A lot happened in the crypto world last night and in this overview we list the most important developments. For example, the US government is taking action against key figures in a major crypto fraud. Additionally, TD Cowen, a major investment bank, has issued a very negative forecast for Ethereum (ETH) exchange funds and released notable data for Bitcoin (BTC) exchange funds.
Expect more in-depth articles from Crypto Insiders on these topics throughout the day.
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Major Crypto Scam: US Government Takes Action
Important personalities behind the imploded year 2022 decentralized finance (DeFi) platform HyperFund has been targeted by the US government.
The Department of Justice (DOJ) yesterday announced indictments against two individuals and the guilty plea of a third individual for orchestrating a $1.7 billion crypto scam.
The DOJ accused Australian citizen Sam Lee of co-founding HyperFund and Rodney Burton and Brenda Chunga of promoting it.
The American one Securities and Exchange Commission (SEC) also filed charges against Lee and Chunga for promoting fraudulent mining products that promised lucrative returns.
Ethereum ETF in 2025 or 2026?
TD Cowen has his previously pessimistic view on the possible arrival of Ethereum Spot Exchange-traded funds (ETFs) rose even further.
The bank had previously discussed approval after the American presidential elections in November this year. Now TD Cowen has expressed the expectation that such a fund for Ethereum will not be launched until late 2025 or early 2026.
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Bitcoin ETFs: Fidelity outperforms, Grayscale outflows decline
Of all ten Bitcoin spot ETFs, Fidelity had the most successful day yesterday. In fact, $208 million worth of Bitcoin flowed into FBTC. BlackRock has raised no more than $198 million.
Additionally, the downward trend in Grayscale fund (GBTC) outflows continued yesterday. Bitcoins worth $192 million left the fund. This low has not been this low since January 11th, the very first day of trading.
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