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19/12/2022. Weekly CryptoNews Digest

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Hello everyone and welcome once more to the MNO blog where I have been delivering the most up-to-date information on the best and hottest online investment opportunities for over fifteen years now. If you like reading MNO then remember to get yourself subscribed to the MNO blog posts by submitting your email address here. That way you won’t miss any important news and updates from both the crypto and HYIP industries now inextricably intertwined. And of course follow MNO on Telegram, Facebook and Twitter for the fastest notifications about new programs on the MNO monitor (currently there is a great program called ShuttleRent featured there). As for communication, I’m always available for any type of conversation on Telegram @mnoblog. Plus, you can email me directly at abramsonp@gmail.com or use this online contact form for a speedy response.

Due to obvious reasons outside of our control this passing year was not the best for cryptocurrencies as the value of BTC plummeted from $48K to $17K before reaching stability and has been trading for a while now. Other major cryptocurrencies didn’t perform much better either thus devaluing the investments of millions who hoped for a quick profit. Those who are just holding the cryptocurrency assets obviously are still waiting for more beneficial exchange rates, but just for how much longer the lower prices prevail remains to be seen. Next week I will post for the last time this year and then we will see the final results of the poll which has been featured on the MNO TalkBack over the last few months. You may still vote in the poll here as next Monday it will be replaced with a new question. However, even now you can see that the expectations of cryptocurrency holders have been relatively low. Thanks again for your votes, guys!

Now let me get back to the main subject of today’s MNO blog post which is the Weekly CryptoNews Digest. Since the beginning of the year due to the lack of decent HYIPs I have decided to shift my attention to cryptocurrencies, especially considering that’s what is making headlines now, certainly not HYIPs. The latest issue of the digest I have today will cover the major events in the crypto world over the last seven days – December 12 to December 18, 2022. Let’s start our overview then, shall we?


SBF FINALLY ARRESTED IN THE BAHAMAS

Sam Bankman-Fried (SBF), founder of the collapsed cryptocurrency exchange FTX, has been arrested in The Bahamas, the country’s attorney general has said. He is scheduled to appear on Tuesday in a magistrates’ court in the Caribbean country’s capital, Nassau. Police said Bankman-Fried was arrested for “financial offences” against laws in the US and The Bahamas. Last month, FTX filed for bankruptcy in the US, leaving many users unable to withdraw their funds. According to a court filing, FTX owed its 50 largest creditors almost $3.1bn. Among the most serious allegations against SBF is that he used billions of dollars of customer funds to prop up his investment trading company, Alameda. It is unclear how much people who have funds in the exchange will get back at the end of bankruptcy proceedings, though many experts have warned it may be a small fraction of what they deposited.

SBF has admitted mistakes were made and has accepted a certain degree of responsibility, but continues to strenuously deny being guilty of any deliberate act fraud. He is currently awaiting extradition to the US where he faces an uphill battle convincing federal prosecutors of this. If memory serves me correctly he’ll be putting his case to the same legal team who took down LibertyReserve several years ago, and their track record in securing convictions is almost total.


REALITY TV STAR ACCUSES BINANCE OF CAUSING FTX DOWNFALL

Kevin O’Leary, the famous businessman, entrepreneur, and television personality has hit back against Binance CEO Changpeng Zhao (CZ) calling him a “liar“. This was in reference to a recent interview which saw CZ questioning O’Leary’s own claims made at the Senate Banking Committee hearing on the fallout of FTX, for which O’Leary was a paid spokesperson. While its bankruptcy has shed light on numerous accounting scandals, O’Leary suggested that the downfall of the exchange was spurred by Binance selling its 20% stake in the firm back to Sam Bankman-Fried in late 2021. That blew a major hole in FTX’s balance sheet, and was the starting force that caused the troubled crypto exchange to go under, O’Leary alleged. Binance have vigourously disputed those claims and say they don’t make any sense. He also noted that O’Leary was speaking to Sam Bankman-Fried right up to the point of his arrest on Tuesday, which suggests the two are in closer collusion than either party would care to admit.

The old expression “a drowning man will clutch at straws” comes to mind as O’Leary, who many people might recognize from his Donald Trump style Shark’s Tank reality TV show, says he personally lost $10 million dollars in the FTX scandal. Nevertheless he looks to shift the blame onto Binance. The rival crypto exchange has been under mounting scrutiny as FTX sorts out its finances, as FTX sought out an acquisition from Binance last month before declaring bankruptcy. US prosecutors have been investigating Binance for money laundering and other criminal activity, and the exchange briefly froze withdrawals as customers raced to pull out their money, though CZ assured investors customer deposits are fully backed. O’Leary speculated regulators start looking at Binance as they continue probing FTX, adding he received a text from a lobbyist in Washington asking him to stay in the area. Speculation like this of course helps no one, least of all the the small time players who depend on crypto exchange providers for their day-to-day needs.


BINANCE TEMPORARILY HALTS USDC WITHDRAWALS

Binance, the world’s largest cryptocurrency exchange, paused withdrawals of the Stablecoin USDC on Tuesday while it carried out a “token swap.” USDC withdrawals were resumed about 8 hours after Binance first announced the pausing of withdrawals. The move came as investor concerns grow about Binance’s stability following the collapse of rival exchange FTX as well as a report of a potential criminal investigation from the U.S. government. Binance said earlier on Tuesday it had “temporarily paused” USDC withdrawals while it does a “token swap.” This involves swapping one cryptocurrency for another without the need for fiat currency.

Changpeng Zhao, CEO of Binance, stated that the exchange is seeing an increase in withdrawals of USDC, a cryptocurrency known as a Stablecoin because it is pegged one-to-one with the U.S. dollar. USDC is used by investors to trade in and out of different cryptocurrencies without the need to move money back into U.S. dollars. If traders are withdrawing USDC from Binance, it could be to move it onto another platform. Zhao said that any transfers into USDC from the stablecoin known as PAX, as well as Binance’s own token BUSD, require routing through a bank based in New York which is not yet open. The suggestion from Zhao is that users are looking to convert their PAX and BUSD into USDC in order to withdraw their funds from Binance. A token swap could be a way for Binance to get more USDC quickly while the banks are closed in order to resume withdrawals for customers.

Zhao said users could still withdraw other Stablecoins including BUSD and Tether. Deposits are not affected, he said. Binance’s own token called BNB was trading down about 5% on Tuesday morning, according to data from CoinGecko. It’s not normally good news when a crypto firm has to pause withdrawals. In the summer, crypto firms including lender Celsius had to pause withdrawals before ultimately filing for bankruptcy. There is no indication of any such trouble for Binance. In the past 24 hours, Binance has seen $1.6 billion of outflows from its platform, according to a tweet from crypto data company Nansen published early Tuesday. Binance has more than $60 billion of assets on its platform, Nansen said.

The collapse of FTX and arrest of SBF has crypto investors on edge with fears of further contagion across the industry. Binance has been in the spotlight since its decision to sell its stake in FTX’s self-issued FTT digital tokens, which preceded the failure of the rival exchange. Investors have called for more transparency from Binance’s business. Last month, the company issued a proof of reserve in which it claims to have a reserve ratio of 101%. That means it has enough assets to cover customer deposits.


MAZARS SUSPENDS ALL CRYPTO EXCHANGE ACTIVITY

Accounting firm Mazars Group has suspended all work with its crypto clients. The decision to cut ties with Binance, KuCoin and Crypto.com comes just after the global accounting firm released “proof of reserve” reports for several digital asset exchanges. The move comes as major cryptocurrency exchanges look to prove their solvency, and show they have enough money to cover customer withdrawals. The CEOs of Binance and Crypto.com have looked to distinguish their own business practices from what happened at FTX, which has been charged with illegally using customer deposits for years before filing for bankruptcy.


LEADING INVESTMENT ANALYSTS EXPECT CRYPTO RISE

Finally for this week, I want to finish on a very brief but positive note. As we all know the crypto industry has been going through a very tough time this year, so much so that the expression “crypto winter” has come into common usage. To say nothing of the online HYIP industry by to way, which now feels more like a distant memory. Most large banks and investment managers expect the crypto market to pick up in 2023 following a year that saw Bitcoin sink around 75% from its all-time high. According to a report from the Reuters news agency, the likes of Van Eck, Deutsche Bank, JP Morgan, Bank of America, and Goldman Sachs have all made optimistic predictions for prices in the coming year. I think it’s fair to say everyone is hoping for the best, perhaps looking at it as this time of year as a sort of Christmas present. I don’t want to go into too much detail on this story since we are really just talking about longer term predictions and speculation, it will be months before we can say there is any solid concrete foundation to the story, but obviously everyone would like to see out the end of a bad year with a positive outlook for 2023.

That will be all for today’s Weekly CryptoNews Digest. Please tune in next Monday for more of the latest news coming up within the next week.


GET PAID REPORT FOR 19/12/2022

Here is the list of the programs from my monitor that paid me for the last 168 hours:
From MNO Sticky list: –
From MNO Premium list: –
From MNO Standard list: –
From MNO Basic list: ShuttleRent.

That’s about all for today, guys. Please accept my best Christmas wishes to all of you and your famillies, as next time I will posting already on the 26th so have a great holiday ahead of you. I hope you will stay connected and check out my blog next Monday. MNO – For Money Lovers!

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