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Key Takeaways...
- Justin Sun said First Digital Trust is insolvent and called on users to withdraw funds and regulators to intervene.
- The warning came hours after filings revealed Sun bailed out TUSD when $456M in reserves were frozen in unauthorized investments.
Boston-based Fidelity Investments, the world’s third-largest investment manager with nearly $6 trillion in assets under management (AUA) has launched new Individual Retirement Accounts (IRAs) that allow clients to invest directly in crypto. ...
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TRON was founded by Justin Sun in 2017.[1] The TRON Foundation was established in July 2017 in Singapore. The TRON Foundation raised $70 million in 2017 through an initial coin offering shortly before China outlawed the digital tokens.[2] The testnet, Blockchain Explorer, and Web Wallet were all launched by March 2018. TRON Mainnet launched shortly afterward in May 2018, marking the Odyssey 2.0 release as a technical milestone for TRON.
In...
Crypto has been getting hammered to wash out the weak hands and ETF margin calls. There is no doubt that somebody is trying to accumulate chunks at these levels.
I suppose by the summer it will start moving again?
China banned cryptocurrency trading in 2021. But behind closed doors, something unexpected has been happening. Local governments have quietly built up a massive stash of digital assets – seized from criminal cases – and are now figuring out how to turn that into cash.
Here’s the twist. They’re selling it off, despite the national ban. And as billions of dollars move through these quiet crypto sales, legal experts and courts are sounding the alarm. With no clear rules in place, and so much money involved, the stakes are only getting higher.
China Offloading Crypto Through Private Firms
Despite the official ban, recent reports show that China has been quietly selling large amounts of Bitcoin. By the end of 2023, local governments held around 15,000 Bitcoin – worth roughly $1.4 billion. These sales have become an unexpected and major source of income for some regions.
So far, China has reportedly sold about 194,000 Bitcoin, worth around $16 billion. That makes it the second-largest Bitcoin holder in the world after the United States, according to data from Bitbo. It’s a sign that China is taking a mixed and strategic approach to crypto – banning it on one hand, but using it on the other.
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