Here are some major crypto developments over past few days
Investigators probing FTX bankruptcy served subpoenas to several company insiders, including Sam Bankman-Fried, former Alameda CEO Caroline Ellison, Bankman-Fried's father Joseph Bankman, as well as Gary Wang and Nishad Singh. CoinDesk reported that all insiders except Bankman-Fried are required to produce documents related to the case by February 16, 2023. Fried was granted one more day as he has the most comprehensive list to procure.
The court demanded documents including that of Binance's takeover offer, which FTX walked away from. Bankman-Fried is asked to provide information regarding FTX, Alameda, and Emergent Fidelity Technologies (a holding company he ran with former FTX executive Gary Wang). He is required to submit all of his FTX emails and Gmail messages, details on real estate holdings, etc.
DOGE, Floki Rise After Musk Tweets Photo of his Dog On Twitter CEO’s Chair
Crypto traders are buying stocks related to cryptocurrency Shiba Inu after Twitter CEO Elon Musk posted a photo of his dog Floki posing as the new boss of Twitter. The price of DOGE has risen 5.4 per cent over the past 24 hours, CoinDesk reported. A cryptocurrency called Dogecoin (DOGE) was created in 2013 as a joke based on the Shiba Inu dog-themed internet meme "Doge". Shiba Inu (SHIB), a cryptocurrency built on the Ethereum network now enjoys a large following.
Meanwhile, Floki, which takes its name from Musk's pet dog, has gained value by 41 per cent in the last 24 hours. A report from the Financial Times in late January said Twitter is designing a system to allow crypto payments, which sent the memecoin (DOGE) soaring.
South Korea’s Crypto Firms To Self-Regulate Under New Guidelines
In line with other countries in Asia, the Financial Services Commission of South Korea has defined security tokens as digitized tokens using distributed ledger technology. This new guideline, places the primary onus on firms to regulate themselves.
“South Korea's approach of tying the scope of security token offerings back to the definition of securities is broadly aligned with other regulators such as Singapore and Hong Kong,” said Angela Ang, senior policy adviser at blockchain intelligence firm TRM Labs.
She hoped that the regulatory clarity “should encourage digital asset innovation in South Korea's capital markets.” Until the guidance was released, traditional securities firms were cautious about entering the market.