Sept 19 & 20: Bitcoin at three-month lows, big development in SEC v Ripple — and where in the world is Do Kwon? - Transcripts

September 20, 2022

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On today's CoinMarketRecap with Connor Sephton, South Korea says Do Kwon is clearly on the run — and asks Interpol to issue a red notice. Ninety different cryptocurrencies worth $160 million are stolen in a hack. The SEC raises eyebrows by claiming the U.S. has jurisdiction for the Ethereum blockchain. And why there could be a big breakthrough in the long-running legal fight between the SEC and Ripple over whether XRP is a security. You can follow us on Twitter — @ConnorSephton and @CoinMarketCap.

Transcript

hello to you

welcome to clean market recap on Tuesday the twentieth of September I'm gonna sacked him with Queen market caps easy to understand look

at the top crypto stories

today South Korea says Joe Kwan is clearly on the run and asks Interpol to issue a red notice ninety different crypto currencies worth one hundred and sixty eight million dollars all stolen in a hack the SEC raises eyebrows by claiming the U. S. has jurisdiction to the Ethereum blockchain and why that could be a big breakthrough in the long running legal fight between the SEC and ripple a the weather excellent he is a security give our show a follow on apple podcasts Spotify and Google podcasts and get in touch with me on Twitter as well I'm not call myself didn't

going market recap

bitcoin plunged to eighteen thousand three hundred and ninety dollars on Monday that's its lowest level in three months but at the time recording this the world's biggest cryptocurrency has bounced back slightly it's currently trading at nineteen thousand one hundred dollars bit coins falling by fourteen point five percent over the past seven days well eat this times by twenty one percent Liebeck strategist Mike McGlone says

all

risk assets

all struggling right now

not just critic currencies he says this might be one of the biggest bad markets in a lifetime and it's still at the days after the fact

sledgehammer

drives up interest rates in an attempt to dampen down inflation McGlone told kitco news the things could get worse before they get better

one week the dust settles from that the fact that can be done anytime soon that number one way to stop the fed from easing is market have to go down unfortunately otherwise you're just gonna hang out and wait until the information goes down and what's the best way to make the place to go down market that they got out those are just a small part of that but that's why I think the macro is overwhelming and I think it you know is when I see this storm coming I think it's some of my duty to warn people

while the next few months are looking gloomy for the global markets McGlone is still believes that big point will come out

ahead

and thought it's a matter of time before it hits one hundred thousand dollars he thinks bitcoin and ether will reach a new all time high by twenty twenty five

South Korea is asking Interpol to issue a red notice against

Joe Kwan prosecutors have told the Financial Times that is now clear he's on the run terrace K. found fled the country after Luna and UST collapsed with investors losing billions of dollars a red notice would mean police forces around the world will be asked to locate and provisionally arrested qualm said he could be extradited back to South Korea when combined with the fact that it's possible is being revoked the embattled entrepreneur will find it hard to travel internationally Kwan has been accused of financial fraud and prosecutors in South Korea say he's failing to cooperate with that investigation it was spoiled by the in flight to Singapore but police that say he's not in the city state over the weekend no qualm told his Twitter followers that his GPS coordinates all none of that business and said he was looking forward to clarifying the truth over the next few months

the crypto market make cat wins he needs has been hacked

with one hundred sixty million dollars stolen from its defy operations have been ninety different types of crypto currencies were taken when she meets founder and CEO he's stressed that the company is not in danger of collapse

I'm remains solvent and he added that

over the counter and centralized finance operations

were not

affected by the hack Wintemute is holding out hope that a White House Hanukkah was responsible an attacker who isn't space vacated by financial gain

but

many of these high profile attacks end up being linked back to North Korea

the SEC has claimed

that the US has jurisdiction for all activity that takes place on the Ethereum blockchain the comments was buried in the sixty ninth paragraph of a lawsuit filed against crypto influencer even the Lena he's accused of promoting initial coin offering without telling his fans that he was being paid to do so all of this relates to a project called Spock step which raised a thirty million dollars from four thousand investors by selling Spock's Hogan's Spock's does not agree to settle with the SEC and pay thirty five million dollars into a fund that will be shared between home investors Lena allegedly purchased five million dollars worth of Spock taken some promoted these altcoins on you cheap telegram and

other social networks

in twenty eighteen the SEC's facing a backlash

over a paragraph

in the court filing says knots because they're a more theory of notes in the US than in any other country transactions related to the case took place in America the latest data from either scanned does show that the US is home to more nights than any other country forty six percent of them

but

this isn't a majority one critics with the user describe the SEC's argument as a supermassive black hole sized not hate one another wounded they sets a scary precedent

and that could soon

be a break through in the long running case between the SEC and ripple

back

in December twenty twenty the SEC filed a lawsuit that alleged ripple sale of XRP violated US securities locals now both the SEC and ripple on demanding a summary judgment if the weather XRP is a security when parental consent a crucial precedence for other crypto businesses but I've found themselves in a similar position XRP was the strongest performing in the top ten crypto currencies by market cap on cheese day rising by eight percent in twenty four hours ripple general counsel has accused the SEC acting outside its legal limits and attempting to rewrite laws so we can expand its jurisdiction

that's it for today's court market recap

please do leave us a review if you enjoyed this besides the spines Mauritania's impeach is on our website a red coin market cap dot com forward slash Alexandria I'm convinced Aston thanks so much for listening and we will be back with more news tomorrow

bye for now

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