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French Crypto Investor Sues Australian Firm After Klaytn Deal Goes South

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French Crypto Investor Sues Australian Firm After Klaytn Deal Goes South 101
Source: AdobeStock / Feng Yu

French businessman Alexandre Raffin, who runs the Paris-based Gains Associates, a company that allows investors to pool their money and buy crypto, has filed a lawsuit in an Australian court against crypto advisory and research company Modern Assets Australia. Raffin accused the Australian firm of an alleged scam related to a failed deal to buy tokens built on the Klaytn platform, a blockchain project backed by South Korea’s Internet giant Kakao – claiming he lost more than USD 600,000 after the market skyrocketed.

Raffin is accusing the firm and its directors, Jonathan Allison and Carlo Sciubba, of breaching their duty of care to him and failing to perform due diligence on the tokens’ supplier, as reported by the Australian Broadcasting Corporation.

Modern Assets Australia was allegedly supposed to provide 937,500 tokens to him in exchange for about AUD 93,000 (USD 71,000) in cash. After the initial deal foiled, the firm connected Raffin directly with the seller. However, about one month later, the seller disappeared with the cash and deleted their encrypted account.

Given the token’s subsequent price spike, Raffin and his investors claim they could have multiplied their initial investment to close to AUD 3.7m (USD 2.8m). The French investor is now seeking damages and close to AUD 800,000 (USD 609,000) which he says is what the cryptocurrency would have been worth last August.

Raffin decided to pay back his investors mostly out of his own pocket, a process he describes as “very, very painful financially” as, at that time, the money represented some 80% of his assets.

The businessman has also hired a cyber investigation company to trace back the funds, but eventually resorted to filing a lawsuit in the Federal Court of Australia.

“I’m a pretty tough guy. I’ve become quite desensitized to money through these years in crypto,” Raffin said. “You lose some, you win some. But this was hard, even for me.”

Commenting on what is believed to be the first cryptocurrency fraud case of this kind in Australia, a spokesperson for Modern Assets Australia said the company denies the allegations and would be “vigorously defending the allegations.”

Cryptonews.com has reached out with requests for comment to both Gains Associates and Modern Assets Australia.

Meanwhile, Klaytn came out with several news recently: it was announced that Klaytn will be supported by non-fungible tokens (NFTs) marketplace OpenSea, while the major business newspapers, The Korea Economic Daily, started using the blockchain.

KLAY, Klaytn’s native digital asset, is up 36.5% in a week and nearly 200% in a month (at 9:35 UTC), trading at USD 4.07. It’s market capitalization is currently sitting at USD 9.98bn, after it hit USD 10m on two consecutive days prior.

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Learn more:
Kakao’s Klaytn Sacrifices Decentralization to Beat Ethereum on Speed
Kakao Welcomes Binance to Klaytn Council in ‘Scene-shaking’ Move
South Korean Tech Giants May Capitalize on ‘Rising Crypto Pay Demand’



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FreshKorn Cryptocurrency

Stocks rebound after Omicron plunge

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Reports of the new Omicron variant of the coronavirus brought back memories of last summer when the fast-spreading Delta variant put a dent in the recovery and consumer confidence. This spooked investors on a traditionally quiet day in the market following Thanksgiving, leading to one of the worst days for stocks this year.
The Dow (INDU) logged its worst day since October 2020, while the S&P 500 (SPX) had its worst performance since February. The Nasdaq Composite (COMP) recorded its steepest fall since September.

But just as the market quickly bounced back from its Delta fears, history appears to be repeating itself: Investors are taking a breath and sensing a buying opportunity.

The market opened in the green, with all three indexes sharply higher. The Dow opened up 375 points, or 1.1%, while the S&P rose 1.2%. The Nasdaq was 1.5% higher.

Other asset classes that were battered Friday — notably oil and cryptocurrencies — also recovered.

US oil prices were up 6.7%, or almost $5, at $72.69 per barrel around the time of the stock market open. That doesn’t totally make up for Friday’s drop, but it takes back a chunk of it.

The global oil benchmark Brent was up 5.7% at $76.84 per barrel.

Bitcoin was up more than 5%.

“Investors are trying to make sense of the latest Omicron Covid strain, but at this point more seems to be unknown than known,” said analysts at Bespoke Investments. “Clouding things even more, we’re unlikely to have definitive answers in the immediate future.”



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Stocks tumble as fears over new Covid-19 variant grip global markets

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US equities took a dive at the open and continued their downward path in the first half hour of trading, with the Dow more some 900 points lower. Oil prices were also badly hit.

Over the summer, the Delta variant spooked consumers and weighed on sectors like leisure and hospitality. Now investors and economists worry this new variant could do the same.

Wall Street was deep in the red early Friday, with the Dow (INDU) falling 2.5%, or about 900 points, in what is shaping up to be a volatile session. The broader S&P 500 (SPX) tumbled 1.8% and the Nasdaq Composite (COMP) opened down 1.3%.

It’s a shortened trading session as the New York Stock Exchange will close at 1 pm ET after being closed Thursday for Thanksgiving. Reduced trading volume during this half-day session is also likely to exacerbate the swings in the market.

Nevertheless, it could shape up to be one of the worst days of the year for stocks.

But it’s not just stocks that are getting a beating.

Oil prices are tumbling as well. US oil futures fell 7.4%, or nearly $6, to $72.51 per barrel around the time of the stock market open. The global benchmark Brent dropped 6.8% to $76.63 per barrel.

The US dollar, measured by the ICE US Dollar Index, which pegs it against its main rivals, was down 0.6% Friday morning.

Cryptocurrencies also felt the heat, dropping across the board. Bitcoin was down nearly 7% around the time of the stock market open, according to CoinDesk data.

Meanwhile, investors are pushing into safe haven investments. The 10-year US Treasury bond got more expensive and yields fell more than 0.1 percentage points to 1.52% Friday morning. Gold prices also jumped.



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‘NFT’ is Collins Dictionary’s Word of the Year for 2021, beating out ‘crypto’ and ‘cheugy’

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Written by Jack Guy, CNNLondon

“NFT,” the abbreviation of “non-fungible token,” has been named Word of the Year by dictionary publisher Collins, beating “crypto” and “cheugy” to the top spot.

An NFT is “a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible,” according to a blog post from Collins, published Wednesday.

Acting like virtual signatures, NFTs prove the authenticity of an artwork as the blockchain serves as incorruptible proof of ownership, meaning that “original” artworks and their owners can always be identified via the blockchain, even if an image or video is widely replicated.

They also provide scarcity, and as a result the digital art market has been booming.
In March, a digital artwork named “Everydays: The First 5000 days” sold for $69.3 million via Christie’s, making its creator, graphic designer Mike Winkelmann, better known as Beeple, one of the art market’s most valuable living artists.

The idea of a digital revolution is also captured in another of the dictionary’s candidates for Word of the Year: “crypto,” short for “cryptocurrency,” digital money that is challenging traditional forms of money, according to Collins.

It also named “metaverse” in its blog post, following Facebook’s announcement that it would change its corporate name to Meta.

Other selected words reflect the ongoing coronavirus pandemic, with “double-vaxxed” and “hybrid working” making the shortlist.

“Climate anxiety” reflects growing concern about the damage humans are doing to the planet, while “neopronoun” is a way of referring to a person without using their name or traditional markers of gender, such as “he” and “she.” Collins gives “xe,” “ze” and “ve” as examples of neopronouns.

Rounding out the shortlist are “Regencycore,” which is defined as a fashion aesthetic inspired by the Georgian-era clothing seen in the Netflix show “Bridgerton,” and “cheugy,” which is used to say that something is out of date or uncool.

In 2020, Collins named “lockdown” its Word of the Year, for obvious reasons, and, earlier this month, Oxford Languages made “vax” its pick for 2021.

Defined as “a colloquialism meaning either vaccine or vaccination as a noun and vaccinate as a verb,” vax was relatively rare until this year, the company, which publishes the Oxford English Dictionary, said.

In September, vax appeared more than 72 times more frequently than the year before, said Oxford Languages, which analyzes news content to track changes in the English language.



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