu Dhabi office and has ended support for United Arab Emirates‘ national currency Dirham according to Bloomberg News. The firm discharged eight members of its MENA (Middle East and North Africa) team, keeping the managing director Benjamin Ampen to oversee the transition in the region.

Nasdaq-listed Crypto Exchange

Kraken is one of many firms that was licensed by Abu Dhabi Global Market last year. It is also a Nasdaq-listed crypto exchange which allows clients to trade cryptocurrencies such as Bitcoin and Ethereum using various fiat currencies including US Dollars, Euros and British Pounds.

Support For UAE Dirham Ended

The registry showed that Kraken is no longer active in UAE due to which it has stopped providing support for Dirhams as well. This means that those who are interested in trading on Kraken from UAE can only do so with other supported currencies like USD or EUR.

Deposits In Dirham Automatically Converted To USD

Deposits made in dirhams will be automatically converted into US Dollars and clients can use other currencies supported by Kraken’s platform instead of dirhams. Although this change might affect some traders, they will still have access to all other features available on Kraken’s platform such as real-time market data and advanced trading tools like margin trading or futures trading with up to 50x leverage.

Crypto Exchange Shuttering Operations In Japan

This isn’t the first time that a crypto exchange has shuttered operations because earlier this year both Coinbase and Kraken have withdrawn from Japan citing market conditions there. However, despite these closures users can still access their platforms from anywhere around world making them more accessible than ever before

Moody’s to Assess Risk and Health of Stablecoins With New Scoring System

• Moody’s Corp., an integrated risk assessment firm, will start looking at how it can ascertain the risk and health of stablecoins.
• Moody’s scoring system will have an analysis of up to 20 stablecoins, which be based on the quality of attestations on their reserves.
• Moody’s stablecoin scoring project is still in an early phase, and the score would not be equivalent to an official credit rating.

Moody’s Corporation, an integrated risk assessment firm, is set to begin evaluating the risk and health of stablecoins. The company’s arm, Moody’s Investors Service, specializes in providing credit ratings for businesses across various industries, including publicly traded crypto companies.

The need to rate stablecoins comes amidst renewed pressure from governments and regulators around the world. To that end, Moody’s is looking to create a scoring system for stablecoins that will have an analysis of up to 20 stablecoins, based on the quality of attestations on their reserves. A source close to the company’s plans told Bloomberg News that this scoring system is still in its early stages, and that the score will not be equivalent to an official credit rating.

The two main types of stablecoins are algorithmic and collateral. Algorithmic stablecoins use a complex set of algorithms and smart contracts to maintain their value, while collateral stablecoins are backed by a reserve of fiat currency or other assets. Both types of stablecoins are designed to maintain a stable value, usually pegged to a fiat currency like the US dollar.

Moody’s stablecoin scoring system is a step forward in the world of cryptocurrency, as it provides an objective measure of the health of different stablecoins. The rating system also helps to increase trust and transparency in the industry, as well as provide insight into the potential risks associated with different stablecoins.

It remains to be seen how Moody’s scoring system will be received by the crypto community, but it is a promising development for the future of cryptocurrency. It is likely that other rating agencies will follow suit and create their own rating systems for stablecoins in the near future. Ultimately, the rating system will be beneficial for the industry as a whole, providing investors with the information they need to make informed decisions.

Gemini Co-Founder Threatens Lawsuit Against DCG, Silbert Over $900 Million Debt

• Cameron Winklevoss, co-founder of Gemini, threatened to file a lawsuit against Digital Currency Group (DCG) and its CEO Barry Silbert if they failed to make a „fair offer“ to creditors.
• Winklevoss argued that Genesis‘ bankruptcy does not insulate Silbert or DCG, and that they owe creditors an explanation.
• This follows a public dispute between Winklevoss and Silbert over the $900 million owed by Genesis to Gemini Earn.

Cryptocurrency giant Digital Currency Group (DCG) and its CEO Barry Silbert have been put on notice by Gemini co-founder Cameron Winklevoss. Winklevoss recently threatened to file a lawsuit against the two if they failed to make a “fair offer” to creditors, such as the users of Gemini Earn.

In a Jan. 20 Twitter thread, Winklevoss stated that the bankrupting of Genesis was an essential step in recovering the assets of Earn users. He added that the bankruptcy will also subject the firm to judicial oversight and make it reveal “machinations that brought us to this point”.

However, Winklevoss argued that Genesis’ bankruptcy does not insulate Silbert or DCG from accountability. He wrote, “We also believe that — in addition to owing creditors all of their money back — Genesis, DCG, and Barry owes them an explanation. Bankruptcy court provides a much-needed forum for that to happen. Sunlight is the best disinfectant.”

The dispute between Winklevoss and Silbert stems from the $900 million owed by Genesis to Gemini Earn. Winklevoss has accused Silbert of employing “bad faith stall tactics”, and has called for him to be sacked. In response, Genesis CEO Michael Moro has said that they are committed to addressing the debt.

The public dispute has caused much debate in the cryptocurrency community. Gemini has been vocal in its support of the Earn users, and has called on DCG and Silbert to make good on their promises.

It remains to be seen how the situation will play out, but it is clear that Winklevoss is not afraid to take legal action if necessary. He has made it clear that he believes that Genesis, DCG and Silbert owe the Earn users not just their money, but also an explanation.