Category Archives: Cryptocurrency

New research from the University of Nevada, Reno College of Business and Vanderbilt University explores how celebrity endorsement affects an initial coin offerings (ICO) success. Similar to initial public offerings (IPO) in stock, ICOs raise funds to develop things like a platform or business by issuing a new cryptocurrency before it is traded on an exchange.

Dr. Sean Wilkoff, assistant professor of finance at the University of Nevada, Reno, and Dr. Joshua T. White, assistant professor of finance at Vanderbilt University, previously researched the role of media coverage in the non-fungible tokens (NFTs) market and decided to explore the role of celebrity endorsements in the ICO market. The researchers wanted to find if endorsement works as a substitute for other demand-driving events for cryptocurrencies, such as a presale, if celebrity endorsement increases the overall amount of funds raised and if ICOs with celebrity endorsements had a higher likelihood of being scams.

The media is seen as reputable, and our research found that media reporting on NFTs educated investors about the NFT market, Wilkoff said. With celebrity endorsement, its a different story because celebrities are not defined solely by their ability to provide reputable financial advice.

The research examined 21 celebrities with an online following of 1 million or more people on at least one platform who endorsed an ICO between 2016 and 2018. Celebrities looked at were actors, athletes, a businessman, reality television stars, and a member of royalty.

Research findings indicated that celebrity endorsements can serve as an effective substitute for other demand-driving events, like a pre-sale, but that without a pre-sale, investors lose information such as price signals about the viability of the token, its platform and management team. Celebrity endorsements raise more money at the ICO and have a higher likelihood of being added to an exchange, likely due to the additional capital raised. However, these effects do not translate into long-term success. Researchers also found that celebrity endorsements are more likely to be a scam, especially when the celebritys expertise (e.g., a boxer) does not match that of the platform being built (e.g., a streaming video service). These findings are not generalizable to all investments, just ICOs.

An endorsement is not always a signal of quality, and there is a link between celebrity endorsement and the investment being a scam, Wilkoff said. However, it is important to remember that not all endorsed ICOs are scams and not all scams are celebrity-endorsed.

Recently, many celebrities such as Shaquille O'Neal were implicated in the lawsuit against Futures Exchange (FTX), for endorsing the cryptocurrency exchange, which collapsed as allegations of illegal activity were made public.

Taylor Swift was offered a deal to endorse FTX but declined after doing her research on it, Wilkoff said. Celebrities should conduct due diligence and research any cryptocurrency-related digital asset or exchange before endorsing it and investors should not just blindly trust a celebrity endorsement.

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Research from College of Business explores impact of celebrity ... - Nevada Today

In January 2023, SOFTSWISS, the leading technology provider for iGaming, was recognized as the Cryptocurrency Company of the Year by the prestigious International Gaming Awards.

As a pioneer in crypto gaming, every quarter the company analyzes the crypto gaming market and shares valuable industry insights. This time, among the main indicators, the team of experts reveals the average portrait of the cryptoplayer.

First quarter results are based on data from over 700 brands provided by SOFTSWISS Game Aggregator and SOFTSWISS Casino Platform.

In the first quarter of 2023, the Total Bets indicator increased by 44.66% compared to the same quarter of the previous year and 2.24% compared to the previous quarter. This data demonstrates a steady growth trend in the iGaming market.

In absolute terms, the sum of crypto bets also shows positive growth over the last year. In the first quarter of 2023, the share of bets on digital currencies represented 30%.

Q4 2022 saw 9% volume growth in total crypto stakes compared to Q1 of the same year. The first quarter of 2023, on the other hand, saw more significant volume growth 19%.

Andrey Starovoitov, Co-CEO of SOFTSWISS comments: Despite the global events of 2022, which undoubtedly caused the value of most digital currencies to drop, we are now seeing their value rise again. So we are seeing both growth in the overall iGaming market and an increase in the sum of bets being placed by cryptoplayers.

We expect digital currencies to remain in steady use by players in 2023 and we may see more significant growth with a combination of two factors: competent player retention and the absence of strong volatility in the cryptocurrency market, he adds.

Compared to Q4 2022, the top 3 most used digital currencies remain the same: Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). However, its actions have changed Bitcoin is up 1.9 p.p. at the expense of smaller digital currencies, while Ethereum has remained the same.

Looking at the development of digital currencies over a longer period, the changes in digital currency holdings are more substantial. Since the first quarter of 2022, BTC has increased by 3.72 p.p., while ETH has lost 5.01 p.p. The share drop of the third largest digital currency, LTC, occurred by 1.36 p.p.

The final actions for the first quarter of 2023 are as follows:

BTC 76,5%

ETH 8,4%

LTC 5,1%

Tether (USDT) took a 5.1% share for the first time, while Dogecoin (DOGE) fees fell by 1 p.p. compared to the previous quarter, obtaining a share of 2.5% at the end of the first quarter of 2023.

Among other currencies that showed an increase in the share of Total Bets Ripple (XRP), Tron (TRX) and Cardano (ADA).

Diving deeper into industry insights, SOFTSWISS defined the average cryptoplayer portrait. Based on Q1 data and available data from player profiles, 65% of the crypto audience is male and 35% female. The percentage of age groups of crypto players who have indicated their age in their online casino profile is as follows:

Thus, the main audience for digital currencies in iGaming is in the 31-50 age group. It makes up 70% of the public that uses cryptography. Furthermore, more than half of GGR crypto in the first quarter was made up of bets placed on mobile devices: 64% of mobile users versus 32% of desktops.

This data can become crucial when choosing a strategy to grow an existing iGaming brand or launch a new one. As SOFTSWISS experts note, the interest in starting cryptography projects is high, even when cryptography demonstrates rapid changes and can be unpredictable. However, Q1 statistics indicate that 2023 is shaping up to be a year of positive development for digital currency related projects.

Max Trafimovich, Commercial Director at SOFTSWISS, summarizes: Over the last few years, we have seen a steady increase in demand for crypto-ready solutions, whether its launching a casino or a sports betting venture. Its undeniable that some crypto iGaming operators have attracted a lot of attention and accolades on a global level.

In addition to cryptography, these operators are also at the forefront of several other innovations, which go beyond the payment aspect. SOFTSWISS will continue to be the definitive partner in this frontier with new technologies oriented towards cryptography, high level of service and security, he adds.

SOFTSWISS is an international iGaming company that provides certified software solutions for managing gaming operations. The expert team, which has 1,400 employees, is based in Malta, Poland, Georgia and Belarus. The company holds multiple gaming licenses and provides complete iGaming software solutions.

The group has a vast portfolio of products, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka Affiliate Platform, the Sports Betting Platform and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a bitcoin-optimized online casino solution.

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19% Increase in Cryptocurrency Betting: SOFTSWISS Reveals Digital Currency Results for Q1 2023 - iGaming Brazil

Nova Scotia

Richard Woodbury - CBC News

Posted: May 16, 2023

The law firm representing creditors of defunct cryptocurrency company QuadrigaCXsays each creditor with a proven claim will get back13 per cent of what they invested.

QuadrigaCXwas one of Canada's biggest cryptocurrency exchanges before it collapsed in early 2019, following the death of its founder, Gerald Cotten.Hedied while on his honeymoon in India in December 2018.

The company turned out to be a Ponzi scheme.

In a notice posted late last week, law firm Miller Thomson said as of this month, there are $305.66 million in total claims against QuadrigaCX.

Elvis Cavalic of Calgary lost around $15,000 from QuadrigaCX. He was surprised to learn from CBC News that some of the creditors would be eligible to get back some of their lost money.

"My interpretation was that the money was gone," he said."It's been years and they've blown through it in legal fees and perhaps some of the holders with larger volumes, you know, [I thought] they were prioritized."

Cavalic said the last update he received from Miller Thomson was in November 2020.

He said he's going to file a claim to hopefully recoup some of his money.

Cavalic said his experience soured him on cryptocurrency.

"I just don't trust any of the exchanges," he said."Ever since Quadriga, you've seen this happen again and again in various countries, including Canada."

Cotten, who lived in Nova Scotia,was the only person who had the codes needed to access where the company kept much of its customers' money.

Investigatorsuncovered that Cottenhad been moving money from the exchange into his personal accountsand engaging in other suspicious behaviour.

Cottenlived a life of luxury that included exotic vacations, luxury vehicles, a yacht and a Cessna aircraft.

His widow, Jennifer Robertson, saidshe did not know about her husband's fraudulent activities.

After Cotten's death,she agreed to forfeit $12 million in assetsthat included vehicles and real estate. She was allowed to keep $90,000 in cash, $20,000 in retirement savings, a 2015 Jeep Cherokee, $15,000 in furniture and some jewelry, including her wedding band.

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Richard Woodbury Reporter

Richard Woodbury is a journalist with CBC Nova Scotia's digital team. He can be reached at richard.woodbury@cbc.ca.

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Creditors of fraudulent cryptocurrency platform QuadrigaCX can get 13% of their money back - CBC.ca

The cryptocurrency market is awash with all of the available altcoins, three specifically have gathered a high level of interest, and these include Synthetix (SNX), Fantom (FTM), and Tradecurve (TCRV). Today, we will go over each one of these altcoins to see how far they can grow in regard to their value and why cryptocurrency investors and traders are picking them.

Synthetix (SNX) held the Community Governance Call on April 26, 2023, through their discord.

The Synthetix (SNX) core contributors, community members, and council members updated the community on Preps, V3, OP trading incentives, and more.

Based on this, it is clear that Synthetix (SNX) is carrying on with its development and that it has an active community.

As for the value behind the Synthetix (SNX) cryptocurrency, on April 26, it traded at $2.49.

Within the last seven days, Synthetix (SNX) did decrease in value by 17.5%. However, in the last 24 hours, Synthetix (SNX) has begun climbing back, with an increase of 4%. In the last 30 days, Synthetix (SNX) has also been down by just 0.3%, meaning that it might actually increase in value further throughout the month.

Fantom (FTM) made a huge announcement on April 25, 2023, where they went over what developers are doing within the Fantom Academy.

The API3 DAO has built first-party oracles to provide APIs, which are decentralized, scalable, and on-chain data feeds.

Fantom (FTM) also published a tutorial on how builders can activate and utilize these self-funded APIs.

The value of the Fantom (FTM) cryptocurrency has begun to recover as well. Specifically, as of April 26, 2023, Fantom (FTM) traded at $0.431852. Within the last seven days, Fantom (FTM) has been at a decline of 19.1%. This changed in the last 24 hours, as Fantom (FTM) climbed by 6.4%. If Fantom (FTM) keeps up with this momentum, it can reach the green zone fully.

Tradecurve (TCRV) is a hybrid exchange that combines the best elements behind CEXs and DEXs and enables anyone the ability to trade stocks, forex, commodities, and cryptocurrencies from a single account.

Users are not required to complete the Know-Your-Customer (KYC) procedure on top of the platform and can begin trading immediately by simply connecting their wallet.

Other notable features behind Tradecurve (TCRV) include its high leverage, algorithmic trading, VIP account service, the Metaverse Trading Academy, and negative balance protection.

(TCRV) is the native token and is used for discounts. It can be staked by users so they can earn passive income and can provide them with additional rewards.

The Tradecurve (TCRV) tokens smart contract has also been fully audited. At stage two presale, Tradecurve (TCRV) trades at $0.012. Analysts predict that the value behind Tradecurve (TCRV) can reach 100x when it launches. Furthermore, Tradecurve (TCRV) will also get listed on multiple CEXs and on the Uniswap DEX.

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Top Cryptocurrency for 2023: Synthetix (SNX) and Fantom (FTM ... - Analytics Insight

Cryptocurrency prices today: Check rates of Bitcoin, Ethereum, Tether, BNB

May 18, 2023, 10:54 am 3 min read

Bitcoin has risen 0.84% over the last 24 hours to trade at $27,309.10. It is down 0.73% from last week. Ethereum, the second most popular token, is down 0.08% from yesterday and is currently trading at $1,823.42. It is down 0.43% compared to last week. The market capitalization of Bitcoin and Ethereum stands at $529.21 billion and $219.33 billion, respectively.

How have other popular cryptocurrencies moved today?

BNB is trading at $314.01, which is 0.49% up from yesterday and a 0.50% rise from last week. The current price of XRP is $0.44, down 2.12% in the last 24 hours. It is 4.43% higher than last week. Cardano and Dogecoin are trading at $0.33 (up 1.05%) and $0.077 (up 1.66%), respectively.

Solana has gone up by 1.29% since last week

Solana, Polka Dot, Shiba Inu, and Polygon are currently trading at $20.96 (up 0%), $5.4201 (down 1.45%), $0.0000088 (up 0.45%), and $0.88 (up 2.97%), respectively. On the basis of the weekly chart, Solana has moved up by 1.29% while Polka Dot has moved up by 1.88%. Shiba Inu is down 17.79% in the last seven days whereas Polygon has gained 2.28%.

Here are our top 5 gainers of the day

The top five gainers on the basis of the 24-hourly movement are Render Token, Synthetix, Mask Network, Axie Infinity, and Lido DAO. They are trading at $2.30 (up 16.28%), $2.41 (up 9.26%), $4.41 (up 6.89%), $7.38 (up 4.94%), and $2.33 (up 4.70%), respectively.

Where do the popular stablecoins stand today?

A stablecoin is an extremely low volatile cryptocurrency. Its value is tied to various physical assets such as fiat currency or gold. Talking about some of the popular tokens that are identified as stablecoins, Tether and USD Coin are currently trading at $1 (down 0.01%) and $0.99 (flat), respectively.

The biggest losers of the day are Pepe, Conflux, Decentraland, XRP, and Huobi Token. They are trading at $0.0.. (down 7.02%), $0.22 (down 4.65%), $0.55 (down 2.90%), $0.44 (down 2.08%), and $2.91 (down 1.99%), respectively.

These are the top 3 cryptocurrency spot exchanges

On the basis of traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes, Binance, Coinbase Exchange, and Kraken are the top three cryptocurrency spot exchanges. The 24-hout volumes of Binance and Coinbase Exchange are $7.53 billion (up 37.63%) and $0.93 billion (up 10.15%), respectively. Kraken recorded a volume of $0.51 billion which is up 15.66% from yesterday.

Check out today's leading DeFi tokens

DeFi or decentralized finance is an umbrella term for global, peer-to-peer financial services on public blockchains. Avalanche, Dai, Wrapped Bitcoin, Chainlink, and Uniswap are among the most popular DeFi tokens. They are trading at $15.11 (up 0.68%), $0.99 (up 0%), $27,319.74 (up 0.84%), $6.74 (up 0.39%), and $5.39 (up 3.77%), respectively.

Take a look at the top 5 NFT tokens today

Non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility, meaning they cannot be exchanged for one another like other tokens. Internet Computer, ApeCoin, The Sandbox, Decentraland, and Theta Network are some of the prominent NFT tokens. They are currently trading at $5.38 (up 1.95%), $3.42 (down 0.65%), $0.55 (down 0.72%), $0.55 (down 2.95%), and $0.99 (up 0.92%), respectively.

Total cryptocurrency market capitalization

The current global crypto market cap is $1.14 trillion, a 1.02% increase over the last day. The total crypto market volume over the last 24 hours is $34.36 billion, which marks a 20.56% increase. The global crypto market cap was $1.25 trillion last month, while three months ago, the total capitalization stood at $1.11 trillion.

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Cryptocurrency prices today: Check rates of Bitcoin, Ethereum ... - NewsBytes

Cryptocurrency has become a popular way to invest and transact, but with that comes the need for sanctions compliance. In this episode, Michael Volkov and Matt Stankiewicz discuss the recent enforcement actions against Poloniex, Bittrex, and Kraken for violating US sanctions regulations with cryptocurrency transactions. Matt is a Partner at Volkov Law and a leading cryptocurrency expert. He and Michael dive into the common themes and basic failures that led to these enforcement actions, including IP blocking, transaction monitoring, Seemore+

1. Cryptocurrency companies are struggling to implement KYC and geo-blocking controls, which is leading to violations involving sanctioned jurisdictions.

2. OFAC is taking an aggressive stance against cryptocurrency companies. Companies in the cryptocurrency industry need to implement effective sanctions compliance programs to avoid hefty fines and enforcement actions from regulatory authorities.

3. There is no materiality requirement for sanctions violations, and even small transactions can result in multimillion-dollar fines.

4. Retroactively applying controls to existing customers is important, and failing to do so can lead to violations.

5. Companies need to have a comprehensive and automated system in place to detect and prevent violations.

6. Companies need to be vigilant about screening individuals and transactions against the relevant sanctions lists, including screening field text, addresses, and ID cards.

7. Geo-blocking for IP addresses is a crucial compliance control, but it is not perfect and can be circumvented by VPNs.

8. Voluntary disclosure of violations can lead to more favorable outcomes and lower fines from regulatory authorities.

9. OFAC and other regulatory authorities are using analytical tools to monitor transactions and flag potential violations, so cryptocurrency companies should not assume they can go under the radar.

10. Companies can use the public blockchain to monitor transactions and identify potential sanctions risks.

11. Sanctions compliance programs should be regularly reviewed and updated to address new risks and changes in regulations.

KEY QUOTES:

There are a lot of tools available to these companies to monitor transactions, maybe better than in the traditional finance world, just because everything on the blockchain is public record essentially. Matt Stankiewicz

Its just interesting to see OFAC go so aggressively against these companies. Not too surprising considering the extreme sanctions risk that cryptocurrency poses. Very importantly, theres still a lot of takeaways that really any industry can take away from these enforcement actions. Matt Stankiewicz

If you find problems, obviously you want to remediate them, but figure out what you need to do in terms of voluntary disclosures, because typically youll be much better off than if OFAC figures it out on their own, which they usually do. Matt Stankiewicz Seeless-

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Corruption, Crime, & Compliance - Cryptocurrency and Sanctions ... - JD Supra

Frauds are everywhere and all of us have experienced them every once in a while. So much so that. the FTC i.e. Federal Trade Commission in the US has stated that along with jobs and business scams, cryptocurrency fraud is also on the rise. Can you imagine? Cryptocurrency, which is considered to be the most secure form of digital money, is also being manipulated for people to fall into their traps.

While investing in cryptocurrency is a good option, the idea that there are many cryptocurrency scams everywhere should not deter you from collecting it. In fact, you should take the necessary steps to recognize these scams and prevent yourself from falling for them. So if you are interested in learning how to educate yourself about these scams while continuing to invest in cryptocurrency, you have come to the right place.

Below, we have listed how you can spot and avoid falling for cryptocurrency scams:

Sign Up for a Secure Internet Connection

The internet is a gateway to accessing and investing in cryptocurrency, which is why the internet is the step to being cautious against scams.

Starting from here, check what security packages are being offered by your internet service provider. We recommend Xfinity as your best shot when it comes to advanced internet security as well as good speeds and seamless connectivity. You can reach out to 24/7 Xfinity customer service to learn about what internet plans to sign up for.

Having a secure internet connection keeps your network of devices safe from any viruses or newly-emerging cyberattacks.

Fake Mobile Apps

One of the ways you can fall for scams is if you download apps that are an imitation of the real thing. There are plenty of fake apps out there that resemble genuine cryptocurrency apps. Many people fall for these third-party apps and thats because these apps are getting so accurate to the point that its hard to tell the fake from the real ones.

What you can do to differentiate between these apps is check the apps ratings, reviews, and logos. If you are good at looking at detail, you can spot which one is real and which one is fake. Also, if you know someone who is using real apps, you can just ask them to share the apps URL so you can also download it.

Tech Support Calls Scam

Another way you can fall for a cryptocurrency scam is when you receive a call from someone whos posing as a tech support representative. They might ask you for your email address, password, or your account information.

Always verify the phone number they are calling you from and youll see that its not a local one. Never give them your personal information because a real tech support agent never asks for your data, login credentials, or codes.

Any Offer That Sounds Unreal is Unreal

If you come across any cryptocurrency offer that sounds too good to be true, its probably too good to be true. But sadly people often fall victim to such an offer. If such an offer guarantees profit WITHOUT offering any logical rationale, know that you are totally being duped.

If you come across any deal, research it to verify its credibility or simply just avoid dealing with such offers.

Are You Using the Right Cryptocurrency Wallet?

There is a selection of wallets to choose from, to store your cryptocurrencies and private keys. Although you can use a non-custodial or self-custody wallet, the safest alternatives are cold or hardware wallets to store your private keys.

However, these are still not secure because hackers can still manipulate you into giving up your login credentials using a number of phishing techniques. Make sure to stay informed and cautious when it comes to your wallets.

Read the Contract Carefully

Smart contracts may be very complicated, but they are still important to consider because if there is any issue with the developers code, it means that the whole project may have problems. To hack and manipulate the smart contract, a reliable set of codes is needed.

Dont sign smart contracts that seem questionable or simply do not provide enough information to you. Sure, judging them may be difficult, but you can always get help from an expert or by doing your own research.

Keep Up to Date with any Emerging Threats

This is the best way to defend yourself against any cryptocurrency fraud. Research thoroughly all the different ways that you might fall prey to any cyberattacks including cryptocurrency scams along with issues like data theft, hacking, and more.

You can also find plenty of trusted websites on the internet that provide guidance on how you can keep yourself safe from any hackers and fraud.

Wrapping Up

There is no foolproof method to completely keep yourself safe from online hackers and fraud. What you can do is maintain phone security and avoid clicking on any fraudulent emails or websites. In this evolving world, there production of and reliance on digital assets is increasing, and that raises the possibility that such assets are at threat of being stolen. Hence, stay vigilant and stay safe on the internet.

None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.

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How to Spot and Avoid Cryptocurrency Scams - Crypto Mode

This article enlisted the top 5 different kinds of cryptocurrency airdrops

Beginning in the early 2010s, as potential trolls investigated the possibility of sending unsolicited photos to unintentional passersby, airdrops became extremely popular. Now, in the world of fintech, a marketing tactic known as crypto airdrops is used to build platform awareness and generate excitement for newly launched cryptocurrency projects.

Blockchain-based projects employ a marketing tactic known as a crypto airdrop, which entails dispersing a large number of free tokens as part of a larger promotional effort. RabbitX, a decentralized exchange, has rewarded new platform users with standard airdrops.

These airdrops with a service focus are supported by recipients doing small favors and themselves. Commonly, organizations require some low-lift limited time work, with remunerations distributed to those able to pursue a pamphlet, follow indicated web-based entertainment channels across stages, interface with a tasks new post, or sign on to a live gathering.

This is determined by a snapshot of user wallets taken by the community at a particular time-for example, on a particular day or over a predetermined period. Those who have reached or exceeded a certain amount are presented with a reward. Sudoswap, a platform for exchanging NFTs for tokens, has yet to issue its governance token, SUDO.

Developers airdrop the new coins as a crumbs trail to convert native users when a protocol branches off or hard forks from its original code, resulting in two distinct platforms. ETHPoW, a proof-of-work chain that split off from Ethereum after it switched to a proof-of-stake system in The Merge, is an example of a hard fork airdrop.

Wallet size isnt all that matters. Elite airdrops frequently reward a clients time signed on an undertaking, cash spent on non-token action, or level of commitment inside a gathering. Exclusive airdrops reach people who dont have any money but are more invested in a project outside of school.

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Top 5 Different Kinds of Cryptocurrency Airdrops - Analytics Insight

Last year, we discussed the NFT-related criminal charges filed against Nathaniel Chastain, OpenSeas former product manager. For those who are not familiar with his case, in late May 2022, the United States Department of Justice indicted and arrested Mr. Chastain, charging him with wire fraud and money laundering in connection with what the government alleged to be the first ever NFT-centered insider trading scheme. As the Department of Justice explained in its indictment, part of Mr. Chastains duties as a product manager at OpenSea included choosing which NFTs to highlight on the homepage of OpenSeas website. Typically, the price of an NFT significantly increases after being featured on OpenSeas homepage, which should come as no surprise given that featuring an NFT on OpenSeas homepage effectively amounts to an endorsement of that NFT by the largest online marketplace for NFTs. The government accused Mr. Chastain of exploit[ing] his advanced knowledge of what NFTs would be featured on OpenSeas homepage for his personal financial gain by quietly purchasing dozens of soon-to-be-featured NFTs and selling them at a significant profit after they were published on OpenSeas homepage.

Now, the government has come out on top in this case. On May 3, 2023, after a week-long trial in the Southern District of New York and two days of deliberations, the federal jury found Mr. Chastain guilty of wire fraud and money laundering. Mr. Chastain faces up to 20 years in prison at his sentencing schedule for August 22nd. Despite the flurry of pre-trial motions filed by Mr. Chastains defense team, prosecutors prevailed. Mr. Chastains defense team had argued that the charges must be dropped because insider trading charges only apply to securities and commodities and NFTs are neither securities nor commodities. However, by charging Mr. Chastain with wire fraud, rather than alleging securities fraud charges which are central to most traditional insider trading cases, prosecutors were able to skirt the issue of whether non-fungible tokens are legally classified as a security, a hotly debated topic in the world of digital assets. The door is now wide open on the heels of this successful verdict for the government to bring charges against other allegedly duplicitous NFT players in an attempt to weed out fraud in the industry.

In fact, the government has already successfully used a similar argument in what was dubbed the first ever cryptocurrency insider trading case. Just last week, Ishan Wahi, a former Coinbase Global Inc. product manager, was sentenced to two years in prison after pleading guilty to two counts of conspiracy to commit wire fraud. Mr. Wahi was one of three people charged with wire fraud and wire fraud conspiracy after Mr. Wahi allegedly tipped off his brother and friend that certain crypto assets and tokens were about to be listed on Coinbases exchanges. Just like with Mr. Chastains case, the fact that the assets at issue are fairly novel digital assets for Mr. Wahi, cryptocurrency; in Mr. Chastains case, NFTs did not matter because the charges were framed wire fraud, not securities fraud. As FBI Assistant Director Michael J. Driscoll commented on Mr. Wahis indictment, Although the allegations. . . relate to transactions made in a crypto exchange rather than a more traditional financial market they still constitute insider trading. Mr. Wahis brother, Nikhil Wahi, also plead guilty, admitting to making trades based on the confidential information his brother provided to him. He was sentenced to ten months in prison earlier this year. Their friend, Sameer Ramani, who is also alleged to have made trades using the same insider information is still at large.

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Guilty! Criminal Convictions in the First Ever NFT and ... - JD Supra

BitLux employees also physically travel to meet with the companys network operators to ensure BitLux flights operate efficiently.

Kyle Patel, executive director of BitLux, says: As far as I know we are the only people in the brokerage position that have regular structures, industry specific training on logistic handling and networking. Our guys are specifically trained on international logistics but our sweet spot is on heavy cabin international trips which is one of the big things that separates us from other companies.

BitLux suggests that the use of cryptocurrency for private jet charter ensures top tier safety and security. This includes secure, anonymous and convenient payment.

The company encountered a customer who needed to fly from the Caribbean islands to Europe and was unable to complete a bank transfer. The customer did not have a credit card that could withstand the cost and being able to make meetings was vital to his operations but he did not have a solution.

However, he had the digital cryptocurrency Bitcoin which inspired the idea that cryptocurrency could be the solution to many peoples dilemmas.

Patel says: From my position, I dont think that the use of cryptocurrency in the private jet industry is unique or philosophical.

I think that the core values of cryptocurrency align almost perfectly with private aviation in the fact of freedom, privacy, efficiency, detail and expedience. Its very difficult for anything to be wrong or impossible in the crypto space on a well-built platform.

I believe that this being raised in aviation is what aviation is about being able to provide a level of freedom, security and control over where you are at, when you are there. The concepts of crypto arent foreign or unique, they are just embodied in a name.

The company also highlights its online quoting tool which allows clients to send their requested flight details to its charter department to check availability and quotations.

Eventually, it is expected that there will be an increased presence of AI in the aviation industry. Patel suggests that AI will understand scheduling.

Patel says: Thats going to be communication between consumer and aircraft. Itll be able to understand schedules, not take the place of scheduling but understand schedules. I see this happening in the next five years. Hopefully some of our vendors and counterparts will take a step forward in the scheduling aspect.

Companies in the private jet space would be able to query their own internal systems, without having to do problem solving. They could take a number of requests that will automatically get approved through scheduling and then go through an AI supervisor for approval.

BitLux is working on consumer facing language model AI. Patel is curious about whether people will prefer working with AI or human beings on charter requests and information on upcoming flights.

Within the private aviation sector, customers are older than the typical population. There is a gap between the age group and the technology that is being used.

Ive been doing a ton of research on how these language models interpret data that isnt direct conversational language and then being able to translate that data and putting it into a readable, eloquent presentation of information.

I think theres a long way to go mostly because of regulations. I will certainly say that the last place you want to have any kind of issue or mistake is in aviation. That is not a good place for a testing ground. Closer integration with AI will come in the form of mostly language models, consistent data, analytics models and projection models for things like air traffic control, maintenance and crew scheduling.

Although there may be some who are hesitant to accept the likelihood of AIs influence on the aviation industry in the future, there are clear benefits.

However, Patel notes that it is important for regulatory agencies to be in the right place to come up with control structures to ensure accuracy of information.

The thing with aviation is that everybody, from ground crew to air traffic controllers, they need to have the most accurate and up to date information possible.

If people have reservations about utilising AI, a computer can digest, understand and regurgitate information a million times faster than humans can imagine. That is something that we can harness or it can go the other way. Someone will develop this whether we are on board or not, adds Patel.

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