The fund will be used to develop an accelerator program for projects built on Aptos.

The venture arm of cryptocurrency exchange OKX and the Aptos Foundation, which supports the development of the Aptos protocol, set up a $10 million fund to encourage the growth of the Aptos ecosystem and broader adoption of Web3.

The accelerator fund, named Ankaa, will be used to develop projects built on Aptos, according to an emailed announcement. Ankaa will be run by Aptos, OKX Ventures and Alcove, Aptos’ accelerator established last November.

The fund’s main focus will be on projects around decentralized finance (DeFi), real-world assets (RWA), gaming, social and AI.

Aptos is a layer-1 blockchain that uses Facebook’s (META) Move programming language to execute transactions on-chain in an easy and reliable way. One of its goals is to bridge the gap between DeFi and institutions from the worlds of traditional finance and business.

In April, the Apotos developers said they were working with Microsoft, Brevan Howard and South Korean wireless telecommunications operator SK Telecom to offer institutions an entry point to DeFi.

The post OKX Ventures, Aptos Foundation Initiate $10M Fund for the Move-Based Layer-1 Ecosystem appeared first on Crypto Insider.

Many market participants expect the SEC to greenlight the first U.S.-based spot bitcoin exchange-traded fund early next year.

Interest in the impending increased use of bitcoin (BTC) in financial markets through a potential spot exchange-traded funds (ETF) has filtered through to retail investors, Google Trends data appears to show.

The worldwide Google search value for the phrase “spot bitcoin ETF” for a five-year window is on track to hit the peak value of 100 this week, indicating maximum interest among the general population. The value for “bitcoin ETF” has increased to 39, the highest since ProShares’ futures-based ETF was launched two years ago. Back then, the search value for “bitcoin ETF” also touched 100.

In other words, more and more people on main street are scanning the web for information about bitcoin spot ETFs and how they might affect the market capitalization of what is already the world’s largest the cryptocurrency. Market participants are convinced that the U.S. Securities and Exchange Commission, having recently missed a deadline to challenge a critical legal loss, will approve a spot ETF early next year, opening the liquidity floodgates.

“The approval of a spot BTC ETF has been an enduring theme in the crypto space and is often seen as a barometer of BTC’s mainstreaming,” Toronto-based crypto platform FRNT Financial, said in an email on Thursday, referring to the spike in Google search values for ETF.

Google Trends provides mostly unfiltered samples of search requests made to Google and scales their searches on a range of 0 to 100. The value represents the search interest relative to the highest point on the chart for the selected region and time. The peak value of 100 has historically marked bull market tops in BTC and solana (SOL).

A spot ETF will track the price of bitcoin rather than the prices of bitcoin futures and involves the purchase and ownership of the cryptocurrency by the provider. It’s suited for anyone looking to take direct exposure to bitcoin without having to own the cryptocurrency themselves.

The spot ETF optimism gripped the market three months ago after heavyweights in traditional financial markets like BlackRock filed for one. It has insulated bitcoin from adverse macroeconomic developments, ensuring the cryptocurrency’s outperformance against ether (ETH).

According to crypto services provider Matrixport, the bitcoin price could rise to between $42,000 and $56,000 if the BlackRock ETF is approved. Bitcoin was recently trading about $29,400.

The post Spot Bitcoin ETF Excitement Hits Main Street, Google Search Indicates appeared first on Crypto Insider.

Although gambling has an important place in Vietnamese culture, local governments have banned virtually all forms of gambling in the past few decades. Due to the lack of legal options, Vietnamese players often visit overseas online gambling websites. Transactions on these sites are estimated to be in the billions, with US$ 10 billion a year spent on black market sports betting alone by Vietnamese players. 

Results from the Vietnames government’s pilot program that allowed two casinos to accept local Vietnamese players for a three-year period.

With the Vietnamese government implementing policies to legalize certain forms of gambling and the local market witnessing a surge in players frequenting overseas gambling websites and border casinos, the industry’s development prospects appear promising, making it an enticing space to capitalize on.

Localising the Key to Vietnamese Players

As the Vietnamese gambling market faces fierce competition, with international gambling companies entering one after another, establishing an iGaming platform designed for the local market is key to attracting players.

• Vietnamese Language – International iGaming sites remain distant to many players despite increased English proficiency amongst the Vietnamese. iGaming sites which can offer users the option to use the site in Vietnamese can position themselves as the preferred choice for local players.
• VND Currency –Platforms offering transactions in local VND have an advantage by lowering the entry point for Vietnamese players. It eliminates the need for currency conversion and enhances the user experience, increasing trust and convenience. Incorporating VND transactions is a strategic move to enhance appeal and competitiveness in the Vietnamese gambling market. 
• Vietnamese Games – Including traditional Vietnamese games in your platform allows you to differentiate yourself from competitors and forge a strong bond with the local player base. Some examples of popular Vietnamese games that you can consider incorporating are Bầu Cua Tôm Cá, a traditional dice game; Tài Xỉu, a dice game known as Sic Bo; and Rồng Hổ, a card game similar to Baccarat.

White-label providers like Kzing which offer customised front-end sites in Vietnamese, and payment gateways accepting the local currency are valuable in getting operators started on the right foot when entering the Vietnam market.

Popular Games in the Vietnamese iGaming Market

In addition to providing localized games, it is crucial to offer top-notch classic online gambling games on your platform. According to insights gathered by Kzing, Vietnamese players exhibit a strong preference for games that are not only easy to understand but also offer fast-paced and exciting gameplay. Among the plethora of options available, slots have emerged as the undisputed favorite among Vietnamese players.

Other favourites include:

• Baccarat – attracting both experienced and new players
• Roulette – various betting options, providing an exciting gambling experience
• Blackjack – widely recognized card game offering strategic gameplay
• Poker – variations like Texas Hold’em and Omaha, attracting competitive players

However, there is a growing trend towards LIVE games, driven by live streaming and social media platforms like Facebook where players can engage with real-life dealers in real-time, providing an authentic casino atmosphere and social interaction. This shift reflects the desire for more immersive and interactive experiences. To succeed, operators should embrace live games and integrate social media features to cater to the evolving preferences of Vietnamese players.

Working with a white label provider can mean launching your iGaming platform quicker by integrating your platform with ready-to-play games. Kzing has partnered with game developers like Sexy, SABA, Jili, Dream Gaming, KingMaker, and CWIN to offer games like Baccarat, Cock-Fighting, and local favourites like slots, V8, Kingmaker, CF and Jili – all ideal for the Vietnam market.

Mobile is the Method

In Vietnam, mobile internet users have exceeded 70 million, and mobile devices being adopted at a high rate. Therefore, providing mobile applications can make it more convenient for players to access and play games, and improve user retention rates. In addition, the usage rate of Vietnamese cryptocurrencies is also very high, with about 18.6 million people holding some kind of cryptocurrency, such as Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash. Electronic wallets are popular alternatives to traditional bank accounts. Some of the most popular ones include Momo, Moca, ShopeePay (AirPay), ZaloPay, and Viettal Pay. For Vietnamese white-label solutions providers, cooperation with these payment channels is very important.

Effective Marketing Strategies for the Vietnamese iGaming Market

Vietnamese iGaming companies use various marketing strategies, including SEO, Google, Affiliate, Facebook, SMS, Banner, and articles. Effective marketing campaigns are essential to attract and retain players, and the Vietnamese market responds well to personalized ads. White-label solutions providers can offer Vietnamese customer service, E2 fraud and compliance, staff hiring, and apps that support the Vietnamese market, especially sports.

In Vietnam, social media plays a vital role in people’s daily lives, and integrating social media platforms into iGaming apps and sports-betting apps can improve user engagement and retention rates. White-label solutions providers can offer social media integration with popular Vietnamese platforms such as Zalo, which has a large user base in the country. This integration can better connect with users and enhance the overall user experience.

Challenges Worth Overcoming

In conclusion, while the Vietnamese iGaming market is still evolving and navigating regulatory challenges, it holds tremendous potential for growth for these reasons:

• Lucrative Market – Vietnam has a large and growing population, especially among the younger demographic, making it a promising market for iGaming operators.
• Increasing Internet and Mobile Usage – With the rise in Internet and mobile penetration, Vietnamese players have easy access to online gambling platforms, creating a favourable environment for operators.
• Shifting Regulations – The Vietnamese government has shown a willingness to explore certain forms of gambling, paving the way for potential future liberalization and expanded opportunities.

Vietnam is a fast-growing market with high potential that operators, existing and aspiring alike are quickly noticing. It will take speed, expertise, and experience of the market to capitalize on the opportunities and shape a sustainable future in this promising iGaming market.

THE KZING WHITE LABEL ADVANTAGE

Kzing white label has helped operators enter Asian markets since 2012, creating customised, white label iGaming packages which are designed to meet your market needs, from China, Thailand, Indonesia, India, and especially, Vietnam.

Kzing’s all-in-one white label solutions include:

• Payment system
• Affiliate system
• Intelligent risk control
• Tiered membership system
• Rewards/Events system
• Rebate system
• Multi-language support
• Data reporting system

Kzing’s additional services to help you go to market are:

• Assistance in setting up overseas operations points
• Back office training

Creating your own iGaming platform doesn’t need to be a daunting and resource-intensive task. Collaborating with a white label provider offers a fast and seamless entry into this dynamic industry. If you’re prepared to embark on a new venture with a trustworthy partner offering exceptional products and services, explore Kzing’s white label packages tailored for the distinct markets of Asia. Visit our website for more information or reach out to our team for a complimentary professional consultation to get started on your journey.

The post Vietnam iGaming Market: Opportunities & Challenges appeared first on Crypto Insider.

Vietnam Maritime Commercial Joint Stock Bank (HoSE: MSB) has achieved significant milestones in the first half of 2023, surpassing over 50% of the year’s profit target with a steady growth of net interest income and non-interest income. Despite economic volatility, MSB remains committed to sustainable growth, focusing on enhancing customer experience through cutting-edge technology.

As of June 30, 2023, MSB’s total assets reached an impressive VND 237.8 trillion, marking a remarkable increase of 12.1% compared to December 31, 2022. The bank’s customer loans for the first six months recorded nearly VND 136,600 billion, a substantial 13.2% growth since the beginning of the year, surpassing the industry average. Key contributors to this growth were individual customers and small and medium-sized businesses. Furthermore, customer deposits for the same period reached approximately VND 126,300 billion, showing a slight increase of 7.8% compared to the end of 2022, with savings and margin deposits experiencing particularly strong growth, at 24% each.

The total net income in the first six months of the year amounted to nearly VND 6,400 billion, reflecting an impressive increase of 23.2% compared to the same period in 2022. The bank’s service activities’ net profit witnessed a substantial surge of 86%, with non-interest income contributing over 31% to the total operating income. This remarkable performance underscores MSB’s efforts in transforming and diversifying its revenue structure, especially in the face of challenging market conditions. The bank’s net interest income experienced steady growth, thanks to flexible lending mechanisms, robust customer files, and efficient capital management, leading to an impressive net interest margin of 4.26% over the last four quarters, consistently remaining at a high level in the market.

In addition to its stable and safe growth, MSB remains focused on optimizing costs, achieving a cost-to-revenue (CIR) ratio of 30.41% as of the end of June. This effective coordination between cost management and profitability enhancement resulted in the bank achieving a consolidated profit before tax of VND 3,548 billion for the first half of 2023, equivalent to 56% of the annual plan.

MSB continues to prioritize operational safety, maintaining its individual non performing loan ratio (NPL) at a controlled level of 1.73% as of June 30, 2023. The bank has actively made provisions for credit risks, ensuring operational safety standards and preparedness for potential unfavorable scenarios in the near future. Additionally, MSB has strengthened its loan-to-deposit ratio (LDR) and short-term funds for medium and long-term loans (Mtlt), reaching 68.31% and 31.92% respectively, well within regulatory limits. MSB also boasts a high individual capital adequacy ratio (CAR) of 12.7%.

Looking ahead to the next six months, MSB aims to further increase non-interest income while maintaining its core business activities. Mr. Nguyen Hoang Linh, CEO of the Bank, stated, “This shift aligns with MSB’s current strategy of reducing exposure to businesses with potential volatility while optimizing revenue from other activities such as card services, payment, foreign currency trading, and investment banking services. Building a revenue structure with a significant proportion of non-interest income will support sustainable and stable growth in the long run.”

To this end, the bank will continue to enhance customer experience journeys (CJs) with streamlined processes for credit card registration, unsecured loans, mortgage loans, and online purchase of life/non-life insurance. MSB will invest in key projects to optimize the cost-to-revenue ratio, increase CASA demand deposits, and improve overall liquidity, reducing capital mobilization costs while enhancing operational efficiency. Embracing digitization will enable MSB to better serve customers, making the retail banking segment a key growth driver, thus diversifying operational risks. With a promising outlook characterized by population growth, increasing GDP per capita, shifting consumer habits toward cashless transactions, rising internet usage, and technology preference, MSB identifies significant potential for growth in the retail banking segment in Vietnam.

With favorable expectations regarding the state’s supportive policies and flexible operational strategies combined with the bank’s existing potential, MSB anticipates positive growth in the coming quarters, aiming to achieve its target set out at the General Meeting of Shareholders in April.

The post MSB achieved significant milestones in the first half of 2023 appeared first on Crypto Insider.

GM Vietnam, the highly anticipated blockchain event of the year, will take place on July 7th and 8th, 2023, at THISO SkyHall (Ho Chi Minh City, Vietnam).

Bringing together over 2,000 participants, including developers, entrepreneurs, investors, and crypto community members, GM Vietnam aims to create an unparalleled experience for Web3 enthusiasts. As the largest cryptocurrency adopting nation globally, Vietnam offers the perfect backdrop to explore the potential of Web3 and foster global connections.

Vietnam – A Prospective Market

GM Vietnam, Vietnam Blockchain Week, is set to be held in Ho Chi Minh City in July 2023. The event is being co-organized by Kyros Ventures, Ancient8, and Coin98. Vietnam has maintained its first place ranking in cryptocurrency adoption for two consecutive years (2021 and 2022), and consistently ranks among the leading nations in terms of MetaMask usage (2021).

GM Vietnam aims to bring together and connect innovators, investors, projects, and leading VC funds to showcase the unique Vietnamese culture and promote the #BUILD spirit of the Vietnamese people to the global crypto community.

GM Vietnam – Networking and Sharing

In order to showcase the unique Vietnamese culture and promote the #BUILD spirit of the Vietnamese people to the global crypto community, GM Vietnam – Vietnam Blockchain Week aims to encompass a wide range of activities. This event is open to everyone and is expected to bring together nearly 2,000 attendees.

Are you eager to discover what our event has in store for you?

• The event offers a professional platform to connect with the top crypto community in Vietnam and around the world, allowing for networking and knowledge sharing opportunities.
• Attendees will have the chance to explore a comprehensive overview of the crypto and blockchain market, along with emerging trends that will shape the industry’s future.
• Experience cutting-edge technologies including Web3, AI, SocialFi, NFT, VR, etc. at the exhibition booths.
• The event is open to all and will offer a place for networking, learning from experiences, and building relationships with startups, builders, KOLs, and leading investment firms. Partners and guests include Binance, Animoca Brands, Amazon Web Services (AWS), ConsenSys, Coinbase, Hooked Protocol, and many other big names.
• The event features an NFT art exhibition, hackathons, and the Axie Tournament.

The list of projects coming to GM Vietnam includes: Animoca Brands, Ava Labs, Aptos Labs, Binance, Chainanalysis, Circle Internet Financial (Circle), Coinbase, ConsenSys, Delphi Digital, Google, OKX, Tezos, and many more.

Event Agenda

Day 1: July 7 | Sunrise

• The event kicks off with a series of insightful talks and engaging exhibitions.
• Engage in discussions centered around the state of the crypto industry in Vietnam and the immense potentials that lie ahead. Gain insights from esteemed panelists, including leaders in DeFi, Web3 innovations, venture capitalists, and regulators in the region.
• Experience the excitement of the Guild Rush S5 LAN Final, featuring a thrilling Axie Infinity competition and showcasing top players in the industry.

Day 2: July 8 | GM Vietnam

• The focus shifts to the technical aspects of blockchain and the practical steps required to bring ideas to fruition.
• Immerse in panels that delve deep into the evolving landscape of blockchain technology. Explore topics such as the next stage of blockchain infrastructure, strategies for projects to achieve mass adoption, and bridging the gap between Web2 and Web3.
• The GM Vietnam HackerSpace will host an awards ceremony, recognizing outstanding contributions in the blockchain space.
• Following the day’s activities, participants can celebrate and connect at the official GM Vietnam Afterparty.

Throughout the week, GM Vietnam will feature a variety of side events that complement the main conference activities. These side events will provide additional opportunities for networking, learning, and engaging with the vibrant Web3 community. To stay updated on the latest information regarding these side events, please visit the official event website at https://gmvietnam.io/.

Whether you are a seasoned professional or just starting out, GM Vietnam is the perfect chance to stay ahead of the curve with like-minded individuals and gain valuable insights.

Event information

There are also two other types of premium tickets available with even more privileges. Please visit the event website at https://gmvietnam.io/ for more details.

• Date: July 7-8, 2023
• Location: Ho Chi Minh City, Vietnam
• Register for free tickets: https://app.moongate.id/events/gmvietnam2023

The post GM Vietnam Takes a Leap into the Future: Harnessing Web3 and Blockchain in the Vietnamese Market appeared first on Crypto Insider.

Vetle Lunde, who last week predicted bitcoin would reach $45,000 in May, said that markets seem to have stabilized as “rotten fruits” have been washed out of the industry.

Vetle Lunde, a crypto markets analyst at K33 Research, sees parallels between bitcoin’s recent surge from the doldrums of 2022 and its price pattern from 2018 into 2019.

In an interview on CoinDesk TV’s “First Mover” program on Monday, Lunde said that “the current drawdown and recovery stage is remarkably similar to that in 2019, both in duration and price movement.”

In a research note to clients last week, Lunde wrote that bitcoin could reach $45,000. BTC was currently trading at about $29,440, down 2%, although it is up about 80% in 2023. The rebound follows a year of distress, in which multiple major firms declared bankruptcy, sending risk-shy investors fleeing from crypto markets.

“We saw throughout the latter part of 2022 a lot of forced selling, and also selling from investors who grew cautious,” Lunde said. “This has led people to be underexposed. And has also enticed a lot of people to short (crypto) being conservative with adding exposure. This creates this dynamic where bitcoin feeds on your short squeezes and moves higher.”

He added that negative to neutral sales of derivatives, despite recent price gains, were further signs of investor caution. That sentiment could change, although the market’s relatively low liquidity remained a potential weight on future pricing.

Lunde believes that faint signs last week that the U.S. central bank would scale back its hawkish monetary policy amid mildly encouraging inflation data could boost market sentiment.

He blamed crypto prices’ swoon last year partly on firms overexposing themselves when interest rates were zero.

“It was a lot of spending, a lot of focus on growth,” Lunde said. “So you had this environment where miners took a lot of fiat that held a lot of bitcoin and then were exposed to falling prices, in addition to all the crypto banks starting to neglect due diligence.”

But the industry-wide crisis of 2022, which included multiple, major firms declaring bankruptcy, including crypto hedge fund Three Arrows Capital, has already been benefiting markets by weeding out bad actors, Lunde suggested. “A lot of these rotten fruits have been washed out of the market,” he said. “So the entire market is in a more robust stage right now where it can handle higher interest rates for longer.”

He added: “The industry has learned. I’m pretty sure that we will experience similar kinds of crisis in the future, unfortunately. But for now, those kinds of risks feel washed out of the market. So the market feels a lot more safe at the moment.

The post Bitcoin Surge Parallels Price Movement in 2019: Analyst appeared first on Crypto Insider.

The ‘Valentine’ upgrade was pushed live on the mainnet in early Asian hours on Wednesday. Native ADA tokens outperformed crypto majors.

An upgrade to improve security and interoperability features on the Cardano blockchain was pushed live in early Asian morning hours on Wednesday.

Dubbed “Valentine,” the upgrade will make enhancements to cross-chain functionality for decentralized finance (DeFi) applications building on the network. It was proposed earlier in February and voted favorably by network validators, as CoinDesk reported.

The upgrade is said to bring enhanced cryptographic features to Cardano while improving cross-chain decentralized application (dapp) development on Plutus – the smart contract platform of the Cardano blockchain.

“Interoperability is key for blockchain growth. As more DApps are built on Cardano, it is essential that they are not siloed to just one ecosystem, enabling users to interact with different blockchains and access a wider range of services,” Cardano developer and code maintainer said in a tweet.

Cross-chain bridges are software applications that enable transactions to occur between various blockchains.

Such a feature on Cardano would allow developers to build applications that connect Cardano with other blockchains, which would in turn give users access to other blockchains to interact easily with financial services offered by Cardano dapps.

Dapps rely on smart contracts instead of middlemen to offer financial services, such as lending and borrowing, to users, who often use that dapp’s token or are rewarded in those tokens.

This, in turn, would likely improve the utility of Cardano’s native ADA tokens. As such, Wednesday’s upgrade preceded buying pressure on the tokens, with prices up 8% in the past 24 hours – outperforming bitcoin and ether.

The locked value of tokens on Cardano-based dapps has increased over 100% since the start of January to over $110 million, suggesting demand.

The post Cardano Gets ‘Valentine’ Upgrade. Here’s How it Benefits ADA Token appeared first on Crypto Insider.

Some traders have been buying downside protection in bitcoin and ether, while others building strategies that profit from a big move in either direction, experts told CoinDesk.

The bitcoin (BTC) and ether (ETH) options market saw mixed flows ahead of the crucial U.S. nonfarm payrolls (NFP) report, with a focus on setting strategies that profit from a potential post-data volatility explosion.

“We have seen two-way flows ahead of the data release, with some clients putting on short-dated put spreads on BTC and ETH for downside protection. At the same time, there has also been buying interest in short-dated call spreads,” the founder and CEO of quant-driven trading firm TDX Strategies, Dick Lo said.

A put option gives the purchaser the right but not the obligation to sell the underlying asset at a predetermined price on or before a specific date. A put buyer is implicitly bearish on the market. A call option gives the right to purchase and the call buyer is bullish on the market.

A bear put spread is created when an equal number of puts are bought and sold simultaneously at different strikes. It’s a low-cost, limited-profit bearish strategy, unlike the outright long put strategy where the profit potential is unlimited. Call spreads work the other way around.

The need to add downside protection likely stemmed from fears that an upbeat payrolls figure would encourage the already hawkish Federal Reserve (Fed) to keep interest rates higher for a prolonged time.

The data due at 13:00 UTC is likely to show the world’s largest economy added 200,000 jobs in December after November’s 263,000 additions, according to Reuters. The unemployment rate is forecast to remain unchanged at 3.7%, while the average hourly earnings growth is expected to have slowed to 5% year-on-year from 5.1%.

The Fed has raised rates by 425 basis points since March 2022, hoping that the aggressive tightening would weigh over the labor market and help control inflation. However, the jobs market has remained remarkably resilient, with payrolls averaging well above 200,000 since September.

Therefore, the headline NFP figure needs to print well below estimates to avoid an adverse reaction in risk assets, including cryptocurrencies.

“We would need to see a number sub-200k to suggest a sufficient easing of labor market conditions, which could then fuel a risk-on rally. A number in line with expectations likely results in muted to mildly negative price action,” Lo told CoinDesk.

A risk-on rally would bode well for traders who have taken call spreads, perhaps expecting that the data would weaken the case for continued Fed tightening.

Some traders have been snapping up bullish volatility trades like long strangles on Deribit, the world’s largest crypto options trading exchange by open interest and volumes.

Strangle involves buying bullish calls and bearish puts with the same expiry at strikes equidistant from the underlying asset’s current market price. The strategy makes money as long as the underlying asset charts a big move in either direction.

Hence, traders typically buy strangles ahead of volatility-boosting binary events like the NFP release, the Fed meeting and election results.

“Investors appear to be betting on a significant price move post-NFP,” Griffin Ardern, volatility trader from crypto asset management firm Blofin, said.

Options trading is a risky business. While strangles look simple, they are not without risks. A strangle buyer can lose the entire amount paid as compensation to call and put seller if the market stays flat.

The post Bitcoin, Ether Options Market See Mixed Flow Ahead of US Nonfarm Payrolls appeared first on Crypto Insider.

It was previously reported that Hoeptner left the company in October 2022.

Former BitMEX CEO Alexander Hoeptner has sued the cryptocurrency derivatives platform for $3.4 million for breach of contract and wrongful termination, a court filing shows.

Hoeptner joined the Seychelles-registered exchange in January 2021 at a time when top officers at HDR Global Trading Limited, the owner and operator of BitMEX, were embroiled in a lawsuit that accused the founders of facilitating unregistered trading.

It was previously reported that Hoeptner left the company in October 2022, without further details. Hoeptner now claims that he received a letter of termination citing misuse of funds and failure to perform duties, among other things.

“Such termination is wholly wrongful and without basis,” the court filing said.

According to Hoeptner, BitMEX owes him a total of $3.4 million, including $2.4 million for his second year bonus and smaller amounts for remaining wages, relocation expenses and housing, the court filing shows.

“At the direction of the founders and the board, I put my personal and family lives on hold in order to be on the ground managing operations in Singapore and Hong Kong,” Hoeptner told CoinDesk. “I’m disappointed that it has gotten to the point that legal proceedings are necessary, but I’ve been left with no choice.”

Hoeptner relocated several times during his time as the CEO of BitMEX, filings show, and split his time between Hong Kong, Germany and Singapore.

“There were no objections and/or concerns raised as to the Claimant’s relocation and/or the costs that was to be incurred by the HDR Group in respect of the same,” the filing says.

But sometime in July 2022 to August 2022, he was informed by the company that there was a possibility he wouldn’t receive his second year bonus or any reimbursement for his relocation, citing “extensive cost-cutting and restructuring program which involved numerous layoffs.”

His relocation expenditures at that point had amounted to $230,000, according to the filing. A few weeks later, he received a termination letter.

“We had made tremendous progress – hitting every milestone we set out – which made my wrongful termination even harder to understand,” he said.

The crypto exchange recently cut its workforce by 30% as it tries to pivot back to its initial focus on derivatives trading. Earlier this year, BitMEX’s former CEO Arthur Hayes was sentenced to two years of probation after pleading guilty to charges of willfully failing to implement an anti-money laundering (AML) program at the exchange.

The post Former BitMEX CEO Alexander Hoeptner Sues Exchange for Breach of Contract and Wrongful Termination appeared first on Crypto Insider.

Poor liquidity in cryptocurrency markets could last until at least the end of the year and the crypto winter until end-2023, the exchange said.

The collapse of crypto exchange FTX derailed an emerging positive situation in cryptocurrency markets after the significant deleveraging of May and June left few, if any large, marginal sellers in the digital assets space, Coinbase (COIN) said in a research report Tuesday.

The new turbulence in the cryptocurrency market and the lack of large buyers has left the sector vulnerable, potentially extending what was an already long crypto winter, analysts David Duong and Brian Cubellis wrote.

FTX bankruptcy proceedings will be closely watched, but for the digital assets sector, a lot still depends on the path of interest rates in the U.S, the report said.
The market is highly likely to see “second order effects” arising from the unraveling of FTX, as it emerges which counterparties have lent or interacted with either the exchange or its sister company, Alameda Research, and what those exact liabilities are, the note said.

Coinbase says poor liquidity could last till at least the end of the year, noting that stablecoin dominance has risen to a very high 18% of the total crypto market cap, which itself has dropped to around $800 billion as of Nov. 12 from about $1 trillion at the end of last month. Stablecoins are a type of cryptocurrency whose value is pegged to another asset, such as the U.S. dollar or gold.

“The combination of increasing hashrate (pushing up the difficulty as a result), rising energy costs and now weaker bitcoin prices has led to increasingly stressed economic conditions for bitcoin miners,” the note said. Hashrate is a measure of computing power devoted to mining bitcoin, and as the hashrate increases, so does the difficulty of producing the cryptocurrency.

FTX’s demise has undoubtedly damaged investor confidence in the sector and remediation will take some time, potentially extending the crypto winter by several more months, perhaps through to the end of 2023, the note added.

The post Coinbase: FTX’s Collapse Will Likely Lead to an Extended Crypto Winter appeared first on Crypto Insider.