Qrafty heard the Bitcoin network is congested, Ted Cruz is bullish on Bitcoin and a former bitcoin exchange CEO was sentenced to 11,196 years in prison!

***Qrafty smiling the biggest smile*** Aloha, crypto curious! I am Qrafty - the crypto lovin’ honey badger 🦡 !

Welcome to Coinqraft – the daily crypto newsletter for busy but curious people who don’t have time for the crypto drama!🌟

🦡   Qrafty has fresh bits from the crypto jungle, so let’s dive in: 📰 🌟

1. The Bitcoin Network is Congested

2. SEC: Ripple is Stalling to Sell More XRP

3. Debt to Income Ratio is Sky High.

Bonus: A former exchange owner sentenced to 11,196 years!

He Used Up ALL His Lives!

🙃 Qrafty hopes that today’s main story relaxed you a bit and brought a smile to your face :) Now it’s time for a some updates! 😇 👇️

1. The Bitcoin Network is Clogged Up

Hey, so here's the deal with Bitcoin's traffic jam. Think of it like a super popular drive-thru for your favorite fast food joint.

Now, this drive-thru has only a few windows (blocks) where they hand out your yummy burgers (transactions). When it's not too busy, everything's smooth. But when everyone in town suddenly craves burgers (Bitcoin transactions), chaos ensues!

These cool folks called miners work at the drive-thru. They're like the cashiers, but they decide who gets their burgers first. And guess what? They prefer big tips (transaction fees). So, people start tipping like crazy, hoping to get their burgers faster.

During crazy times, like when there's a new burger on the menu (new project), or a rumor spreads that burgers are about to run out (market news), it's even more of a frenzy!

While they're trying to build an express lane (Lightning Network) to ease the chaos, sometimes you'll still find a long line at the drive-thru. It's like the hottest burger joint in town – everyone wants a taste of that Bitcoin burger! 🍔🚗😄

Right now, there are over 560,000 unconfirmed transactions. This happens from time to time. The transaction fees start to rise, which is a method used by miners to cash in more per block. Unfortunately, the Lightning Network isn’t pulling a lot of weight, but it will be better in time. Things will get back to normal soon.

2. Binance Partner - Lithuania’s Second Biggest Tax Payer in 2022

As Coingraph reports, in 2022 Bifinity was the second corporate company in the entire country of Lithuania in terms of taxes paid. And it came in on the fourth place from the largest overall tax payers.

Bifinity is is a legal entity (a registered “Virtual Asset Service Provider”) that primarily focuses on facilitating fiat transactions for Binance users in the European Economic Area (EEA) as Binance themselves state on their website.

So Bifinity is Binance’s legal onboarding ramp in Europe, they are KYC, AML and EU AMLD5 compliant and they seems to be BFF’s with payment providers in the regios.

March 7, 2023 marked the debut of Bifinity UAB in Lithuania. Think of it as the right-hand partner of the Binance Group, taking charge of handling both regular money and the digital currencies. Bifinity UAB plays by Lithuania's rules and is licensed as a VASP (Virtual Asset Service Provider).

And finally, they are not offering their services just to Lithuania, but to UK and the EEA at large (European Economic Area). It’s really important to have registered and compliant partners for fiat onboarding as a digital currencies exchange, Qrafty thinks. 😀 

2. The PEPE dream ded… Qrafty sad…

Uh-oh, it's not all rainbows and unicorns in PepeCoin land! The official Telegram account of $PEPE got hacked. Some nasty characters managed to sneak in, and now it's like a party where uninvited guests are taking over the DJ booth.

The account known as "lordkeklol," has gone rogue, promoting all sorts of shady stuff and pretending to be part of the $PEPE team. It's like a case of identity theft in the crypto world!

Qrafty is sorry to see this… but this was always a meme coin, so never risk more than you can afford to lose!

3. The SEC is Pissed and It’s Showing

The SEC accuses Ripple (for the umpteenth time) of twisting the Howey guideline. They argue Ripple's move is a stalling tactic, giving them more time to sell XRP.

The SEC even suggests they're not interested in a swift resolution, which is like saying they want to keep the party going. SEC wants to hit the pause button on this legal showdown. They said it would save everyone some resources, like pausing a game to catch your breath. So, they asked the Court to grant them an interlocutory appeal, which is like a legal lifeline.

All of this as a reply to Ripple’s arguing that the SEC hasn’t really brought any clear evidence to the table.

Judge Torres will make a decision and Qrafty will keep you posted!

4. No, the FTX asset sale isn’t going to crash the market

The bankrupt cryptocurrency exchange FTX has been granted approval to liquidate its assets as of September 13th, with plans to sell up to $200 million worth of coins per week.

Most likely, they will be doing most if not all the transfers via OTC deals. Off chain, as it were. This means that the funds will be sent from the wallet of the seller directly to the wallet of the buyer, without having to go through an exchange and influence the price to the downside.

As Marty shows, Galaxy Digital is the handler of FTX assets OTC sales. Already, it seems that 2 million $MATIC was sold to Coinbase and 1 million to Kraken.

This would be the ideal scenario, but it’s not a given fact; for the moment, this seems to be the case. Qrafty will pay attention.

Also, FTX is suing LayerZero for insider trading, basically for knowing about the collapse of the exchange and withdrawing their money before everyone else.

5. Debt to income ratio has gone to the Moon!

This is the kind of todamoon you don’t want to see happen. The debt-to-income ratio for all homebuyers in the US hit 40% for the first time in history.

Meet Felix the Fox, a hardworking fox with dreams of owning a cozy home in the forest. Felix applies for a mortgage, but his debt is already 40% of his income. Banks worry he's stretching himself thin.

They approve a smaller loan with higher interest. Felix’s dream home now feels out of reach, and he cuts back on spending. This ripples through the economy, affecting businesses. When many face this, it slows growth. So, a high debt-to-income ratio means less spending, fewer investments, and a sluggish economy.

One final word: in 2008, debt to card ratio was 39%. All this while total household debt has soared to an all-time high of $17.1 trillion, and credit card debt has surpassed $1 trillion for the very first time, consumers are taking on debt at an unprecedented rate. While simultaneously savings are declining and interest rates are rising.

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Tomorrow's so full of potential, even fortune cookies envy its unpredictability! 🥠🔮

Qrafty’s thougt of the day

Other stories

France Now Has Crypto Influencer Training to Encourage Paid Ad Disclosures

This program is all about making sure finance influencers really get what's up with the rules and stuff to protect regular investors. It's got this section that gives them tips on different investment things, like products and services, plus all the lowdown on crypto-assets and those digital asset provider folks.

Basically teaching them not to promote things without informing their audience.

Turkish former exchange CEO sentenced to 11,196 years of prison.

Well… at least he didn’t get sentenced to life in prison, right? Aaanyway! The man, named Faruk Fatih Özer, was sentenced by a Turkish court to an entire Earth Age of sentence (it’s really 11 thousand one hundred and ninety six years) for a $2 billion Bitcoin theft that left 400,000 users dry.

Ted Cruz is Bullish on Bitcoin

US Senator Ted Cruz has been pretty gung-ho about Bitcoin lately. He's talking about how it really jives with Texan ideals of freedom. According to Cruz, Bitcoin's whole deal of being decentralized gives folks more liberty because it's not easy for anyone to control. But, he says, this is making the government a bit uneasy. They're not so keen on something they can't keep a tight grip on.

FBI says North Korean hackers 'Lazarus Group' are behind Stake․com's $41 million crypto theft.

Notorious North Korean hackers stole $41 million in crypto from an online casino. The FBI says the group has stolen more than $200 million this year alone.

Market Whispers

No matter how big Qrafty tries to make the candles, you can barely see them... Bitcoin played in a 160$ range today, booooring!

Don't expect much to happen, not until the NY open at least.

Enjoy the weekend, see you on the charts on Monday!

Qrafty ends channeling his inner trader.

Today is NATIONAL WHEN PIGS FLY DAY DAY!

That’s all from Qrafty 🦡 for today! Qrafty thanks you and wishes you to live each moment as if you are listening to the music you love most!

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