Mazars and Armanino have suspended the practice of providing services to crypto-industry platform. Crypto-Upvotes expert review

Auditing firms have begun to refuse to work with companies in the cryptocurrency industry. For example, Mazars, which recently audited Binance reserves, has suspended its audits of cryptocurrency companies. The firm Armanino, which worked with FTX, is also discontinuing its crypto audit practice and turning away clients.

Mazars Group, the French accounting firm that Binance, KuCoin, Crypto.com and other major industry players turned to to verify their reserve assets, stopped all work with cryptocurrencies. That’s because markets don’t trust its “reserve proof”.

A Mazars official said the company would make a statement in due course and declined to comment further. The website where Mazars reports to cryptocurrencies is currently down.

Another auditing company, Armanino, which has been working in the crypto industry since 2014, is also discontinuing its crypto-audit practice. And is giving up on clients, Forbes writes, citing sources familiar with the matter. According to their information, the firm’s cryptocurrency division may be winding down under pressure from Armanino’s non-cryptocurrency clients. These clients are concerned that the reputational risk to the firm would cast doubt on their audits.

Armanino, which had previously inspected OKX and Gate exchanges, was named a defendant in a collective lawsuit in November 2022. For failing to find irregularities at FTX.US after auditing the exchange last year. Collective action was filed by Stephen Pierce, an FTX customer who he claims lost $20,000.

Many accounting firms are afraid to work with cryptocurrency companies. Changpeng Zhao, Binance’s CEO, said this in an interview with CNBC on Thursday. When asked why Binance has not engaged an auditor from the “big four” (PwC, Deloitte, EY and KPMG). He replied that such firms “don’t even know how to audit crypto exchanges.”

The Mazars audit report on Binance’s reserves, published on December 7, drew criticism and sowed some panic in the cryptocurrency community. Customers of the exchange started withdrawing funds and the value of the BNB token started falling. Changpeng Zhao warned employees that a difficult period was coming. And urged to ignore the rumors and assured that the exchange “will survive any crypto winter.”

Two exchange traded ETF funds raised a total of $73.6 million on the eve of their debut on Hong Kong Stock Exchange. Crypto-Upvotes expert review

Two exchange-traded funds (ETF) will begin trading on the Hong Kong Stock Exchange (HKEX) on December 16. They are based on cryptocurrency futures. These are the first funds of their kind in Hong Kong. CSOP Asset Management’s ETF invest in Bitcoin and Ethereum futures. Which are listed on the Chicago Mercantile Exchange (CME Group) in the United States. They are the only cryptocurrency assets allowed by the Hong Kong Securities and Futures Commission (SFC).

Two funds raised a total of $73.6 million before their debut on the Hong Kong Stock Exchange. The larger one, CSOP Bitcoin Futures ETF (3066.HK), raised $53.9 million, according to the management company. That’s more than the ProShares Bitcoin Strategy ETF, the first U.S. Bitcoin futures ETF. Which began trading on the New York Stock Exchange (NYSE) in October 2021 with an initial capital of $20 million.

Crypto-futures ETF demonstrate that Hong Kong remains open-minded about the development of virtual assets. This is despite recent problems in crypto-industry, said Yi Wang, head of quantitative investment at CSOP. He noted that since ETF do not invest directly in Bitcoin and are traded on regulated exchanges in the U.S. and Hong Kong. Investors will have more regulatory protections than tokens traded on unregulated platforms.

The first futures-based Bitcoin-ETF were approved in the U.S. back in 2021. However, the U.S. Securities and Exchange Commission (SEC) has so far rejected all applications to launch a spot exchange-traded fund (ETF). SEC head Gary Gensler attributed this to the fact that applications for such funds do not meet the Securities Act’s standards for cracking down on fraudulent or manipulative practices.

Former FTX head Sam Bankman-Fried is sent to the only prison in the Bahamas. There, due to a shortage of space, some inmates just awaiting trial end up in high-security wings. Review of Crypto-Upvotes experts

Former FTX head Sam Bankman-Fried is headed to the notoriously poor conditions of the Bahamas’ Fox Hill prison. After a court ordered him into custody and denied him bail, Business Insider reports.

Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange, was detained in the Bahamas on Dec. 12 upon official request from the U.S., where criminal charges were filed against him. Bankman-Fried is charged with several counts. These include scam, money laundering and campaign finance violations.

While awaiting extradition to the U.S., Sam Bankman-Fried will spend time in the Bahamas’ only prison. Fox Hill Prison, notoriously overcrowded and unsanitary. A judge has ordered that he be sent to that prison. Where he will first be held in the medical ward.

The Bahamas has one of the highest incarceration rates in the world. Thus, according to the U.S. State Department’s 2020 Human Rights Report, there were 409 prisoners per 100,000 people. The University of Lausanne calculates that the average for the Council of Europe’s 48 prison administrations as of January 2020 was just over 103 inmates per 100,000.

Conditions of confinement at Fox Hill prison

Due to the large number of prisoners in the Bahamas, Fox Hill is overcrowded. As a result, conditions are declining. Lack of space and overcrowding have led to some inmates simply awaiting trial being placed in a maximum-security unit. Local attorney Romona Farquharson told The Wall Street Journal.

Inmates are supposed to go outside for an hour a day, the lawyer said, but because of staff shortages, there are periods when inmates see only 30 minutes of sunlight a week.

The U.S. State Department’s Human Rights Report on the Bahamas. Which was published in 2021, reports that, according to Fox Hill inmates. They had to scavenge with buckets and were forced to lie on the hard ground for long periods of time.

The report says there is an infestation of rats, maggots and insects in the small cells of the high-security unit. They have no mattresses, no toilets, and can hold up to six inmates at a time. Detainees complained of poor food and denial of prompt medical care.

Sam Bankman-Fried applied for bail Dec. 13. But a justice of the peace in the Bahamas denied the request. The trading platform founder was deemed a flight risk and detained until at least Feb. 8, 2023, when his case will resume.

Bybit announced about obligatory KYC procedure for customers to buy cryptocurrencies for fiat money and transactions with NFT. Crypto-Upvotes expert review

Crypto-exchange Bybit will limit the number of services that can be available to users who have not passed the verification procedure. Platform announced changes in KYC policy, as well as the introduction of new withdrawal limits.

KYC is currently required to access Bybit Launchpad and Earn products. Also for credit card payments, trading on P2P service of the exchange and transactions in certain currencies.

Starting December 15, verification will be required on the platform to purchase cryptocurrencies for fiat money and through One-Click Buy and P2P services. The KYC procedure will become mandatory for all NFT purchases and for NFT resales over $10,000. Mandatory user verification for input, withdrawal and purchase of NFT on primary market will be required from December 30.

Bybit may further expand KYC requirements in near future, the exchange said in a statement.

In addition to the new verification rules, from December 15 the platform will change the withdrawal limits. For example, without KYC-checking the daily limit for withdrawal of assets will be 20 thousand USDT, the monthly limit – 100 thousand USDT. Until December 15, only daily limit of 2 BTC is set.

Crypto-Upvotes experts analyzed the situation with Bitcoin on crypto market and told how it can change in the short term

From December 5 to 11, the pair BTC/USDT traded in the price range of $16.7 ths – $17.4 ths. In the first half of the week Bitcoin was under pressure, in the second it got out in a small plus. Because Bitcoin got back in touch with the stock and currency markets. It was influenced by the dynamics of stock indices and the dollar index.

On Monday, December 5, investors were spooked by better-than-expected data from the U.S. service sector. The statistics changed market sentiment of the market participants. Because they are still afraid of the Fed’s continued tight policy to curb inflation. As a result, the S&P500 index was unable to break through the trend line on the daily and weekly section. The downward correction intensified amid closing long positions in technology sector stocks. The dollar index recovered to 105.79 points. BTC/USDT pair returned to the level of $16.8 ths.

On Tuesday, December 6, Bitcoin rate consolidated at $17 ths. On December 7, the pair BTC/USDT fell to the trend line of $16.7 ths on the background of risk aversion. Since Thursday, December 8, the situation in the markets has changed. Bitcoin gained 2.30% against the dollar to $17.2 thousand. The dollar index reversed downward and the S&P500 index recovered to 3,974 points. That was the end of the index’s rise, as well as Bitcoin’s strengthening.

On Friday, December 9, the S&P500 index fell 0.73% to 3934.39 points. The sell-off in risky assets resumed after the release of disappointing U.S. producer price data for November. Prices rose more than forecasted. The PPI index in November rose by 7.4% on an annualized basis and by 0.3% versus October. The average forecast was for a 7.2% growth for the former index and a 0.2% growth for the latter.

Investors fear again

Fears of tighter monetary policy from the Fed and a possible recession came to the fore. U.S. stock futures changed from rising to falling, while Treasury yields jumped.

The statistics are rocking the markets ahead of the U.S. Federal Reserve’s December 14 meeting. High volatility is needed for option sellers. To sell them at a high premium. Investors are expecting Wednesday’s rate hike of 50 basis points, to 4.5% per year. According to the latest CME FedWatch Tool, there is a 78.2% chance of a 50bp rate hike.

There is still uncertainty in the crypto market. The decline in the BTC/USDT pair on Friday was subdued. The level of $17.35K has not been passed, and the buyers can still pass it till Wednesday. The price pattern at 4H (time range on the chart) is favorable for an upward move.

Support is at the level of $16.9 ths, key – at $16.5 ths. We expect the denouement after the speech of the head of the US Federal Reserve Jerome Powell at the press conference, which will be held after the announcement of the rates decision.

Coca-Cola to issue 10K digital tokens from Piece of Magic series will be created based on “heat maps” of tournament matches. Crypto-Upvotes expert review

Coca-Cola, in cooperation with cryptoplatform Crypto.com, will release an NFT collection in honor of the 2022 FIFA World Cup. The NFT series, called Piece of Magic, will consist of 10,000 items. Which will be created based on “heat maps” of the tournament matches, according to announcement.

Author NFT is an artist known under the pseudonym GMUNK. He has previously contributed to films such as Tron: Legacy and Oblivion. NFT tokens of collection are generated by tracking attacks, jerks, goals, and other interesting moments during championship matches. According to artist, these NFTs will “capture the spirit of football and depict a visual story unique to each match”.

Items in the collection will only be available to users of Crypto. com NFT marketplace. To gain access to the tokens, one must also register on the Coca-Cola Fan Zone page.

In addition to its partnership with Coca-Cola, Crypto.com has also become one of major crypto sponsors of this FIFA World Cup. Platform’s logo is placed in stadiums where tournament takes place, and users of the service had an opportunity to visit matches and win official attributes.

The latest version of Winamp allows users to link a Metamask wallet through browsers. As well as access audio and video files on Ethereum and Polygon blockchains. Crypto-Upvotes expert review

Winamp media player has released an update with support for NFT tracks. The new 5.9.1 version of the player for Windows desktop systems allows users to link their Metamask wallet through Brave, Chrome or Firefox browsers. And access NFT-formatted audio and video files, this company said in a press release.

Winamp will now support ERC-721 and ERC-1155 tokens on Ethereum and Polygon blockchains. NFT tracks can be listened to and added to playlists, just like any other audio file format.

NFT support will be added with several other important updates. The capabilities of the player will be complemented by a feature-rich cross-platform service for content creators. This service is scheduled to launch in early 2023.

Winamp, launched in 1997, was a key player in the first digital music innovation – the mp3 format. Now the player, keeping up with the times, is introducing the next generation of formats. As more and more writers and artists use web3 technology.

Goldman Sachs, one of our largest investment banks, plans to spend tens of millions of dollars to buy crypto platforms. Or invest in them after the collapse of FTX exchange lowered prices in crypto industry. Crypto-Upvotes expert review

Goldman Sachs has launched a “hunt” for cryptocurrencies that have fallen in price since the collapse of FTX, Reuters reported. According to the publication, one of the world’s largest investment banks plans to spend tens of millions of dollars to buy or invest in cryptocurrencies.

The FTX collapse reinforced a need for more reliable, regulated cryptocurrency companies. And big banks see an opportunity to get into business, said Matthew McDermott, head of digital assets at Goldman Sachs. Without revealing details, he specified that the bank is now conducting due diligence on a number of different crypto firms.

The bank sees some really interesting opportunities at a much more reasonable price, McDermott said. FTX was a role model, he said. And its collapse backfired on the market “in terms of sentiment.” That said, McDermott stressed that the underlying blockchain technology continues to work.

Goldman Sachs has already invested in 11 digital asset companies. And it has partnered with MSCI and Coin Metrics to launch Datonomy, a digital asset classification service. According to McDermott, the investment bank is also developing its own private distributed ledger technology.

Goldman Sachs’ willingness to continue investing in the crypto sector in the face of shocks. Shows that bank sees promise in the industry. According to McDermott, Goldman is also looking at hiring opportunities as cryptocurrency companies cut staff.

Analysts estimate that the number of videos on YouTube offering quick money has increased by 500% since last year. But in fact it is Cryptoscammers who steal users’ cryptoassets. Crypto-Upvotes Experts Review

Cryptoscammers have posted six times more videos on YouTube aimed at stealing users’ assets than last year. That’s according to a report by Certik (a Web3 and blockchain security company).

Analysts investigated a popular type of scam where users are offered easy earnings on social networks. To do this, they should download a special bot program according to a video instruction on Youtube. This bot is supposed to bring profit, but in fact it deducts funds from victim’s cryptocurrency wallet.

In the course of their research Certik analyzed YouTube for videos mentioning the phrase “front running bot”. And they found that in a sample of 232 videos, 84% were scam videos. The selected videos started circulating last year. But this year their number increased by 500%: analysts found 28 such videos in 2021, and 168 in 2022.

According to the report, many of these videos are immediately identifiable as scams by their titles: “MAKE 10X A DAY!!!”, “Uniswap Front Running Bot 2022 – EASY TUTORIAL (Huge profits)”, “$15,000 Front Running Crypto Bot Leak! – 50X HUGE RETURNS!” and the like. Certik noted that all of these videos have common themes: free bot and huge profits.

Analysts warned that you should never run programs from unverified sources. As well as those whose action is not fully understood. Also, you should be careful with any trading strategies or techniques which promise inflated profitability.

The other type of scams on YouTube is fake videos with famous people. In September, scammers took advantage of the fact that Apple was holding a new phone presentation and launched parallel broadcasts promoting cryptocurrencies allegedly on behalf of their company.

Maersk and IBM will close their platform because it has not reached the level of commercial viability in 4 years since its creation

Global container shipping leader Maersk and IT corporation IBM announced the discontinuation of their blockchain platform TradeLens. Although the platform developed is viable. But the need for full global industry collaboration has not been achieved. Maersk will continue to digitize logistics and support industry innovation with other solutions.

One of the world’s most famous blockchain projects, the TradeLens platform was jointly developed by Maersk and IBM in 2018. And it is supported by major transportation companies, which account for more than 60% of global container shipments. TradeLens has made it possible to introduce digitized documentation flows into global logistics chains, which has simplified cargo clearance.

Many ports and terminals around the world are among the TradeLens customers. As well as customs authorities in Singapore, Netherlands, Saudi Arabia and Australia.

“TradeLens has not reached the level of commercial viability necessary to continue to operate and meet financial expectations as an independent business,” said Rotem Hershko, head of business platforms at Maersk.

Beginning Nov. 29, the TradeLens team will begin completing platform operations, which should occur by the end of the first quarter of 2023. During this process, all parties involved will ensure that customers are served without disruption to their business.