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According to Sunil, who is the FTX Creditor Champion, Bloomberg reported his statement during the SBF Sentencing. He revealed that Sullivan and Cromwell, a law firm, sold 2/3 of their $2.6 billion worth of Solana cryptocurrency at a significant discount of $64 per token, which is 62% lower than the market price of $172. Additionally, Sunil mentioned that Galaxy, which is a client of Sullivan and Cromwell, bought the majority of the Solana tokens themselves.

Sunil expressed concern about this sale, stating that it has resulted in the destruction of billions of dollars in value for FTX creditors. It appears that the sale of the Solana tokens by Sullivan and Cromwell has negatively impacted the recoveries of FTX creditors. Sunil further added that he had requested for the Solana tokens to be distributed to the creditors before the sale took place.

Another individual named Lidia expressed disbelief that Sullivan and Cromwell were allowed to sell something that was never theirs to their own clients. Lidia hopes that they will be held accountable for the harm caused by their actions.

Sunil agreed with Lidia, stating that selling property that does not belong to them at a significant discount is wrong on multiple levels. He emphasized that the sale has not only destroyed customer recoveries but also benefited Sullivan and Cromwell’s own clients, who were mandated to sell rather than buy.

It is important to note that the information provided is based on the statements made by Sunil and the reactions from other individuals on the platform. Further details or confirmation from official sources may be necessary to fully understand the situation.

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The world of blockchain investigations took an unexpected turn recently when famed pseudonymous investigator ZachXBT reported what he describes as borderline harassment by the United States Internal Revenue Service’s Criminal Investigation Unit (IRS-CI). ZachXBT, known for his meticulous work in tracking down fraudsters and scammers within the cryptocurrency space, has claimed that the IRS-CI has been overstepping personal boundaries in its attempts to solicit his expertise.

ZachXBT took to social media to share images of an email from an IRS-CI special agent. The message lauded his “impressive work” in the industry and contained a request for assistance. Despite the flattering tone regarding his skills, ZachXBT expressed discomfort with what he perceived as the agency’s invasive approach. The IRS-CI is known for its stringent investigative measures, especially when dealing with the convoluted world of blockchain and cryptocurrency-related crimes.

The IRS-CI’s interest in collaborating with blockchain experts is not surprising, given the increasing complexity and number of cryptocurrency-related cases. The IRS has been ramping up efforts to crack down on tax evasion and other financial crimes involving digital currencies. The pseudonymity of blockchain transactions, while a valued feature for privacy advocates, poses significant challenges for law enforcement agencies tasked with ensuring legal compliance.

While the specific details of the IRS-CI’s request to ZachXBT remain confidential, this incident has brought to light the tension between independent blockchain investigators and government agencies. On the one hand, individuals like ZachXBT often operate with a degree of freedom that allows them to pursue inquiries without the constraints of bureaucratic protocol. On the other hand, government bodies like the IRS-CI have legal mandates to pursue criminal activity but may lack the specialized knowledge and agility that individual investigators can provide.

The incident has sparked a broader conversation within the crypto community about the balance between cooperation with law enforcement and the protection of individual privacy and autonomy. Some community members advocate for greater collaboration, believing that it can lead to a more secure and legally compliant blockchain ecosystem. Others fear that such partnerships could compromise the independent spirit of the crypto world and potentially expose well-intentioned investigators to legal risks.

As blockchain technology continues to evolve and intersect with legal frameworks, the role of independent investigators like ZachXBT and their relationship with government agencies is likely to remain a topic of debate. For now, ZachXBT’s claims of alleged harassment have yet to be addressed publicly by the IRS-CI, leaving the crypto community to ponder the implications of this uneasy alliance.

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As South Korea’s premier digital asset platform, Bithumb has continually prioritized investor protection through its rigorous trading support policies and oversight of supported digital assets. In a recent announcement, Bithumb has notified users of its decision to designate three football club tokens—SANTOS FC (SANTOS), FC PORTO (PORTO), and SS LAZIO (LAZIO)—as Investment Warning assets. This decision is aligned with their “Virtual Asset Investment Warning Designation Policy.”

The primary reason cited for these new designations is the low liquidity associated with these tokens, which increases the risk of price manipulation and could potentially harm investors. As a protective measure, these tokens have been marked to alert investors to exercise caution when considering trades.

Here are the detailed plans for the Investment Warning designation:

1. Designation Date: April 5, 2024
2. Suspension of new deposits: Expected from April 5, 2024, at 12:30
3. Notice of extension, removal of designation, or end of trading support: Mid-April (between April 15 and April 19)

Please note that these schedules are subject to change due to internal circumstances. Additionally, if the reasons for the Investment Warning designation are resolved within the designation period, the assets may be cleared of the warning status.

Bithumb’s commitment to a sound and transparent trading environment is unwavering. The platform ensures ongoing and systematic supervision of supported virtual assets and maintains communication with external experts and foundations to provide a secure trading space for investors.

Investors are advised to stay informed about updates and to proceed with caution when trading these designated assets. Bithumb thanks its users for their continued support and understanding as it leads the way in creating a healthy and transparent trading ecosystem.

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CyberConnect, a web3 social network, has unveiled its latest partnership with Space ID, a universal name service network. The collaboration is built on the shared vision of establishing a universal decentralized identity (DID) infrastructure. This infrastructure will enable seamless interoperability within the broader SPACE ID Web3 Name Ecosystem.

Enhanced Interoperability with CyberID Migration to SPACE ID 3.0 Stack

The decentralized digital identity (DID) plays a crucial role in decentralized social networks. CyberConnect and Space ID recognize the importance of building a universal DID infrastructure. To enhance the interoperability of CyberID within the broader SPACE ID Web3 Name Ecosystem, CyberID will be migrated to the SPACE ID 3.0 Stack. This migration will provide a full-stack infrastructure for domain registration, resolution, and management.

Existing CyberID NFTs minted on the Optimism network will be tracked, ensuring that every CyberID holder receives their respective new CyberID NFTs through an airdrop on Cyber L2. This exciting development will be further detailed as the Cyber L2 mainnet launch approaches. The migrated CyberID will also be included in the SPACE ID Web3 Name SDK, allowing for multi-chain resolution across the ecosystem.

Supporting Cyber L2’s Scalable Future with SPACE ID

Cyber L2, as an Ethereum Layer 2 solution, promises faster and cheaper on-chain transactions. In line with this, SPACE ID will support Cyber L2, facilitating its scalable future. This integration will simplify and streamline the process of minting, trading, resolving, and managing CyberID and other domain NFTs powered by Cyber L2 on the SPACE ID platform.

Furthermore, the partnership will enable the creation of social applications on top of the existing platform, leveraging CyberID, CyberGraph, and CyberAccount. With CyberID, users can establish a unique and self-sovereign identity on-chain, enhancing their web3 experiences.

Ecosystem Airdrop for Cyber L2 Supporters

To celebrate this significant partnership, SPACE ID has prepared an ecosystem airdrop for early supporters of Cyber. Eligible CyberID holders who are also $CYBER token stakers will receive airdropped $ID tokens. More details about this ecosystem airdrop will be shared in the near future. Stay tuned for updates on how to participate in this exciting opportunity!

About CyberConnect and Space ID

CyberConnect serves as the first restaked Ethereum Layer 2 platform designed for social interactions and optimized for mass adoption. It acts as the social layer for web3 applications and provides users with access to web3 experiences, tools, and financial liquidity across all Layer 2 ecosystems. For more information, visit the Cyber website, Twitter, Blog, or Discord channels.

Space ID is a universal name service network that offers a comprehensive identity platform for discovering, registering, trading, and managing Web3 domains. The partnership with CyberConnect aims to enhance interoperability and support the growth of Cyber L2. Learn more about Space ID on their website, Twitter, Blog, or Discord channels.

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The Bitcoin halving is a significant event that can influence the cryptocurrency market in various ways, impacting supply and demand dynamics, miner profitability, market speculation, and long-term price trends. Traders and investors closely monitor the halving event and its potential impact on the market to make informed decisions and navigate the evolving landscape of the cryptocurrency market.

What is the Bitcoin Halving

The Bitcoin halving is a pre-programmed event that occurs approximately every four years and involves cutting the reward miners receive in half. This event controls the supply of new Bitcoins entering the market and is a crucial feature of Bitcoin’s monetary policy.

The Bitcoin halving is an event programmed into the Bitcoin protocol where the rewards for mining new blocks are reduced by approximately half every four years. This event is built into the Bitcoin code to control the issuance of new Bitcoins and maintain the cryptocurrency’s scarcity over time.

Initially, when Bitcoin was created in 2009, miners were rewarded with 50 Bitcoins for every block they mined. In 2012, the first halving occurred, reducing the block reward to 25 Bitcoins. Subsequent halvings occurred in 2016 and 2020, reducing the reward to 12.5 Bitcoins and then 6.25 Bitcoins, respectively.

The next Bitcoin halving is 2024, when the block reward will be further halved to 3.125 Bitcoins. The halving events will continue to occur approximately every four years until the maximum supply of 21 million Bitcoins is reached. At that point, no more new Bitcoins will be produced by mining.

The Bitcoin halving is an essential feature of the cryptocurrency’s monetary policy, designed to gradually reduce the rate at which new Bitcoins are created and introduced into circulation. This mechanism aims to curb inflation, create scarcity, and increase the perceived value of Bitcoin over time. The halving events may also impact miner profitability, market dynamics, and price volatility in the cryptocurrency market.

What Impact Does the Bitcoin Halving Have on Cryptocurrencies

The Bitcoin halving is expected to impact crypto trading in several ways.

By reducing the rate at which new Bitcoins are mined, the halving decreases the supply of new coins entering the market. If demand for Bitcoin remains constant or increases, the reduced supply can create scarcity and potentially drive up the price of Bitcoin.

The Bitcoin halving does not directly reduce the number of Bitcoins available for sale immediately; instead, it halves the rate at which new Bitcoins are produced through mining. The total supply of Bitcoin is capped at 21 million coins, and the halving events occur approximately every four years until that limit is reached.

While the halving reduces the rate of new Bitcoin issuance and may temporarily reduce selling pressure from miners receiving lower rewards, it does not affect the number of existing Bitcoins available for sale in circulation. Bitcoin holders, exchanges, and other market participants continue to hold and trade existing Bitcoins.

Reducing the rate of new Bitcoin creation due to halving can have longer-term effects on the supply of available Bitcoins, potentially leading to scarcity and increasing demand for the cryptocurrency. This scarcity, growing adoption, and use cases for Bitcoin may contribute to price appreciation over time.

Miner profitability

The halving reduces miners’ reward for validating transactions and adding new blocks to the blockchain. Miners may experience reduced profitability significantly if the price of Bitcoin does not increase enough to offset the decrease in reward. This situation could lead to some miners exiting the network, potentially impacting the security and processing speed of the Bitcoin network.

The Bitcoin halving has the potential to impact the profitability of miners, which could potentially lead to a reduction in the number of miners operating on the network.

The halving cuts miners’ reward for successfully mining a new block in half. This situation means miners earn fewer Bitcoins for their mining efforts, which can significantly impact their profitability, especially for miners operating on thin profit margins.

As the block reward decreases, miners may need to allocate more resources, such as computing power and electricity, to maintain their operations and compete for the reduced rewards. This increased competition can pressure smaller mining operations, leading them to shut down or consolidate with larger mining pools.

The Bitcoin network adjusts the mining difficulty every 2016 block to ensure that blocks are mined consistently. If many miners exit the network after the halving, the mining difficulty may decrease, making it easier for the remaining miners to validate transactions. This adjustment can help to stabilize the network and incentivize miners to continue operating.

The impact of the halving on the number of miners can also be influenced by external factors such as the price of Bitcoin, market sentiment, and regulatory developments. A sharp drop in the price of Bitcoin following the halving, for example, could exacerbate the challenges faced by miners and lead to a decline in mining activity.

The Bitcoin halving is a highly anticipated event in the cryptocurrency community and often generates speculation and volatility in the market. Traders and investors may adjust their positions in anticipation of potential price movements before and after the halving, leading to increased market activity and price fluctuations.

Long Term Impact

The halving is expected to have a longer-term impact on the price and adoption of Bitcoin. Historically, previous halving events have been followed by periods of price appreciation and increased interest in Bitcoin as an investment and store of value. The reduced supply of new coins, coupled with growing demand and adoption, could contribute to long-term price growth for Bitcoin.

The Bitcoin halving is a significant event that can influence the cryptocurrency market in various ways, impacting supply and demand dynamics, miner profitability, market speculation, and long-term price trends. Traders and investors closely monitor the halving event and its potential impact on the market to make informed decisions and navigate the evolving landscape of the cryptocurrency market.

How Will the Bitcoin Halving Impact the Broader Cryptocurrency Market

An increase in the price of Bitcoin can have significant implications for the broader cryptocurrency market, influencing market sentiment, altcoin performance, market capitalization, trading volume, institutional interest, and regulatory dynamics. Investors and market participants closely monitor Bitcoin’s price movements as a critical indicator of trends and developments in the cryptocurrency ecosystem.

Bitcoin is often seen as a bellwether for the broader cryptocurrency market. When the price of Bitcoin rises, it can create positive sentiment and optimism among investors and traders, leading to increased interest and investment in other cryptocurrencies.

Altcoins, or alternative cryptocurrencies to Bitcoin, may also experience price increases when Bitcoin’s price rises. Investors may diversify their portfolios by allocating funds to various cryptocurrencies, leading to higher demand and price appreciation for altcoins.

The price of Bitcoin significantly impacts the total market capitalization of the cryptocurrency market. A rise in Bitcoin’s price can lead to an overall increase in market capitalization, reflecting growing investor interest and confidence in the broader cryptocurrency ecosystem.

Higher prices for Bitcoin often result in increased trading volume across cryptocurrency exchanges. Traders may actively trade, buy, and sell cryptocurrencies to capitalize on price movements and profit from market trends.

Rising prices for Bitcoin can attract institutional investors and traditional financial institutions to the cryptocurrency market. Institutional participation can increase the broader cryptocurrency market’s liquidity, investment capital, and legitimacy.

As Bitcoin’s price rises, regulatory scrutiny and attention on the cryptocurrency market may also increase. Regulators and policymakers may closely monitor developments in the market to ensure compliance with existing laws and regulations.

The Bottom Line

The question is, who will benefit from crypto halving? The Bitcoin halving has the potential to benefit various participants in the cryptocurrency ecosystem, including Bitcoin holders, long-term investors, efficient miners, cryptocurrency exchanges, institutional investors, developers, and entrepreneurs. However, the impact of the halving can also vary depending on market conditions, regulatory developments, and individual investment strategies.

As the halving reduces the rate at which new Bitcoins are created, it can create scarcity and potentially drive up the price of Bitcoin over time. Existing Bitcoin holders may benefit from increased value appreciation and potential investment returns.

Investors with a long-term perspective on Bitcoin may view the halving as a positive event that reinforces the cryptocurrency’s scarcity and store of value properties. The reduced supply of new bitcoins can contribute to price appreciation over the long term, benefiting investors who hold onto their Bitcoin for extended periods.

While the halving reduces the block rewards miners receive, those with efficient mining operations and low operating costs may remain profitable. Miners operating profitably post-halving may benefit from reduced competition and potentially higher Bitcoin prices, leading to increased mining rewards.

Exchanges that offer trading services for Bitcoin may benefit from increased trading activity and interest in Bitcoin surrounding the halving event. Higher trading volumes and volatility can attract more users to exchanges, increasing transaction fees and revenue.

The Bitcoin halving may attract investors and more significant financial firms seeking exposure to the cryptocurrency market. Institutional interest in Bitcoin can increase liquidity, market stability, and legitimacy in the eyes of traditional investors.

The Bitcoin halving can spur innovation and development in the cryptocurrency space as market dynamics evolve. Developers and entrepreneurs may seize opportunities to create new products, services, and solutions that cater to the changing landscape post-halving.

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Bitwise, a leading name in cryptocurrency asset management, is looking to capitalize on the growth of Ethereum’s layer-2 networks and applications. The firm is contemplating the introduction of an Exchange Traded Product (ETP) that would provide investors with exposure to these cutting-edge technologies.

Matt Hougan, Bitwise’s Chief Investment Officer, has expressed a bullish stance on the potential of Ethereum’s layer-2 solutions. These solutions are designed to increase network scalability and reduce transaction fees, which have been significant hurdles for the main Ethereum blockchain. By moving some of the transactional load off the main Ethereum chain, layer-2 networks such as Optimism, Arbitrum, and zkSync aim to enhance the performance and user experience.

The consideration of an ETP dedicated to Ethereum’s layer-2 networks is indicative of the growing interest in decentralized finance (DeFi) and blockchain scalability solutions. An ETP of this nature would enable a broader investor base to gain exposure to the performance of these networks without the need to engage directly with the underlying technologies.

While the specifics of the ETP, including which layer-2 networks or applications it would target, remain uncertain, Bitwise’s exploration into this space reflects a strategic move. The selection process would likely involve a careful analysis of the various layer-2 solutions’ adoption rates, technological robustness, and potential for growth.

The development of Ethereum’s layer-2 ecosystem has been rapid, with numerous projects launching in recent years. These networks are essential for Ethereum’s long-term success, as they provide the scalability needed for widespread adoption of decentralized applications (dApps). Bitwise’s potential ETP offering could serve as a significant endorsement for Ethereum’s layer-2 networks, signaling confidence from institutional players in the scalability and utility of these solutions.

However, the path to launching such an ETP involves navigating a complex regulatory environment. The Securities and Exchange Commission (SEC) and other regulatory bodies have been cautious in approving cryptocurrency-related investment products, with concerns over market volatility, investor protection, and regulatory oversight.

Despite these challenges, the interest in Ethereum’s layer-2 networks continues to rise, and an ETP could be a game-changer for institutional and retail investors alike. Bitwise’s exploration in this area could pave the way for other asset managers to consider similar offerings, further integrating cryptocurrency into traditional investment portfolios.

As the Ethereum network gears up for its next phase of development with the anticipated upgrades and the increasing prominence of layer-2 solutions, Bitwise’s potential ETP could be at the forefront of a new wave of cryptocurrency investment products. With layer-2 solutions addressing key barriers to blockchain adoption, the future looks promising for both Ethereum’s ecosystem and forward-thinking asset managers like Bitwise.

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The Base layer-2 Ethereum network developed by Coinbase has reached an unprecedented peak in trading volume on decentralized exchanges (DEXs), hitting a record-breaking $1.21 billion on March 30, according to Dune, marking a significant 25% increase from the prior day’s impressive $959.63 million. The majority of this trading volume was facilitated by Uniswap, one of the leading decentralized exchanges in the cryptocurrency market.

This surge in trading volume is indicative of the growing interest and trust in layer-2 solutions as viable means to scale the Ethereum blockchain, which has been struggling with high transaction fees and network congestion. Base’s layer-2 network operates on top of the Ethereum mainchain, providing faster and cheaper transactions while maintaining the security guarantees of the underlying blockchain.

The record-breaking volume can be attributed to several factors. First and foremost, the general uptick in cryptocurrency trading as markets recover from recent downturns has played a significant role. Additionally, the increasing adoption of Base’s network by DEXs and other decentralized finance (DeFi) applications has contributed to the heightened activity.

Uniswap’s dominance in this volume surge highlights its position as a central hub for liquidity and trading within the DeFi ecosystem. As one of the first movers in the decentralized exchange space, Uniswap has continually innovated, with the integration of layer-2 solutions such as Base being a strategic move to facilitate growth and scalability.

The success of Base’s network also reflects the broader industry trend towards layer-2 scaling solutions. As Ethereum 2.0’s full launch is still on the horizon, layer-2 protocols like Base are critical in providing immediate relief from Ethereum’s current limitations. They enable a more efficient use of blockchain resources, which in turn, fosters a more accessible and sustainable environment for users and developers.

This event is a strong signal to the market, investors, and developers that layer-2 networks are not just theoretical enhancements but are delivering real-world value. It also underscores the importance of scalability in blockchain technology’s mainstream adoption.

The implications of Base’s trading volume record extend beyond the immediate metrics. It demonstrates the viability of layer-2 networks in supporting high-volume trading without the typical trade-offs seen on layer-1 blockchains like network congestion and high fees. This milestone could lead to increased interest and investment in other layer-2 solutions, driving innovation and competition in the space.

As the industry continues to evolve, it will be essential to monitor how layer-2 networks like Base develop and how they integrate with the broader blockchain ecosystem. The success of these platforms could chart the course for the future of decentralized trading and finance.

Looking ahead, the growth trajectory of Base and similar layer-2 solutions is likely to continue as they become increasingly integral to the infrastructure of the cryptocurrency market. With the promise of enhanced scalability, speed, and efficiency, the layer-2 revolution is well underway, setting the stage for the next era of blockchain innovation.

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HKVAEX, a cryptocurrency exchange based in Hong Kong, has announced a phased suspension of its services, culminating in the full closure of its platform. This decision comes amidst a backdrop of increasing regulatory scrutiny in the global cryptocurrency industry. HKVAEX’s service suspension coincides with a period of heightened regulatory focus, especially in regions like Hong Kong where financial authorities are striving to establish clear frameworks for virtual asset service providers.

The immediate suspension of new user registrations and virtual asset deposit services was the first step, signaling the beginning of the end for HKVAEX. The subsequent cessation of trading services is slated for April 5, 2024, marking a critical point where users will be unable to execute new trades or maintain existing ones. The platform has advised users to withdraw their assets by April 30, 2024, before the official website is delisted on May 1, 2024.

HKVAEX’s abrupt shutdown may be linked to its licensing struggles. According to reports, the exchange applied for a regulatory license with Hong Kong’s Securities and Futures Commission (SFC) on January 4, 2024, but withdrew the application on March 28, 2024. The South China Morning Post had earlier revealed that this license application was part of Binance’s efforts to secure a compliant operational status within the region.

The regulatory landscape in Hong Kong is known for its stringent approach to cryptocurrency operations. The SFC requires exchanges to adhere to strict anti-money laundering (AML) and counter-terrorism financing (CTF) standards, along with the protection of investors’ interests. HKVAEX’s failure to secure a license suggests potential difficulties in meeting these regulatory demands.

The implications of HKVAEX’s closure on the broader cryptocurrency market are significant, especially for the Asia-Pacific region, which has been a hub for crypto activity. As traditional financial centers like Hong Kong continue to grapple with the integration of digital assets into their regulatory frameworks, the closure of HKVAEX may be indicative of a larger trend of consolidation and attrition within the industry.

As exchanges around the world navigate through regulatory complexities, the closure of HKVAEX raises questions about the future of cryptocurrency trading platforms in heavily regulated environments. It also underscores the importance for users to remain vigilant about the platforms they use and the regulatory changes that could affect their investments.

For those affected by the closure of HKVAEX, the platform has assured that post-delisting support will be available via email for assistance with asset withdrawals or other concerns. However, this event serves as a reminder of the volatile nature of the cryptocurrency industry and the ever-present need for compliance with local regulations.

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The crypto market is currently in another bull cycle. Bitcoin recently hit an all-time high price of $73,800. There are also hundreds of meme coins booming and busting in quick succession. Of course, you very likely already know this. And this is a testament to how much cryptocurrencies have permeated society and changed how we perceive and manage financial assets.

Much of this has been made possible by digital currency exchanges that provide platforms for billions of people worldwide to trade and invest in cryptocurrencies—at transaction speeds that even the traditional financial system is still only catching up to. Here’s an example of such an exchange: https://www.independentreserve.com/au.

However, as it is with any financial venture, these exchanges come with a unique set of risks and challenges. For anyone looking to navigate the crypto market, and hopefully participate in the bull season, it is crucial to understand these intricacies.

Why are Digital Currency Exchanges Necessary?

What Are These Risks And Challenges?

This inconsistency can make compliance a complex affair. For example, in Nigeria, Binance suddenly got banned by the government, even after several government figures had indicated an interest in encouraging the growth of crypto in the country. This inconsistency also introduces a layer of uncertainty that can influence market behavior and price movement.

So, as an investor, it is quite important that you also keep an eye out for regulatory changes in the jurisdiction that you operate in. But, it is even more imperative that you find measures to insulate yourself and your assets from the reach of the regulatory agencies in your country.

Why you need Diversification to Mitigate Risks

Conclusion