• Jeff at OnTheChain.io revealed that it would take 1,157,174 years to reduce Shiba Inu’s supply to 100 billion tokens.
• Jeremy Hogan commented on Jeff’s tweet by saying that it would be impossible and unrealistic for the crypto to take those years to burn its tokens to about 100 billion tokens.
• Initially, Shiba Inu developers did not include the token burn in the crypto’s whitepaper, but the community has gradually started burning tokens to reduce the supply and increase the value of the coins.

Crypto analyst Jeff at OnTheChain.io recently took to Twitter to reveal an interesting fact about the Shiba Inu coin. He stated that if the crypto were to burn 1 million tokens per day, then it would take about 1,157,174 years for the entire supply to be reduced to 100 billion tokens. This is a very long time, considering that Shiba Inu originally began with one quadrillion tokens.

The comment section of Jeff’s tweet was filled with reactions from crypto enthusiasts, however, one particular comment stood out. $XRP lawyer Jeremy Hogan commented on Jeff’s tweet by saying that „so, you’re saying it’s possible.“ In other words, his comment appears to mean that it would be impossible and unrealistic for the crypto to take those years to burn its tokens to about 100 billion tokens.

This is because, initially, Shiba Inu developers did not include the token burn in the crypto’s whitepaper. This means the burning was not planned at the beginning of the project. The first major Shiba Inu burn took place in June 2021 when Ethereum co-founder, Vitalik Buterin, burned 90% of the SHIB tokens sent to him (thus burning 41% of the Shiba Inu supply) to reduce the number of coins in use. That’s how the Shiba Inu community began committing themselves to burning SHIB tokens.

Since then, the Shiba Inu community has gradually been burning tokens to reduce the supply and increase the value of the coins. However, there is still a lot more burning that has to be done for the token price to ever reach $1 or even $0.01. The burning of tokens has to be a continuous endeavor and will depend on the management of Shiba Inu.

• Polygon has entered a partnership with BitGo to provide MATIC holders with staking capabilities.
• BitGo decided to support Polygon because of its benefits like fast speed, low gas fees, higher security, and commitment to carbon neutrality.
• The COO of BitGo, Chen Fang, said that the partnership will provide investors with a safer way to custody their assets and provide platforms with the tools they need to build the future.

Polygon, a decentralized Ethereum-based scaling platform, and BitGo, a provider of regulated custody, financial services, and core infrastructure, have recently announced a partnership which will provide MATIC holders with wallet and custody services. This partnership will enable MATIC holders to earn rewards by staking ERC-20 MATIC tokens.

BitGo decided to support Polygon due to the numerous benefits it offers, such as fast speed, low gas fees, higher security, and commitment to carbon neutrality. Polygon has also entered several strategic partnerships with other platforms.

Chen Fang, the COO of BitGo, commented on the partnership, saying, “By offering more features for MATIC, we’re providing investors with a safer way to custody their assets and providing platforms with the tools they need to build the future.”

The MATIC token is currently priced at $0.969 on the one-day chart. The price trend has been declining this week. BitGo’s support for Polygon could potentially improve the future outlook of the MATIC token.

Polygon’s partnership with BitGo is a positive move and it could be beneficial for both the companies in the long run. It will provide MATIC holders with the ability to stake their tokens more securely and earn rewards. It will also provide platforms with the tools they need to build the future.

• 15 suspects were arrested in a large-scale crypto scam bust involving call center networks
• The criminal gangs allegedly stole hundreds of millions of euros from victims by selling counterfeit digital currencies
• Victims from Germany and other nations have reportedly lost more than 2 million euros in the fraudulent scheme

European law enforcement agencies have announced the shutdown of a large-scale crypto scam involving call center networks and the arrest of 15 suspected individuals. The operation, which was conducted on January 11th, 2023, saw the collaboration of Europol, the national law enforcement of Bulgaria, Cyprus, and Serbia and resulted in raids in 22 different sites.

The criminal gangs operating the fraudulent call centers had employed 200 ‘traders’ who preyed on targets using languages such as English, Russian, Polish, Hindi, and German to offer deceptive investment options in cryptocurrencies and commodities, defrauding their victims of at least 3,000,000 euros per month. According to Europol, the traders were executing a cryptocurrency pyramid scheme in which they attracted victims via social media by offering “seemingly outstanding” bitcoin investments with the promise of substantial and guaranteed earnings.

The investigation was initiated after German authorities requested Europol to look into the matter in June of last year. Europol, in collaboration with the national law enforcement of Bulgaria, Cyprus, and Serbia, launched raids on the 22 sites and arrested 15 people, 14 of them in Serbia and one in Germany. Investigators believe that German victims have lost more than 2 million euros, but disclosed that victims from other nations have also fallen prey to the fraudsters.

The Europol press release stated that, “This extensive operation has demonstrated the effectiveness of international collaboration and is a clear warning to criminals that law enforcement will work together to disrupt their operations and bring them to justice.”

The crimes of fraud and money laundering that have been committed by the criminal gangs are punishable by up to 10 years in prison in some countries. As such, Europol urges the public to be vigilant when investing in cryptocurrency and to always check the legitimacy of any investment opportunity.

• Dogecoin’s profitability is 480% higher than Bitcoin’s
• Dogecoin miners are paying $8.22 for electricity, while BTC miners are paying $7.22
• Verge currently has the highest profit margins for miners

Dogecoin is currently the second most profitable cryptocurrency to mine, behind only Verge. This is according to data from the mining calculator website CoinWarz, which shows that Dogecoin’s profitability is 480% higher than that of Bitcoin. This is despite Dogecoin miners reportedly paying higher electricity rates compared to Bitcoin miners, who are paying $7.22 for electricity.

The mining profitability chart from CoinWarz shows that while the mining profitability has stayed mostly flat for Bitcoin over the last 14 days, Dogecoin has been seeing a rise. This is in spite of the fact that Dogecoin miners have been recording higher electricity rates compared to Bitcoin miners. This is likely due to the fact that the difficulty for mining Dogecoin has been increasing over the same period, while the difficulty for mining Bitcoin has stayed mostly flat.

The chart also shows that Verge currently has the highest profit margins for miners, rewarding them with XVG tokens for their contributions. Dogecoin is in the second position with a network hashrate of 529.90 TH/s.

This news comes as the mining industry has taken a hit due to market declines over the past year. This has been evidenced by multiple miners going bankrupt while others continue to struggle to keep the lights on. With prices so low, it looks like mining Dogecoin is currently more profitable than mining Bitcoin, which could be an attractive option for miners looking to maximize their returns.

It remains to be seen if this trend will continue in the long-term, but it is clear that Dogecoin is currently the most profitable altcoin to mine. With the mining industry in a state of flux, Dogecoin’s current profitability could be a major draw for miners looking to maximize their returns.

• US Bankruptcy Trustee Andrew Vara has revealed that FTX, a beleaguered crypto exchange, has refused to provide financial details regarding the businesses it intends to sell.
• These businesses include crypto derivatives exchange and clearinghouse LedgerX, FTX Europe, and custody platform Embed, FTX Japan.
• Vara has called for an independent investigation into the businesses FTX intends to sell, recommending that „there is a serious concern“ about them being a part of FTX’s bankruptcy.

Andrew Vara, the US bankruptcy trustee in the case of the beleaguered crypto exchange FTX, recently revealed that the exchange has refused to provide financial details regarding the businesses it intends to sell. These businesses include crypto derivatives exchange and clearinghouse LedgerX, FTX Europe, and custody platform Embed, FTX Japan.

Vara issued a Delaware court filing stating that FTX had not provided any information on the assets and liabilities of each entity and that it was currently seeking to delay this documentation until after the sale hearings. He added that the lack of financial information made it impossible to assess the nature or value of the assets of the entities FTX intends to sell.

Vara has called for an independent investigation into the businesses FTX intends to sell, as the exchange is currently under investigation. He recommended that „there is a serious concern“ about them being a part of FTX’s bankruptcy. He suggested that if the proposed sale of the other businesses is properly investigated, then FTX can go ahead with the sale.

In order to resolve this issue, Vara urged FTX to provide complete documentation on the businesses it intends to sell, including their financial affairs. He also asked that the exchange provide a full description of the proposed sales and the identity of the buyers.

The US bankruptcy trustee’s call for an independent investigation into the businesses FTX intends to sell is a necessary step in ensuring that the exchange is held accountable for any potential wrongdoing. It is also important to ensure that the proposed sales are properly conducted and that the buyers are legitimate. It is hoped that this investigation will bring a resolution to the matter and will help the exchange move forward with its planned sales.

• Sam Bankman-Fried, former CEO of a bankrupt crypto exchange FTX, has filed a motion to the United States Bankruptcy Court in Delaware opposing the seizure of his Robinhood shares worth $450 million.
• A US Department of Justice prosecutor declared their intention to seize SBF’s shares in a previous court hearing.
• SBF’s lawyers argued that their client requires money to pay his legal fees and expenses.

Sam Bankman-Fried, former CEO of the bankrupt crypto exchange FTX, has been under house arrest since being apprehended by the Royal Bahamas Police Force in December 2022. This was weeks after the crash of his crypto exchange, which left many with massive losses. In a bid to recover the funds lost, the US Department of Justice has set out to seize the Robinhood shares of SBF, which are worth a reported $450 million.

In response, SBF has filed a motion to the United States Bankruptcy Court in Delaware opposing the enforcement of control over his shares. In the court filing, he claims that the Robinhood shares have nothing to do with any FTX-affiliated firms. He is also requesting the court to block debtors‘ access to his Robinhood shares.

SBF’s lawyers argued that their client requires money to pay his legal fees and expenses. Since the court has appointed liquidators to look for any available assets to repay FTX debtors, the next hearing will reveal what the Department of Justice will do with the Robinhood shares.

It remains unclear how the US Department of Justice will respond to SBF’s motion, but it is clear that the court will have to rule on the matter in order to ensure that debtors are not denied access to the funds owed to them. Whatever the outcome, this case will have implications for the crypto industry and could be a major step towards the legitimization of digital assets.

• Sam Bankman-Fried (SBF), former CEO of a bankrupt crypto exchange FTX, has requested the court to block debtors‘ access to his Robinhood shares which are worth $450 million.
• SBF has been under house arrest since his apprehension by the Royal Bahamas Police Force after the U.S. filed criminal charges against him in December 2022.
• In a Thursday filing, SBF’s‘ lawyers argued that their client requires money to pay his legal fees and expenses.

Sam Bankman-Fried, the former CEO of a bankrupt crypto exchange FTX, has been under house arrest since his apprehension by the Royal Bahamas Police Force after the U.S. filed criminal charges against him in December 2022. In the latest update, Sam has requested the court to block debtors‘ access to his Robinhood shares which are worth $450 million.

The U.S. Department of Justice has declared their intention to seize Sam Bankman-Fried’s Robinhood shares and the next hearing will reveal what the Department of Justice will do with the shares. In a Thursday filing, SBF’s‘ lawyers argued that their client requires money to pay his legal fees and expenses.

FTX Exchange and Alameda Research are now under the control of liquidators assigned by the court who are looking for any available assets to repay FTX debtors. Sam Bankman-Fried filed a motion to the United States Bankruptcy Court in Delaware opposing the enforcement of control over his shares. In the court filing, he claims the Robinhood shares have nothing to do with any FTX-affiliated firms.

The future is uncertain for Sam Bankman-Fried as the court will decide what to do with his Robinhood shares. Many firms with considerable exposure to the now-bankrupt crypto exchange are hoping for a favorable outcome. However, the situation remains unclear and the outcome of the court case will decide the fate of SBF’s Robinhood shares.

The court hearing is expected to take place soon and the outcome of the case will be closely watched by the crypto community. Whatever the outcome, the incident serves as a lesson for the crypto space about the importance of risk management and the potential consequences of mismanaging finances.

• Silvergate (SI) retraced on a 27% rally following a preliminary quarter result due to a steep decline in customer withdrawals.
• The crypto exchange FTX filing for bankruptcy protection sparked a “confidence crisis across the digital asset ecosystem” that adversely impacted Silvergate’s shares.
• Silvergate saw a decline in customer funds by above $8.1 billion and liquidated $5.2 billion in digital assets for a $718 million loss.

Crypto-friendly financial institution Silvergate (SI) experienced a steep decline in their share price today following a preliminary quarter result that revealed a significant drop in customer withdrawals. This downturn in Silvergate’s performance can be directly linked to the collapse of the crypto exchange FTX, which in late 2022 filed for bankruptcy protection. The news of FTX’s bankruptcy sparked a “confidence crisis across the digital asset ecosystem”, resulting in a significant decrease in customer confidence in crypto-related companies, including Silvergate.

At the end of the third quarter of 2022, the bank had registered $11.9 billion in customer deposits. However, this number has since dropped to $3.8 billion, representing a 68% decrease from its 2022 high. In an effort to offset this loss of funds, Silvergate was forced to liquidate $5.2 billion in digital assets for a $718 million loss. In addition, the financial institution had to implement cost cutting measures, including layoffs and the suspension of dividend payments.

The ripple effect of the FTX bankruptcy has had a profound effect on the crypto industry, and Silvergate has been one of the most impacted of all crypto-related companies. While the financial institution is working to rebuild its customer base and regain the public’s confidence, the situation is still uncertain. However, if Silvergate is able to weather the storm and regain its former level of success, it may yet emerge as a leader in the crypto industry.

• The United States Department of Justice is now intervening in the dispute between FTX and other parties by attempting to seize $465 million worth of Robinhood Markets shares linked to former FTX CEO Sam Bankman-Fried.
• Creditors of FTX have started legal proceedings in an effort to reclaim the shares, and a court hearing is to be held to decide the fate of the seized shares and bank account assets.
• Sam Bankman-Fried has denied all allegations of fraud and cheating customers and investors at FTX.

The United States Department of Justice has entered the fray in the ongoing dispute between the now-defunct crypto exchange FTX and other parties. The DOJ has announced plans to seize Robinhood Markets shares worth $465 million that are linked to Sam Bankman-Fried, the founder and former chief executive officer of FTX.

The Robinhood shares are now at the center of the dispute, with FTX creditors having launched judicial actions in an effort to recover them. To decide the disposition of the seized shares and bank account assets, a court hearing has been scheduled. Seth B. Shapiro, a DOJ attorney, stated that this hearing will take place.

Sam Bankman-Fried has refuted all allegations that he cheated customers and investors, pleading not guilty in a New York Federal Court on Tuesday. He was accused of running a “fraud of epic proportions” at FTX, allegedly pocketing customer deposits to use for things like his other company, Alameda Research, real estate purchases, and political contributions.

FTX attempted late last month to prevent BlockFi, a cryptocurrency trading platform, from acquiring control of the Robinhood shares by claiming that Bankman-Fried had transferred them to the company without authorization. However, the motion was denied by a judge, who found that the transfer was valid.

The court hearing to decide the fate of the seized Robinhood shares and bank account assets is still pending, and the DOJ is keeping a close eye on the situation as it continues to unfold. All parties involved in the dispute are eagerly awaiting the court’s ruling, as it will be determinative of the resolution of the matter.