US Regulator Sues Crypto Hedge Fund Founder 0 117

A lawsuit was filed by the US Securities and Exchange Commission (SEC) against the founder of a crypto hedge fund in Manhattan federal court. According to the court filing on Tuesday by the regulators, the 23-year-old Australian, Stefan Qin, had managed to defraud investors through his crypto arbitrage funds valued at $92.4 million. Qin is the founder of Virgil Capital, based in New York, along with four other entities. The SEC said that the founder had not been able to redeem $3.5 million on behalf of its investors, fabricated records and had tried to pay off Chinese loan sharks by using investor funds of about $1.7 million. 

It was reported by Reuters that the SEC had requested US Judge Lorna Schofield to give an emergency order that would freeze around $25 million held by another fund controlled by Qin in the form of digital assets. As per the information provided by the SEC, there are two cryptocurrency hedge funds that are under Qin’s control; the VQR Multistrategy Fund and the Virgil Sigma Fund. The SEC said that the founder claims to use a market-neutral arbitrage approach in the crypto market for trading via the Sigma Fund and uses an algorithmic trading system that’s constantly scanning for any price differences in the crypto space. 

In fact, Qin had gone so far as claiming that his trading algorithm could actually provide better returns than investing in Bitcoin. As per the SEC, the documentation of the Sigma Fund that has been provided to investors claimed that they hold digital assets worth millions of dollars at 39 trading platforms, which include three of the biggest platforms based in the US. It was disclosed that the Sigma Fund did not have any such assets in reality on any of the US-based platforms and all their account balances were simply fabricated. 

Moreover, it was alleged by the SEC that investors who had wanted to redeem their investments valued at $3.5 million in the middle of the year we’re told by the crypto hedge fund founder that their money would be transferred to the VQR Multistrategy Fund. However, nothing like that had happened. Antonio Hallak, a VQR head trader, revealed that Qin had asked him in December to help in withdrawing $1.7 million from the hedge fund. The SEC said that the founder had claimed to have a liquidity issue, when in reality he had to pay off Chinese loan sharks. 

Qin had been informed by Hallak that he couldn’t use any of the investors’ capital that was part of the VQR fund, prompting the founder to threaten to fire everyone, if needed, for making the full withdrawal. The SEC said that bank records had also shown receipt of around $2.5 million by the Sigma Fund since June 2020. Qin had first transferred $1.3 million to a foreign bank account in the fund’s name and then immediately moved it to a US bank account in his name. The SEC has requested the court to permanently restrain the founder and his companies.

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Dogecoin Successfully Makes Its First Entry in Indian Crypto Industry 0 10

Dogecoin makes a massive entry into the Indian crypto industry and makes record sales at the majority of Indian crypto trading platforms, including Binance, backed by WazirX.

India is one of the rapidly adopting crypto countries of the world. However, the country is currently undergoing the worst of them all pandemic crisis. The number of corona-infected patients in India reportedly been exceeding 400,000 on daily basis. It is reported that there is an acute shortage of oxygen and necessary medical supplies. The number of death counts is presently the highest compared with other countries of the world.

However, even in the hardest times ever, the Indian crypto industry has wholeheartedly welcomed the famous meme coin, Dogecoin. It was reported that Dogecoin has successfully made its way into the locally operating crypto trading platforms of India. It was reported by several Indian crypto exchanges that they are able to make record sales of Dogecoin. They said that prior to the coming of Dogecoin in the Indian crypto market; they were not expecting such an overwhelming response.

WazirX, which is the largest crypto trading platform in India, informed that they are receiving huge numbers of Dogecoin requests. The demand is so high that it caused a temporary blockage of services at WazirX, told exchange operators. WazirX apprised that the system failed to respond because it was faced with a high number of requests, which it had never seen before. Resultantly, WazirX customers were unable to execute their Dogecoin trading transactions and grew frustrated.

Thereafter the customers took their complaints at Twitter and criticized WazirX. However, WazirX then clarified the present situation and successfully calmed down its customers.

CoinSwitch Kuber that its Dogecoin trading volume has surged by 200% on monthly basis further recorded it. However, the firm noticed that the major surge of 1300% was caused in less than two weeks’ time alone.

It is said that the present Dogecoin surge is because of Elon Musk’s upcoming appearance in a TV show called SNL. Some days ago, Musk revealed that he has been invited to a short gig, which will be broadcasted on SNL – an American TV show. He revealed that in his SNL appearance he would be discussing the meme coin.

It has been confirmed by WazirX that in less than 24 hours’ time, it has managed to trade Dogecoin for 600 Crores in Indian Rupees. While CoinSwitch Cuber reported that, its single-day Dogecoin trading volume successfully hit 100 Crores in Indian Rupees.

It is intriguing that simultaneously almost all Indian crypto exchange platforms have integrated Dogecoin. However, still, there are a few trading platforms that have deliberately refrained from enlisting the meme coin. For instance, ZebPay is one of those Indian crypto platforms that has not inducted Dogecoin. The company was of the view that when the time will come, they will adopt Dogecoin but not now.

PayPal’s Role in Boosting Mainstream Adoption Rate for Cryptocurrencies 0 9

PayPal’s Loud Shout Regarding BTC Reaches The Wall Street; says Novogratz

By 2020, it had been 11 years since the cryptocurrency industry had made it to the online platform. An industry with no physical existence was mainly decentralized, as well as unregulated had been struggling to make its presence known.

It had taken the cryptocurrency industry much hard work and effort before it finally became an attractive asset for individual investors and minor businesses.

However, the cryptocurrency industry was desperately after one particular thing. The cryptocurrency industry wanted to be embraced by the mainstream institutions industry.

The mainstream institutions consist of the real game-changers that have the potential of causing rifts in the global economy. They are literally the entities that control the way the world’s economy operates and they have the power to steer it as well.

In the year 2020, when the cryptocurrency industry gained true recognition among investors, it still struggled to get the attention of mainstream institutions.

That is when a mainstream institution called MicroStrategy, went ahead and started investing in Bitcoin (BTC). Even if MicroStrategy invested in the largest cryptocurrency and not all cryptocurrencies in the crypto-verse, it still made a huge difference.

As Bitcoin (BTC) ended up picked up by MicroStrategy, the mainstream industry paid somewhat attention to Bitcoin (BTC). If mainstream industry took interest in Bitcoin (BTC), then they would definitely explore the entire crypto-verse.

However, still not much was coming towards the cryptocurrency industry from mainstream institutions. That is when PayPal announced in October of 2020, it had integrated major cryptocurrencies on its platform. The online payment services giant announced it had adopted major cryptocurrencies so its users could buy and sell them.

That was the time when mainstream institutions from all over the world paid attention to cryptocurrencies for the first time. Since then, the cryptocurrency industry has only shot up and has gone on to achieve all-time highs.

Even the companies that had their stocks listed on the stock exchanges and were somehow linked with cryptocurrencies reported their stock prices started rising following PayPal’s announcement.

Then mainstream institutions kept coming in one after another showing their interest in cryptocurrencies, and how they wanted to invest in them.

PayPal was the very reason that the cryptocurrency industry for the first time was introduced to 334 million users, through PayPal’s user-base.

After that, companies such as Tesla, Twitter, MassMutual, Rothschild’s Investment Corporation, and many more have invested heavily in cryptocurrencies.

Afterward, PayPal even launched an application called “Venmo” that was dedicated to cryptocurrency trading. Then PayPal announced it had enabled major cryptocurrencies on its platform for the users to be able to pay in cryptocurrencies for acquiring services.

No matter how much any entity may brag about having a huge role to play in boosting mainstream adoption of cryptocurrencies, PayPal’s role in this space can never be denied.

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