Connect with us

Blockchain

Coinbase Exchange Reportedly Sued in the State of Georgia

Avatar Of Rajesh Khanna

Published

on

Sec Launches Fresh Probe Into Coinbase Listing Securities Claim
google news
  • Pomerantz LLP has also filed suit against the exchange.
  • Coinbase is accused of making false and misleading statements.

Coinbase is been sued many times and is under growing scrutiny from authorities. Two law firms filed lawsuits against the cryptocurrency exchange in San Francisco, which is already under investigation by the United States Securities and Exchanges Commission (SEC). Recently it has been revealed by crypto commentator Watcher.guru that the exchange is being sued in Georgio for allegedly failing to protect users from unauthorized transfers.

Bragar Eagel & Squire, a law firm located in New York City, said on Thursday that it will be suing Coinbase for false advertising. Pomerantz LLP has also filed suit against the exchange, claiming it was damaged by the defendant’s alleged breaches of federal securities laws and is thus entitled to restitution. The purpose of this litigation is to award damages to the claimants.

Embroiled in Lawsuits

Coinbase is accused of making false and misleading statements about its business, operations, and compliance activities between April 14, 2021, and July 26, 2022, in two separate charges. The accusations allege that Coinbase concealed the fact that the customer’s crypto held in escrow at Coinbase would be considered part of a bankruptcy estate and subject to procedures in which consumers would be regarded as general unsecured creditors of the corporation.

Coinbase allegedly concealed the fact that it allowed U.S. residents to trade virtual assets that, despite its knowledge and complacency, needed to be registered as securities with the Securities and Exchange Commission (SEC). The complaints allege that as a consequence of Coinbase’s conduct, the company’s public claims have been fundamentally dishonest and misleading from the beginning.

Coinbase has been at the center of numerous high-profile lawsuits and scandals. The two latest lawsuits came as Coinbase is being probed by the SEC for allegedly dealing with unregistered securities. 

google news
Advertisement

Blockchain

Fantom Surprises With 5% Rally In Last 24 Hours – More Gains Ahead?

Avatar Of Rajesh Khanna

Published

on

Fantom
google news

Fantom (FTM) bounces back with a 5% rally in over 24 hours after it hit a massive low yesterday. On-chain metrics hint at a bull run. Still, buyers are still advised to be extra cautious.

  • FTM rallied 5% in the past 24 hours
  • Fantom’s on-chain metrics hinting a bullish movement
  • FTM experiencing strong selling pressure

FTM bulls are still trying to push through the resistance. Evidently, the downward movement in the past couple of weeks highlights that the lower timeframe is generally bearish.

Fantom Down Since August

Judging by the 12-hour chart, FTM is seen to spiral downward which has been in progress since August when Fantom breached below $0.38 as it retests the $0.33 resistance zone and key support at $0.286.

A higher timeframe range was also spotted on the charts from $0.31 to $.53. Notably, the $0.412 range has been the resistance and support level as seen since May.

Chart: TradingView.com

The two-hour chart for FTM reveals that another range may be formed. One was able to reach the range of $0.242 to 0.217.

According to CoinMarketCap, FTM price has slumped by 5.41% or trading at $0.2221 as of this writing.

While there is a possibility of a breach, the positioning of FTM sets it for a downtrend, especially with the increase in selling opportunities.

FTM RSI At 64, Hinting At A Bullish Movement

The crypto’s relative strength index peaking at 64 shows an obvious bullish movement with the OBV moving sideways as seen in the past week. With that in mind, even with FTM bouncing back from its low, both the price action and OBV aren’t hinting at any breakout at this point.

The resistance zone which worked as the key support in September could make significant strides again in the next couple of hours.

While buying FTM is a tempting feat it will only be an advantage when you do so under certain circumstances like a bullish market. However, Fantom is not shooting for a long-term range and is in fact even leaning towards a long-term downtrend.

A low-risk short may be apparent in the $0.244 range. An hourly session that closes above the $0. 251 zone will invalidate the bearish momentum. The bearish targets are spotted right at the middle of the range and include their lows.

Fantom Surprises With 5 Rally In Last 24 Hours –

FTMUSD pair trading at $0.2245 on the daily chart | Source: TradingView.com

Featured image from Zipmex, Chart: TradingView.com

google news
Continue Reading

Blockchain

French Authorities Grant Crypto.com Regulatory License to Offer Services

Avatar Of Rajesh Khanna

Published

on

Cyprus Securities And Exchange Commission (Cysec) Grants Regulatory Approval To Crypto.com
google news