Crypto Three Things (9/20)

Tuesday, Sep 20th 2022


FTX scam looms in the U.K.

 “The Wild West attracts cowboys. A sheriff is a good thing.” - Cameron Winklevoss

1) FTX impersonated by scammer: The Bahamas-based cryptocurrency exchange got involved in legal troubles abroad after the U.K.’s Financial Conduct Authority claimed it targeted consumers and conducted unauthorized business in the country. In response, the trading platform acknowledged the website used in the campaign in question was the company’s official one but that the phone numbers listed had been reported as linked to scams.

Titan’s Takeaway: It’s not unusual for fraudsters to take advantage of the thinly-regulated crypto landscape, even to go as far as to impersonate one of the largest digital asset exchanges. While FTX is accessible by U.K. traders, registering with the FCA will give consumers protection.

2) Ripple caught in a legal tussle: The company behind the XRP token, Ripple, entered into a dispute with the Securities and Exchange Commission over whether its cryptocurrency should be subject to the regulator’s authority. Both parties filed motions asking a federal judge to rule either that XRP is a security and its sales constitute an “investment contract,” or otherwise dismiss the lawsuit.

Titan’s Takeaway: The case builds upon XRP’s legal spat in 2020 when the SEC accused Ripple of illegally raising almost $1.4B without registering the token as a security. The resolution, unlikely to arrive before 2023, will shed light on which crypto assets can be defined as securities.

3) Alameda to repay $200M to Voyager: Crypto trading firm Alameda is reaching into its treasury to scoop out roughly $200M of borrowed funds that will be returned to the bankrupt digital asset lender Voyager. Through the agreement, Alameda will pay 6,553 BTC and 51,204 ETH and will get back its pledged collateral made up mostly of FTX’s token, FTT,  and SRM – Serum’s utility token. A court filing ordered the loan to be repaid by Sept. 30.

Titan’s Takeaway: Voyager, which is in the process of auctioning off its assets, appears to be looking for any liquidity provision it can find. Oddly, Voyager’s borrower may very well turn into its buyer after it disclosed a bid that was dismissed by the embattled lender as a ‘low-ball’ offer.

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