The Coins.ph 2023 Audited Financial Statements

GM. Welcome back to BitPinas Key Points: crypto news in concise formats for easy reading. In today’s daily recap: Our breaking news story on the 2023 Audited Financial Statements this week.

Plus the latest crypto news stories in the last 24 hours.

Market Analysis and Updates 📈

Here are the crypto highlights of the day:

Crypto Price Update

Bitcoin (BTC): $96,631.77, down 0.1% over the last 24 hours.
Ethereum (ETH): $3,620.57, up 0.8% over the last 24 hours.
Solana (SOL): $241.76, up 0.3% vs the previous day.

Trending Coins Update

XRP: $1.80, up 15.1% vs the previous day.
Opus: $0.0663, up 202.0% over the last 24 hours.
Hyperliquid: $6.90, up 76.9% vs the previous day.

For the daily price update, check out our post on Facebook.

Coins.ph, the biggest crypto exchange in the Philippines disclosed in its Audited Financial Statements for 2023 the following:

₱2.5 Billion ($44 Million) Accumulated Deficit: Coins.ph (Betur) reported a ₱2.5 billion accumulated deficit, crypto reserve deficits (such as a ₱192 million deficit in XRP), and capital deficiency amounting to ₱666.4 million.
XRP Hack Confirmed: Coins.ph disclosed a ₱192 million ($3.4 million) XRP deficit from a 2023 hack. if all customers withdrew their XRP from Coins.ph on December 31, 2023, the XRP reserves of the company may not be sufficient to cover all customer withdrawals
Auditor Warning: The auditor flagged a “going concern” issue of its ability to continue operating, citing failure to meet the central bank’s capitalization requirements.
Capital Infusion: Coins has answered inquiries from BitPinas and said they did additional capital infusion but they have not provided supporting SEC filings to confirm this.

(Read The Full Article Here which also includes the CEO ‘s response.)

Philippine Crypto News 🇵🇭

ICP HubPH announced its upcoming IC Hangout Mixer Q42024.
Coins.ph listed $CHILLGUY.
CoinEx Filipinoannounced a Filipino exclusive P2P activity.

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

Tron founder Justin Sun has been appointed as an advisor to Trump-backed decentralized lending platform World Liberty Financial.
Pantera Capital’s Dan Morehead predicts Bitcoin could hit $740,000 by 2028, driven by regulatory clarity and growing institutional adoption.
CryptoQuant reported that long-term bitcoin holders have sold over 728,000 BTC in the past 30 days.

Educational Corner 🎓

Regulation Watch 📜

Stay informed about the latest regulatory updates and what they mean for you:

A U.S. appeals court ruled that the Treasury’s OFAC exceeded its authority by sanctioning Tornado Cash, stating its smart contracts are not “property,”.
President-elect Trump’s team is reportedly planning to shift crypto regulation to the CFTC, granting it authority over digital assets, while reducing the SEC’s role.
The UK plans to introduce crypto regulations by 2026, with consultations starting on trading platforms, stablecoins, and market conduct.

Meet Vincent Tio (LinkedIn): He is an experienced business development professional with a strong background in platform solutions, fintech, and sales.

Tio is the Head of Platform Solutions at PDAX.
He has prior experience as a Consultant at BT Partners, specializing in sales and business development training.
Tio also served as the Country Manager of Decision Analytics at Experian, leading efforts to introduce AI tools for risk management.
He was also a guest in the BitPinas Webcast, his last appearance was on the episode about Celo in the Philippines.

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

DIA launched Lumina testnet which offers a modular, transparent oracle with enhanced scalability, launching in Q1 2025.
Kraken will shut down its NFT marketplace by February 27, 2025, to refocus resources on new projects.
Crosswalk Ecosystem released its DeFinitivePAPER, introducing C⁸WARP technology and a framework for integrating decentralized finance into traditional finance.

The future of web3 is gaming, and here are the latest news.

Delabs revealed its upcoming Telegram-based games, Ragnarok and Boxing Star, at the YGG Play Summit, highlighting its focus on social gaming and web3 integration.
Nifty Island‘s final $ISLAND tokenomics update allocates 40% to the community, 30% to investors, 20% to the team, and 9% to the treasury, with lockup and unlock periods.
Wemade partnered with Toei Animation to launch the blockchain game DenDenGarden on the WEMIX platform.