| Hi, Inside Cryptocurrency readers! Today, you will read: - Former Voyager Digital CEO hit with fraud claims,
- Ethereum's price drops,
- Coinbase opposes the IRS's plans for the cryptocurrency industry and more.
If you find this newsletter helpful, share it with your friends. Thank you! Arbër
p/Arber | |
| 1 | | Former Voyager Digital CEO Steve Ehrlich has been hit with fraud claims from the CFTC. Ehrlich deliberately engaged in fraud, according to the government agency. More: - According to the CFTC, Ehrlich misled his customers about the financial health of the company while also operating without proper registrations.
- The agency claims that these funds were protected by the Federal Deposit Insurance Corp.
- However, one of the CFTC's commissioners, Caroline Pham, stated that the CFTC's position is based on a wrong interpretation of the law; thus, Voyager is not at fault.
- After Voyager went bankrupt in 2022, it went through two failed acquisition deals with FTX and Binance, which have led to its customers potentially losing as much as 36% of their total amount.
Q: Do you personally know anyone who has been defrauded by a cryptocurrency company/campaign? Answer here. |     | |
| 2 | | 
Ethereum's price dropped on Tuesday to $1,523, a seven-month low. ETH's price has since recovered to $1,531 but continues to underperform compared to other cryptocurrencies. More: - Compared to Ethereum, Bitcoin has performed better, dropping to $26,600, outperforming most of the rest of the digital asset market.
- Other coins such as Solana, Toncoin, and AVAX also declined 2%-3%.
- DeFi tokens have noticeably performed worse compared to other coins, as the DeFi index has dropped by 2%, more than other indexes.
Zoom Out: - Recently, Standard Chartered analysts predicted that Etherum's price would reach $8,000 by 2026.
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| 3 | | Coinbase is arguing against the implementation of a recent proposal from the IRS that seeks to formally define crypto brokers. Coinbase claims that the law would bring an unprecedented tracking of the everyday lives of Americans. More: - Multiple Democratic senators, including Elizabeth Warren, have advised the IRS to go forward with its plans, regardless of feedback from the industry.
- The senators have proposed that the agency implements its plans as soon as possible so that the government doesn't miss on "billions of dollars in revenue."
- On the other side, Coinbase, one of the world's largest exchanges, has asked the IRS to re-write the proposal "to limit compliance requirements to those parties that directly effectuate transactions in digital assets similar to those in traditional finance.
- The IRS will publish its comments on the feedback it has received before Oct. 30, after which it has to make a final decision on the legislation.
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| 4 | | Russia's Saint Petersburg Stock Exchange stock exchange has expressed willingness to list Bitcoin. The country's second-largest exchange stated it would do so once the industry is officially legalized. More: - The statement, made by the head of the Saint Petersburg stock exchange, Roman Goryunov, reaffirms a stance made since 2017. Then, the exchange had been close to listing Bitcoin but ultimately decided not to do so.
- Goryuunov said, "The world of crypto will merge with the world of traditional financial instruments."
- This decision, however, will be made if the Russian government provides a clear legal path toward cryptocurrency legalization and adoption.
- Currently, Russia's law prevents crypto-related companies from landing in Russia, as crypto payments are effectively banned.
Zoom Out: - Economists believe that Russia will try to use cryptocurrencies to revive a part of its economy that has been hurt by sanctions imposed by Western countries since the invasion of Ukraine.
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| 5 | | Web3 social media platform Republik has raised a $6M Seed round. The company has now reached a $75M valuation. More: - Republik is a Web3-based platform that aims to reward users for interacting with creators on the platform, thus seeking to change the current business model for social media companies.
- The funding was led by investors such as OKX Ventures, 6th Man Ventures, Arcane Ventures, CMS Holdings, Comma3 Ventures, Define Ventures, Enjin, FBG Capital, HTX Ventures, Mirana Ventures, Oracles Investment Group, Signum Capital, Sora Ventures, and UOB Venture Management.
- Republik stated that the capital raised will be used to continue building its infrastructure and launch a token named RPK.
- The app is currently in beta mode.
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| 6 | | Game Of Silks has raised a $5M Seed funding round to expand its blockchain gaming platform. The company claims there has been $1.3B in race purses. More: - Game of Silks provides a blockchain gaming platform mirroring the real world of thoroughbred horse racing.
- Users have ownership of digital horses, which they can share with others.
- There are 35,000 races held per year, according to the company.
- Taylor Made and FunFair Ventures were the two lead investors in the round.
- The company is based in Boca Raton, Florida.
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 | Writer | | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. | | This newsletter was edited by Aaron Crutchfield | |
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