SEC - Page 166

ARK Invest, an investment management firm established by Cathie Wood, recently began selling off substantial quantities of Robinhood (HOOD) shares, a brokerage known for its cryptocurrency-friendly stance.

On March 25, ARK sold 1.6 million shares from its various funds, a trade notification revealed.

These shares, valued at $31.5 million based on Robinhood’s latest closing price of $19.08, represent a significant move by the firm.

The bulk of the sale came from the ARK Innovation ETF (ARKK), with 1,247,181 shares sold for approximately $24 million.

Additionally, ARK reduced its holdings in Robinhood by selling 275,933 shares from the ARK Next Generation Internet ETF (ARKW) and 128,137 shares from the ARK Fintech Innovation ETF (ARKF).

This marks the largest sale of Robinhood stock by ARK since it began accumulating the broker’s shares last year.

Robinhood’s stock had seen a 36% increase over the prior month, making the timing of the sale notable.

ARK’s sales strategy appears to align with compliance requirements, specifically Rule 12d3-1, which restricts funds from holding more than 5% of their total assets in securities.

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Despite the recent sales, Robinhood remains a significant asset in ARK’s portfolio, ranking eighth and comprising 4.3% of ARKK’s $8.2 billion in assets under management.

ARKK’s top three holdings include Coinbase (COIN), Tesla (TSLA), and Roku (ROKU), with substantial allocations of 10.6%, 8.4%, and 7.5%, respectively.

Amidst its divestment from Robinhood, ARK has been actively purchasing shares of Roblox (RBLX), acquiring 740,115 shares valued at $27 million for its three funds on the same day.

Moreover, the firm continued to sell shares of Coinbase, parting with 4,291 COIN shares worth roughly $21 million.

Robinhood, founded in 2013, is a platform that facilitates the trading of cryptocurrencies, stocks, exchange-traded funds (ETFs), options, and other assets.

It recently expanded its offerings by launching a self-custodial wallet app for Android on March 20, 2024, further solidifying its position in the cryptocurrency space.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

The Philippines’ financial regulatory body has announced plans to restrict access to Binance, the leading global cryptocurrency exchange, due to concerns regarding its unauthorized operations within the nation.

This action is in response to the platform’s provision of investment services, such as leveraged trading and crypto savings accounts, without the necessary licenses, infringing on the Securities Regulation Code.

In collaboration with the National Telecommunication Commission (NTC), the Securities and Exchange Commission (SEC) of the Philippines aims to block Binance’s website and online trading services.

This decision was outlined in a document by the SEC dated March 25.

SEC Chairperson Emilio B. Aquino emphasized the risk posed to the security of Filipino investors’ funds if access to these platforms remains unrestricted, stating, “The SEC has identified the aforementioned platform and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos.”

To mitigate immediate disruptions, the implementation of this ban will be phased over three months, allowing investors sufficient time to close their positions with Binance.

Additionally, the SEC has approached Google and Meta to prevent Binance-related advertisements from reaching Filipino audiences.

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This regulatory action against Binance in the Philippines adds to the exchange’s growing list of global regulatory challenges.

Notably, in December 2023, Binance and its former CEO, Changpeng “CZ” Zhao, were fined $2.7 billion and $150 million, respectively, by a U.S. court following a CFTC lawsuit.

This legal battle, initiated in March 2023, accused Binance of contravening U.S. law by operating an illegal derivatives exchange without authorization.

The repercussions for CZ have been significant, with his agreement in November to resign from his leadership role at Binance amid a broader settlement with various U.S. regulatory bodies, including the Department of Justice and the CFTC.

Moreover, CZ admitted guilt to numerous civil infractions and a criminal charge related to violations of Anti-Money Laundering statutes.

While he awaits sentencing for money laundering charges, currently scheduled for April 30, CZ remains on a $175 million release bond.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Robinhood, the esteemed American trading platform renowned for its stock and cryptocurrency services, has announced the launch of its much-anticipated Android version of its self-custody crypto wallet on March 20, 2024.

The announcement, delivered through Johann Kerbrat, the crypto general manager at Robinhood via his X account, heralds a pivotal expansion in the company’s cryptocurrency services.

This new development is particularly significant for Android users, who represent about 70% of the global mobile operating system market, thereby markedly broadening the accessibility of cryptocurrency tools.

The Android version of the wallet mirrors its iOS counterpart, which was introduced in 2023 and quickly gained traction, with extensive downloads in over 140 countries.

A noteworthy feature of the Android wallet is its support for the widely favored meme coin, Shiba Inu (SHIB), which highlights Robinhood’s commitment to catering to the varied interests of crypto enthusiasts.

Robinhood’s initiative to launch a self-custody crypto wallet for Android users aligns with its mission to democratize cryptocurrency trading.

By enabling users to have full control over their private keys, the wallet allows for the direct storage, sending, and receiving of cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and others across several blockchains.

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Moreover, it integrates with the 0x API and LI.FI for users interested in swapping cryptocurrencies within the Ethereum, Arbitrum, and Polygon networks, offering a smooth and flexible experience.

This advancement is also significant against the backdrop of Robinhood’s centralized exchange platform, where Shiba Inu emerges as a dominant asset.

According to Arkham Intelligence, Robinhood users possess an impressive 39.60 trillion SHIB tokens, equating to a collective value exceeding $1.06 billion, positioning Shiba Inu as the third most-held cryptocurrency on the platform, trailing only behind Bitcoin and Ethereum.

The inclusion of Shiba Inu support in the Robinhood Android wallet underscores the platform’s dedication to providing comprehensive services for crypto traders and enthusiasts.

By facilitating access to self-custody solutions, Robinhood is taking a substantial step towards enhancing the accessibility and adoption of cryptocurrency trading for a broader audience, further solidifying its role in the expanding digital currency landscape.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

The Floki Inu development team has announced its 2024 roadmap, highlighting ambitious plans to expand the utility and features of the dog-themed memecoin.

Among the key initiatives is the introduction of regulated digital banking accounts, allowing users to create and manage their finances using FLOKI tokens.

This development aims to bridge the gap between traditional banking and cryptocurrencies, offering SWIFT payments and SEPA IBANs through a partnership with a licensed fintech firm in countries including Canada, Spain, Dominica, Australia, and the UAE.

Another significant step is the planned integration with the Venus decentralized finance (DeFi) protocol.

This move is expected to improve liquidity and enable FLOKI holders to use their tokens as collateral for borrowing assets like Maker (DAI), Circle’s USDC stablecoin, BNB (BNB), and Ether (ETH).

By embedding Venus Markets directly into Floki’s user interface, the team seeks to provide seamless access to DeFi services, thus deepening Floki Inu’s integration with the ecosystem.

The roadmap also unveils the forthcoming Floki Debit Card, designed to link digital banking accounts to a physical card.

This will allow users to easily convert and spend their FLOKI tokens in traditional currencies such as the euro (EUR) and U.S. dollars (USD), promoting the adoption of cryptocurrency in everyday transactions.

Further, Floki Inu’s initiative to list its native token on the Venus Core Pool awaits governance approval.

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This strategy is crafted to bolster liquidity and mirror the financial dynamics of well-established cryptocurrencies, enhancing the utility of FLOKI tokens.

The development team is also preparing to launch a cross-chain trading bot for Telegram and Discord, utilizing FLOKI tokens for transactions across major blockchain networks.

This bot is part of a strategy to reduce the token’s supply through a deflationary mechanism, where half of the transaction fees are used to purchase and burn FLOKI tokens.

Finally, the highly anticipated Valhalla mainnet launch is set to introduce an array of features including on-chain gaming, a PlayToEarn system, customizable NFTs, and an expansive metaverse environment.

This represents a major milestone in Floki Inu’s journey towards creating a comprehensive utility and gaming platform.

Amid these developments, the Hong Kong Securities and Futures Commission issued a warning about Floki Inu’s staking programs, indicating they are not authorized for public sale in Hong Kong despite offering annualized returns between 30% and over 100%.

This caution underscores the importance of regulatory compliance in the rapidly evolving cryptocurrency landscape.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

IFTTT (If This Then That), a third-party auto-posting service, has been implicated in a recent scam outbreak on X involving bogus posts that prompted users to invest in a fake meme token named “PACKY” by sending Solana’s SOL to a particular wallet address.

The scam notably affected the X profiles of notable figures in the crypto and tech industries, including a16z adviser Packy McCormick, Coinbase product director Scott Shapiro, and Twitch co-founder Justin Kan, all of whom found their accounts hijacked to promote the fraudulent token.

Packy McCormick was among the first to alert his followers, stating, “This is not me.

“Account hacked. Working to get it fixed. Don’t click any links from me or (obviously) send money to a random address.”

His account had previously posted claims about creating the PACKY memecoin with ambitious marketing strategies and plans for CEX listings, accompanied by a Solana wallet address.

McCormick later revealed the intrusion’s source was IFTTT, a service he had linked to his Twitter account years earlier, advising others to revoke permissions to such apps to prevent similar incidents.

Blockchain investigator ZachXBT and other affected individuals, including Justin Kan, echoed this analysis, highlighting the security risks posed by outdated third-party app connections.

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Scott Shapiro’s compromised account also spread misinformation about a collaboration with Coinbase’s CEO to launch the PACKY token, leading him to comment on the danger of having old, connected third-party applications and stressed the importance of revoking their access.

The incident further extended to others in the digital space, including Rainbow co-founder Mike Demarais, Asymmetric Finance’s Joe McCann, and digital artist Bryan Brinkman, all victims of the scam through their IFTTT-linked X accounts.

Brinkman issued an apology and offered to assist those who fell for the scam, underscoring the lesson that even with robust security measures like 2FA and Yubikey, vulnerabilities can still be exploited.

As this wave of scams shakes the X platform, highlighting ongoing concerns over cybersecurity in the social media domain, IFTTT’s role in this specific series of hacks remains a critical point of contention, with the company yet to respond to inquiries regarding the incident.

The prevalence of scams and hacking on X, as exemplified by this event and even a breach of the SEC’s official account, underscores the persistent challenge of ensuring digital security amidst the platform’s vast landscape of users and applications.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.