Author: Mayowa Adenle

Article written by Mayowa Adenle

Binance looks to add 30% more staff in 2023 despite industry downsizing

January 12, 2023 1 min read

Binance, one of the world’s largest cryptocurrency exchanges, has announced plans to expand its hiring by as much as 30% in 2023. This news comes as many of its competitors in the industry are cutting jobs due to the economic downturn. In a statement, Binance CEO Changpeng Zhao said that the company plans to increase its headcount by 15-30% in the coming year. He also emphasized that the company is

WazirX shows proof of reserves with major funds stored in Binance wallets

January 11, 2023 1 min read

WazirX, an Indian crypto exchange, has published its proof of reserves and announced that it holds $285 million in total user assets held in Tether (USDT) at the time of writing, with 90% of these assets held in Binance-based wallets. The remaining 10% is stored in hot and cold storage wallets. The exchange stated that they chose Binance because of their strict protocols and industry-leading technical measures to safeguard user

MetaMask Developer to Make Mass Layoffs

January 11, 2023 1 min read

On Wednesday, a source familiar with the matter reported to CoinDesk that Ethereum software firm ConsenSys, the company behind crypto wallet MetaMask, is planning to lay off at least 100 employees. ConsenSys, based in New York, currently has around 900 employees, according to its LinkedIn page. When asked to comment, a ConsenSys spokesperson declined to provide any additional information. This news comes amidst an ongoing downsizing trend in the tech

Wyre implements 90% cap on cryptocurrency withdrawal amounts

January 9, 2023 0 mins read

On January 7, Wyre, a cryptocurrency payment platform, announced that it would be imposing a 90% withdrawal cap on customer accounts. This decision was made in response to the prolonged bear market and in the “best interest of [Wyre’s] community.” The company also announced that Yanni Giannaros, Wyre’s CRO and COO, would be serving as interim CEO. In addition, Wyre’s partnership with the cryptocurrency wallet MetaMask has ended, with MetaMask

FTX spent millions on food, flights, and hotels in short period, court papers reveal

January 9, 2023 1 min read

Court documents exposed that FTX Digital Markets spent a whopping $40 million from January to September 2023 before being declared bankrupt due to a lack of liquidity. Over $15 million was used for luxurious accommodations, with $5.8 million going to the Albany Hotel where its CEO Sam Bankman-Fried had a $30 million penthouse. About $7 million was utilized for meals and entertainment, with half of it being allocated to catering

Avalanche DEX sees positive movements, could it lead to AVAX rally?

January 7, 2023 1 min read

Since April, the AVAX token of Avalanche, the blockchain company behind the decentralized cryptocurrency exchange Trader Joe, has been unable to break through its resistance level. Nevertheless, Trader Joe’s services, such as lending, leveraging, staking, and farming, have made considerable strides in recent weeks. According to data from Dune Analytics, the trade swap volume of Trader Joe reached its zenith in December 2022 and has been rising since then. USDC/WETH

France’s central bank governor promotes crypto licensing before EU laws take effect

January 6, 2023 1 min read

The governor of the Bank of France, Francois Villeroy de Galhau, has called for mandatory licensing for local digital asset service providers (DASPs) in the country, instead of just registration, as a response to recent turmoil in the cryptocurrency markets. Currently, DASP licensing is optional in France, with only 60 out of the country’s registered cryptocurrency firms choosing to obtain one. These firms are required to meet certain requirements related

US Government to Confiscate $465M in Robinhood Shares Tied to SBF

January 5, 2023 1 min read

The US government is reportedly in the process of seizing or has already seized 56 million shares of Robinhood, worth around $465 million, owned by Sam Bankman-Fried, the former CEO of FTX. The seizure is part of the legal case against Bankman-Fried, who faces charges including wire fraud and money laundering. Bankman-Fried purchased a 7.6% stake in Robinhood in May 2021, with 90% of the 56 million shares being owned

Binance.US’s acquisition of Voyager assets hit by SEC intervention

January 5, 2023 1 min read

The U.S. Securities and Exchange Commission (SEC) has raised an objection to Binance US’s proposed purchase of the assets of the bankrupt crypto platform Voyager. Binance US won the bid for the acquisition with a bid of $1.022 billion on December 19, 2022, and agreed to cover up to $15 million in costs. The SEC’s complaint emphasized that the disclosure statement for the transaction did not provide adequate information regarding

US Regulators Warn of Crypto Fraud and Contagion Risks

January 4, 2023 1 min read

The US Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have issued a joint warning to banks of the potential dangers posed by cryptocurrencies. The regulators noted the potential for fraud and scams, deceptive representations and disclosures, market volatility, stablecoins, and contagion risks. They further cautioned that holding or issuing crypto assets on a decentralized network is not compatible with

Gemini users file class-action lawsuit against Genesis and DCG

January 3, 2023 1 min read

Three users of cryptocurrency exchange Gemini’s Earn program have filed a request for class-action arbitration against Genesis Global Capital and Digital Currency Group (DCG). The request comes after the exchange suspended redemptions in the Earn program due to Genesis freezing withdrawals. Furthermore, the claimants allege that the terms of the master agreement for Gemini Earn were broken when Genesis failed to disclose and later concealed its insolvency. And that it

Central African Republic delays introduction of Sango Coin

January 2, 2023 1 min read

The Central African Republic (CAR) has announced that it will not be listing its national cryptocurrency, Sango Coin, due to “current market conditions,” according to a statement from Sango Coin’s marketing team on a Telegram channel. The CAR had previously planned to add the coin to its listing by the end of 2022, but the decision has been met with low investor enthusiasm and a court ruling that found the