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More troubles for Three Arrow Capital as 8Blocks accuses it of $1M misappropriation

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More troubles for Three Arrow Capital as 8Blocks accuses it of $1M misappropriation Oluwapelumi Adejumo · 10 hours ago · 2 min read

8Blocks want firms still holding Three Arrows assets to freeze them so that their debtors can be paid back after legal proceedings.

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Updated: June 16, 2022 at 1:57 pm

Cover art/illustration via CryptoSlate

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A Twitter thread by Danny Yuan, the head of crypto trading at 8Blocks Capital, has raised new allegations against the embattled crypto hedge fund, Three Arrows Capital(3AC).

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According to Yuan, Three Arrows used $1 million of his company’s fund to answer their margin call.

1) What happened between 3AC and us and what we know so far:@zhusu @KyleLDavies

— Danny (@Danny8BC) June 16, 2022

Yuan revealed that his firm had an agreement with 3AC as far back as 2020 to use its trading accounts for their trades, saying the deal did not allow “(3AC to) move our funds without permission.”

The problem began this week when 8Blocks made two withdrawal requests, and only one was honored by the hedge fund.

Per Yuan, the initial thought was that maybe “they were just busy,” but attempts to reach out to the 3AC team proved futile as messages were left unanswered, and Three Arrow Capital did not take calls.

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Yuan continued that his firm had learned that 3AC was not answering margin calls from several of its debtors, causing them to liquidate the hedge fund’s positions. This further exacerbated the poor market conditions.

The 8Blocks top executive wants platforms still holding some of Three Arrows’ assets to freeze them so that their debtors can be paid back after legal proceedings.

Three Arrows facing liquidation threats

One of the worst-hit crypto firms by the ongoing market capitulation is the popular fund manager, Three Arrows, which has been facing increasing scrutiny about its solvency.

According to available information, the firm’s exposure to the Terra crash, Celsius, and staked ETH (stETH) have caused it great financial harm.

There are reports that the firm has sold large amounts of stETH on Lido, despite the heavy market pressure the asset has been on recently. As of press time, the value of stETH has rebounded by 10%; however, it had shed around 39% of its value over the last seven days.

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#PeckShieldAlert Aonther ~1,716 $ETH has been liquidated from 0x716034C25D9Fb4b38c837aFe417B7f2b9af3E9AE (supposedly related to 3AC) pic.twitter.com/xNIsFL6LWB

— PeckShieldAlert (@PeckShieldAlert) June 15, 2022

Data from PeckShield also shows that some ETH positions “supposedly” belonging to the firm have been liquidated.

The address marked as Three Arrows Capital has a collateral position of 211,999.12aWETH (worth $235 million) on Aave V2 and a total debt of $183 million USDC+USDT. If ETH falls near $1014, the collateral position will face liquidation. It is actively repaying the debt now.

— Wu Blockchain (@WuBlockchain) June 15, 2022

Meanwhile, a Three Arrows Capital wallet with over 211,000 ETH collateral on Aave would be liquidated if the ETH value drops below $1016.

1/ Over the last 24h Three Arrows Capital-backed NFT fund @StarryNight_Cap has moved its entire collection on SuperRare totaling 70 works which it has spent >$21M on since last August. pic.twitter.com/rNZVJ0li8I

— Kyle Waters (@kylewaters_) June 15, 2022

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There are also indications that 3AC could be gearing up to sell all of its NFTs.

On June 15, Zhu Su, the company co-founder, said that the firm was “in the process of communicating with relevant parties” -a subtle confirmation that all was not well with the company.

We are in the process of communicating with relevant parties and fully committed to working this out

— Zhu Su 🔺 (@zhusu) June 15, 2022

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Analysis

Biggest Movers: SHIB Surges 10% On Saturday, As NEAR Hits 2-Week High

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Biggest Movers: SHIB Surges 10% On Saturday, As NEAR Hits 2-Week High

SHIB was trading by as much as 10% higher on Saturday, as crypto markets were mainly in the green. NEAR was also higher on Saturday, prices having now risen for three consecutive sessions. Overall, crypto markets are up 2.73% as of writing.

Shiba Inu (SHIB)

SHIB was one of the notable movers in crypto markets on Saturday, as prices rose by over 10% to start the weekend.

The price of the meme coin rose to an intraday high of $0.00001178 in today’s session, which is the third straight daily gain in SHIB.

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As a result of Saturday’s surge, SHIB/USD is now trading nearly 50% higher in the last seven days alone, making it one of the biggest movers within that period.

SHIB/USD – Daily Chart

Looking at the chart, today’s rally has seen prices near this week’s high of $0.00001209, which is the highest the token has hit since May 31.

Should this week’s momentum continue upward, then bulls will likely attempt to recapture this point over the next few days.

A stumbling block could come via the 14-day RSI, which is currently tracking at a resistance point of 56.60, which is also its highest point since late March.

If SHIB bulls were to apply even more pressure on current bears, then we would likely need to see a breakout of this ceiling.

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Near Protocol (NEAR)

NEAR was another big gainer on Saturday, as bulls extended recent gains to a third consecutive session.

The world’s 25th largest crypto token rose to a peak of $4.39 earlier in the day, and this comes as its ceiling at $4.20 was breached.

The move sees NEAR climb to its highest point in over two weeks, with traders likely fixed on taking prices over $5.

NEAR/USD – Daily Chart

In order to do this, there looks to be a slight ceiling at $4.75, which bulls must overcome, if they are to recapture this level.

As of writing, the 14-day RSI is tracking at a three-month peak, which is also a point of resistance, and could potentially prevent prices from climbing further.

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Do you expect NEAR to break into the $5 level this weekend? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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NHL enters the NFT space partnering with Marketplace Sweet

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NHL enters the NFT space partnering with Marketplace Sweet Abdulrasaq Ariwoola · 42 seconds ago · 1 min read

The NHL partnership with Sweet will offer a variety of digital collectible experiences to its fans, tradable in the marketplace

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Updated: June 25, 2022 at 3:59 am

Cover art/illustration via CryptoSlate

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The National Hockey League on Thursday announced its partnership with NFT Marketplace Sweet. This partnership will be the league’s first dive into digital collectibles.

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The partnership, of which the NHL’s players and Alumni’s association are part, will go live in October to mark the start of the 2022-2033 NHL season.

The NHL Marketplace

The NFT marketplace is expected to offer a range of experiences to NHL fans. Including digital collectibles that showcase historical moments, past and present season game highlights, and NHL stars top plays.

The marketplace will also feature gamified collection experiences, specialty packs, and 3D interactive trophy rooms where users can display their collections. Among these offerings there are also dynamic NFTs designed to change based on current team data.

Additionally, fans would be able to buy, sell, collect and trade the collectibles on the marketplace.

However, the announcement did not state which blockchain would host the marketplace.

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NFTs in the sporting space

The NHL  joins a long list of sporting institutions that have embraced digital collectibles.

In 2020, the NBA launched Top Shot NFTs, its digital collectibles marketplace, in partnership with DapperLabs. Likewise, the NFL launched its play and own NFT game while the MLB is to launch its NFT game soon.

However, the extreme sell-off in the crypto market has seen crypto companies pull out of sports deals. This is so as crypto companies strive to stay afloat as the severe sell-off continues in the market.

FTX recently pulled out of a partnership deal with Los Angeles Angels. Similarly, sources suggest a patch deal between NBA Washington Wizards and a crypto company has crashed.

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Albania To Start Taxing Crypto-Related Income From 2023

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Albania To Start Taxing Crypto-Related Income From 2023

Authorities in Albania are finalizing regulations that will allow the taxation of income and profits from cryptocurrency investments. The government intends to begin imposing the levy in 2023, after adopting the necessary legislation which has been proposed for public consultations.

Albania Set to Impose Crypto Tax as Early as Next Year

The Albanian state should begin collecting taxes on income from crypto assets as of 2023 in accordance with a new income tax bill, the local English-language portal Exit News reported on Friday. The government also hopes to pass a number of other laws and bylaws this year in order to comprehensively regulate the matter.

The special tax legislation is currently open for public consultations. It introduces the concept of taxing crypto holdings and income derived from virtual assets. The latter have been defined as “a digital representation of a value that can be deposited, traded or transferred in digital form, and that can be used for payment or investment purposes or as a medium of exchange, including but not limited to cryptocurrencies.”

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However, the definition does not cover central bank digital currencies (CBDCs), the report notes. That’s despite a growing number of monetary authorities around the world developing a digital version of their national fiats. The list includes major powers such as the United States, the European Union, China, and the Russian Federation.

The Albanian law also defines cryptocurrency mining as an activity using computing power to confirm transactions and gain virtual assets in exchange. The extraction of cryptocurrencies has been a grey area although law enforcement has been going after illegal mining facilities in the country and pressed charges against some of their operators.

Under the new legislation, any income from crypto transactions or mining will be classified as corporate income when it’s received as a result of business activity. And when the beneficiaries are private individuals, they will have to pay capital gains tax of 15%.

Financial Watchdog Tasked to Expand Crypto Regulatory Framework

Earlier this month, the Albanian parliament ordered the Financial Supervisory Authority (AFSA) to prepare and adopt new regulations regarding cryptocurrencies by the end of 2022. Albanian law allows crypto trading platforms to legally work in the country but no licensed entities are currently operating in Albania, Exit News remarked.

Two years ago, Albania also adopted a law titled “Financial markets based on distributed ledger technology.” While many have welcomed the legislation, critics have questioned whether the small nation in South East Europe, still an EU hopeful, is capable of properly regulating its crypto sector to prevent it from being used for money laundering, something it’s struggling to achieve in the fiat space.

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The legislature referenced a recent report by the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval), which recommended additional steps regarding the risks associated with cryptocurrency. In November 2021, the AFSA approved its first two regulations implementing the crypto markets law, which introduced capital and licensing requirements for entities working with digital assets.

Do you expect Albania to adopt comprehensive regulations for its crypto space by the end of the year? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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