Mohammed Ali

Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.

Articles by Mohammed Ali

Paxos has denied rumors of its national bank charter

Paxos denies rumors of bank charter rejection

1 year ago 1 min read

Paxos, a brokerage and stablecoin issuer, has denied rumors of its national bank charter being rejected by the Office of the Comptroller of the Currency (OCC). The rumors arose after it was revealed that the OCC’s preliminary approval, granted in April 2021, was 22 months old and four months overdue. Paxos tweeted on February 8 that the OCC has not rejected its charter application, nor has the regulator asked it to withdraw it. The company stated that it continues to work constructively with the OCC. If Paxos obtains the charter, it will operate as a federally-regulated digital asset bank and

Robinhood Markets Inc. intends to buy back 55 million of its shares

Robinhood Plans to Purchase Seized Shares from FTX Failure

1 year ago 1 min read

Robinhood Markets Inc. intends to buy back 55 million of its shares from Emergent Fidelity Technologies, which had acquired the shares with loans from Alameda Research, the brokerage arm of FTX. The shares, valued at over $550 million, are the subject of a creditor dispute in the FTX bankruptcy case. The U.S. Department of Justice has seized the shares and Robinhood is in discussions with the DOJ about the proposed purchase. Robinhood expressed confidence in its business in its earnings report and stated that the proposed purchase “underscores the confidence the Board of Directors and management team have in our

Bankrupt FTX Faces Huge Bills for Legal and Consulting Services

1 year ago 1 min read

FTX, the troubled crypto exchange, and its affiliated companies have incurred more than $20 million in legal and consulting fees since filing for bankruptcy protection in November. The company, which has since installed a new CEO and retained three law firms and two consulting firms, is undergoing a complex and expensive wind-down process. The initial bills highlight the cost of FTX’s bankruptcy case and could reduce the amount of return creditors will receive. According to FTX’s new leadership, the exchange and other entities in Chapter 11 bankruptcy in the US held approximately $1.4 billion as of December 31, primarily with

Yuga Labs has won a trademark infringement lawsuit

Yuga Labs Claims Win in Legal Battle Over Bored Ape Trademark with RR/BAYC

1 year ago 1 min read

Yuga Labs, the company behind the popular NFT project Bored Ape Yacht Club (BAYC), has won a trademark infringement lawsuit against Thomas Lehman, who collaborated on the RR/BAYC project. The case was brought by Yuga Labs in the District Court of New York, alleging that Lehman helped create the smart contract for the RR/BAYC collection, which was similar to BAYC and earned $1.6 million in sales, of which Lehman received 15%. The terms of the settlement include Lehman acknowledging Yuga Labs’ ownership of the BAYC trademark and not using the trademark, destroying any materials with the mark and burning any

ARK Invest Bullish on Bitcoin’s Future, Sets $1.48 Million Price Target

1 year ago 1 min read

The investment firm notes that there have been instances of large-scale institutional adoption of Bitcoin and other cryptocurrencies, which have only accelerated since the beginning of the COVID-19 pandemic. ARK Invest points to Tesla’s $1.5 billion investment in Bitcoin and the entry of institutional investors like BlackRock into the crypto market as evidence of this trend. However, the report also acknowledges that there are still hurdles for Bitcoin to overcome, such as regulatory concerns and price volatility. But the firm believes that these obstacles will be overcome in the long term as the world continues to embrace digital currencies and

UK FCA Issues Stern Warning to Crypto Firms on Ad Compliance

UK Regulator Threatens Imprisonment for Non-Compliant Crypto Companies

1 year ago 1 min read

The Financial Conduct Authority (FCA) of the United Kingdom has warned crypto companies to comply with the country’s new financial promotion regime or face up to two years imprisonment. Furthermore, the FCA stated that the crypto promotions must be “clear, fair, and not misleading” and that companies must use specific risk warnings and have a 24-hour cooling-off period for investors. Moreover, the regulations are still subject to parliamentary approval but can only be communicated by an FCA-authorized person or a business registered with the agency. In addition, the FCA encouraged crypto firms targeting UK consumers to prepare for this regime,

Interpol Prepares to Take Action Against Metaverse Infractions

1 year ago 1 min read

Interpol is taking steps to ensure that metaverse crimes do not go unpunished. The organization has launched its own metaverse and created a dedicated unit to fight crypto crimes. However, Interpol is facing issues with defining what constitutes a metaverse crime, as well as raising awareness about potential crimes. Interpol Secretary General Jurgen Stock believes that “sophisticated and professional” criminals are taking advantage of new technologies to commit crimes, and the list of possible crimes will only expand to include crimes against children, data theft, money laundering, financial fraud, counterfeiting, ransomware, phishing, and sexual assault and harassment. With that in

The Chinese government has also launched a series of initiatives to encourage the use of e-CNY (Digital Yuan).

Chinese cities promote Digital Yuan with $26.6M giveaway

1 year ago 1 min read

The Chinese government has also launched a series of initiatives to encourage the use of e-CNY. The Bank of China and the Industrial and Commercial Bank of China have both launched services that allow customers to convert their money into digital yuan. The People’s Bank of China has also announced plans to create a digital yuan wallet app and is currently working on developing a digital currency payment system. Furthermore, the country is planning to launch a ‘Digital Yuan Day’ on April 19th to celebrate the currency’s launch. The widespread adoption of e-CNY is expected to increase the use of

Crypto Exchange FTX to Take Legal Action Against Political Donors

FTX Announces Intent to Sue Political Parties Receiving Funds

1 year ago 1 min read

FTX, the once high-flying crypto exchange that filed for bankruptcy in November, is calling for the return of funds that were allegedly misused by former CEO Sam Bankman-Fried. The new CEO, John John Jay Ray III, warned that the company would take legal action to recover the funds along with interest if they are not voluntarily returned. Bankman-Fried, a major donor to political candidates, has been charged with eight financial crimes, including securities fraud, money laundering, and campaign finance violations. He has been accused of misusing billions of dollars in customer funds to support his trading firm, purchase private real

Crypto mining firm will transfer over 27000 mining machines to NYDIG

Core Scientific to Sell 27K Mining Rigs to Pay $38M Debt

1 year ago 1 min read

Crypto mining firm Core Scientific has agreed to pay off a $38.6 million debt to the New York Digital Investment Group (NYDIG) by transferring over 27,000 mining machines that were used as collateral. The company has filed for Chapter 11 bankruptcy and is waiting for approval from the US Bankruptcy Court for the Southern District of Texas. The transfer of assets will have a short-term negative impact on revenue but is seen as a step toward profitability and sustainability in the future. Core Scientific plans to shift to a smaller and more efficient fleet of mining rigs, installing the S19

Orion Protocol decentralized exchange platform

Hackers Steal $3 Million from Decentralized Exchange Orion Protocol

1 year ago 1 min read

On Thursday, Orion Protocol, a lesser-known decentralized exchange platform, was hit by a major security breach. The attacker got away with a total of $3 million in project assets locked in its smart contracts on Ethereum and BNB Chain. According to security firm PeckShield, the exploit was carried out using a reentrancy technique. This type of vulnerability in a smart contract occurs when an attacker repeatedly calls a function and extracts assets before the contract updates its internal state. This can result from a bug in the smart contract or from inadequate security measures. Orion Protocol acknowledged the hack and

Reliance Retail Adopts CBDC Payments in Stores: Report

1 year ago 1 min read

Reliance Retail, one of India’s largest retail chains, has started accepting the digital rupee at its Freshpik gourmet store line and plans to extend the rollout to all its businesses. The company partnered with ICICI Bank, Kotak Mahindra Bank, and Innoviti Technologies to implement the CBDC payment option. Consumers who choose to pay with the digital rupee will receive a QR code to complete the payment. The acceptance of CBDC aligns with Reliance Retail’s goal of offering customers “the power of choice” and providing alternative payment options in their stores. The Reserve Bank of India (RBI) outlined plans for the