Market News

US regulators just shut down a bank in Oklahoma

October 21, 2024 1 min read

In a significant move, financial regulators have closed the First National Bank of Lindsay in Oklahoma, marking the second bank failure in the U.S. this year. The Office of the Comptroller of the Currency (OCC) took this action after uncovering misleading bank records and signs of fraud that had severely impacted the bank’s financial stability. The OCC determined that the bank was not in a sound condition to operate, revealing

Singaporean DBS bank to offer blockchain-powered banking services

October 20, 2024 1 min read

In a significant move for the cryptocurrency landscape, DBS Bank, based in Singapore, has announced the launch of blockchain-powered banking services tailored for institutional clients. This initiative comes at a time when the Asian market is increasingly engaging with crypto, while North America remains the largest global market for digital currencies. DBS is set to integrate blockchain technology into its operations, introducing features like tokenization and smart contracts. This innovative

FBI arrests a 25-year-old man for allegedly hacking the US SEC X account

October 18, 2024 1 min read

A 25-year-old man from Athens, Alabama, named Eric Council Jr., has been arrested by the FBI for allegedly hacking into the US Securities and Exchange Commission’s (SEC) X account. The US Attorney’s Office revealed that Council was part of a group that posted a misleading message on the SEC’s account, falsely claiming the approval of the first Bitcoin exchange-traded fund (ETF). Council faces serious charges, including conspiracy to commit aggravated

FractureLabs sues Jump Trading, accusing the firm of manipulating the DIO token

October 18, 2024 1 min read

FractureLabs, a game development studio, has taken legal action against Jump Trading, alleging that the trading firm manipulated the price of the DIO token back in 2021. The lawsuit claims that Jump Trading, known for its algorithmic trading expertise, took advantage of its position as the market maker for the DIO token during its sale on the Huobi exchange. They were supposed to keep the token’s price stable, but instead,

Scroll faces criticism over its Binance token distribution

October 14, 2024 1 min read

Scroll, an Ethereum Layer-2 network, recently found itself in hot water after it distributed its SCR governance tokens via Binance Launchpool. This move sparked frustration among users who felt that Scroll was prioritizing a centralized exchange over its own community. In response to the backlash, co-founder Ye Zhang explained that the decision was part of a larger growth strategy. He acknowledged the criticism but emphasized that the partnership with Binance

South Korea Virtual Asset Committee to discuss the approval of crypto ETFs

October 11, 2024 1 min read

On October 10, South Korea‘s Financial Services Commission (FSC) announced the formation of a Virtual Asset Committee aimed at overseeing the approval of spot crypto exchange-traded funds (ETFs) in the country. This committee, led by FSC Vice Chairman Soyoung Kim, will include representatives from various government sectors and nine members from the private sector, providing guidance on critical issues in the digital asset landscape, including the authorization of corporate accounts.

Binance executive was denied bail by a Nigerian judge, a family spokesperson said Friday

October 11, 2024 1 min read

Tigran Gambaryan, a Binance executive, has been denied bail by a Nigerian judge, much to the disappointment of his family and the company. Gambaryan, who oversees financial crime compliance at Binance, has been detained for over 220 days, facing serious health issues while imprisoned in Kuje, a facility known for housing dangerous criminals, including members of Boko Haram. His legal troubles began in February, and although he was initially charged

Bitnomial challenges SEC’s classification of XRP as a security

October 11, 2024 1 min read

Bitnomial, a crypto derivatives exchange based in Chicago, has taken a bold step by filing a lawsuit against the U.S. Securities and Exchange Commission (SEC). The exchange is contesting the SEC’s claim that XRP futures should be classified as “Security Futures.” This legal move comes on the heels of another lawsuit from Crypto.com, which accuses the SEC of overreaching by labeling all crypto assets as securities. Bitnomial operates under the

The SEC accuses Cumberland of operating as an unregistered securities dealer

October 11, 2024 1 min read

The SEC has taken legal action against Cumberland DRW, alleging that the firm has been operating as an unregistered securities dealer in the crypto space since 2018. Cumberland has vehemently denied these accusations, labeling the SEC’s tactics as “enforcement-first” and likening the situation to a legal “Catch-22.” At the heart of the matter is a pivotal regulatory debate over whether crypto transactions should be classified under securities law, a ruling

An 86-year-old ex-lawyer was sentenced to probation and ordered to repay $14M

October 11, 2024 1 min read

In a striking case that underscores the perils of trust in the digital investment landscape, 86-year-old former California lawyer David Kagel has been sentenced to five years of probation and ordered to repay nearly $14 million for his role in a crypto Ponzi scheme. Kagel, who pleaded guilty to conspiracy to commit commodity fraud, exploited his legal credentials to lure investors into a fraudulent crypto trading bot program that promised

Ubisoft to launch its first Web3 game with the Oasys layer 2 HOME Verse

October 11, 2024 1 min read

Ubisoft is set to make waves in the gaming world with the launch of its first web3 game, “Champions Tactics: Grimoria Chronicles,” on October 23rd. This tactical RPG invites players to dive into the dark fantasy realm of Grimoria, where they can assemble teams of unique mythical Champions for exhilarating PvP battles. Developed in collaboration with Oasys and double jump.tokyo, the game aims to seamlessly integrate web3 technologies, allowing players

VanEck Ventures launches $30M fund to support fintech, digital assets, and AI startups

October 9, 2024 1 min read

VanEck, a prominent global investment management firm, has launched VanEck Ventures, a $30 million early-stage fund aimed at investing in innovative startups within the fintech, digital assets, and artificial intelligence sectors. This move signifies VanEck’s strategic foray into venture capital, aligning with its historical approach of identifying transformative investment opportunities early on. The fund is exclusively available to Qualified Purchasers and carries significant risks, making it essential for potential investors