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Highlights of Crypto Market Today
- Mainstream media outlets have objected to attempts to withhold the identities of non-U.S. customers of cryptocurrency exchange FTX during its bankruptcy proceedings.
- Media outlets Bloomberg, The Financial Times, The New York Times, and its parent firm the Dow Jones & Company jointly objected to the names of the customers being redacted, arguing the press and public have “a presumptive right of access to bankruptcy filings.”
- FTX’s debtors are able to argue for the names of creditors to be redacted in bankruptcy filings, and have done so.
- The media outlets believe FTX and its customers have failed to “justify such secrecy” for redacting the names of customers.
- The Ad Hoc Committee of Non-US Customers of FTX.com claimed in a Dec. 28 filing that publicly revealing the names and private information of non-U.S. customers leaves them vulnerable to identity theft, targeted attacks, and “other injury.”
- The media outlets argued that if the “permanent sealing” of the users were permissible on the grounds claimed by FTX and the Committee “then sealing customers’ names would be routine in virtually every bankruptcy proceeding.”
- “Public access is of the utmost importance here,” as the magnitude of the FTX collapse has “ignited intense public interest in the U.S. legal system’s approach to the burgeoning and largely unregulated cryptocurrency market.”
- Judge John Dorsey allowed the names and addresses of the customers to be redacted for a further three months on Jan. 11, noting that he “remained reluctant at this point” to disclose the confidential information which may put creditors “at risk.”
- Crypto lending platform Celsius had similarly tried to ensure that its customers’ names remained redacted during its bankruptcy proceedings but failed to convince the judge, resulting in the personal details of thousands of customers being disclosed on Oct. 5, 2022.
- The debate over the redaction of customer names in bankruptcy filings highlights the tension between privacy concerns and the public’s right to access information related to high-profile bankruptcies and the largely unregulated cryptocurrency market.
Most frequently asked questions:
What is crypto currency ?
Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates independently of a central bank or other regulatory authority. It is based on decentralized blockchain technology, which allows for secure and transparent transactions without the need for intermediaries.
Unlike traditional currencies, cryptocurrencies are not issued or controlled by a government or financial institution. Instead, they are created through a process called mining, which involves solving complex mathematical equations using specialized software and hardware.
Some popular cryptocurrencies include Bitcoin, Ethereum, Litecoin, and Ripple. These currencies can be bought and sold on online exchanges, and they can also be used to purchase goods and services from merchants who accept them as payment.
Cryptocurrencies have gained popularity in recent years due to their potential to provide a decentralized and secure alternative to traditional financial systems. However, they are also subject to high volatility and regulatory uncertainty, which makes them a risky investment for some people.
Is crypto currency safe?
The safety of cryptocurrency largely depends on how it is used and stored. Like any form of currency, cryptocurrencies have their own risks and benefits.
On one hand, cryptocurrencies are decentralized and use strong encryption to secure transactions. This means that they are resistant to hacking and fraud, as transactions are verified by a network of users rather than a single central authority.
However, cryptocurrencies are also vulnerable to certain risks such as theft, scams, and market volatility. One common way that cryptocurrencies are stolen is through attacks on exchanges or wallets, where hackers can access private keys and steal funds.
Therefore, it’s important for cryptocurrency users to take appropriate security measures such as using a reputable exchange or wallet provider, securing private keys, and regularly updating software.
Overall, while cryptocurrencies can be relatively safe, it’s important to carefully assess the risks and benefits before investing or using them.
What are the 4 types of cryptocurrency?
There are actually thousands of different cryptocurrencies in existence, but here are four of the most well-known types:
Bitcoin (BTC): This is the original and most well-known cryptocurrency, created in 2009. Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions without the need for intermediaries like banks.
Ethereum (ETH): Ethereum is a blockchain-based platform that allows developers to create and deploy decentralized applications (dApps) and smart contracts. The cryptocurrency used on the Ethereum network is called Ether.
Litecoin (LTC): Litecoin is a peer-to-peer cryptocurrency that was created in 2011. It is similar to Bitcoin in many ways, but has faster transaction times and lower fees.
Ripple (XRP): Ripple is a digital currency and payment protocol that is designed to facilitate fast and secure cross-border payments. It is often used by banks and financial institutions to settle transactions quickly and efficiently.
It’s worth noting that there are many other types of cryptocurrencies, including stablecoins (which are pegged to a stable asset like the US dollar), privacy-focused coins (which prioritize anonymity and security), and utility tokens (which are used within a specific platform or ecosystem)
Which crypto will make you rich 2023?
Cryptocurrencies are highly volatile and their values can fluctuate rapidly, so investing in them carries a significant amount of risk. It’s important to conduct thorough research, consider your own financial goals and risk tolerance, and seek the advice of a financial professional before making any investment decisions. It’s also worth noting that investing in cryptocurrencies or any other asset carries no guarantee of profit or success, and investors should always be prepared to lose some or all of their investment.
What is the cheapest cryptocurrency today?
Cryptocurrencies that had relatively low prices at the time of my knowledge cutoff include Dogecoin (DOGE), Shiba Inu (SHIB), SafeMoon (SAFEMOON), and Pi Network (PI). However, it’s important to conduct your own research and analysis before investing in any cryptocurrency, as market conditions can change rapidly and investment decisions should be made based on a variety of factors beyond just price.