Skip to main content

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Post a Comment

SEC takes action against two meme stock wash traders

The SEC asserts that the defendants unlawfully gleaned more than $700,000 through a wash-trading scheme that targeted exchanges offering market maker rebates.

The U.S. Securities and Exchange Commission has filed a complaint against two Robinhood users over an alleged wash-trading-based arbitrage scheme that utilized meme stocks.

According to a Sept. 27 complaint, defendants Suyun Gu and Yong Lee took advantage of differing trading fee schedules offered by different retail brokers and exchanges to extract arbitrage while wash-trading.

By trading between venues that offer rebates to market makers and those that do not charge fees to market takers, the SEC estimates they generated more than $1.5 million worth of rebates in total through the alleged wash trading scheme.

Gu and Lee are believed to have been able to keep nearly half of the rebates as profits, with the commission estimating they profited $668,671 and $51,334 respectively while wash-trading during February through April of this year. The pair are believed to have executed 11,400 and 2,300 trades through the scheme respectively.

The pair are accused of targetting put options contacts for popular meme stocks including GameStop (GME) and AMC Entertainment (AMC). According to the complaint:

“Gu and Lee Believe that other marker participants’ interest in buying ‘meme stocks’ and related price increase would make put options on those stocks less attractive, making it easier for Gu and Lee to trade with themselves.”

While the trading venues used by the pair are not explicitly named in the court documents, it appears the pair were using the popular fee-free investment app Robinhood. The documents state that Gu concocted the scheme after watching the CEO from “Broker-dealer B” outline in a February court testimony that his firm does not charge taker fees to its customers — the same month that Robinhood CEO Vlad Tenev testified before congress regarding market volatility related to GME and other meme stocks.

Related: SEC is ‘open to discussion’ when it comes to crypto: Kraken chief lawyer

So-called “meme stocks” like AMC and Gametop became widely popular as a result of the Robinhood and Reddit-based pump and dump group r/wallstreetbets saga earlier this year.

Robinhood was the subject of controversy in January after the platform halted trading on GME amid the notorious short squeeze against hedge funds that was led by the fiery-eyed Reddit community r/wallstreetbets.

The group responded by immediately converging on crypto, with Dogecoin pumping by 980% on January 28 — the same day that Robinhood acted to dampen the frenzied meme stock speculation.

Robinhood has since estimated that Dogecoin accounted for 62% of its crypto revenues during Q2.

https://ift.tt/3oeKrao
Labels:

Comments

Post a Comment

Popular posts from this blog

Blockchain Software Firm Consensys Acquires Mycrypto Ethereum Wallet

On February 1, the blockchain infrastructure firm Consensys has revealed it has acquired the Ethereum-based wallet Mycrypto and plans to merge the wallet into Metamask. The price Consensys paid for Mycrypto was not disclosed but the announcement notes that the acquisition will “further improve the security of all the products.” Consensys Obtains Mycrypto Ethereum Wallet, Plans to Merge With Metamask in the Future Consensys has acquired the Ethereum-based wallet Mycrypto for an undisclosed sum according to an announcement released on Tuesday. The deal aims to strengthen the company’s Ethereum wallet Metamask and “enhance Web3 experiences.” The eventual merger between the two Ethereum interfaces will “provide users with a heightened experience that is even more extensive and secure,” according to Consensys. Consensys is an Ethereum software company led by one of the Ethereum co-founders Joseph Lubin. The Web3 wallet Metamask, with 21 million monthly active users (MAUs) is owned by C...
Post a Comment
Read more

Earn up to 50% APY by Staking $GLQ on GraphLinq App

PRESS RELEASE. The newest utility token to offer staking to its users/holders is GraphLinq Protocol’s $GLQ. As of this article, $GLQ has 4,500+ holders according to etherscan, excluding GLQ holders on CEX like Kucoin, MXC, Gate. This is a great step for the future of the project as it will further incentivize more users to hold. Explore more about GraphLinq, its staking mechanism & steps to stake. What Is GraphLinq? GraphLinq – The No Code protocol for automating actions on-chain & off-chain, launched in just March 2021, has come a long way bringing users in the crypto space a never seen model of integrating blockchain automation on any blockchain-related/non-related task. The goal of the GraphLinq protocol is to allow users to interact blockchains with any connected system as effortlessly as possible without any prior knowledge of coding. GraphLinq ecosystem currently consists of an engine, an integrated development environment ( IDE ) & an app to provide automated...
Post a Comment
Read more

The Congolese Mountain of Gold: Surprise Discovery in Africa Shows Metal’s Scarcity Is Hard to Prove

A myriad of gold bugs like to compliment the yellow precious metal for its ostensible scarcity, as estimates say only 2,500 to 3,000 tons of new gold is produced annually. While new gold discoveries have seemingly slowed, investigative studies also show that in some areas, gold is being smuggled into the economy by the ton, and often never accounted for as far as per annum issuance estimates. Recently, reports show a whole mountain of gold was discovered in the Congo, as the Democratic Republic of the Congo is well known for being a region that sees tons of smuggled gold filtered into the global financial system unreported. Surprise Gold Deposits Continue to Crack the Precious Metal’s Scarcity Proposition It has always been said that the precious metal gold (Au) is scarce, and some reports even say that gold mining on earth will end by the year 2050 . Additionally, estimates also show that there’s roughly 2,500 to 3,000 tons of new gold that is accounted for and enters into the fin...
Post a Comment
Read more