Asset tokenization-project DeFi Money Market sluit zijn deuren

Houders van DMG-tokens gaan naar Twitter om te rouwen omdat hun bezit met 75% crasht

DeFi Money Market, een van de eerste projecten die tot doel hadden real-world activa in de keten te brengen, kondigde gisteravond abrupt aan dat het „zijn activiteiten heeft gestaakt“.

„Als resultaat van regelgevende onderzoeken stopt DMM“, luidt een verklaring op de website van het project. „[…] DMM betreurt de noodzaak van deze actie en wil de DMM-gemeenschap bedanken voor haar steun en actieve deelname aan dit project.“

De website gaf gebruikers instructies over het inwisselen van rendementsdragende mTokens en zei dat de opbrengsten voor de tokens op 10 februari zouden dalen tot 0%.

„We weten zeker dat u vragen heeft, maar helaas kunnen we op dit moment geen vragen beantwoorden“, voegt de verklaring eraan toe.

Het project bevestigde de sluiting ook in een paar Tweets:

Samen met RealT en andere tokenisatieprojecten voor onroerend goed, was DMM een van de eersten die probeerde real-world assets naar het DeFi-landschap te brengen. Ze boden meer dan 6% rentetarieven op hun tokens, ondersteund door echte autoleningen. Het project werd gelanceerd met de steun van een op maat gebouwd Chainlink-orakel en de steun van miljardair-investeerder Tim Draper .

Sommigen hebben gespeculeerd dat de regelgevende controle waarnaar het team verwijst in de aankondiging mogelijk verband houdt met de mislukte tokenlancering . Kort na hun symbolische verkoop waren er rapporten dat documenten die het bedrijf had geüpload om te bewijzen dat de leningondersteuning onbedoeld de identiteit van leninghouders onthulde.

De aankondiging heeft geleid tot een plotselinge daling van het DMG-governance-token van DeFi Money Market. DMG handelt momenteel tegen $ 0,093 cent na een daling van $ 0,53 highs gisteravond.

Er kan echter enige hoop zijn voor houders. In de verklaring van DMM zei het project dat „een extra fonds met beschikbare activa wordt opgericht om de aflossing van DMG-tokens te vergemakkelijken“, en dat meer informatie over dit fonds „zal volgen“.

Bitcoin is geen bubbel meer, zegt de CEO van Amber Group

Bitcoin zal nog steeds opmerkelijke waardeschommelingen hebben, maar het valt buiten het bubbelgebied, aldus Michael Wu.

A number of entities have called Bitcoin (BTC) a bubble since its inception roughly 12 years ago. Michael Wu, CEO of digital asset financial services outfit Amber Group, thinks otherwise, however.

“I think it’s always like this when people come into a new paradigm shift,” Wu said in a CNBC interview on Thursday, referring to the concept of Bitcoin as a bubble. “People start with doubts, with skepticism — it’s very natural because they will have to take time to understand what’s new there, is it sustainable,” he said, adding:

“In the early stage, that kind of understanding, that kind of skepticism, always comes with a lot of price volatility. However, I don’t think you can call Bitcoin a bubble anymore, because, like I mentioned earlier, you have all these institutions, all these billionaires, multi multi-billion-dollar listed companies, all these, you know, all these newcomers into crypto. They’re buying Bitcoins, they’re buying crypto and there are only 21 million Bitcoins out there.”

References to large mainstream players buying Bitcoin has become much more common in recent months. Microstrategy allocated more than $1 billion to Bitcoin in 2020. MassMutual put $100 million into BTC sometime thereafter, and Square later came in as welwith $50 million.

Rationale for Bitcoin’s long-term price rise includes its limited supply matched with significant interest in the asset, Wu explained. “There will be price volatility, there will be short-term price corrections,” he added. “Sometimes these price corrections can be violent, but I think we’ve passed the stage of calling Bitcoin a bubble anymore.”

Wu also commented on BTC and its store of value role, similar to gold. Bitcoin has seen its fair share of comparisons against gold over the years. “The worst case scenario of Bitcoin is still a better form of gold,” he said.

On Wednesday, Wu’s company Amber Group announced that Annabelle Huang, one of the firm’s partners, had been given the task of furthering institutional and retail involvement. Amber Group “appointed partner, Annabelle Huang, to lead GlobalX Center, a strategic global expansion team established to grow the company’s institutional and retail product offerings in regions including South Korea, Japan, Hong Kong, Singapore, Taipei, North America and more,” said a statement provided to Cointelegraph.


Robinhood chief confronts Elon Musk, Wallstreetbets to be filmed

Robinhood boss Tenev takes on Elon Musk, Wallstreetbets gets filmed

Hedge fund Melvin Capital is licking its wounds after its GameStop gamble backfired. Meanwhile, Tesla boss Elon Musk is giving the Robinhood founder a piece of his mind, while plans are already underway for a film version of the legendary stock drama.

The supposed riot of r/wallstreetbets small investors has cost Melvin, the hedge fund that tried to short Gamestop stock with uncovered short selling, a fortune. According to the Wall Street Journal, citing insiders, the hedge fund’s Bitcoin Victory short positions for GME and other stocks reportedly lost more than 53 per cent of their value in January. Melvin has since abandoned his bet against GameStop. At the time of going to press, the GME share price had started its journey south again. GME is currently trading at 147 euros – a slump of almost 30 per cent compared to the previous day. Meanwhile, the GameStop affair has spread far and wide. Now Tesla CEO and Bitcoin fan Elon Musk has joined the discussion about GME, Wallstreetbets and Robinhood.

Elon Musk takes Robinhood boss Tenev to task

Tech entrepreneur Musk got an unexpected visitor during a clubhouse meeting. Vlad Tenev, the founder of the trading app Robinhood, took part in Musk’s Clubhouse chat. Robinhood had come in for harsh criticism for deactivating call options on some shares, including GME. The accusation was that Robinhood had stopped trading at the behest of hedge funds, namely Citadel Securities. Tenev, however, has vehemently denied any such influence.

Elon Musk promptly grilled the surprise guest: „People demand answers and they want to know the truth“. Eventually, the Tesla boss managed to let Tenev at least spill the beans a little. Then the decision to limit trading for GME and other risky stocks followed a call from the National Securities Clearing Corporation (NSCC), a clearing house subordinate to the US central securities depository Depository Trust and Clearing Corporation. The NSCC clears equity trades at Robinhood.

On Thursday morning, at 3.30am, while I was still asleep, our operations team received a message from NSCC, the National Securities Clearing Corporation,

Bild quotes the Robinhood boss as saying. The NSCC had demanded that Robinhood increase its deposits by three billion US dollars due to the extreme market volatility in GME and Co. In response, Robinhood had restricted trading in some risky stocks. Apparently, this prompted the NSCC to reduce the demand to 700 million US dollars. According to the Wall Street Journal, the action was thus a trivial margin call – and not a conspiracy by big business against the editor next door.

r/Wallstreetbets comes to the cinemas

Now „The Trivial Margin Call“ is not the name of a Hollywood blockbuster. But exactly such a one is already in the making for the stock market drama. This is reported by the online portal Deadline.com. The title for the Wallstreetbets film, „The Antisocial Network“, has already been decided. Those who feel reminded of the film „The Social Network“ are right on the money. Ben Merzrich, author of the book for the Facebook film, has already submitted a book proposal to the film production company MGM – and has been awarded the contract. It is ironic that Cameron and Tyler Winklevoss, Mark Zuckerberg’s former arch-rivals, are involved in the production with their company Winklevoss Pictures.