Bitfinex Freezes All Fiat Deposits + SEC Expands Crackdown on US ICOs, Hundreds Affected



yes your boy crypto blood and welcome to another episode of my 2 Satoshi's it's October 12 2000 18th I gotta give a shout it's on man cryptid for walkin always hit me with those hip hop classics today he wanted me to play some outcast spoley-oley delicious off that equipment 9 album may have been outcasts best album you guys let me know which one you think is the best Outkast album but what's going on people another day hopefully another dollar probably not for many of us in this crypto game if you're not playing both sides of the market but today we're gonna be talking about why the market may be down there are rumors going around about BitFenix blowing all out of proportion but we'll take a look at what what the streets are talking about in regards to Biff and X causing any tether withdrawals or deposits I believe so we're going to look at that I think it may have something to do with them in this new partnership with HSBC as far as transferring everything over but we'll look at the article and see what they have to say about it and then the second thing guys we're gonna look at this is a little scary and it was the primary reason why I stopped messing with icos in the u.s. that were us-based there's a report out saying that the SEC is expanding their crackdown on icos and they've gone after a slew of them many of them have behind closed doors decided to settle and just return the funds to many of the initial investors in the ICL campaigns so we're going to look at that and that one is out of coin Telegraph so that's going to be interesting to see but first the market cap we are still down we're under 200 billion now I saw us as low as 194 billion dollars late last night not much real price action since the drop to be honest with you as you can see the seven-day column here XRP down 21% in the past 7 days a theory imper sent Bitcoin cash down 14% just a bad week for crypto and the US markets to be honest with you I had a interview I did with Britt Villar and we talked just about exactly the Wall Street situation equities bonds and also kryptos I'm gonna upload that in a couple days so you guys check that out as well but man the chart again we've settled and taking a rest here around the 6100 area again I don't see any upward momentum from here though I see a settling here and then taking another leg down here soon maybe you know do something like this and then we'll take another leg down to try to test this area here this is the major one though 5900 on bit stamps exchange and we got to try to hold that area guys we definitely got to try to hold that area so let's just see what happens I'll let you guys know where we stand tomorrow again I think we're gonna be kind of sideways for a day or two until everything rebalances and then let's see you know maybe the Bulls will pick up the pace but I'm not too convinced from here guys I think the Bears have clearly taken over the markets yet again and the first article out of coin Telegraph again report says that SEC expands crackdown on icos regulatory ambiguity remains they say the US SEC has expanded its crackdown on initial coin offerings putting hundreds of projects at risk according to a recent joint investigation by Yahoo Finance and decrypt media published on October 10th the authors of the report stressed that hundreds of crypto and blockchain startups that conducted token sales have eventually found that they had violated securities laws despite their endeavors to comply with regulations in response to SEC pressure dozens of firms have reportedly quietly agreed to refund investors money and pay fines rather than attempt to reach a legal compliance according to Yahoo and decrypts conversations with more than 15 industry sources many startups that were subpoenaed by the SEC did not know how to satisfy the Commission's demands and were unable to consult with the firms on how to handle their matter the sources who are represented by employees of subpoenaed companies or their attorneys prefer to stay anonymous due to SEC restriction from disclosing the issue an anonymous securities attorney at a high-profile Silicon Valley firm told Yahoo and decrypt that while everyone's holding their breath waiting for new rules the SEC is not going to provide them according to the anonymous attorney while dealing with the recently emerged industry the SEC still applies the same laws the same statute statutes the same rules to stocks and bonds and everything else and that should be honestly I'm just gonna stop right there that should be totally illegal that's just lazy they need to give guidelines clear guidelines on in my opinion on what these companies should be doing there shouldn't be any ambiguity any longer it's been over two years now almost two years since you know the ICO game kind of heated up it's just no reason why these companies shouldn't have clear rules in my opinion you guys let me know your thoughts the article goes on to say here as previously reported by Coyne telegraph there has been a cascade of uncertainty associated with the existing ICL tokin classification which only further complicates the development of desperately needed regulation for icos while major altcoin aetherium was launched back in july of 2015 the SEC stated that the cryptocurrency would be regulated as a security only in June this year despite calls for regulatory clarity and comments from lawmakers that the ICO industry needs light-touch regulation the SEC continues its crackdown on high COS it's just insane and lastly here guys it says according to a recent study by financial research firm autonomous research icos raised twenty billion dollars since start of 2017 which is 18 billion more than the previous year with that more than 80% of ICL's that were conducted in 2017 have been identified as scams by the ICO advisory firm status group in July still the US has ranked the most favorable country for the ICO market based on the amount of funds raised by top companies in the field so man there you have it very sad and again we've got a lot of tail risks still left in this market meaning for us to head lower one being I told you yesterday one being the sell-off that we're gonna see at the end of this year I believe from individuals and companies selling their their stakes in these different tokens and crypto currencies to lock in those losses so they can take advantage of that in 2019 and beyond and secondly more SE SEC mess you know I just I see that being an issue that we're gonna have to really digest and especially because we're not getting clear guidance from them so as you can see from the article there are many many ICL's out there in the US that are still under under risk of being shut down or fine or both and man it's just it's just sad that's gonna that's gonna hold a lot of these prices suppressed or if it's not suppressed it you still have the risk or run the risk of seeing a just drop-off in the price a crash in the price if some news came out about the particular company having to refund their money in the article it talks about not being able to say anything to the public these companies can't so we don't know which companies in the u.s. are actually going through this right now and you won't know until you know you get were that you they're giving their ICO funds back so you'll know at that point for sure you guys let me know your thoughts on that though this is crazy and unfortunate to be honest with you it's just a damn shame the second article crypto briefing BitFenix ah the whole bit for next back in the news yet again so it says Biffen x suspends fiat deposits normal service to resume soon says Biffen x but the rumors keep flying of course they do because people love rumors and you know you just they just here's the problem with rumors it's asymmetrical you can come out with a rumor spread it no evidence that you know no evidence is ever given it's just speculation and i don't have a to me i don't have a problem with someone saying they believe or they have a suspicion that XYZ is going on but you have people that come out and say stuff that and put it out as it as though it's gospel like it's the full truth but never present any evidence so i don't have a problem people coming up with theories about things but i need some evidence people I need full evidence articles link something something that that says something is going down with a particular company or such it says here BitFenix has pause all fiat currency deposits for the US dollar euro yen in pound the block reports all those deposits are expected to resume within a week the troubles are likely to fuel rumors of an impeding collapse it says here the temporary suspension of fiat deposits to the fourth largest cryptocurrency exchange would ordinarily be considered a normal glitch if it did not follow on the heels of wild rumors about solvency of BitFenix and its banking partners last week Biff and X defended itself from a flurry of medium post which now are removed I want to say that again which have now been removed and this is what I'm talking about guys these individuals can put out medium posts videos and do all that and there's no recourse for them spreading anything negative or false I shouldn't say negative anything false about a particular company or person all they have to do is just remove it once it's a found to not be true and they never come out with a oops I'm sorry I thought that you know XYZ occur but it didn't here's the truth that never happens it's always on to the next rumor right that's how it goes but at any rate it says here claiming the the medium post claimed that their exchange was insolvent any blog posts on October 7th before next staff even published access to various cold wallets showing that the exchange still controls billions of dollars in Bitcoin etherium and AOS they say here in their blog post BitFenix is not insolvent and a constant stream of medium particles claiming otherwise it's not going to change this as one of the only very few exchanges operating since 2013 these are facts with a small team and low operating costs we do not entirely understand the arguments that purport to show us to be insolvent and that's another thing like do you know how much these frickin exchanges make they make man vinick's may make billions a year like very close they may make revenue top-line revenue maybe in the three four five hundred million dollars a year easily and listen once you have an exchange up and running most of your cost is going to be in security and then even if that they're not spending five hundred million dollars a year in security costs so yeah the I I don't see them having an issue but hey you never know it could be a Mongkok situation but i highly doubt it at this point they don't behave like I was there when my own guys went down I started pulling my money out when mount gawk started acting really funny about allowing me to withdraw my Bitcoin it started to take five six hours instead of something that would take normally a couple of minutes to initiate and it's withdrawal so when I started seeing that you know and then the spread started changing I was like you know what I gotta get out of here so I did the article goes on to say here banking problems for Biff next the rumors were prompted by reports that Biff annexed banking partner Puerto Rico's Noble Bank international was no longer profitable and in search of a buyer Biff Phoenix strongly denied these stories and allegations while insisting that the bank's troubles have no impact on our operations survivability or solvency early reports suggest that Biff Phoenix has moved its Fiat accounts to HSBC to take over its banking and the deposit troubles may be related to the switch over that's what I'm thinking as BitFenix pointed out in the blog post it is not alone in struggling with the banking system they say here complications continue to exist for us in the domain of fiat transactions as they do for most cryptocurrency related organizations speculation is inevitable bid for Nexus trouble come at the same time as a brutal market correction that wiped out thirteen billion off of the market cap and the apparent coincidence has revived the rumors I'm sure some sources have suggested that investors rushing to get out of Biff next may have contributed to Bitcoin sell-off and yesterday's dip in the market the figures show that the exchange held two hundred and twenty six thousand bitcoins on September 9th which has dropped to one hundred and forty-one thousand Bitcoin at the time of writing us a big drop and it's definitely a big drop that may be indicative of investors either selling or pulling funds out of the exchange the stock market had its worst day in eight months yesterday though and there were clearly a number of factors at work it remains to be seen how the situation in BitFenix plays out and when or if normal service is resumed as promised in the days ahead now like I said I just want the facts I mean if that is the case the HSBC has dropped send me a link somebody send me a link in the in the description of this video in the comments in this video send me a link I want to see it other than that I still say don't trust exchanges that's number one number two go off the fax and you know that's part of the issue in this cryptocurrency game you can just be so flippant with these rumors with no repercussion and so it causes people to panic it definitely does so you guys let me know is was this crash this Bitcoin crypto crash related to bid for next or were there other factors that will kind of caused this crash I personally think if that could have had a small factor in it but I also think that the the crash happened in Asia's own time zone so I'm assuming that people in Asia woke up to a US equities market that was down eight hundred points at that point and even more in the futures and panic and said I got excelled some crypto to cover either margin cause or to buy more equities you know that's just kind of my gut feeling doesn't I don't have any evidence of it it's just kind of what I'm thinking that's my position on that but you guys let me know your thoughts on that I will greatly appreciate it so yeah that's pretty much it for today ladies and gents make sure you guys like and subscribe and also share this video that's very important hit that thumbs up and click that bail make sure you do those three things for me and I will greatly appreciate it but that's it it's your boy crypto blood my two satoshis for October 12th 2018 Wow

24 thoughts on “Bitfinex Freezes All Fiat Deposits + SEC Expands Crackdown on US ICOs, Hundreds Affected”

  1. SEC Article: https://cointelegraph.com/news/report-sec-expands-crackdown-on-icos-regulatory-ambiguity-remains
    Bitfinex Rumors: https://cryptobriefing.com/bitfinex-suspends-fiat-deposits/

  2. hey CB. Thanks for the info. OK…so you say the rumours around Bitfinex have no proofs, so that sounds like you are defending their position. could you provide evidences for us that they are insolvent? probably not either heh? rumour is how further investigation gets started. Bitfinex is learning from MG mistakes, lol. I just don't trust anything I read (good or bad), until the truth is out. got to keep an open mind. crash has nothing to do with this Bitfinex? maybe or maybe not. Just like when you are at a restaurant, do you don't know what is going on in the kitchen as you eat that food? In crypto Trust No One. my opinion only

  3. What's up Mr. CryptoBlood, This Is It Brother, before the end of this next week, by Sunday (10/21/18) we are going up! I have the feeling that I had last year brother!! Do you have your VERI BROTHER?? I know you buy as we go up, but this time brother, get in now! Also, there is to much news that is Great for Crypto's, Mr. CryptoBlood!!! I do not like the SEC, they should not be allowed to go back and mess with the ICO's, they should have had their stuff together in the past, and they should have been in Market from the beginning, instead of creating all of this Havoc now, but it doesn't matter brother, we are about to go up Big Time, something is about to transpire between now and next week (Sunday), watch and see Brother!!! Thanks for your time and GOD BLESS YOU!!!
    JESUS CHRIST IS LORD!!!!

  4. So SEC going after ICOs and now the EOS not available in US as a ICO makes sense. Maybe EOS has insider information, the GOOD GUYS" or just brilliant.
    I choose BRILLIANT.

  5. The reason why some ICO's are returning monies to investors is to allow the Banksters to turn back time so that they can be the first ones in line to invest!

  6. Phoenix has arrived. Liquid just been initiated watch out swift bitcoin is coming. Etherium and xrp not needed anymore

  7. 80% scams??? That sounds pretty high. I don't doubt it, but it doesn't reflect well on the cryptospace in general. I think there are too many different cryptos for the space to support them all. I'm hoping about 1500 of them disappear. It would also be great if about 75% of the "experts" would disappear along with them! It was other factors (stock market)

  8. So sick of the BS! I hope we get a system that these fools writing lies has to have a ledger to go off of in the future. Kinda like what Digibyte new project is working on.

  9. "A lie gets halfway around the world before the truth has a chance to get its pants on." – Winston Churchill

  10. Holy crap CB, your video got hijacked by a 15 minute infomercial about bitcoin! Wtf? Reload fixed it. ROFLMAO!

  11. "Now who else wanna fuck with Hollywood cole?" Lol thanks for playing my song.
    I don't think this downtrend has anything to do with fundamental news or manipulation. We are in a bear market, period. It may have started as manipulation when btc went from 6k to 20k in 3 weeks then dropped incredibly after that. But they don't need to manipulate it much now. People are so demoralized with btc that people will just sell at this point. They don't need a reason. Just like when we were in a bear market people didn't need a reason to buy, they just bought because of the price hype.

  12. There is SOME good news. https://medium.com/gemini/litecoin-is-now-available-on-gemini-467d7d1079e6

    Re Stocks: Who is going to leave their money in the market over the week end? More accurately who is going to want their money in the market at 9:30 Monday morning?

  13. Clear rules and we'll get more offerings. So no guidance coming.
    At what BTC price would a person start using faucets again? Prepared for lower than that.
    I agree about Asian sell off. Gotta cover those margin calls somehow!

  14. If BF was the reason for the crypto drop, than the parralel stock market drop is what? Just an incredibly well timed coincidence? Lol

  15. You want proof on Bitfinex, but is there any proof that it is not a scam exchange? Lot of love for you brother but the high volume of trades on Bitfinex always seemed fishy to me. 🙄

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