{"id":24575,"date":"2023-01-15T21:38:55","date_gmt":"2023-01-15T21:38:55","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=24575"},"modified":"2023-06-06T22:42:38","modified_gmt":"2023-06-06T22:42:38","slug":"crypto-collapse-bitcoin-goes-up-nexo-charged-gbtc-still-wants-to-be-an-etf-crypto-exchanges-struggle-ftx-voyager","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2023\/01\/15\/crypto-collapse-bitcoin-goes-up-nexo-charged-gbtc-still-wants-to-be-an-etf-crypto-exchanges-struggle-ftx-voyager\/","title":{"rendered":"Crypto collapse: Bitcoin goes up, Nexo charged, GBTC still wants to be an ETF, crypto exchanges struggle, FTX, Voyager"},"content":{"rendered":"<p><i>By <\/i><b><i>Amy Castor<\/i><\/b><i> and <\/i><b><i>David Gerard<\/i><\/b><\/p>\n<ul>\n<li aria-level=\"1\">Help our number go up! Contribute to our Patreons \u2014 here\u2019s<a href=\"https:\/\/www.patreon.com\/amycastor\"> Amy\u2019s<\/a>, and here\u2019s<a href=\"https:\/\/www.patreon.com\/davidgerard\/overview\"> David\u2019s<\/a>.<\/li>\n<li aria-level=\"1\">Our patrons can also get a couple of<a href=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2021\/05\/bitcoin-it-cant-be-that-stupid.png\"> \u201cBitcoin: It Can\u2019t Be That Stupid<\/a>\u201d stickers just by messaging one of us and asking.<\/li>\n<li aria-level=\"1\">David has<a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2020\/11\/26\/get-signed-copies-of-libra-shrugged-and-attack-of-the-50-foot-blockchain\/\"> signed author copies of his books<\/a> for sale.<\/li>\n<li aria-level=\"1\">Sign up on<a href=\"https:\/\/amycastor.com\/\"> Amy\u2019s blog<\/a> to see every new post she makes as it goes up, and<a href=\"https:\/\/davidgerard.co.uk\/blockchain\/#byemail\"> click here and enter your email address<\/a> for every new post on David\u2019s blog as it goes up.<\/li>\n<\/ul>\n<p>\u201cWeaseling out of things is important to learn. It\u2019s what separates us from the animals &#8230; except the weasel.\u201d \u2014 Homer Simpson<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2018\/01\/19\/news-450m-tethers-this-week-bitconnect-shuts-down-gpu-miner-viruses-us-treasury-unbanking-the-banked-altcoin-fraud\/rollercoaster-explosion\/\" rel=\"attachment wp-att-4280\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-4280\" src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2018\/01\/rollercoaster-explosion.gif\" alt=\"\" width=\"324\" height=\"214\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h3>Number go up<\/h3>\n<p>Why is the bitcoin price over $20,000? The answer is always, always &#8220;shenanigans.&#8221; It is never macroeconomic actions, regulatory announcements, or the strength of the dollar.<\/p>\n<p>The bitcoin market is tiny, easily manipulated, and utterly unregulated. Internal manipulations swamp all external indicators. [<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3649475\"><i>SSRN<\/i><\/a><i>, PDF<\/i>]<\/p>\n<p>Bad news is the usual reason for pumps. If holders see the number go up, they\u2019re less likely to be spooked and start heading for the exits. And this past week has seen a flood of bad news \u2014 Genesis is likely insolvent, DCG was hit hard trying to cover them, Gemini and Genesis are being sued by the SEC, and Nexo is going down <i>hard<\/i>.<\/p>\n<p>Someone trying to wreck a long or short margin trader is another reason for a pump. It often <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2019\/05\/18\/number-go-down-the-single-trade-that-crashed-bitcoin\/\">costs less to rig the price of bitcoin<\/a> than you could win on a margin bet. This is when you get <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2018\/12\/17\/the-bart-sudden-hundreds-of-bitcoin-pumps-or-dumps-to-burn-the-margin-traders\/\">a chart with &#8220;Bart&#8221; formations<\/a> on it.<\/p>\n<p>The bitcoin price is kept where the large players need it to be. The market is thin and trivially manipulable with the billions of pseudo-dollars in unbacked stablecoins on unregulated offshore exchanges.<\/p>\n<p>The bitcoin price needs to be high enough so the big boys&#8217; loans don&#8217;t get liquidated, but low enough so bagholders don&#8217;t attempt to cash out and crash the price. It\u2019s a tightrope.<\/p>\n<p>Press and commentator narratives about wider market forces are part of the general delusion that well-behaved markets are natural. They are not. We&#8217;ve had nearly a century of a properly regulated US stock market, for example. It&#8217;s not a wilderness, it&#8217;s a carefully-tended garden.<\/p>\n<p>But people, even finance journalists who should absolutely know better, assume that well-behaved markets are normal, and that you can talk about all markets like you can those few markets.<\/p>\n<p>Bitcoin is utterly not the same sort of creature \u2014 it&#8217;s a pile of manipulated trash where price discovery happens in unregulated offshore casinos that are under literally no rules except &#8220;don&#8217;t spook the suckers.&#8221;<\/p>\n<p>FTX was a good worked example. These exchanges mess with prices and front-run their own customers whenever they can get away with it. Binance has been caught doing this a whole lot too.<\/p>\n<p>Organic interest in bitcoin is still minimal. It&#8217;s not the dollar, it&#8217;s not interest rates \u2014 it&#8217;s shenanigans.<\/p>\n<p>We\u2019re pretty sure the number will go back down again \u2014 if you bought in below $21,000, you may want to cash out while you can. You can already see bobbles in the chart where bagholders tried to cash out where they could.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2023\/01\/15\/crypto-collapse-bitcoin-goes-up-nexo-charged-gbtc-still-wants-to-be-an-etf-crypto-exchanges-struggle-ftx-voyager\/coinbase-btc-usd-20220115\/\" rel=\"attachment wp-att-24576\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-24576\" src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2023\/01\/coinbase-btc-usd-20220115.png\" alt=\"\" width=\"600\" height=\"211\" srcset=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2023\/01\/coinbase-btc-usd-20220115.png 842w, https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2023\/01\/coinbase-btc-usd-20220115-300x105.png 300w, https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2023\/01\/coinbase-btc-usd-20220115-768x270.png 768w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p style=\"text-align: center;\"><i>Coinbase BTC-USD. Note the dip around 09:00 UTC 14 January, as someone tries to cash out.<\/i><\/p>\n<p>&nbsp;<\/p>\n<h3>Nexo bust: charges laid<\/h3>\n<p>Following a <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2023\/01\/12\/crypto-collapse-dcgs-check-kiting-comes-home-to-roost-nexo-raided-voyager-sale-to-binance-progresses-unbanking-the-banked\/\">raid on their office<\/a> in Sofia, Bulgaria, four people from London-based crypto lender Nexo \u2014 including founders Antoni Trenchev and Kosta Kanchev \u2014 have been charged.<\/p>\n<p>Nexo is alleged to have operated as an organized crime group since 2018, working out of Bulgaria, the UK, Switzerland, and the Cayman Islands.<\/p>\n<p>Allegations include money laundering, providing banking services without the required licensing, tax crimes, computer crimes, and breaking international sanctions. [<a href=\"https:\/\/www.capital.bg\/biznes\/tehnologii_i_nauka\/2023\/01\/13\/4438173_osnovatelite_na_nexo_sa_obvineni_kato_organizirana\/\"><i>Capital<\/i><\/a><i>, in Bulgarian; <\/i><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-13\/bulgaria-charges-four-people-in-probe-into-crypto-lender-nexo\"><i>Bloomberg<\/i><\/a>]<\/p>\n<p>Two of those charged are not in Bulgaria \u2014 those would be Trenchev and Kanchev, who were last sighted in Dubai.<\/p>\n<p>Investigators looked at four million transactions and found sanctions violations \u2014 transactions for Hamas, transactions for the Russian crypto exchange Hydra, and transactions with the Iranian crypto exchange Nobitex.<\/p>\n<p>Customers still can access Nexo \u2014 7% of all assets were withdrawn in the 24 hours after the raids, according to Nexo\u2019s daily Armanino attestation. Either that or it&#8217;s just the insiders draining the exchange and exit-scamming, of course. [<a href=\"https:\/\/real-time-attest.trustexplorer.io\/nexo\"><i>Armanino<\/i><\/a>]<\/p>\n<p>Nexo really doesn&#8217;t have that much in liquid assets. If you don&#8217;t count Nexo\u2019s internal loyalty points $NEXO as assets, then they&#8217;re just insolvent. We expect withdrawals will be cut off soon.<\/p>\n<p>There are also allegations of political corruption involving Nexo. Trenchev used to be a Member of Parliament and still has lots of contacts.<\/p>\n<p>Nexo denies everything. They claim they\u2019re the target of a politically motivated campaign ahead of the early elections in Bulgaria and are threatening to sue the Bulgarian government. According to Nexo, the authorities just wanted to \u201cdestroy and loot a prosperous business.\u201d [<a href=\"https:\/\/www.bta.bg\/bg\/news\/bulgaria\/389415-nexo-koyato-opredelya-kato-sramna-za-aktsiyata-na-prokuraturata-sreshtu-firma\"><i>Bulgarian Telegraph Agency<\/i><\/a><i>, in Bulgarian<\/i>]<\/p>\n<h3>Container drivers<\/h3>\n<p>Digital Currency Group\u2019s Grayscale is still pushing for GBTC to become a proper two-way ETF.<\/p>\n<p>GBTC is one-way \u2014 you put in money or bitcoins, you get GBTC shares, and <a href=\"https:\/\/amycastor.com\/2022\/04\/19\/welcome-to-grayscales-hotel-california\/\">you can\u2019t change those back into bitcoins<\/a>.<\/p>\n<p>The SEC rejected Grayscale\u2019s <a href=\"https:\/\/amycastor.com\/2022\/04\/19\/welcome-to-grayscales-hotel-california\/\">ETF application<\/a> in June 2022, as Grayscale had failed to address concerns around market manipulation (as we describe above) \u2014 the same reason the SEC has rejected every bitcoin ETF proposal so far.<\/p>\n<p>Grayscale <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2022\/10\/18\/news-us-treasury-on-the-threat-of-crypto-failed-corporate-nfts-sec-vs-yuga-labs-urbit-tries-again\/\">petitioned<\/a> to challenge the SEC\u2019s decision with the U.S. Court of Appeals for the District of Columbia Circuit. In December, the SEC <a href=\"https:\/\/amycastor.com\/2022\/12\/18\/crypto-collapse-binance-is-not-so-fine-ftx-delaware-vs-ftx-bahamas-celsius-voyager-gemini-tether\/\">filed a response.<\/a><\/p>\n<p>Grayscale filed a reply to the SEC on January 13. Grayscale spends 41 pages saying that if the CME futures got an ETF, then bitcoins at spot market price should get an ETF \u2014 the same arguments it made the first time. This brief is pounding the table, rather than the facts or the law. [<a href=\"https:\/\/grayscale.com\/wp-content\/uploads\/2023\/01\/Reply-Brief-01132023.pdf\"><i>Grayscale<\/i><\/a><i>, PDF<\/i>]<\/p>\n<p>Grayscale has long promised GBTC holders that GBTC would convert to an ETF. Suing the SEC was a way to redirect their customers\u2019 ire toward the regulator.<\/p>\n<p>GBTC is currently trading at a 36% discount on its underlying bitcoins. In December, it was trading at a 48% discount. GBTC should always have been worthless, but now it\u2019s glaringly obviously worthless.<\/p>\n<p>Converting GBTC into an ETF would help bring the GBTC price in line with the price of bitcoin. And DCG could profit from all those GBTC shares they\u2019ve accumulated in buybacks.<\/p>\n<p>Grayscale could also liquidate GBTC and give everyone back the bitcoins. But they aren\u2019t required to \u2014 and they collect a whopping 2% annual management fee on the 635,000 BTC in their trust \u2014\u00a0that\u2019s over $200 million a year.<\/p>\n<p>Of course, if DCG subsidiaries <a href=\"https:\/\/amycastor.com\/2023\/01\/13\/sec-sues-genesis-and-gemini-genesis-owes-3-billion-to-creditors\/\">go broke enough<\/a>, then DCG may be forced to liquidate GBTC anyway.<\/p>\n<h3>FTX<\/h3>\n<p>The US Trustee is deeply displeased with FTX wanting to retain Sullivan &amp; Cromwell as lead counsel in the bankruptcy. One of S&amp;C\u2019s duties would be to lead investigations into FTX, and the Trustee wants that handled by an examiner, who would be a disinterested party. John Jay Ray III himself called FTX a <a href=\"https:\/\/amycastor.com\/2023\/01\/04\/ftx-bahamas-vs-john-jay-ray-bankman-fried-pleads-not-guilty-doj-seizes-ftx-assets\/\">\u201ccrime scene\u201d<\/a>! And Sections 1106 and 1107 of the Bankruptcy Code specifically preclude debtors from investigating themselves. The Trustee also worries about conflicts of interest, and it&#8217;s not entirely clear how S&amp;C got the job. [<a href=\"https:\/\/restructuring.ra.kroll.com\/FTX\/Home-DownloadPDF?id1=MTQzODMzMw==&amp;id2=-1\"><i>Objection<\/i><\/a><i>, PDF<\/i>]<\/p>\n<p>S&amp;C\u2019s appointment has also been questioned by four US Senators, who sent a letter to Judge Michael Dorsey. \u201cSignificant questions about the firm\u2019s involvement in the operations of FTX remain unanswered,\u201d they wrote. In a hearing last week, Judge Dorsey called the letter \u201cinappropriate\u201d and said it would have no bearing on the case. [<a href=\"https:\/\/www.ft.com\/content\/ace33840-f002-423c-80eb-4158f5b5d835\"><i>FT<\/i><\/a>]<\/p>\n<p>In Sam Bankman-Fried\u2019s <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2023\/01\/12\/crypto-collapse-dcgs-check-kiting-comes-home-to-roost-nexo-raided-voyager-sale-to-binance-progresses-unbanking-the-banked\/\">rambling blog post on the collapse of FTX<\/a>, S&amp;C was one of the many groups that Sam blames. He also said that S&amp;C was FTX US\u2019s primary law firm prior to the bankruptcy.<\/p>\n<p>S&amp;C deny this. In a January 10 statement, the firm said it \u201cnever served as primary outside counsel to any FTX entity. The firm had a limited and largely transactional relationship with FTX and certain affiliates prior to the bankruptcy, as is common, and is disinterested as required by the bankruptcy code.\u201d [<a href=\"https:\/\/www.wsj.com\/articles\/sam-bankman-fried-says-law-firm-worked-closely-with-ftx-before-bankruptcy-11673570219?st=ie22qlsgz8mflpq&amp;reflink=desktopwebshare_twitter\"><i>WSJ<\/i><\/a>]<\/p>\n<p>Brett Harrison, former president of FTX US, confesses all! Specifically, that he did nothing wrong. In 49 tweets, he talks about how his September 2022 departure from FTX US wasn\u2019t sudden but had been coming for months. He calls Sam Bankman-Fried \u201cinsecure\u201d and \u201cprideful.\u201d He says that the \u201cmulti-billion dollar fraud\u201d was \u201cheld closely\u201d by the FTX inner circle \u2014 and not by anyone at FTX US. Particularly not him. [<a href=\"https:\/\/twitter.com\/BrettHarrison88\/status\/1614371358519042051\"><i>Twitter<\/i><\/a><i>, <\/i><a href=\"https:\/\/web.archive.org\/web\/20230115124303\/https:\/\/twitter.com\/BrettHarrison88\/status\/1614373856122208257\"><i>archive<\/i><\/a>]<\/p>\n<p>Harrison was not so keen on engaging with anyone who asked the extremely obvious questions. He blocked anyone who asked about that time last year when <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2022\/08\/27\/regulatory-clarity-doomed-us-crypto-bills-nigerias-cbdc-lacks-repeat-users-central-banks-dont-like-crypto-either\/\">Harrison falsely claimed<\/a> that customers with dollars at FTX US were protected by FDIC and SIPC insurance. The FDIC named Harrison personally in their cease and desist order. \u201cI\u2019ve learned it\u2019s impossible to have a good faith or fact-based discussion about that on this app,\u201d Harrison tweeted. [<a href=\"https:\/\/twitter.com\/edzitron\/status\/1614464758283137029\/\"><i>Twitter<\/i><\/a>]<\/p>\n<p>Since December, Harrison has been trying to drum up funds for a crypto software company. After Harrison\u2019s lengthy tweet thread, Anthony Scaramucci announced he was investing in Harrison\u2019s company. [<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-15\/scaramucci-invests-in-crypto-firm-set-up-by-former-ftx-us-head\"><i>Bloomberg<\/i><\/a>]<\/p>\n<h3>Voyager and Binance: life in Chapter 11<\/h3>\n<p>Here\u2019s the order allowing the Asset Purchase Agreement for Binance US to buy out Voyager Digital to proceed. [<a href=\"https:\/\/document.epiq11.com\/document\/getdocumentsbydocket?docketId=980605&amp;projectCode=VDH2&amp;docketNumber=860&amp;source=DM\"><i>Doc 860<\/i><\/a><i>, PDF; <\/i><a href=\"https:\/\/www.reuters.com\/technology\/voyager-seeks-expedite-national-security-review-binance-deal-2023-01-10\/\"><i>Reuters<\/i><\/a>]<\/p>\n<p>Binance is buying Voyager assets for $1.022 billion, the fair market value of the crypto \u2014 Binance pays $20 million in actual cash, and the rest is taken on as liabilities to customers. Creditors get credit at Binance US for 51% of what Voyager owed them pre-bankruptcy. The deal has to pass creditor and regulatory muster first. If the Binance sale doesn\u2019t go through, Voyager\u2019s only remaining option is Chapter 7 liquidation.<\/p>\n<p>Looking at the numbers, they don\u2019t add up \u2014 there&#8217;s no way that Binance US could cover liabilities to all the Voyager account holders, even at a discount. Several of the US regulators who objected to the sale also pointed out that Binance US obviously couldn\u2019t afford this.<\/p>\n<p>Binance US is notorious for taking people&#8217;s crypto and not giving it back. We know multiple people who\u2019ve been sent through an endless Know-Your-Customer loop \u2014 where Binance repeatedly demands identification it already has when you try to withdraw \u2014 and never managed to get their crypto back out.<\/p>\n<p>The Binance plan for Voyager customers can\u2019t possibly involve letting them get their cryptos out afterward, even six months down the line.<\/p>\n<h3>Exchanges are having a bad time<\/h3>\n<p>Huobi Korea is separating from the <a href=\"https:\/\/amycastor.com\/2023\/01\/08\/crypto-collapse-dcgs-problem-is-grayscale-ftx-bahamas-agreement-defi-trading-arrest-silvergate-bank-huobi-binance\/\">troubled Huobi Global<\/a>. Huobi Korea Chairman Jo Guk-Bong will be buying out Huobi founder Leon Lin. The Korean operation will also change its name. [<a href=\"https:\/\/www.news1.kr\/articles\/4919434\"><i>News1<\/i><\/a><i>, in Korean<\/i>]<\/p>\n<p>Coinbase is laying\u00a0 off another 950 staff after an expected up to $500 million loss for Q4 2022. Some teams will be cut entirely. They don\u2019t say which ones, though. [<a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1679788\/000167978823000003\/coin-20230110.htm\"><i>8-K<\/i><\/a>; <a href=\"https:\/\/www.coinbase.com\/blog\/a-message-from-ceo-and-co-founder-brian-armstrong-to-coinbase-employees\"><i>Coinbase<\/i><\/a>]<\/p>\n<p>Crypto.com has laid off another 20% of staff, in completely \u201cunforeseeable\u201d circumstances. If they really didn&#8217;t see this coming, they should probably <a href=\"https:\/\/amycastor.com\/2022\/11\/15\/crypto-coms-bad-weekend-crypto-exchanges-are-shaky\/comment-page-1\/\">sign up to get our emails.<\/a> [<a href=\"https:\/\/crypto.com\/company-news\/company-update\"><i>Crypto.com<\/i><\/a>]<\/p>\n<p>Blockchain.com has laid off 28% of staff \u2014 110 employees. \u201cThe crypto ecosystem is facing significant headwinds\u201d \u2014 there\u2019s no fresh money coming in. [<a href=\"https:\/\/www.coindesk.com\/business\/2023\/01\/12\/crypto-brokerage-blockchaincom-lays-off-28-of-workforce-as-industrys-cruel-winter-continues\/\"><i>CoinDesk<\/i><\/a>]<\/p>\n<p>Binance is bleeding assets. Customers withdrew $12 billion in crypto in the 60 days up to the end of December \u2014 a quarter of their claimed holding. [<a href=\"https:\/\/www.forbes.com\/sites\/javierpaz\/2023\/01\/09\/binance-is-bleeding-assets-12-billion-gone-in-less-than-60-days\/?utm_campaign=socialflowForbesMainTwitter&amp;utm_medium=social&amp;utm_source=ForbesMainTwitter&amp;sh=6c76705115cf\"><i>Fortune<\/i><\/a>]<\/p>\n<p>The collapse of FTX took out Australian exchange Digital Surge, \u201cwhich had marketed itself to retirees through platforms such as ESuperFund.\u201d Ouch. [<a href=\"https:\/\/www.afr.com\/technology\/aussies-face-savings-super-wipeout-in-brisbane-crypto-freeze-20221121-p5c04q\"><i>Financial Review<\/i><\/a>]<\/p>\n<p>Distressed Indian exchange Vauld got screwed over when Terra-Luna and 3AC collapsed \u2014 because they&#8217;d been trading with customer funds. They <a href=\"https:\/\/amycastor.com\/2022\/07\/09\/crypto-collapse-3ac-voyager-celsius-and-other-defi-casualties\/\">had a buyout offer from Nexo<\/a>. Vauld refused the offer \u2014 they correctly thought Nexo was not solvent and wouldn\u2019t be good for the money. Even if they didn\u2019t figure on Nexo getting busted. [<a href=\"https:\/\/www.theblock.co\/post\/199416\/vauld-rejects-nexos-final-acquisition-proposal-questions-companys-solvency\"><i>The Block<\/i><\/a>]<\/p>\n<p>Two of the <a href=\"https:\/\/amycastor.com\/2022\/12\/01\/crypto-collapse-blockfi-even-deader-crypto-miners-going-broke-sam-will-not-shut-up-binance-and-tether-are-fine\/\">AAX exchange<\/a> exit scammers were arrested in Hong Kong \u2014 an allegedly-former employee and a consultant. Police believe the \u201cmastermind\u201d skipped the country with the keys to $30 million in cryptos. [<a href=\"https:\/\/www.scmp.com\/news\/hong-kong\/law-and-crime\/article\/3204461\/police-arrest-two-men-hong-kong-connection-alleged-us30-million-fraud-case-after-collapse\"><i>SCMP<\/i><\/a>]<\/p>\n<br><br><div align=\"center\"><p><a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\"><img src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2021\/10\/become_a_patron_button.svg\" alt=\"Become a Patron!\" title=\"Become a Patron!\" width=217 height=51><\/a><br><p style=\"align:center;\" class=\"patreon-badge\"><i>Your subscriptions keep this site going. <a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\">Sign up today!<\/a><\/i><\/p><\/div>","protected":false},"excerpt":{"rendered":"<p>What goes up must come down.<\/p>\n","protected":false},"author":1,"featured_media":18370,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[3189,3385,568,21,3389,3265,988,288,1853,2031,3390,1798,3093,1799,87,3391,3386,3392,2520,33,3319,3072,2697],"class_list":["post-24575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","tag-aax","tag-antoni-trenchev","tag-binance","tag-bitcoin","tag-blockchain-com","tag-brett-harrison","tag-bulgaria","tag-coinbase","tag-crypto-com","tag-dcg","tag-digital-surge","tag-ftx","tag-gbtc","tag-grayscale","tag-huobi","tag-jo-guk-bong","tag-kosta-kanchev","tag-leon-lin","tag-nexo","tag-sec","tag-sullivan-cromwell","tag-vauld","tag-voyager-digital"],"jetpack_featured_media_url":"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2020\/12\/bitcoin-rollercoaster-up.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/24575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/comments?post=24575"}],"version-history":[{"count":30,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/24575\/revisions"}],"predecessor-version":[{"id":25509,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/24575\/revisions\/25509"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media\/18370"}],"wp:attachment":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media?parent=24575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/categories?post=24575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/tags?post=24575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}