Home / Trend News /Flynt Finance Leverages GMX’s GLP For High-Yielding Investment Opportunities With USDC Delta Neutral Strategy

Flynt Finance Leverages GMX’s GLP For High-Yielding Investment Opportunities With USDC Delta Neutral Strategy

28 Jan 2023

Sam Bankman-Fried, the disgraced co-founder of FTX, is seeking access to crypto assets associated with FTX and Alameda Research, according to a letter written by his attorney, Mark Cohen. Cohen insists that the existing bail conditions “related to crypto asset transfers should be removed.”

In a letter to the Southern District of New York (SDNY) judge Lewis Kaplan, Sam Bankman-Fried’s attorney, Mark Cohen, explains that his team believes Bankman-Fried’s current bail conditions are unfair and should be removed. Bankman-Fried was indicted by a federal grand jury in Manhattan and faces eight charges, including wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, money laundering, conspiracy to defraud the Federal Election Commission, and campaign finance violations.

The former FTX CEO was released on bail and the court’s Judge Kaplan imposed certain bail restrictions on Bankman-Fried. For instance, the defendant has been remanded to his parents’ home in California with a government-monitored ankle bracelet. Cohen, a white-shoe lawyer who represented Ghislaine Maxwell during her recent sex trafficking case, requests that “two additions” be removed from Bankman-Fried’s bail conditions. The first is that Bankman-Fried is currently prohibited from speaking with Caroline Ellison, Gary Wang, Nishad Singh, two redacted witnesses, and George Lerner (Bankman-Fried’s therapist).

Cohen stresses that the bail condition is “overbroad” and Bankman-Fried’s intentions to contact these individuals are attempts to “offer assistance in FTX’s bankruptcy process.” The lawyer notes that this type of communication “does not reflect misconduct.” Cohen gives an example, detailing that the government’s bail condition means that “Bankman-Fried could not speak to his therapist, who is a former FTX employee, without the participation of his lawyers.”

While the government has raised concerns over Bankman-Fried’s use of Signal and “other ephemeral messaging applications,” Bankman-Fried’s legal team opines that the concerns are unwarranted. “The government’s proposed bail condition regarding ephemeral messaging applications should not be imposed,” Cohen’s letter to Judge Kaplan details.

Additionally, Bankman-Fried is seeking rights to access specific crypto assets associated with FTX and the quantitative trading firm Alameda Research. “[Bankman-Fried is] prohibited from accessing or transferring any FTX or Alameda assets or cryptocurrency, including assets or cryptocurrency purchased with funds from FTX or Alameda,” the bail conditions note.

Bankman-Fried’s legal representation is urging the judge to drop the bail condition, as the team believes the conditions are unjustified. The government’s justification was bolstered by the recent transfers of FTX and Alameda-linked funds, Cohen detailed in the letter. However, Bankman-Fried has “repeatedly denied any involvement in the transfers” and he contacted the government as soon as he noticed the funds move. At a pretrial conference on January 3, 2023, prosecutors said they were still “investigating” who was responsible for the crypto transfers.

Cohen concludes that it’s been three weeks since the conference, and the legal team assumes the government’s investigation has proven “that he did not access and transfer these assets.” If investigators have figured out that Bankman-Fried did not transact with the cited crypto assets, then “existing bail condition related to crypto asset transfers” should cease. Bankman-Fried’s lawyers sum up the letter by stressing that given the “sole basis advanced for seeking that condition has not been supported,” Bankman-Fried’s litigation firm wholeheartedly believes that the “bail condition imposed at the conference should be removed.”

What do you think about Sam Bankman-Fried’s request to have his bail conditions changed? Share your thoughts 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

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.

Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.

Sam Bankman-Fried, the disgraced co-founder of FTX, is seeking access to crypto assets associated with FTX and Alameda Research, according to a letter written by his attorney, Mark Cohen. Cohen insists that the existing bail conditions “related to crypto asset transfers should be removed.”

In a letter to the Southern District of New York (SDNY) judge Lewis Kaplan, Sam Bankman-Fried’s attorney, Mark Cohen, explains that his team believes Bankman-Fried’s current bail conditions are unfair and should be removed. Bankman-Fried was indicted by a federal grand jury in Manhattan and faces eight charges, including wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, money laundering, conspiracy to defraud the Federal Election Commission, and campaign finance violations.

The former FTX CEO was released on bail and the court’s Judge Kaplan imposed certain bail restrictions on Bankman-Fried. For instance, the defendant has been remanded to his parents’ home in California with a government-monitored ankle bracelet. Cohen, a white-shoe lawyer who represented Ghislaine Maxwell during her recent sex trafficking case, requests that “two additions” be removed from Bankman-Fried’s bail conditions. The first is that Bankman-Fried is currently prohibited from speaking with Caroline Ellison, Gary Wang, Nishad Singh, two redacted witnesses, and George Lerner (Bankman-Fried’s therapist).

Cohen stresses that the bail condition is “overbroad” and Bankman-Fried’s intentions to contact these individuals are attempts to “offer assistance in FTX’s bankruptcy process.” The lawyer notes that this type of communication “does not reflect misconduct.” Cohen gives an example, detailing that the government’s bail condition means that “Bankman-Fried could not speak to his therapist, who is a former FTX employee, without the participation of his lawyers.”

While the government has raised concerns over Bankman-Fried’s use of Signal and “other ephemeral messaging applications,” Bankman-Fried’s legal team opines that the concerns are unwarranted. “The government’s proposed bail condition regarding ephemeral messaging applications should not be imposed,” Cohen’s letter to Judge Kaplan details.

Additionally, Bankman-Fried is seeking rights to access specific crypto assets associated with FTX and the quantitative trading firm Alameda Research. “[Bankman-Fried is] prohibited from accessing or transferring any FTX or Alameda assets or cryptocurrency, including assets or cryptocurrency purchased with funds from FTX or Alameda,” the bail conditions note.

Bankman-Fried’s legal representation is urging the judge to drop the bail condition, as the team believes the conditions are unjustified. The government’s justification was bolstered by the recent transfers of FTX and Alameda-linked funds, Cohen detailed in the letter. However, Bankman-Fried has “repeatedly denied any involvement in the transfers” and he contacted the government as soon as he noticed the funds move. At a pretrial conference on January 3, 2023, prosecutors said they were still “investigating” who was responsible for the crypto transfers.

Cohen concludes that it’s been three weeks since the conference, and the legal team assumes the government’s investigation has proven “that he did not access and transfer these assets.” If investigators have figured out that Bankman-Fried did not transact with the cited crypto assets, then “existing bail condition related to crypto asset transfers” should cease. Bankman-Fried’s lawyers sum up the letter by stressing that given the “sole basis advanced for seeking that condition has not been supported,” Bankman-Fried’s litigation firm wholeheartedly believes that the “bail condition imposed at the conference should be removed.”

What do you think about Sam Bankman-Fried’s request to have his bail conditions changed? Share your thoughts 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

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.

Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.

The blockchain network Litecoin’s computational power reached an all-time high (ATH) on Wednesday, Jan. 25, 2023, at block height 2,411,048, reaching 798.43 terahash per second (TH/s). In addition, Litecoin’s difficulty also reached an all-time high this week, hitting 23,505,031 the following day.

A significant amount of hashrate has been dedicated to the Litecoin (LTC) network over the last 30 days as the blockchain’s computational power climbed 38% higher from 576 terahash per second (TH/s) on Dec. 28, 2022, to the all-time high of 798 TH/s recorded on Jan. 25, 2023. Currently, Litecoin’s hashrate on Jan. 28, 2023, is around 691 TH/s, which is 20% higher than the hashrate last month. Litecoin’s price has also been climbing higher as LTC’s value increased by 34% against the U.S. dollar in the past 30 days.

The all-time high hashrate of 798 terahash per second (TH/s) is roughly 202 TH/s away from a single petahash per second (PH/s), which equates to 0.798 PH/s. Viabtc is the top Litecoin mining pool with 192 TH/s, or 27% of the total Litecoin hashrate. The crypto mining pool Viabtc is followed by F2pool (121 TH/s), Antpool (104 TH/s), Litecoinpool.org (77 TH/s), and Binance (69 TH/s), respectively. All five Litecoin mining pools also participate in dogecoin (DOGE) merge mining through a process called auxiliary proof-of-work (AuxPoW).

Litecoin will be the first of a few proof-of-work (PoW) cryptocurrencies to halve its mining reward, as its network precedes protocols like Bitcoin Cash (BCH), Bitcoinsv (BSV), and Bitcoin (BTC). The LTC network is expected to reduce its reward from 12.5 LTC to 6.25 LTC on or around Aug. 3, 2023. Litecoin’s difficulty increased to 23.50 million on Jan. 26, and it was 3.28% higher over the last three days. Like Bitcoin, Litecoin’s difficulty adjustment occurs every 2,016 blocks, but LTC blocks are discovered at a rate of about 2.5 minutes per block.

This means Litecoin’s difficulty adjustment retargets every three days to keep the block time at a consistent rate. In the last month, the difficulty increased by 14.80%, and it rose 32.41% in the last 90 days. LTC has lost much of its market dominance since its early days, as it was once the second-largest cryptocurrency by market capitalization at the end of Jan. 2014. By the next year, around the same time, it was knocked down to the third-largest cryptocurrency by market cap. In the years following, LTC has gradually dropped to its current 17th position.

Interest in LTC has also dropped since 2013, as data from Google Trends (GT) indicates that, out of a score from 1-100, the search term “Litecoin” reached a score of 6 in 2013. In Dec. 2017, the term reached the highest score of 100, but today the score is half of what it was in 2013, at 3. GT data further shows that the search term “Litecoin” saw a rebound at the end of 2020, and a much larger spike throughout 2021. Most interest in Litecoin comes from Nigeria, the Netherlands, Czechia, the United States, and Slovenia.

What do you think the future holds for the Litecoin network as it approaches its next mining reward halving in August 2023? Share your thoughts and predictions in the comments 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

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.

The blockchain network Litecoin’s computational power reached an all-time high (ATH) on Wednesday, Jan. 25, 2023, at block height 2,411,048, reaching 798.43 terahash per second (TH/s). In addition, Litecoin’s difficulty also reached an all-time high this week, hitting 23,505,031 the following day.

A significant amount of hashrate has been dedicated to the Litecoin (LTC) network over the last 30 days as the blockchain’s computational power climbed 38% higher from 576 terahash per second (TH/s) on Dec. 28, 2022, to the all-time high of 798 TH/s recorded on Jan. 25, 2023. Currently, Litecoin’s hashrate on Jan. 28, 2023, is around 691 TH/s, which is 20% higher than the hashrate last month. Litecoin’s price has also been climbing higher as LTC’s value increased by 34% against the U.S. dollar in the past 30 days.

The all-time high hashrate of 798 terahash per second (TH/s) is roughly 202 TH/s away from a single petahash per second (PH/s), which equates to 0.798 PH/s. Viabtc is the top Litecoin mining pool with 192 TH/s, or 27% of the total Litecoin hashrate. The crypto mining pool Viabtc is followed by F2pool (121 TH/s), Antpool (104 TH/s), Litecoinpool.org (77 TH/s), and Binance (69 TH/s), respectively. All five Litecoin mining pools also participate in dogecoin (DOGE) merge mining through a process called auxiliary proof-of-work (AuxPoW).

Litecoin will be the first of a few proof-of-work (PoW) cryptocurrencies to halve its mining reward, as its network precedes protocols like Bitcoin Cash (BCH), Bitcoinsv (BSV), and Bitcoin (BTC). The LTC network is expected to reduce its reward from 12.5 LTC to 6.25 LTC on or around Aug. 3, 2023. Litecoin’s difficulty increased to 23.50 million on Jan. 26, and it was 3.28% higher over the last three days. Like Bitcoin, Litecoin’s difficulty adjustment occurs every 2,016 blocks, but LTC blocks are discovered at a rate of about 2.5 minutes per block.

This means Litecoin’s difficulty adjustment retargets every three days to keep the block time at a consistent rate. In the last month, the difficulty increased by 14.80%, and it rose 32.41% in the last 90 days. LTC has lost much of its market dominance since its early days, as it was once the second-largest cryptocurrency by market capitalization at the end of Jan. 2014. By the next year, around the same time, it was knocked down to the third-largest cryptocurrency by market cap. In the years following, LTC has gradually dropped to its current 17th position.

Interest in LTC has also dropped since 2013, as data from Google Trends (GT) indicates that, out of a score from 1-100, the search term “Litecoin” reached a score of 6 in 2013. In Dec. 2017, the term reached the highest score of 100, but today the score is half of what it was in 2013, at 3. GT data further shows that the search term “Litecoin” saw a rebound at the end of 2020, and a much larger spike throughout 2021. Most interest in Litecoin comes from Nigeria, the Netherlands, Czechia, the United States, and Slovenia.

What do you think the future holds for the Litecoin network as it approaches its next mining reward halving in August 2023? Share your thoughts and predictions in the comments 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

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.

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.

PRESS RELEASE. Flynt Finance, an up-and-coming cryptocurrency wealth management platform, has introduced a new investment strategy for its clients. The USDC delta neutral strategy uses GMX’s GLP, a decentralized cryptocurrency derivatives exchange’s liquidity pool, to provide a stable source of income by neutralizing the exposure to price changes of underlying assets whilst earning high returns through the fees generated from the exchange.

GMX’s platform has experienced rapid growth, with a trading volume of over $70 billion, and traders can use leverage of up to 50x. Additionally, the GLP pool which earns 70% of the exchange’s fees from swaps, lending, and liquidation has recently paid out an annual percentage rate (APR) of 31.99% to the liquidity contributors making it an attractive option for long-term investors. However, simply staking GLP will open the investor up to fluctuations in price like an ETF. Flynt neutralizes these fluctuations using futures and extracts these fees for their users. Backtest results have shown that this strategy has the potential for high returns, with a specific management setting recording high returns reaching up to 23.43% APY despite lower volumes during the sustained bear market. Live results have also shown to be consistent with the backtests and the Total Value Locked (TVL) has increased by over 112% since inception.

Flynt is well-known for its commitment to transparency and security in its operations. The platform releases proof-of-funds on a weekly basis and the trades of the operated strategies to ensure investors are clearly informed of the allocation of funds. The company also employs advanced security measures, such as two-factor authentication and cold storage, to protect clients’ funds.

David, the CEO of Flynt Finance, said, “We have made the strategy very unique with in-depth backtesting discovering a sweet spot for yield maximization. Our goal is to maximize profits for our users in a safe and transparent way.

Flynt Finance’s new strategy is a smart choice for investors looking to diversify their cryptocurrency portfolios while remaining in the crypto space. It offers a valuable addition to the current investment options available in the industry.

 

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

Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.

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