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On March 28th, the Israel Defense Forces (IDF) detected a new wave of missile launches from Iran towards Israel on the afternoon of the 28th local time. Air raid sirens sounded in multiple locations across central and southern Israel. Additionally, the IDF's interception of missiles was visible over Jerusalem. (Jins ten)

[Israel Detects New Wave of Iranian Missile Launches]On March 28th, the Israel Defense Forces (IDF) detected a new wave of missile launches from Iran towards Israel on the afternoon of the 28th local time. Air raid sirens sounded in multiple locations across central and southern Israel. Additionally, the IDF's interception of missiles was visible over Jerusalem. (Jins ten)

Israel Detects New Wave of Iranian Missile Launches

On March 28th, Citrini Research, author of the 'Doomsday Report,' shared market insights suggesting that US stocks might reach a short-term bottom on Monday. Concurrently, the firm stated that the S&P 500 index will not see a long-term stabilization before breaking below 6000 points, but sharp short-term rebounds are expected.

[Author of 'Doomsday Report' Predicts Short-Term Bottom for US Stocks on Monday]On March 28th, Citrini Research, author of the 'Doomsday Report,' shared market insights suggesting that US stocks might reach a short-term bottom on Monday. Concurrently, the firm stated that the S&P 500 index will not see a long-term stabilization before breaking below 6000 points, but sharp short-term rebounds are expected.

Author of 'Doomsday Report' Predicts Short-Term Bottom for US Stocks on Monday

On March 28, according to Bloomberg, after experiencing its largest sell-off in years, bargain hunters have begun to enter the gold market. As of Thursday's close, gold prices had fallen 19% from their January closing peak, nearing the 20% threshold traditionally marking the start of a bear market. However, by Friday, buyers re-entered the market, pushing gold prices up by approximately 3%.

George Efstathopoulos, a fund manager at Fidelity International, stated that this pullback presents a buying opportunity once Middle East tensions subside. Inflation risks, fiscal pressures, and concerns about bond credibility remain structural tailwinds for gold. Analysts also pointed out that a war involving Iran could trigger central banks to sell gold, or at least slow their pace of purchases. Daniel Ghali, a commodity strategist at TD Securities, believes that given central banks have been the cornerstone buyers in this bull market, a large-scale direct sell-off would have a more immediate impact on prices and a more destructive effect on market sentiment. However, for now, the broader trend is likely to be a gradual slowdown in the pace of central bank gold purchases, rather than a complete shift to selling.

[Analysts: Structural Tailwinds for Gold Remain Despite Price Plunge, Bargain Hunters Emerge]On March 28, according to Bloomberg, after experiencing its largest sell-off in years, bargain hunters have begun to enter the gold market. As of Thursday's close, gold prices had fallen 19% from their January closing peak, nearing the 20% threshold traditionally marking the start of a bear market. However, by Friday, buyers re-entered the market, pushing gold prices up by approximately 3%.

George Efstathopoulos, a fund manager at Fidelity International, stated that this pullback presents a buying opportunity once Middle East tensions subside. Inflation risks, fiscal pressures, and concerns about bond credibility remain structural tailwinds for gold. Analysts also pointed out that a war involving Iran could trigger central banks to sell gold, or at least slow their pace of purchases. Daniel Ghali, a commodity strategist at TD Securities, believes that given central banks have been the cornerstone buyers in this bull market, a large-scale direct sell-off would have a more immediate impact on prices and a more destructive effect on market sentiment. However, for now, the broader trend is likely to be a gradual slowdown in the pace of central bank gold purchases, rather than a complete shift to selling.

Analysts: Structural Tailwinds for Gold Remain Despite Price Plunge, Bargain Hunters Emerge

On March 28th, according to on-chain analyst Ember, the edgeX treasury recently saw a decrease of $50 million, with its total funds dropping from $190 million to $140 million. Two addresses, including Amber Group (0xab5...7Be), transferred 50 million USDC to edgeX. The receiving address (0xc8B...783) currently holds approximately 75 million USDC. The EDGE token is scheduled for TGE in three days, and these funds are intended for token buybacks or market making.

[Amber Group Transfers 50 Million USDC to edgeX]On March 28th, according to on-chain analyst Ember, the edgeX treasury recently saw a decrease of $50 million, with its total funds dropping from $190 million to $140 million. Two addresses, including Amber Group (0xab5...7Be), transferred 50 million USDC to edgeX. The receiving address (0xc8B...783) currently holds approximately 75 million USDC. The EDGE token is scheduled for TGE in three days, and these funds are intended for token buybacks or market making.

Amber Group Transfers 50 Million USDC to edgeX

On March 28th, local time, the spokesperson for the Khatam al-Anbiya Central Headquarters of the Iranian Armed Forces stated that in the past few hours, the Iranian military carried out missile and drone strikes on two US military 'hidden bases' located in Dubai, United Arab Emirates, claiming to have caused severe casualties among US forces. The spokesperson also said that as Iran continues to strike US military bases in the Middle East, some US soldiers have transferred from bases to external hiding places. The two 'hidden bases' in Dubai housed over 400 and over 100 US soldiers, respectively. The US has not yet responded to this. (CCTV News)

[Iran Claims Missile and Drone Strikes on Two US 'Hidden Bases' in Dubai]On March 28th, local time, the spokesperson for the Khatam al-Anbiya Central Headquarters of the Iranian Armed Forces stated that in the past few hours, the Iranian military carried out missile and drone strikes on two US military 'hidden bases' located in Dubai, United Arab Emirates, claiming to have caused severe casualties among US forces. The spokesperson also said that as Iran continues to strike US military bases in the Middle East, some US soldiers have transferred from bases to external hiding places. The two 'hidden bases' in Dubai housed over 400 and over 100 US soldiers, respectively. The US has not yet responded to this. (CCTV News)

Iran Claims Missile and Drone Strikes on Two US 'Hidden Bases' in Dubai

On March 28th, local time, a spokesperson for the Khatam al-Anbiya Central Headquarters of the Iranian Armed Forces stated that the Iranian military struck a support vessel belonging to the U.S. Navy in the waters off the coast of Salalah, Oman, in the early hours of the day. The spokesperson also emphasized that Iran fully respects Oman's national sovereignty and pointed out that the location where the vessel was attacked was still a considerable distance from the port of Salalah. (CCTV News)

[Iran Claims Hitting US Navy Ship]On March 28th, local time, a spokesperson for the Khatam al-Anbiya Central Headquarters of the Iranian Armed Forces stated that the Iranian military struck a support vessel belonging to the U.S. Navy in the waters off the coast of Salalah, Oman, in the early hours of the day. The spokesperson also emphasized that Iran fully respects Oman's national sovereignty and pointed out that the location where the vessel was attacked was still a considerable distance from the port of Salalah. (CCTV News)

Iran Claims Hitting US Navy Ship

On March 28, U.S. Senator Cynthia Lummis stated that the latest amendments to the CLARITY Act will provide protections for DeFi and its developers. She refuted concerns raised by crypto lawyer Jake Chervinsky regarding the potential inclusion of non-custodial developers as money transmitters subject to KYC obligations, asserting that relevant provisions have been adjusted during bipartisan negotiations. The bill is expected to enter the Senate Banking Committee's review phase in April.

[Senator Lummis: CLARITY Act Offers Strongest DeFi Developer Protections]On March 28, U.S. Senator Cynthia Lummis stated that the latest amendments to the CLARITY Act will provide protections for DeFi and its developers. She refuted concerns raised by crypto lawyer Jake Chervinsky regarding the potential inclusion of non-custodial developers as money transmitters subject to KYC obligations, asserting that relevant provisions have been adjusted during bipartisan negotiations. The bill is expected to enter the Senate Banking Committee's review phase in April.

Senator Lummis: CLARITY Act Offers Strongest DeFi Developer Protections

On March 28, according to an announcement from Huobi HTX, Huobi HTX will open WL deposit services at 20:00 (GMT+8) on March 28. WL/USDT spot trading will open at 18:00 (GMT+8) on March 31. WL withdrawal services will open at 18:00 (GMT+8) on April 1. Concurrently, Huobi Margin will add WL/USDT (10X) isolated margin trading at 18:00 (GMT+8) on March 31. It is understood that WorldLand is an L2 or sidechain for Ethereum, aiming to serve as a bottom-up solution to enhance the Ethereum ecosystem.

[Huobi HTX to List WL (WorldLand) on March 31, Adding WL/USDT (10X) Isolated Margin Trading]On March 28, according to an announcement from Huobi HTX, Huobi HTX will open WL deposit services at 20:00 (GMT+8) on March 28. WL/USDT spot trading will open at 18:00 (GMT+8) on March 31. WL withdrawal services will open at 18:00 (GMT+8) on April 1. Concurrently, Huobi Margin will add WL/USDT (10X) isolated margin trading at 18:00 (GMT+8) on March 31. It is understood that WorldLand is an L2 or sidechain for Ethereum, aiming to serve as a bottom-up solution to enhance the Ethereum ecosystem.

Huobi HTX to List WL (WorldLand) on March 31, Adding WL/USDT (10X) Isolated Margin Trading

Market data shows that ETH has fallen below $2,000, currently trading at $1,999.96. It has experienced a 2.03% decrease in the past 24 hours. The market is experiencing significant volatility, so please manage your risk accordingly.

[ETH Dips Below $2,000]Market data shows that ETH has fallen below $2,000, currently trading at $1,999.96. It has experienced a 2.03% decrease in the past 24 hours. The market is experiencing significant volatility, so please manage your risk accordingly.

ETH Dips Below $2,000

Francine McKenna is a lecturer in financial accounting at The Wharton School at the University of Pennsylvania. She currently produces a newsletter, The Dig, about public and pre-IPO companies.
The first red flag anyone receiving these reports should have seen is that there were two different audit firms producing them. The choice of firms itself is questionable. These are two small outfits, not even on the next tier to the Big Four global audit firms – Deloitte, Ernst &Young, KPMG and PricewaterhouseCoopers. Armanino and Prager Metis do audit a few public companies but none of the size or complexity of FTX. Because the firms are so small, the audit regulator, the Public Company Accounting Oversight Board (PCAOB), inspects them only once every three years.
The second red flag for any reader of the 2021 audit reports is that neither the Armanino nor the Prager Metis audit reports for 2021 provides an opinion on the FTX US or FTX Trading internal controls over accounting and financial reporting.
The third red flag is, despite a combination of enormous siphoning off of firm assets by related parties and favorable tax planning, neither FTX Trading nor FTX US paid any federal income taxes, although they both appeared to be profitable. 
The biggest red flag for preparers and readers of the audited financial statements should have been the number of complex, roundtrip and utterly confounding related-party transactions documented in just these two years.

Detail

【Penn Wharton accountant lists multiple red flags for FTX before collapse】Francine McKenna is a lecturer in financial accounting at The Wharton School at the University of Pennsylvania. She currently produces a newsletter, The Dig, about public and pre-IPO companies.
The first red flag anyone receiving these reports should have seen is that there were two different audit firms producing them. The choice of firms itself is questionable. These are two small outfits, not even on the next tier to the Big Four global audit firms – Deloitte, Ernst &Young, KPMG and PricewaterhouseCoopers. Armanino and Prager Metis do audit a few public companies but none of the size or complexity of FTX. Because the firms are so small, the audit regulator, the Public Company Accounting Oversight Board (PCAOB), inspects them only once every three years.
The second red flag for any reader of the 2021 audit reports is that neither the Armanino nor the Prager Metis audit reports for 2021 provides an opinion on the FTX US or FTX Trading internal controls over accounting and financial reporting.
The third red flag is, despite a combination of enormous siphoning off of firm assets by related parties and favorable tax planning, neither FTX Trading nor FTX US paid any federal income taxes, although they both appeared to be profitable. 
The biggest red flag for preparers and readers of the audited financial statements should have been the number of complex, roundtrip and utterly confounding related-party transactions documented in just these two years.

Penn Wharton accountant lists multiple red flags for FTX before collapse

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Penn Wharton accountant lists multiple red flags for FTX before collapse

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