Browsing:Market News

FTX Files $1B Lawsuit to Reclaim Assets from Sam Bankman-Fried and Others
10 months ago 2 mins read

FTX Files Lawsuit Against Sam Bankman-Fried and Ex-Executives Seeking to Recover $1 Billion

FTX has taken legal action against its former CEO, Sam Bankman-Fried, and several other key executives from the now-bankrupt crypto exchange. The lawsuit aims to recover more than $1 billion in allegedly misappropriated funds. The complaint, filed in a United States Bankruptcy Court on July 20, names Caroline Ellison, former Alameda Research CEO, Zixiao “Gary” Wang, FTX co-founder, Nishad Singh, former FTX engineering director, and Bankman-Fried as defendants. The lawsuit claims that the former executives breached their fiduciary duties by continuously misappropriating customer funds. According to FTX, these funds were used to finance luxury condominiums, political and so-called “charitable” contributions,

Uniswap founder Hayden Adams' Twitter account was compromised by hackers.
10 months ago 2 mins read

Uniswap Founder’s Twitter Account Hacked: Scammers Promote Fraudulent Scheme

Crypto Twitter, a vibrant community of cryptocurrency enthusiasts, was recently put on high alert when Uniswap founder Hayden Adams’ Twitter account was compromised by hackers. The scammers used the account to promote a fraudulent scheme, falsely claiming that Uniswap’s Permit2 contract had been exploited, putting users’ tokens at risk. On July 20, the “Web3 Security Alerts” channel on Telegram alerted its followers that the Twitter account of Hayden Adams, the founder and CEO of Uniswap, had been compromised. The hackers posted a tweet to Adams’ over 254,000 followers, spreading false information about the Uniswap platform’s security. The tweet urged users

UK Reconsiders and Abandons Crypto Regulation Modeled After Gambling Policies
10 months ago 2 mins read

UK Abandons Plan to Regulate Crypto like Gambling

The British government has recently dismissed a proposal that sought to regulate crypto trading and investment as if it were gambling. Economic Secretary to the HM Treasury, Andrew Griffith, expressed strong disagreement with the UK Parliament’s Treasury Committee’s suggestion to categorize “retail trading and investment activity in unbacked cryptoassets” as gambling rather than a financial service. In their report issued in May, the Treasury Committee referred to bitcoin (BTC) and ether (ETH) as “unbacked cryptoassets” with “no intrinsic value” and claimed they served “no useful social purpose.” This characterization led them to propose treating crypto trading as a form of

Chinese Police Bust $55 Million Tether Money Laundering Scheme, Arrest 21 Suspects
10 months ago 2 mins read

Chinese Authorities Crack Down on $55 Million Tether Money Laundering Ring

In a major crackdown on financial crimes, Chinese authorities have apprehended 21 members of a significant Tether money laundering ring. The ring was involved in processing a staggering 380 million yuan ($55 million) in USDT across four provinces. The operation came to light in April when an abnormal flow of funds was detected in the bank account of a resident named Mouyue Zhao in Qinshui County. An extensive investigation led the police to discover an organized group running a USDT over-the-counter (OTC) trading ring, assisting criminals in laundering illegal funds. In April, authorities in Qinshui County stumbled upon suspicious activity

FTX and Alameda Seek to Recover $71 Million from Philanthropic Arm and Life Science Ventures
10 months ago 1 min read

FTX Aims to Recover $71M from Philanthropy and Life Science Initiatives

Defunct cryptocurrency exchange FTX and its sister firm Alameda are making efforts to retrieve more than $71 million from FTX’s philanthropic arm and life science entities, according to court documents filed recently. This move is part of the bankrupt firm’s ongoing initiatives to recover funds for its customers. FTX’s lawyers allege that the true motive behind these transactions was to generate goodwill, political capital, and influence for Sam Bankman-Fried. They argue that Bankman-Fried pursued these transactions not solely for altruistic purposes but rather to enhance his own image and status. The transactions were made to generate goodwill and political connections,

The Polygon team has taken a significant step towards enhancing the decentralization of its ecosystem by announcing a new governance model.
10 months ago 2 mins read

Polygon Introduces Ecosystem Council in Innovative Governance Model

The Polygon team has taken a significant step towards enhancing the decentralization of its ecosystem by announcing a new governance model. In line with its roadmap for Polygon 2.0, which focuses on zero-knowledge-powered Layer 2 chains, the team aims to empower stakeholders to actively shape the network’s future. This new governance framework is designed to foster community collaboration and decision-making, drawing inspiration from Ethereum’s successful governance models. The cornerstone of the new governance model will be built upon “three governance pillars.” The first pillar will oversee the governance of the core protocol, ensuring a transparent and efficient decision-making process. The

US Congressman Ritchie Torres
10 months ago 1 min read

US Lawmaker Demands Gary Gensler Stop Targeting Cryptocurrencies

US Congressman Ritchie Torres has sent a letter to SEC Chairman Gary Gensler, expressing concerns over the regulatory approach towards cryptocurrencies and urging the SEC to reconsider its stance. In the letter, Congressman Torres referred to a recent landmark court ruling by New York Southern District Judge Analisa Torres, which stated that cryptocurrencies are not securities by themselves but can be sold as part of investment contracts under the Howey Test. Describing the court ruling as the “Torres Doctrine,” Congressman Torres emphasized that it rejects the regulatory excesses and sloppy practices associated with the SEC’s Howey Test. He called on

The U.S. SEC has taken a significant step in the world of crypto by launching its review of the latest bitcoin ETF applications.
10 months ago 1 min read

SEC Initiates Review of Recent Bitcoin ETF Applications: What It Means for Crypto Investors

The U.S. Securities and Exchange Commission (SEC) has taken a significant step in the world of cryptocurrency by launching its review of the latest bitcoin exchange-traded-fund (ETF) applications. This move comes as the regulator seeks to explore the potential implications of allowing bitcoin ETFs in the financial markets. While the SEC published documents last week inviting public consultations, the official review process will commence once the filings are published in the federal register. This critical phase will evaluate the ETF applications submitted by several notable players, including Cboe’s Wise Origin, WisdomTree, VanEck, Invesco Galaxy, and ARK 21Shares. In a bid

Binance Embraces Bitcoin Lightning Network Integration, Enhancing User Experience
10 months ago 2 mins read

Binance Successfully Integrates Bitcoin Lightning Network, Enhancing Transaction Speed and Scalability

Cryptocurrency exchange Binance has successfully integrated the Bitcoin Lightning Network on its platform, offering its users the option to use the layer-2 scaling solution for BTC withdrawals and deposits. This move comes as Binance seeks to enhance transaction speed and reduce costs amid a surge in Bitcoin network gas fees. The Lightning Network allows users to create off-chain transaction channels, making Bitcoin transactions faster and more cost-effective. In a recent blog post on July 17, Binance confirmed the completion of its Lightning Network integration, offering users the ability to choose “LIGHTNING” as an option for BTC withdrawals and deposits. Alongside

SEC Accepts BlackRock's Bitcoin ETF Application, Initiating Regulatory Review
10 months ago 2 mins read

SEC Accepts BlackRock’s Bitcoin ETF Application for Regulatory Review

The United States Securities and Exchange Commission (SEC) has taken a significant step in the regulatory journey towards a spot Bitcoin exchange-traded fund (ETF). The SEC’s acceptance of BlackRock’s application, along with its consideration of other cryptocurrency ETF proposals, indicates growing interest and exploration of this financial product in the crypto industry. A spot Bitcoin ETF would be a groundbreaking investment vehicle that mirrors the value of Bitcoin and allows investors to trade it on traditional exchanges. ETFs, commonly tied to specific indexes, offer a diverse range of investment options. In the cryptocurrency world, a cryptocurrency ETF comprises various digital

Binance CEO Changpeng Zhao (CZ) dismissed the layoff news as FUD
10 months ago 1 min read

Binance CEO Dismisses Layoff Allegations as FUD Amidst Talent Concentration Efforts

Binance, a prominent cryptocurrency exchange, has been at the center of attention following allegations of significant layoffs. According to a report by the Wall Street Journal (WSJ), the exchange allegedly laid off over 1,000 employees. In response, Binance CEO Changpeng Zhao (CZ) dismissed the news as FUD (Fear, Uncertainty, and Doubt), stating that the reported figures are inaccurate. The WSJ report claimed that Binance had laid off more than 1,000 employees, triggering concerns and speculation about the exchange’s stability. CZ addressed these allegations by describing them as FUD and emphasizing that involuntary layoffs are a common occurrence in companies striving

Coinbase Halts New Staking Assets in Four US States Amid Regulatory Challenges
10 months ago 1 min read

Coinbase to Stop Staking Services in Four US States

Coinbase, a leading global cryptocurrency exchange, has announced its decision to discontinue accepting new staking assets from customers in four US states. The move comes as Coinbase faces ongoing regulatory disputes, primarily with the U.S. Securities and Exchange Commission (SEC) and certain state regulators. The SEC and state regulators have raised objections to Coinbase’s staking program, alleging that it involves the sale of unregistered securities. In June, the SEC filed a lawsuit against Coinbase, accusing the exchange of violating securities laws by launching a lending product that allowed users to earn interest on their crypto assets. Coinbase has strongly denied

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