Daily Archives: January 9, 2022

Mai Capital Predicts Tough Year for Crypto — Expects Bitcoin and Ethereum to Do Well Once Regulations Come Into Focus

Mai Capital Predicts Tough Year for Crypto — Expects Bitcoin and Ethereum to Do Well Once Regulations Come Into Focus

Mai Capital Management’s chief equity strategist and regional president, Chris Grisanti, has predicted that this year will be tough for crypto largely due to regulations. However, he expects established cryptocurrencies, such as bitcoin and ether, to “do quite well” once regulations come into focus.

Equity Strategist’s Crypto Predictions

Mai Capital Management’s Chris Grisanti shared his outlook for the cryptocurrency market in an interview with CNBC Thursday. Grisanti, CFA, is chief equity strategist and regional president of Mai Capital Management, a wealth management firm that provides planning and investment advisory services.

Noting that crypto is “almost a victim of its own success,” Grisanti detailed:

I think it’s going to be a tougher year for crypto … There will be calls for regulation from all over the place — from China, from Europe, and here in the United States.

Nonetheless, the equity strategist sees some cryptocurrencies coming out ahead. “I do think there will be a great winnowing as well. I think the more established coins like bitcoin and ethereum will do quite well after regulations come into focus,” he described.

The strategist elaborated:

Once regulations are in place, institutional investors, I think, will get more comfortable treating bitcoin not like a currency but like gold, which is a hedge against inflation and other things.

A recent survey by Nickel Digital Asset Management, a regulated European digital asset hedge fund manager, also shows that institutional investors are optimistic about more regulation coming to the crypto industry.

Commenting on the U.S. Securities and Exchange Commission (SEC) being granted more power to regulate the crypto space, “73% of institutional investors and wealth managers believe this will have a positive impact on the price of crypto and digital assets and 32% believe it will have a very positive effect.”

What do you think about the predictions by the equity strategist? Let us know in the comments section below.

Wind-Breaking NFTs: Reality Star Who Made $200K Selling Farts in Mason Jars Launches NFT Collection

Wind-Breaking NFTs: Reality Star Who Made $200K Selling Farts in Mason Jars Launches NFT Collection

Just recently the reality star, American Youtuber, and Tiktoker Stephanie Matto made international headlines after raising $200K from selling her farts contained in mason jars online. After Matto had to go to the hospital and after a doctor told her the farting idea was causing her to get hospitalized, she’s decided to sell her fart jars as non-fungible token (NFT) collectibles.

Tiktoker Reveals Fart Jars NFT Collection

The Youtuber and Tiktoker Stephanie Matto chose an interesting career choice when she decided to sell her farts in mason jars to paying customers online. The wind-breaking entrepreneur managed to acquire $200,000 for her mason jarred farts, but the idea was taking a physical toll on her body. That’s according to a doctor who told her the farting idea was an issue after Matto was recently hospitalized. In order to be more conscious of her body, Matto is now leaning on blockchain technology to continue her fart-selling career.

Matto, the former reality star of TLC’s “90 Day Fiancé,” decided to launch fartjarsnft.com and sell her work in the form of non-fungible token (NFT) assets. The website launched last Wednesday and to mint a Fart Jar NFT, it costs 0.05 ETH or roughly $155 per NFT at the time of publication. “Imagine the smell,” the website declares and Matto is quite certain she is giving people exactly what they want.

“For the first time ever an NFT project is giving the people what they want: Fart Jars,” the website claims. “Combine this with the deflationary mechanics, real-life redeemable items, and utility in the form of access to fart jar extraordinaire Stephanie Matto via a private discord channel for all holders. We are certain Fart Jars will blow you away.”

Fart Jars Are NFTs With Utility, Matto Is Not the First to Take Farts to the NFT Stage

According to the site, the NFTs give special privileges to NFT holders like access to a private Discord channel with Matto, Zoom meetings with the reality star, a mentor program, and people can also use Matto’s Fart Jars as social media profile pictures. “For as long as I can remember, it has been assumed that girls don’t poop and girls most certainly don’t fart,” Matto says. “Today, we are changing the narrative on what women can and can’t do, and on what women should and shouldn’t do.”

The Youtuber and Tiktoker further added:

Fart Jars are all about taking ownership of your body, your inner worth, with an added whiff of creative genius! Making a statement and an impact is not about pushing a fart – it’s about pushing yourself to do anything you set your mind to.

Stephanie Matto, however, isn’t the first to take farts to the world of NFTs, as Alex Ramírez-Mallis, 36, from Brooklyn created a 52-minute “Master Collection” NFT audio file of his farts. At the time, Ramírez-Mallis was able to sell a few of his NFT fart recordings for $85 to $183 in ethereum.

What do you think about Matto’s Fart Jar collection? Let us know what you think about this subject in the comments section below.

‘Making a Stronger Impact Artistically’ — An In-Depth Discussion About NFTs With System of a Down’s Serj Tankian

'Making a Stronger Impact Artistically' — An In-Depth Discussion About NFTs With System of a Down’s Serj Tankian

Last month, the lead vocalist of System of a Down, Serj Tankian, hosted an art exhibition with the non-fungible token (NFT) platform and marketplace Curio NFT. The physical and virtual-melded art show was called “Not for Touching” and this week Tankian told Bitcoin.com News that he believes NFT technology has opened new doors for his artistic expression.

This week Bitcoin.com News chatted with System of a Down’s (SoaD) lead vocalist, Serj Tankian, about non-fungible token (NFT) tech and how it has given him the ability to express his art in a new way. In December, Tankian and Curio NFT hosted an art exhibition featuring the artist’s NFT artwork called “Not for Touching.”

Tankian has been an artist for years, but NFTs has given the SoaD singer a new way “to affect multiple senses simultaneously” and he stressed that he’s always interested in having “a stronger impact artistically.” The following is an in-depth discussion with SoaD’s Serj Tankian that Bitcoin.com News recorded on January 5.

Bitcoin.com News (BCN): You’ve recently stepped into the world of NFTs. Can you tell our readers how you discovered NFT technology?

Serj Tankian: I discovered it by reading the news. Seeing how different artists were releasing NFTs. We were remodeling the house and I had a lot of reading time, and I was like ‘wow this is really interesting.’ Since I’ve been doing art for a number of years, musically connected art, I thought ‘wow this could be a new platform for what I am doing.’ So that’s where the connection of the idea came into play.

BCN: Recently, you hosted an art show called “Not for Touching” with Curio NFT. Can you tell our readers about this event and how it went?

Serj Tankian: The event went really well, they set up a virtual gallery which was really interesting for me. To be able to kind of go into this gallery and see my pieces, which were NFTs of course, and be able to view them, listen to them, and see details on them. Then walk the other way and see another NFT work on another wall. It was really cool, the setup was really nice and it’s kind of my first dive into this world as an artist.

I’ve always been interested in the ability to affect multiple senses simultaneously, as a way of kind of having a stronger impact artistically. I did that with my art in music, which we call “Eye For Sound.” We use an app that does optical recognition and you walk into a physical gallery and you are able to listen to each of the paintings with a smartphone or earbuds.

It’s like an immersive experience and with NFTs the ability to make that painting actually physically come to life utilizing animation and digital painting. Like my good friend, Roger Kupelian, who has worked on Lord of the Rings and many many films, his paintings come to life with the music in the background. So I am really excited about it because the product came out really incredible.

BCN: Do you collect any other assets from specific NFT collections?

Serj Tankian: I have not so far. To be honest, I am not a large physical art collector, even though I produce physical art. I do have some paintings by some good friends. Maybe it’s the fact that I am in some ways a minimalist. I don’t like clutter, even on a hard drive. I have a lot of friends who are collectors and they love collecting art, collecting things, NFTs, and I’m just not a collector. I am an artist, I produce.

BCN: Do any of the other System of the Down bandmates like NFTs?

Serj Tankian: I haven’t actually asked them. I am not sure any of them have bought any. I would doubt it, but maybe Shavo (SoaD bass player Shavo Odadjian), because he’s very tech-friendly and versus the other guys. So possibly Shavo, but I am not sure.

BCN: Why do you think NFTs are the “next step” in terms of artistic creation?

Serj Tankian: I was saying that statement is directed at me. Because it gave me a new platform to be able to add a dimension of experience that I hadn’t been able to add physically. That would be crawling into the virtual space in a way that I can make the paintings move, make them dance.

Where in the physical space, paintings are on the wall and they are not dancing, but the music-making you get into them, which is beautiful. But now I am able to fill in that space between the wall and the listener with NFTs. I look forward to finding more spaces, virtual or physical, to be able to interact further with multiple senses to increase the potency of the artist’s vision.

BCN: Besides NFTs are you into other types of blockchain projects, like crypto-assets such as bitcoin?

Serj Tankian: Not really. I don’t know sh*t about it. I am completely a naive person when it comes to blockchain, bitcoin, and any of it. I don’t own any, to me [NFT tech] is a new world of presenting my art, so that’s my in. But I really don’t know much about blockchain but I have friends who have bought bitcoin early and they are very enthused.

BCN: A lot of people believe blockchain tech can remove parasitic third parties from various elements in our lives. Would you agree with that?

Serj Tankian: I think there is definitely truth to that. I think it’s a subversive technology in a way or maybe it’s not subversive, and maybe it’s an alternative. You think about the gold standard and how the money used to be based on gold. Then they got off the gold standard because they couldn’t find enough gold. They expanded beyond that so most currencies are based on the integrity of the government of that nation.

With blockchain and bitcoin you are outside of that system. To me the whole thing is very interesting, NFTs included, because the human character agreeing to value things in a specific way is very interesting.

BCN: Do you plan on doing any more NFT exhibitions featuring your artwork?

Serj Tankian: I do. But I want to find the next level. I would love to do a physical gallery or museum exhibition, where there are these physically isolated spaces for each of my paintings and you create even more of this virtual meets the physical world. Where you can interact with the multiple dimensions of art that include painting, definitely the music surrounding you, maybe some touch and smell elements, lighting, and bring the virtual world into that. Maybe the NFTs could be projected, within the actual space, I’m starting to think of multiple dimensions and the increase of the potency of the artistic effect.

What do you think about our interview with Serj Tankian from System of a Down? What do you think about his description of NFT technology? Let us know what you think about this subject in the comments section below.

Kosovo Seizes Hundreds of Crypto Mining Machines in Crackdown

Kosovo Seizes Hundreds of Crypto Mining Machines in Crackdown

Police in Kosovo seized another batch of over 200 mining devices as part of raids that started on Thursday. The offensive against underground crypto farms was launched after authorities in Pristina banned the power-hungry minting of digital currencies amid an energy crisis in the country.

Authorities in Kosovo Confiscate Mining Hardware in Serb Majority North

Law enforcement officers in Kosovo have confiscated hundreds of mining machines as part of efforts to curb crypto mining activities in the face of electricity shortages. One person has been arrested in the latest police operation in the predominantly Serb northern part of the country.

A statement issued by the Kosovo police revealed that the authorities have seized 272 devices used for the production of cryptocurrency in the municipality of Leposavic, AFP reported. “The whole action took place and ended without incidents,” Interior Minister Xhelal Svecla noted in a post on Facebook.

Finance Minister Hekuran Murati also took to the social media platform to point out that the estimated monthly consumption of the mining equipment is as much as the power used by 500 homes, worth between €60,000 and €120,000 euros. Murati also stated:

We cannot allow the illegal enrichment of some, at the expense of taxpayers.

The new seizure has brought to 342 the total number of mining rigs confiscated since the raids against miners started earlier this week, data from the Ministry of Interior shows. The crackdown began after the government in Pristina halted all mining operations on Tuesday, citing the growing power deficit in the cold winter months.

Mining Crackdown Threatens to Increase Ethnic Tensions

Amid the government offensive on mining facilities, tensions have been running high between the central government of Kosovo, dominated by ethnic Albanians, and the ethnic Serbs who form a majority in four municipalities in the north of the partially recognized republic in South East Europe. Serbs do not accept the authority of Pristina and have not paid for electricity in over two decades, since the 1998 – 1999 Kosovo war.

The country’s public utility is still covering their bills from its own revenues and according to estimates quoted by local media, the total amounts to €12 million a year. The current energy crisis, exacerbated by insufficient local generation and rising import prices, brought the issue to the forefront. Police have also carried out two raids in ethnic Albanian majority areas, seizing 70 mining devices.

The crypto mining ban was presented by Economy Minister Artane Rizvanolli as an emergency step, along with other measures proposed by a special parliamentary committee. However, critics have raised doubts about its legality as the minting of digital currencies is not prohibited by the current legislation. A draft law on cryptocurrency regulation submitted to the parliament in October is yet to be adopted.

Do you expect authorities in Kosovo to continue their crackdown on crypto miners? Share your thoughts on the subject in the comments section below.

Social Media Giant Wechat to Support China’s CBDC, Platform Expected to Boost Adoption Rate

Social Media Giant Wechat to Support China's CBDC, Platform Expected to Boost Adoption Rate

China’s social media giant, Wechat has said it will support the digital yuan in a move that is expected to increase the of Chinese residents that use the central bank’s digital currency (CBDC). Wechat’s support of the digital yuan potentially avails the digital currency to the social media’s 800 million active users.

New App Provides Access to CBDC

Wechat, one of China’s biggest messaging and payment apps, is reportedly set to support the digital yuan, China’s CBDC. The addition of the CBDC to the social platform is expected to boost the adoption rate of the digital yuan.

The messaging giant’s decision to support the CBDC comes shortly after the central bank’s launch of the e-cny app that gives users in certain Chinese regions and cities access to the digital yuan.

However, as the report in the Coinrivet notes, Wechat’s announcement, as well as the inclusion of Alibaba’s Alipay in the digital currency’s ecosystem, suggests that the e-cny app alone may not achieve the central bank’s goal of getting more Chinese to use the CBDC.

Central Bank’s Reasons for Partnering Wechat and Alipay

To support this assertion, the report quotes Linghao Bao, an analyst at consultancy Trivium China who says he sees the sense in the central bank’s decision to co-opt the two internet giants. He said:

Chinese consumers are so locked in Wechat Pay and Alipay, it’s not realistic to convince them to switch to a new mobile payment app. So it makes sense for the central bank to team up with Wechat Pay and Alipay as opposed to doing it on its own.

Wechat’s support of the digital yuan adds to the social media app’s growing list of use cases which already includes a payment service, Wechat Pay. The social media giant’s addition of the CBDC to payments services also potentially gives the digital currency access to Wechat’s approximately 800 million active users.

What are your thoughts on this story? Tell us what you think in the comments section below.

Game on NFT™, a Work of Art That Celebrates Bitcoin and Bitcoiners

PRESS RELEASE. Chicago, IL – 9th January, 2022Denjary Watru, the creator of the Game On NFT™ has dropped an NFT that is sure to become highly sought after by all those who know and understand Bitcoin, its implications for society going forward, and who have an appreciation for the value of digital art. According to Denjary, the inspiration for the Game On NFT™ happened during his routine treadmill workout and while talking on the phone to a friend, attempting to explain Bitcoin.

Surrounded by sports themed pictures on the walls of the exercise area of his home, he had the thought of using a football metaphor to help his friend (who loves football) to better understand Bitcoin. At the end of the call, when the friend said the metaphor had really helped him to get it, Denjary went to his desk and began sketching some of the ideas expressed during the call. Eleven months later, after assembling a team of creatives, the Game On NFT™ was born.

The artwork is titled Game On because it symbolically characterizes the date that Satoshi (Bitcoin’s inventor) introduced Bitcoin to the world as the first provably scarce digital cash, making the concept of a digital asset a reality, as the beginning of a gutsy resolve to provide an exit from the fiat system. The Game On NFT™ tagline is “Its Game On…Until Its Game Over”. The artist incorporates more than twenty-one (21) different elements within the artwork that personify the Bitcoin story and its supporters. Knowledgeable Bitcoin enthusiast will recognize the symbolism used throughout the piece and appreciate the deep thought that went into each carefully selected image or meme that represents some key attribute of Bitcoin or the network. Since Bitcoin enthusiast are more than likely to own or have owned Bitcoin for some extended period, they are stakeholders in its success and will find value in an NFT that celebrates the story of the Bitcoin (the cryptocurrency that created the digital asset category).

Also, since the Game On NFT™ is an inspired, custom, work of art, it differentiates itself from the crowd of randomized computer-generated groupings of pixelated art, that are presently an over-represented segment of the NFT art category. Many others in the crypto community will find the Game On NFT™ highly desirable, since besides being a piece of custom artwork, it can also be used as an educational tool to help others understand Bitcoin and grow its adoption.

The Game On NFT™ is available on the OpenSea platform where prospective owners can choose a one of one seat and row in any of the eight sections, Cypherpunks, Full Nodes, Miners, Developers, Speculators, Maximalist, Merchants, or Consumers. For more information about Game On NFT™, please visit our website at https://gameonnft.com or email us at [email protected].

 

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Ruling Party Sources Deny Plan to Levy 40% Tax on Crypto Yields in Turkey

Ruling Party Sources Deny Plan to Levy 40% Tax on Crypto Yields in Turkey

The government in Turkey does not intend to impose a 40-percent levy on crypto-related gains as has been alleged, members of the ruling AKP party have indicated to the local press. They have also emphasized that the current regulatory efforts are aimed at creating a sustainable environment for the blockchain industry.

Turkey to Establish Regulatory Base for Cryptocurrency Market

A legislative proposal tailored to regulate cryptocurrency trade in Turkey is likely to be submitted to the parliament in the upcoming weeks. Sources from the Justice and Development Party (AKP), the country’s ruling political force, have “strongly denied” allegations that authorities in Ankara are going to tax cryptocurrency gains at a rate of 40%, the Turkish newspaper Hürriyet reported.

One of the AKP representatives, the deputy leader of the party’s parliamentary group Mustafa Elitaş, commented on social media last month that the new law will serve to regulate Turkey’s crypto system, while “preventing malicious acts, protecting investors and countering grievances” as he put it. He remarked that drafts prepared by other institutions have also been mentioned by the media but stressed that the legislature will have the final say.

On Dececmber 29, Elitaş organized a meeting with 13 representatives of cryptocurrency platforms operating in Turkey at the parliament in Ankara. It was also attended by officials from the Treasury and Finance Ministry, the Banking Regulation and Supervision Agency (BDDK), the Financial Crimes Investigation Board (MASAK), and the Central Bank of Turkey. The participants voiced their support for the adoption of a regulatory framework that would allow further amendments to reflect changes in the space.

AKP Examines UK, US Crypto Regulations

According to a report by another major Turkish daily, Milliyet, senior members of the AKP have been reviewing current regulations in the U.K., U.S., and Japan this week. Achieving transparency, safety and auditability of crypto exchange platforms will be the first priority of Turkey’s own regulations, Hürriyet revealed, quoting party officials who chose to remain anonymous. Establishing a suitable financial environment to accommodate a growing blockchain sector is the next key goal, they added.

More than 30 crypto trading platforms are currently operating in Turkey, the publication noted, and the country’s crypto assets market is among the world’s top five with almost 5 million user accounts. The daily trading volume on the largest exchange, Binance, amounts to around $320 million. Last month, MASAK fined Binance’s Turkish platform, BN Teknoloji, 8 million lira (over $750,000 at the time) for violations established during liability inspections.

In May of 2021, MASAK issued a set of guidelines for crypto service providers, obliging digital asset exchanges to carry out identity verification of their customers and report suspicious transactions, including high-volume trading. The agency can impose fines on platforms that fail to fulfill their duties and even prosecute their owners.

The rules were adopted after two Turkish crypto exchanges, Thodex and Vebitcoin, suddenly stopped trading, inflicting losses on thousands of investors, and were targeted in anti-fraud investigations. In October, another platform, Coinzo, also closed down. The popularity of crypto trading and investing in Turkey has increased significantly amid the rising inflation of the lira, but crypto payments were banned by the Turkish central bank.

What kind of regulations do you expect Turkey to adopt? Share your thoughts on the subject in the comments section below.

Samsung Reveals Virtual Store 837X in Decentraland Metaverse With NFT Badges and Theater

Samsung Reveals Virtual Store 837X in Decentraland Metaverse With NFT Badges and Theater

After the electronics giant Samsung disclosed the firm’s upcoming 2022 smart televisions would boast non-fungible token (NFT) support, the company has revealed it has opened a virtual store inside the Decentraland metaverse. Modeled from the physical store Samsung 837, Samsung’s metaverse store is called “Samsung 837X.”

Samsung Steps Into the Metaverse

Samsung is all about the metaverse and NFTs these days, as the company has opened a store within the blockchain virtual metaverse Decentraland. The Samsung 837X store is modeled from the physical location in New York City, and the virtual store will be open to Decentraland visitors for a limited time.

“Samsung’s new metaverse experience brings its spirit as an experiential playground for people to discover the amazing possibilities when technology and culture collide,” the electronics manufacturer’s announcement explains. The company further details that the visitors will be able to experience the Connectivity Theater, the Sustainability Forest, and the Customization Stage.

Samsung NFT Badges and Metaverse Mixed Reality Live Dance Party

According to Samsung, fans perusing through the theater and forest can “complete quests along the way for 837X Non-Fungible Token (NFT) badges.” The theater will showcase Samsung news and the stage will feature a “metaverse mixed reality live dance party” hosted by the DJ Gamma Vibes.

“At Samsung 837X, we’re excited to tell our connectivity, sustainability and customization stories in a novel way, in a one-of-a-kind space,” Michelle Crossan-Matos the senior vice president of corporate marketing and communications at Samsung Electronics America said in a statement. Crossan-Matos added:

The metaverse empowers us to transcend physical and spatial limits to create unique virtual experiences that could not happen otherwise. Innovation is in our DNA, and we can’t wait for you all to experience this burgeoning virtual world.

Meanwhile, metaverse tokens stemming from projects like Decentraland and The Sandbox have seen decent gains in recent weeks. Decentraland (MANA), the native token for the blockchain metaverse has gained 2,304% year-to-date. Both projects have seen significant land sales in recent times as well as metaverse lands have been selling for a great deal of money.

Samsung Reveals Virtual Store 837X in Decentraland Metaverse With NFT Badges and Theater

Samsung’s newly launched 837X store follows the firm announcing that its upcoming smart TVs will boast NFT support. Samsung’s 2022 Smart TVs will come with a new Smart Hub that features a “Gaming Hub,” “Watch All,” and an “NFT Platform.” Samsung has been into blockchain technology for a few years now and has also added crypto wallet support to the firm’s Galaxy smartphones.

What do you think about Samsung’s entry into the metaverse space and the virtual store in Decentraland? Let us know what you think about this subject in the comments section below.

Crypto Fear and Greed Index Score Hits 5 Month Low, Analyzed Sentiment Points to ‘Extreme Fear’

Crypto Fear and Greed Index Score Hits 5 Month Low, Analyzed Sentiments Points to 'Extreme Fear'

On January 8, 2022, the price of bitcoin dropped to $40,517 per unit just after 1 p.m. (EST) on Saturday afternoon. According to the Crypto Fear & Greed Index (CFGI), sentiment shows “extreme fear” is in the air, and the CFGI score is a 10. The last time the CFGI score was this low was 171 days ago on July 21, 2021.

Current CFGI Sentiment Shows ‘Extreme Fear’ — Bitcoin’s Price 39% Lower Than All-Time High

Digital currency markets shed billions in value this past week and the leading crypto asset bitcoin (BTC) lost close to 10% during the last seven days. On Saturday, January 8, 2022, the price hit its lowest point since the end of September 2021, tapping a low of $40,517 per unit this afternoon.

Bitcoin’s global trade volume on Saturday is roughly $23.6 billion. BTC’s largest trading pair is tether (USDT) which commands 61.46% of all trades today. This is followed by USD (14.73%), BUSD (6.79%), KRW (3.64%), JPY (3.27%), and EUR (3.21%).

BTC’s top exchange on Saturday is FTX.US, followed by Coinbase, Bitfinex, Kraken, and Bitstamp. BTC’s global trade volume today only represents 23.69% of the $99.6 billion in trades among all the assets in the crypto economy. While BTC commands $23.6 billion in trade volume, tether (USDT) captures $46.7 billion in trade volume worldwide.

BTC’s 24 hour range on Saturday has been between $40,517.66 to $42,702.09. The Crypto Fear & Greed Index (CFGI) hosted on the web portal alternative.me indicates the current CFGI score is 10. This points to “extreme fear” as the tool “analyzes emotions and sentiments from different sources and crunch them into one simple number.”

The CFGI score hasn’t been this low since the summer, on July 21, 2021, which was roughly 171 days ago. The score has changed a great deal since even yesterday, when the CFGI recorded the “extreme fear” sentiment score at 18. Last week the CFGI score was 21, and 30 days prior it was 29.

Year-to-date, bitcoin (BTC) on Saturday, January 8, 2022, BTC is only up 6.4%. However, BTC is down 39% lower since its all-time high (ATH) two months ago on November 10, 2021. Bitcoin is up, however, 61,932.6% since July 6, 2013, or eight years ago when it was $67.81 per coin.

What do you think about the Crypto Fear & Greed Index score today? Let us know what you think about this subject in the comments section below.

SEC Charges Australian ‘Man Behind the Machine’ in $41M Crypto Fraud Scheme

SEC Charges Australian 'Man Behind the Machine' in $41M Crypto Fraud Scheme

The U.S. Securities and Exchange Commission (SEC) has charged an Australian citizen who called himself the “Man behind the Machine” in a fraudulent crypto scheme that raised almost $41 million. He and his companies made “materially false and misleading statements in connection with an unregistered offer and sale of digital asset securities.”

‘Man Behind the Machine’ Charged by SEC

The SEC announced Thursday charges against Australian citizen Craig Sproule and two companies he founded for “defrauding Investors.” The two companies are Crowd Machine Inc. and Metavine Inc.

The SEC alleged that they made “materially false and misleading statements in connection with an unregistered offer and sale of digital asset securities.”

The securities regulator explained that Sproule referred to himself in social media postings as the “Man behind the Machine.” He claimed to have raised $40.7 million in an initial coin offering (ICO) of Crowd Machine Compute Tokens (CMCTs). The offering occurred between January and April 2018.

Instead of using the ICO proceeds for the purpose he told investors, the SEC described:

Crowd Machine and Sproule began diverting more than $5.8 million in ICO proceeds to gold mining entities in South Africa – a use that was never disclosed to investors.

The securities watchdog also said that Crowd Machine and Sproule did not register their offers and sales of CMCT tokens. In addition, they knowingly sold the tokens without determining whether the investors were accredited.

Kristina Littman, chief of the SEC Enforcement Division’s Cyber Unit, commented:

Sproule and Crowd Machine misled investors about how they were using ICO proceeds, spending funds on an entirely unrelated scheme.

The SEC’s complaint “charges Sproule and Crowd Machine with violating the antifraud and registration provisions of the federal securities laws.”

The two and relief defendant Metavine Pty. Ltd., an affiliated Australian entity, consented to judgments without admitting or denying the allegations.

They are prohibited from participating in future securities offerings. Sproule is also prohibited “from serving as an officer or director of a public company, and [will be ordered] to pay a $195,047 civil penalty.” Furthermore, the CMCT tokens must be disabled and removed from crypto trading platforms.

What do you think about this case? Let us know in the comments section below.