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Home Blog Page 3877

Arkham Intelligence found 500 wallet addresses linked to Grayscale Ethereum Trust

By
Paul Ugbede Godwin
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0

Arkham Intelligence, a blockchain analytics firm, has published a report that reveals the identity of 500 wallet addresses that belong to Grayscale Ethereum Trust, the world’s second largest ETH entity with $5 billion in holdings. According to Arkham, these wallets hold more than 1.3 million ETH, or about 1.1% of the total supply.

The report claims that Arkham was able to link these wallets to Grayscale by using various methods, such as analyzing transaction patterns, tracing funds from known Grayscale addresses, and cross-referencing data from other sources. Arkham says that its findings are based on “high confidence” and that it has verified its results with multiple independent parties.

Arkham argues that its report is important for the Ethereum community, as it provides more transparency and insight into the activities and intentions of one of the largest institutional investors in the space. Arkham also suggests that its report could have implications for the price and liquidity of ETH, as well as for the upcoming transition to Ethereum 2.0, which will introduce a new staking mechanism.

Grayscale Ethereum Trust is a product of Grayscale Investments, a digital asset management company that offers exposure to various cryptocurrencies through its trusts and funds. Grayscale Ethereum Trust allows accredited investors to buy shares that represent ETH holdings, without having to deal with the technical aspects of owning and storing the cryptocurrency. Grayscale periodically buys more ETH from the market to match the demand for its shares, which trade at a premium over the spot price.

Grayscale has not commented on Arkham’s report as of yet, nor has it confirmed or denied the accuracy of its findings. Grayscale’s website states that it does not disclose the wallet addresses of its trusts for security and operational reasons. However, some of its addresses have been publicly revealed in the past, such as when it moved large amounts of ETH to Coinbase Custody in June 2020.

In an interesting development, the London Stock Exchange Group (LSE Group) is exploring the use of blockchain technology to create a new trading platform that would offer a more transparent and efficient way of executing transactions. The project, dubbed TradeView, aims to leverage the distributed ledger capabilities of blockchain to provide a real-time view of trades, settlements and clearing across multiple asset classes and markets.

TradeView would enable participants to access a shared ledger of transactions, reducing the need for intermediaries and reconciliations, and improving the speed and accuracy of trade execution. The platform would also allow for the creation of smart contracts, which are self-executing agreements that can automate the execution of complex business logic and enforce compliance rules.

The LSE Group is working with several partners, including IBM, Digital Asset and R3, to develop and test the TradeView platform. The project is part of the LSE Group’s broader strategy to embrace innovation and digital transformation, as well as to enhance its competitive position in the global financial markets.

The LSE Group believes that blockchain technology has the potential to revolutionize the trading industry, by creating new opportunities for value creation, cost reduction and risk management. TradeView is one of the first initiatives of its kind in the world and could set a new standard for how trading is conducted in the future.

Gemini accuses Genesis of manipulating the voting process in FTX settlement

By
Paul Ugbede Godwin
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0

Gemini, one of the leading cryptocurrency exchanges, has accused Genesis, another prominent crypto platform, of manipulating the voting process in the FTX settlement. The settlement, which was announced last week, involved FTX, a derivatives exchange, paying $150 million to resolve a lawsuit filed by Gemini and other plaintiffs over alleged market manipulation and fraud.

Gemini claimed that Genesis, which was also a plaintiff in the lawsuit, had secretly agreed to vote in favor of the settlement in exchange for a preferential deal with FTX. Gemini alleged that Genesis had received undisclosed benefits from FTX, such as discounted fees, exclusive access to new products, and preferential liquidity. Gemini also accused Genesis of violating the fiduciary duty to the other plaintiffs and breaching the joint prosecution agreement.

Gemini said that it was not satisfied with the settlement terms, which it considered to be too lenient and insufficient to deter future misconduct by FTX. Gemini argued that FTX should have paid more damages, admitted liability, and agreed to more stringent oversight and compliance measures. Gemini also said that it was concerned about the potential impact of the settlement on the integrity and fairness of the crypto market.

Gemini has filed a motion to intervene in the court proceedings and seek a higher settlement amount or a trial. Gemini has also asked the court to investigate Genesis’s conduct and impose sanctions if appropriate. Gemini said that it was acting in the best interest of its customers and the crypto community at large.

Gemini claims that Genesis not only engaged in fraudulent and deceptive practices, but also violated the fiduciary duty that it owed to Gemini and the other plaintiffs as co-counsel in the litigation. Gemini also alleges that Genesis breached the joint prosecution agreement that was signed by all the plaintiffs, by secretly settling with Genesis and accepting a favorable deal that left the other plaintiffs in the dark.

Gemini argues that these actions constitute a conflict of interest and a betrayal of trust, and that they have caused irreparable harm to Gemini and the other plaintiffs. Gemini seeks to hold Genesis and its CEO liable for damages, and to nullify the settlement agreement that they reached with Genesis.

Genesis has not yet responded to Gemini’s allegations. FTX has declined to comment on the matter, saying that it was bound by a confidentiality agreement. The court has not yet ruled on Gemini’s motion or scheduled a hearing date.

The impact of Bankman-Fried’s detention on the crypto market is still unclear, but some analysts expect that it could cause volatility and uncertainty in the short term. FTX is one of the largest and most liquid crypto exchanges, with a daily trading volume of over $10 billion. It also offers a wide range of products and services, such as futures, options, leveraged tokens, prediction markets, NFTs, and more.

However, some experts also believe that the crypto industry is resilient enough to withstand this challenge, and that FTX has a strong team and infrastructure that can continue to operate smoothly even without Bankman-Fried’s presence. They also point out that FTX has a global presence and is regulated in multiple jurisdictions, which could help it avoid further legal troubles.

However, Robinhood, the popular online brokerage platform, saw its stock price surge after announcing that it had bought back its stake from SBF. The deal, which was reportedly worth $1 billion, ended a controversial relationship between the two companies that began in January 2021.

Back then, Robinhood faced a liquidity crisis as it struggled to meet the clearinghouse deposit requirements amid the unprecedented trading frenzy of GameStop and other meme stocks. To raise capital quickly, Robinhood sold some of its order flow to SBF, who then routed the orders to FTX. This arrangement drew criticism from regulators and lawmakers, who questioned the transparency and fairness of Robinhood’s business model.

In a blog post, Robinhood’s co-founder and CEO Vlad Tenev said that the buyback was a “strategic decision” that would allow the company to “focus on our long-term vision and serve our customers better”. He also thanked SBF for his support and partnership during a “challenging time”.

Nigeria’s Presidential Election Tribunal will on Wednesday deliver its ruling

By
Ndubuisi Ekekwe
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1

Nigeria’s Presidential Election Tribunal will on Wednesday deliver its ruling to petitions challenging the result of the last presidential election. The ruling will be televised, according to the court registrar. Of course, this is like a pre-season warmup game. The real game is at the Supreme Court.

I have read the Labour Party and PDP’s petitions; I have also read APC’s defense. Head or Tail, Nigeria loses because INEC has lost everyone.  How? “Voter turnout was also low, even by Nigerian standards. With total votes cast at just under 25 million, out of 87 million people with voter identity cards and eligible to vote, turnout was only 29%. The previous 2019 election saw a 35% turnout.” Yes, that is not a working democracy!

I do not want to compound your stress level, but note one thing: everyone should chill and remain calm irrespective of how this goes. Do not destroy your neighbour’s property or burn down your university halls. Stay engaged but be calm.  All eyes on you – the Nigerian, as you handle whatever they have there.

NLC is going on strike and banks are joining. By tomorrow, every part of Nigeria will be frozen, against Wednesday. That is a conditioning and everyone should be real here.

 

DSS DISCOVERS PLOT TO STAGE VIOLENT PROTESTS IN THE COUNTRY

The Department of State Services (DSS) hereby informs the public that it has uncovered plans by some elements in parts of the country to stage violent protests to discredit the Federal Government and security agencies over sundry socio-economic matters. Intelligence reports have indicated that the plotters include certain politicians who are desperately mobilising unsuspecting student leaders, ethnic based associations, youth and disgruntled groups for the planned action. Meanwhile, the Service has identified the ring leaders of the plot as well as sustained monitoring around them in order to deter them from plunging the country into anarchy.

While the DSS is aware of Government’s efforts and determination to resolve some of the challenges confronting the nation, it warns those desirous of subverting national security to retrace their steps. This is more so that it will not hesitate to legally come against persons and groups behind the devious plans.

Peter Afunanya, Ph.D, fsi

Public Relations Officer

Department of State Services

National Headquarters

Abuja.

4th September, 2023.

Banks, Insurance & Other Financial Institutions to Join NLC’s Nationwide Strike

By
Samuel Nwite
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0

On Monday, the National Union of Banks, Insurance, and Financial Institutions Employees (NUBIFIE) released a statement announcing the closure of all banks on Tuesday, September 5th, and Wednesday, September 6th, 2023.

The statement, which was signed by the General Secretary of the Union, Mohammed I. Sheikh, indicated that this decision aligns with the resolution of the Nigeria Labour Congress (NLC) to initiate a two-day strike, following discussions held during the National Executive Council meeting (NEC) on Thursday, August 31, 2023.

“In line with the communiqué issued after the meeting of the National Executive Council (NEC) of the Nigeria Labour Congress (NLC) held on Thursday 31 August 2023 that all affiliates should direct all its members to commence two days withdrawal of services from Tuesday & Wednesday the 5 & 6 September 2023

“The directive is imperative to get the needed attention of the government and warn it of its newfound love of meddling in the internal affairs of unions rather than address the punishing economic circumstances we find ourselves in.

“We hereby direct all our organs to comply with this directive by ensuring all our members stay off duties for the two days,” it said.

On Friday, the NLC announced a two-day nationwide warning strike, starting on Tuesday, September 5, 2023. This decision came as a response to the escalating economic difficulties in the nation, which were further intensified by the government’s choice to remove the petrol subsidy.

The union declared strike with its main goal being to call for an urgent revision of economic policies aimed at enhancing the overall quality of life for the general populace.

The organized labor, made up of the Trade Union Congress (TUC) and the NLC, had last month embarked on a nationwide strike which was eventually called off after just one day following a meeting with the federal government.

However, more affiliates of the NLC are expressing readiness to join the strike this time, a move that has been attributed to the announcement of the Presidential Election Petition Tribunal (PEPT) that its judgment on the outcome of the February presidential election will be delivered on Wednesday.

The NLC has been mobilizing affiliate unions for the strike, which it has vowed to embark on despite attempts by the government to quell it. The NLC president Joe Ajaero said on Friday that the government is unserious about honoring their agreements and has broken its promises.

“Part of our policies, part of our structure permits us to negotiate even if at the last minute, and we have attempted that twice, and we can now say, convincingly, that the people we are dealing with are not serious.

“Three months after the removal of fuel subsidies, and the government has broken promises three times, I think nobody can blame us,” he said.

Nigerian Banks Announce Plan to Embark on a Two-Day Nationwide Strike, Financial Services to be Withdrawn

By
Ojukwu Emmanuel
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0

Banks in Nigeria have announced plans to join the Nigerian Labour Congress (NLC) to embark on a two-day nationwide strike, which will commence on Tuesday, Sept 5th, 2023.

The directive for this action was issued by the National Union of Banks, Insurance, and Financial Institution Employees (NUBIFIE) in a memo dated September 2, 2023, signed by the union’s General Secretary, Mohammed I. Sheikh.

In a statement by NUBIFIE, they accused the federal government of Nigeria, of undue interference in trade unions’ affairs, diverting attention away from addressing the nation’s pressing economic challenges.

Part of the statement reads,

“In line with the communique issued after the meeting of National Executive Council (NEC) of the Nigeria Labour Congress (NLC) held on Thursday 31st August 2023, all affiliates should direct all its members to commence two days’ withdrawal of services from Tuesday & Wednesday the 5th & 6th September 2023.

“The directive is imperative to get the needed attention of the government and warn it of its newfound love of meddling in the internal affairs of unions rather than address the punishing economic circumstances in which we find ourselves. We hereby direct all our organs to comply with this directive by ensuring all our members stay off duty for the two days. Your cooperation in this regard will be appreciated”.

Reports reveal that during the nationwide strike, financial services will be Withdrawn, while digital channels will remain accessible during the 48-hour industrial action.

Nigerians are therefore advised to withdraw enough cash, to avoid being totally stranded during the duration of the strike action.

Aside from financial institutions, telco staff, and electricity workers have also announced their compliance with the NLC strike notice.

However, in a bid to prevent the proposed strike action by the NLC, the federal government fixed a peace meeting with the leadership of the two labor unions, NLC and TUC, in Abuja on Monday.

The Minister of Labour and Employment, Hon. Simon Bako Lalong, said the government has already taken steps to cushion the impact of the removal of fuel subsidies which are being implemented by the three tiers of government.

Lalong noted that ministers had just been sworn in by the new administration, adding that most of them were still receiving briefings from their various departments.

On the progress so far made by the government to address the demands of labor, he said the president has approved several measures to help cushion the effect of the fuel subsidy removal.

According to him, palliative measures are already being handled and implemented, beginning with the state and local governments.

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