Both companies will launch a public Bitcoin (BTC) Fund in Canada, the bitcoin Fund tagged CI Galaxy Bitcoin Fund will be a “closed-end investment Fund” with the aim of providing unitholders with exposure to Bitcoin via an institutional quality fund platform.

CI GAM has filed and obtained a receipt for a Preliminary Prospectus for the initial public offering of the CI Galaxy Bitcoin Fund (the “Fund”). CI GAM will act as the manager of the Fund while Galaxy Digital will function as the bitcoin sub-advisor for the Fund and will be in charge of executing all bitcoin trading on behalf of the Fund.

The Fund will offer Units of Class A at a price of $10 per unit and Class F units at a price of $10 during the Initial Public Offering (IPO). The offerings will take place in Canada and the units of the offering will take place on a “best-efforts basis in each territory.

Galaxy Digital

Galaxy Digital Capital Management L.P. is an affiliate of Galaxy Digital Holdings Ltd. (TSX: GLXY) (“Galaxy Digital”). Galaxy Digital currently operates four distinct business lines, which include: Trading, Asset Management, Principal Investments and Investment Banking. Galaxy Digital’s CEO and Founder is Michael Novogratz. The Company is headquartered in New York City, with offices in Chicago, San Francisco, London, Tokyo, Hong Kong, the Cayman Islands (registered office) and New Jersey. Additional information about the Company’s businesses and products is available on www.galaxydigital.io. The news of the partnership comes after Galaxy Digital reported a large surge in trading volume up to 75% in the third quarter of 2020.

Tallinn has been involved with lots of other enterprise after Skype was sold to eBay for approximately $2.6 billion in 2005. He is currently invested in Faculty AI, a London-based company that is focused on Machine-Learning systems. This company itself has received digital assets from Tallinn on two different occasions.

Tallinn gave Faculty 350 Ethereum (ETH) as at January 2018, he also followed up with a gift of 50 Bitcoin (BTC) which was worth $316,000 as at that time but is currently worth about $905,000 because of the recent surge in Bitcoins price.

He stated that investing with crypto assets was much easier and that converting to cash would have incurred Capital tax and therefore reduced the amount of the money that he was to donate to Faculty. He said that since he held most of his personal funds in cryptocurrencies, then he could choose to as well invest with it.

Faculty had to employ someone else that was currently working in a blockchain company and had the knowledge of how to do accounting for crypto since they were not up to speed with the blockchain technology at that time.

“Our accountants had to go and find someone else who was working on crypto and how to do accounting for crypto,” Faculty’s founder and CEO Marc Warner told the outlet.

The company is reported to have sold about $144,000 worth of Ethereum through 2019-2020 but still holding on to most of the crypto they received from Tallinn.

They decided to move the funds across different platforms so as to get the funds off Binance Smart Chain, most of the funds were swapped to the Ethereum blockchain and some sent to the Binance’s centralized bridge and two other cryptocurrency exchanges. Funds sent to Binance were reportedly frozen.

On-chain analysis helped the Binance team identify the owners of those addresses and who the creators of the platform were, they were notified and they have returned funds to Binance. All funds returned will be given back to the owners after most of the funds converted to other tokens must have been converted back.

The Defi world is filled with scams like this, where platform owners sell the dream to the investors only to later try to make away with people’s funds, sometimes it’s an unaudited Smart contract with a technical bug being found by hackers and they take the opportunity to exploit the bug, and investors are left hanging.

On chain analysis has also proven itself to be a smart tracker of this funds down to the owners of the wallets, in cases of the hack of dForce or bZX’s, they helped them to identify and catch the perpetrators.

Binance, the parent company incharge of the Binance Smart Chain has also stated that they do not hold any central power over the blockchain with regards to controlling funds. Hacked funds that make it to Binance cryptocurrency exchange can be frozen since it holds the power to a centralized exchange or body. However, Binance controls a large portion of BNB stake which makes it control a large portion of the validations on the network and Binance CEO, Changpeng Zhao refers to it as “Centralized Decentralized Finance “.

Everything was going good until Kirby decided to promote a project which was being tested and not yet audited or proven. They asked people to invest in it and investors who then looked up to them as those who spotted early trends invested, the project was hacked and $15million  was stolen by the hacker although half of the funds was later returned. This made blue Kirby suffer some set back in his reputation with the (Ethereum community)

Kirby was also actively  promoting and selling NFT’s which they had launched. Rumors of funds going directly to Kirby started spreading to the point that it got Rarible, an NFT market place to suspend the NFT from it’s marketplace thereby ruining Kirby’s reputation more.

On October 4th, Kirby left the Ethereum community and also deactivated the twitter account. It is believed the $1millon Kirby left with was gotten from selling YFI tokens and also in addition to the funds he made from selling NFT’s and off-Blue sales.

When speaking on whether or not Kirby would return to the Crypto-Community, Anthony Sassano who documented the the incident said “I highly doubt it. There are some things you can come back from but it doesn’t seem like this will be one of them,” said Sassano, adding that “even if what Blue Kirby did was an honest mistake and even if they originally had good intentions, they have probably hurt too many people and broken too much trust to be welcomed back with open arms.”

Kris Marszalek, CEO of Crypto.com said: “Filomena’s extensive experience working in the Latin American payments market is a valuable asset to the Crypto.com team as we continue our expansion into this important region. With over half a billion people and a robust crypto ecosystem, LATAM has huge potential and Filomena’s deep experience in this region will help strengthen our services to this market.”

Crypto.com has experienced massive growth in their community and exchange usage, the exchange announced  that the company surpassed 5M users. The exchange is interested in expanding its services into other regions, they recently released the Portuguese version and Spanish version of it’s Mobile App and exchange platform, this will allow them to showcase their services to over 600Mt Spanish and Portuguese speakers around the globe and win in preparation for the roll-out of it’s Visa card in this regions. Now, with this announcement, they are aiming at penetrating into the Latin America market through the services and experiences that Filomena will offer.

“I am honored and thrilled to lead the Crypto.com expansion into Latin America. I am thankful and humbled by this opportunity, as it opens a new and very exciting chapter in my life. Crypto.com is on a mission to accelerate the world’s transition to cryptocurrency and I am very excited by this new adventure and I can’t wait to start building Crypto.com strategic presence in the Latin America Region and work alongside the team and our partners.” Filomena said.

The leadership structural changes for 100X Group, a parent company of Bitmex would see the former CEO Arthur Hayes Step down as he is currently facing five years in Jail and as such cannot serve as the CEO.

Vivien Khoo, the chief operating Officer of the 100X Group is said to take up the position of interim CEO. Khoo joined the company back in July 2019. Earlier before this, she held the position of Managing Director, Asia Pacific Compliance at Goldman Sachs and had previously held positions at the Hong Kong Securities and Futures Commission the announcement stated.

Ben Radclyffe will serve as the Commercial Director and will handle responsibilities pertaining to clients relationship handling and oversight of financial products. He has 20 years background in Finance and Trading Technology with Deutsche Bank, UBS, and Tower Research Capital. He joined the Bitmex company in March 2020.

The CTO of Bitmex, Samuel Reed and co-founder Ben Delo will hold no executive positions and have been relieved of all executive management responsibilities, this too with immediate effect.

Speaking on these changes, David Wong, the chairman of 100X group had this to say

“These changes to our executive leadership mean we can focus on our core business of offering superior trading opportunities for all our clients through the BitMEX platform, whilst maintaining the highest standards of corporate governance. We have an exceptional senior leadership team who are well-placed to continue the growth and development of the 100x Group, including completion of the BitMEX User Verification Programme. It is business as usual for us and we thank all clients for their continued support.”

Those elected will continue pushing the company forward and ensure the smooth running of the day-to-day management of Bitmex, the blog post said.

The tweet was released on the 6th of October to an audience of over 283k, he also saluted the hip-hop artist Jermane Prime and Anthony Pompliano, Co-founder of Morgan Creek Digital. 

Shane Lee Lindstrom AKA Murda  Beatz is a well known individual within the Music Industry, he is also known for his collaborations with Drake, Travis Scott, Nicki Minaj and many others. He has also worked on 8 Grammy-Nominated albums with the  likes of Travis Scott, Drake, Nipsey Hussle, and the hit song “Nice for what” by Drake was produced by Murda Beatz.

More Interest In Crytocurrency

The endorsement or involvement with crypto-currencies by popular figures both in the movie industries and sport sectors did not stand today. In 2017,during the ICO craze celebrities such as Floyd Mayweather and Paris Hilton endorsed new coins back then. 

Aston Kutcher, an American actor and producer, had invested in UniKoinGold alongside Mark Cuban.

Ben Askren, a former UFC fighter regularly tweets about Cryto-currency and even got involved in crypto discussion topics such as the Bitcoin halving even to the point of changing his twitter name to ” Bitcoin Halving May 13″.

These are but a few of the popular figures who make a living outside of crypto but are involved and supportive of it.

The user Jhon Doe must have thought in his mind that this must be the next YFI, a Defi experimental project that pumped from zero to over $40k within the space of 2months. As Doe was interacting with the platform, he was asked to give permission to spend an unlimited number of Tokens. Since that is not noted to be a common practice in the Defi world, Doe gave permission to it.

“What Jhon doesn’t know, is that once you approved the contract to use [infinite] tokens, the contract can take their tokens at any time. Even after they were withdrawn from the farming scheme,” said Manuskin.

So with this backdoor code, UniCats owner was able to use the “set governance “command to move the tokens even after Doe had stopped providing liquidity. The funds were moved twice, first 26,000 UNI and 10,000 UNI which amounts to $140k.They were later swapped for more than 416 Weth on UniSwap.

It is disheartening to know that Doe was not the only victim of the scam. The wallet where funds were moved to were seen to also contain $50k from other victims.

“The $140,000 are just from one victim. The culprit made at least $50,000 more from other victims. Might be even more, it is a bit difficult to quantify as it is in separate transactions,” Manuskin.

The IOHK  CEO noted that they are working on a simple Erc-20 converter, this will help migrate erc-20 tokens to a Cardano Testnet in a test run. An external company is taking charge of these developments, through this converter, moving of tokens from the Ethereum Network to the Cardano Network becomes possible and easy. 

Valuable DApps that would perform useful functions within the ecosystem would be launched by the Plutus Foundation and Guogen Developments team. 

Charles also said that by December, developers will be able to create, test and execute  Smart Contracts. 

Everyone or company that plans on building a DApp on Cardanos Blockchain is working with this acronym in mind ACID which stands for Adoption, Collaboration, Incentive and Deployment. In the video, Hoskinson explains these terms.

Charles plans to stay with the project until all that is needed is put in place, after which the Cardano project will operate in a decentralized manner.

You can see full video here 

“There is devaluation of currency. The whole secret to building wealth is to get out of cash and get into assets that are denominated in dollars that will continue to go up in value over long periods of time- Stocks, real estate, gold, Bitcoin, all this stuff – stated Pomp on his live stream on the 18th of July.

The Pandemic on the Economy

The global pandemic Covid-19 has at one time collapsed a lot of the economy, some are still struggling to get back up. The US government and other  governments have been printing and giving away Fiat money in a bid to stabilize the country’s economy and help  restore order.

The more money they print, the higher the chance of inflation, and it is possible  that they are not going to stop soon because unlike the cryptocurrency, fiat  can be  printed to an infinite amount.