Home / Ripple News /Bitget Raises Its Protection Fund To $300M To Reassure Users After FTX’s Collapse

Bitget Raises Its Protection Fund To $300M To Reassure Users After FTX’s Collapse

15 Nov 2022

On Nov. 14, 2022, the Securities Commission of the Bahamas (SCB) published a press release that explains the ‘Big Four’ accounting firm PWC (Pricewaterhousecoopers) has been designated as provisional liquidator in the FTX investigation. The SCB detailed that “given the magnitude” of the events surrounding FTX, the Bahamas regulator recognized that it had to “move swiftly.”

According to a press release published by the SCB on Monday, Kevin Cambridge and Peter Greaves from the ‘Big Four’ accounting firm PwC were approved by the court as joint provisional liquidators. Essentially, provisional liquidators, unlike conventional liquidators, do not distribute funds as they are appointed to safeguard the bankrupt company’s remaining assets.

The SCB further noted that it is working with “other super supervisory authorities” in regard to the FTX fallout. “Over the coming days and weeks, the commission expects to engage with other supervisory authorities on a regulator-to-regulator basis as this event is multijurisdictional in nature,” the SCB detailed on Monday. Additionally, the securities regulator said that the case needed to be expedited because of the implications and magnitude of FTX’s collapse.

“Given the magnitude, urgency, and international implications of the unfolding events with regard to FTX, the commission recognized that it had to, and moved swiftly to use its regulatory powers under the Digital Assets and Registered Exchanges Act, 2020 (“DARE Act”) to further protect the interests of clients, creditors, and other stakeholders globally of FTX Digital Markets Ltd. (FDM),” the securities regulator explained.

The news follows the Bahamas regulator freezing FTX’s assets and directing the Supreme Court to appoint a provisional liquidator. The SCB further noted on Nov. 12 that the regulator did not approve “the prioritization of withdrawals for Bahamian clients.” The following day, on Nov. 13, reports detailed that the Royal Bahamas Police Force said an investigation into FTX was underway.

“A team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate if any criminal misconduct occurred,” the Bahamian police spokesperson told the media.

What do you think about PWC being appointed to provisional liquidator status in the ongoing FTX case? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Chrispictures / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments

The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.

On Nov. 14, 2022, the Securities Commission of the Bahamas (SCB) published a press release that explains the ‘Big Four’ accounting firm PWC (Pricewaterhousecoopers) has been designated as provisional liquidator in the FTX investigation. The SCB detailed that “given the magnitude” of the events surrounding FTX, the Bahamas regulator recognized that it had to “move swiftly.”

According to a press release published by the SCB on Monday, Kevin Cambridge and Peter Greaves from the ‘Big Four’ accounting firm PwC were approved by the court as joint provisional liquidators. Essentially, provisional liquidators, unlike conventional liquidators, do not distribute funds as they are appointed to safeguard the bankrupt company’s remaining assets.

The SCB further noted that it is working with “other super supervisory authorities” in regard to the FTX fallout. “Over the coming days and weeks, the commission expects to engage with other supervisory authorities on a regulator-to-regulator basis as this event is multijurisdictional in nature,” the SCB detailed on Monday. Additionally, the securities regulator said that the case needed to be expedited because of the implications and magnitude of FTX’s collapse.

“Given the magnitude, urgency, and international implications of the unfolding events with regard to FTX, the commission recognized that it had to, and moved swiftly to use its regulatory powers under the Digital Assets and Registered Exchanges Act, 2020 (“DARE Act”) to further protect the interests of clients, creditors, and other stakeholders globally of FTX Digital Markets Ltd. (FDM),” the securities regulator explained.

The news follows the Bahamas regulator freezing FTX’s assets and directing the Supreme Court to appoint a provisional liquidator. The SCB further noted on Nov. 12 that the regulator did not approve “the prioritization of withdrawals for Bahamian clients.” The following day, on Nov. 13, reports detailed that the Royal Bahamas Police Force said an investigation into FTX was underway.

“A team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate if any criminal misconduct occurred,” the Bahamian police spokesperson told the media.

What do you think about PWC being appointed to provisional liquidator status in the ongoing FTX case? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Chrispictures / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments

The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.

Uniswap rose to a one-week high in today’s session, as crypto markets seemed to have settled following recent turbulence. The last seven days were filled with increased levels of fear, uncertainty, and doubt in the marketplace, as participants moved to shelter following the FTX collapse. Xrp was another notable mover, climbing by over 10% on Nov. 15.

Uniswap (UNI) rose for a third straight session on Nov. 15, pushing the token to a one-week high in the process.

UNI/USD surged to an intraday high of $6.36 in today’s session, less than a day after trading at a low of $5.83.

Today’s rally, which saw prices move close to a key resistance level of $6.45, has seen UNI trade at its highest point since last Tuesday.

As can be seen from the chart, another ceiling was hit during today’s surge, in the form of the relative strength index (RSI).

The index collided with its resistance of 50.00, which could potentially prevent any further surges from the token.

In order for UNI to move above $6.45, price strength will first need to climb above the 50.00 mark.

XRP was another one of Tuesday’s big gainers, as the token rose by over 10%.

Following a low of $0.3404 to start the week, XRP/USD surged to a peak of $0.3907 earlier today.

This rise in price sees the token move higher for a second consecutive day, and closer to a key resistance level.

Looking at the chart, this ceiling is the $0.40 mark which was last hit during last Wednesday’s sell-off.

Despite Tuesday’s mini resurgence, XRP/USD is down by nearly 12% in the last seven days.

In order to change this sentiment, bulls will need to force a breakout of the upcoming ceiling at 44.30 on the RSI.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, Ripple, UNI, uniswap, XRP

Do you expect xrp to move above $0.40 in the coming days? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits

As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.

Uniswap rose to a one-week high in today’s session, as crypto markets seemed to have settled following recent turbulence. The last seven days were filled with increased levels of fear, uncertainty, and doubt in the marketplace, as participants moved to shelter following the FTX collapse. Xrp was another notable mover, climbing by over 10% on Nov. 15.

Uniswap (UNI) rose for a third straight session on Nov. 15, pushing the token to a one-week high in the process.

UNI/USD surged to an intraday high of $6.36 in today’s session, less than a day after trading at a low of $5.83.

Today’s rally, which saw prices move close to a key resistance level of $6.45, has seen UNI trade at its highest point since last Tuesday.

As can be seen from the chart, another ceiling was hit during today’s surge, in the form of the relative strength index (RSI).

The index collided with its resistance of 50.00, which could potentially prevent any further surges from the token.

In order for UNI to move above $6.45, price strength will first need to climb above the 50.00 mark.

XRP was another one of Tuesday’s big gainers, as the token rose by over 10%.

Following a low of $0.3404 to start the week, XRP/USD surged to a peak of $0.3907 earlier today.

This rise in price sees the token move higher for a second consecutive day, and closer to a key resistance level.

Looking at the chart, this ceiling is the $0.40 mark which was last hit during last Wednesday’s sell-off.

Despite Tuesday’s mini resurgence, XRP/USD is down by nearly 12% in the last seven days.

In order to change this sentiment, bulls will need to force a breakout of the upcoming ceiling at 44.30 on the RSI.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, Ripple, UNI, uniswap, XRP

Do you expect xrp to move above $0.40 in the coming days? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits

As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.

PRESS RELEASE. In a move that will excite crypto enthusiasts, IllumiShare SRG has announced its token presale launch, which will hold on the 23rd of November after an unveiling party in Dubai on November 22nd. His highness Sheikh Mohamed Bin Ahmed Bin Hamdan Al Nahyan from the Abu Dhabi Royal Family – An Official Partner in the company, some Ministers of the Emirate government among respected business partners will be in attendance.

The SRG token pre-sale will be available to gold list members before it is open to everyone else. Furthermore, the pre-sale will be held on the official IllumiShare SRG website, and a limited amount of SRG tokens will be available for purchase. This is a great opportunity for investors looking to get in early on this project. It’s also an excellent way to become a key contributor to the future of the blockchain industry.

The fast-rising blockchain ecosystem aims at providing the best of both worlds by combining the benefits of the gold standard with modern blockchain technology. The token is backed by 3 uncorrelated assets, gold, cash, and technology. IllumiShare SRG is implementing a Proof-of-Gold (POG) mechanism to ensure transparency. This includes storing physical Gold reserves in a safe room at a bank in Abu-Dhabi and broadcast live 24/7.

The IllumiShare SRG token is not a stablecoin and also not like the regular cryptocurrency flooding the market. So, while the team sets the token’s floor price, there are no limitations in growth, which is something new in the industry.

IllumiShare SRG also hopes to solve other prominent issues in the NFT sector. According to OpenSea, over 90% of NFTs on its platform are scams. Therefore, SRG’s Assets NFT marketplace, which will launch next year, will introduce an enhanced NFT anti-fraud system to help make the NFT space safer. The system will scan every NFT uploaded by creators and remove every scam project to keep our users safe.

With the SRG token pre-sale, IllumiShare SRG hopes to provide equal opportunities for all participants and create an inclusive community. The team behind the project believes that the SRG token can help solve some of the problems associated with current cryptocurrencies and traditional banking due to its unique economic model.

The IllumiShare team is comprised of industry-leading specialists in Blockchain, Fintech, and Global Banking who are all ardent believers. top executives from BlackRock, Polygon, Binance, Meta(Facebook), J.P Morgan, Goldman Sachs, Dubai Gold Exchange, Alibaba, Microsoft etc.

Ben Sharon, CEO of IllumiShare, mentioned: “Blockchain technology is revolutionizing the internet and disrupting various sectors. With the combination of traditional economic methods and blockchain technology, we at illumiShare SRG have created an innovative Trust Token, which is backed by 3 uncorrelated assets, including physical gold, ground-breaking technologies and without limits of growth. Our aim is to bring transparency to the world of crypto and give people’s trust in money!”

About IllumiShare SRG

IllumiShare named “The Most Innovative Blockchain Ecosystem Of The Year” by Entrepreneur Magazine,” is a decentralized ecosystem powered by three unrelated assets. IllumiShare’s novel economic model combines time-honored commodities such as cash and gold with technologies such as a unique Assets Backed NFT Marketplace, Payment gateway, and DAO Donation plan & Wealth fund incorporating human capital. This makes it possible for the IllumiShare SRG token to keep growing and give people confidence during times of financial crisis. Because the SRG is backed by multiple unrelated assets, it is not dependent on a single changing market or economy.

To know more, visit:

Website | Twitter | Discord | YouTube | Telegram | Instagram | Medium

 

 

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

PRESS RELEASE. In a move that will excite crypto enthusiasts, IllumiShare SRG has announced its token presale launch, which will hold on the 23rd of November after an unveiling party in Dubai on November 22nd. His highness Sheikh Mohamed Bin Ahmed Bin Hamdan Al Nahyan from the Abu Dhabi Royal Family – An Official Partner in the company, some Ministers of the Emirate government among respected business partners will be in attendance.

The SRG token pre-sale will be available to gold list members before it is open to everyone else. Furthermore, the pre-sale will be held on the official IllumiShare SRG website, and a limited amount of SRG tokens will be available for purchase. This is a great opportunity for investors looking to get in early on this project. It’s also an excellent way to become a key contributor to the future of the blockchain industry.

The fast-rising blockchain ecosystem aims at providing the best of both worlds by combining the benefits of the gold standard with modern blockchain technology. The token is backed by 3 uncorrelated assets, gold, cash, and technology. IllumiShare SRG is implementing a Proof-of-Gold (POG) mechanism to ensure transparency. This includes storing physical Gold reserves in a safe room at a bank in Abu-Dhabi and broadcast live 24/7.

The IllumiShare SRG token is not a stablecoin and also not like the regular cryptocurrency flooding the market. So, while the team sets the token’s floor price, there are no limitations in growth, which is something new in the industry.

IllumiShare SRG also hopes to solve other prominent issues in the NFT sector. According to OpenSea, over 90% of NFTs on its platform are scams. Therefore, SRG’s Assets NFT marketplace, which will launch next year, will introduce an enhanced NFT anti-fraud system to help make the NFT space safer. The system will scan every NFT uploaded by creators and remove every scam project to keep our users safe.

With the SRG token pre-sale, IllumiShare SRG hopes to provide equal opportunities for all participants and create an inclusive community. The team behind the project believes that the SRG token can help solve some of the problems associated with current cryptocurrencies and traditional banking due to its unique economic model.

The IllumiShare team is comprised of industry-leading specialists in Blockchain, Fintech, and Global Banking who are all ardent believers. top executives from BlackRock, Polygon, Binance, Meta(Facebook), J.P Morgan, Goldman Sachs, Dubai Gold Exchange, Alibaba, Microsoft etc.

Ben Sharon, CEO of IllumiShare, mentioned: “Blockchain technology is revolutionizing the internet and disrupting various sectors. With the combination of traditional economic methods and blockchain technology, we at illumiShare SRG have created an innovative Trust Token, which is backed by 3 uncorrelated assets, including physical gold, ground-breaking technologies and without limits of growth. Our aim is to bring transparency to the world of crypto and give people’s trust in money!”

About IllumiShare SRG

IllumiShare named “The Most Innovative Blockchain Ecosystem Of The Year” by Entrepreneur Magazine,” is a decentralized ecosystem powered by three unrelated assets. IllumiShare’s novel economic model combines time-honored commodities such as cash and gold with technologies such as a unique Assets Backed NFT Marketplace, Payment gateway, and DAO Donation plan & Wealth fund incorporating human capital. This makes it possible for the IllumiShare SRG token to keep growing and give people confidence during times of financial crisis. Because the SRG is backed by multiple unrelated assets, it is not dependent on a single changing market or economy.

To know more, visit:

Website | Twitter | Discord | YouTube | Telegram | Instagram | Medium

 

 

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

PRESS RELEASE. Nov 15th, 2022 – Leading global cryptocurrency exchange, Bitget announces that it will increase its Protection Fund to 300 Million USD, in order to provide better protection and further assurance to crypto users. This is part of Bitget’s major efforts in building the trust of the crypto market after FTX’s collapse, leaving users with massive losses. The initiatives come along with a 5 million USD Builders’ Fund to support FTX users, coupled with the plan to share the Merkle Tree Proof of Reserves, which is under preparation and will soon be released in 30 days.

Bitget’s Protection Fund was launched in July this year with the objective to safeguard user’s crypto assets. It was set up with a fund worth of 200 million USD, consisting of 6000 BTC and 80 million USDT. The fund is completely self-funded, allowing more flexibility and discretion to efficiently cover users’ assets without external bureaucracy or policy changes.

The increased 300 million USD protection fund will be made up of popular cryptocurrencies of high liquidity, such as BTC, USDT, and USDC. The exchange has pledged to secure the value of the fund for the next three years with no withdrawal. If the fund value drops as the price of BTC declines, Bitget will continue to cover the position to ensure that the balance is not less than 300 million USD, at all times. To ensure transparency, all the information about the fund is open to the public and users can view the wallet addresses here.

Gracy Chen, Managing Director of Bitget, says, “Expansion for Bitget Protection Fund is another move by Bitget to help enhance trust and confidence in the crypto space as a whole. Working as an emergency reserve and with additional capital, the fund would be able to offer top-notch safety and protection for users, especially in extreme and unpredictable situations in the crypto space. We believe that risk management policies such as protection funds would become the norm for prominent and reliable exchanges.”

She adds “Bitget strives to work on quality efforts to ensure that the platform is safe and stable with adequate protection for our users. We will continue to focus on initiatives in building a trustworthy and transparent crypto ecosystem for all.”

About Bitget

Bitget, established in 2018, is the world’s top five leading cryptocurrency exchange with innovative products and social trading services as its key features, currently serving over 8 million users in more than 100 countries around the world.

The exchange is committed to providing one-stop and secure trading solutions to users and aims to increase crypto adoption by collaborations with creditable partners, including Argentinian legendary footballer Lionel Messi, Italian leading football team Juventus, PGL Major’s official esports crypto partner, and the leading esports organization Team Spirit.

For media queries, please contact:

sylvia.huang.yq@bitget.com

rachel.cheung@bitget.com

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.

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