Browsing:Market News

Kenya proposes taxing cryptocurrency, NFTs, and online influencer transactions
1 year ago 1 min read

Kenya to impose taxes on crypto, NFTs, and social media influencers

Kenya is considering a new bill that proposes a 3% tax on cryptocurrency and nonfungible token (NFT) transfers and a 15% tax on digital content monetization. Introduced on May 4, the Finance Bill 2023 aims to collect income from the transfer or exchange of digital assets, and its language specifically includes NFTs. Crypto exchanges or those initiating crypto or NFT transfers will have to deduct 3% of the transfer value to pay to the government. The bill also levies a 15% tax on digital content monetization including sponsorships, merchandise sales, and paid subscriptions. The bill will undergo five rounds of

CertiK, a blockchain security company
1 year ago 2 mins read

$160K Stolen in Merlin DEX Rug Pull Frozen by Blockchain Security Firm

CertiK, a blockchain security company, recently claimed that it has successfully frozen $160,000 in stolen funds from Merlin, a decentralized exchange based on zkSync, that experienced an insider “rug pull” last week, costing users $1.8 million. In a recent update, CertiK confirmed that it was able to block the stolen funds with the assistance of its partners and is closely monitoring the movement of these funds. However, the firm noted that its attempts to recover the funds through collaboration with Merlin proved unsuccessful. CertiK has since reached out to law enforcement agencies in the United States and the United Kingdom

Mainstream Media Renews Call for Disclosure of Non-US FTX User Identities
1 year ago 1 min read

Mainstream Media Intensifies Call for Non-US FTX User Identities to be Disclosed

Four major U.S. media outlets, including Bloomberg, Dow Jones, The New York Times, and the Financial Times, have renewed their efforts to obtain the identities of non-U.S. customers of crypto exchange FTX. The media firms filed a new objection to the motion to seal their identities on May 3, citing the lack of legal basis to redact the names according to non-U.S. data privacy laws. The media outlets argue that section 105 of the Bankruptcy Code, which grants the bankruptcy court judicial power, does not permit foreign law to override the right of access to information under U.S. constitutional and

FTX Takes Legal Action to Retrieve $4 Billion in Crypto from Bankrupt Lender Genesis
1 year ago 1 min read

FTX Seeks to Recover $4 Billion from Genesis in Clawback Claims

Bankrupt cryptocurrency exchange FTX has filed a lawsuit seeking to recover nearly $4 billion from Genesis Global Capital, a crypto lender that filed for Chapter 11 bankruptcy earlier this year. According to the court filing, FTX claims that it was able to withdraw its assets from the exchange before other creditors before the two firms filed for bankruptcy. The filing alleges that Genesis was one of the main feeder funds to FTX and instrumental to its fraudulent business model. It also claims that the lender lent billions of dollars to Alameda Research, which was largely repaid by the time the

WSB Coin (WSB)
1 year ago 1 min read

WallStreetBets’ WSB Token Loses 86% in Value After Alleged RugpullWallStreetBets’ WSB Token

WSB Coin (WSB), a token associated with the Wall Street Bets community, has plummeted by 86% following allegations of a rug pull. The drop in price comes after the token experienced a sudden surge in value, increasing by about 320% in just one day. Reports suggest that a large portion of the tokens was traded for 334 ETH, with another wallet trading it for a smaller amount. This development has drawn the ire of the crypto community and those associated with WallStreetBets, including former moderators of the subreddit. WSB Coin had called itself the “official coin” of WallStreetBets and claimed

Ripple CEO is all set to address the challenges and opportunities of crypto utility
1 year ago 1 min read

Ripple CEO Brad Garlinghouse to Speak on Crypto’s Real-World Applications at Dubai Summit

Ripple CEO Brad Garlinghouse is all set to deliver a keynote address on the challenges and opportunities of cryptocurrency utility and regulation at the upcoming Dubai Fintech Summit. The event, which is slated to take place on May 8 and 9 at the Madinat Jumeirah, is expected to bring together more than 5,000 global fintech executives and enthusiasts from around the world. Garlinghouse will be joined by CNBC reporter Dan Murphy to discuss the future of cryptocurrencies and the significance of regulatory frameworks in shaping the industry’s growth. The Ripple CEO’s keynote address is expected to shed light on the

Coinbase has launched the Coinbase International Exchange
1 year ago 1 min read

Coinbase Launches New Exchange Outside the U.S. Following Regulatory Tussle

Coinbase, the largest cryptocurrency exchange in the U.S., has launched the Coinbase International Exchange, which will be accessible to institutional investors outside the country. The move follows a regulatory dispute with the Securities and Exchange Commission (SEC) over the past few weeks. Institutional investors will be able to trade perpetual Bitcoin and Ethereum futures with leverage of up to 5x. In a blog post announcing the debut of the international exchange, Coinbase said, “As more and more markets are moving forward with regulatory frameworks to become crypto hubs, we believe the moment is right to launch this international exchange.” Coinbase

Crypto.com is the latest in the crypto space to adopt AI
1 year ago 2 mins read

Crypto.com Integrates ChatGPT’s Advanced AI Capabilities in their Latest Offering, Amy

Artificial Intelligence (AI) technology is revolutionizing the way industries operate and Crypto.com is the latest in the crypto space to adopt it. On May 2, the cryptocurrency exchange announced the launch of its new generative AI user assistant, Amy. Built with ChatGPT technology, Amy is designed to inform users about the industry, including real-time token prices and projects, historical events, and more. Abhi Bisarya, the executive vice president of products at Crypto.com, expressed his excitement for the potential of AI in crypto, stating that the convergence of the two fields presents a significant opportunity for their platform. While Amy is

Study Warns of Impending Banking Collapse in the US
1 year ago 1 min read

Half of America’s Banks Could Be at Risk of Insolvency, Study Warns

Recent reports reveal that the banking crisis in the United States is deepening. Nearly half of America’s 4,800 banks are currently “burning through their capital buffers,” with many of them potentially insolvent, according to banking expert Professor Amit Seru from Stanford University. Professor Seru’s report highlights that over 2,315 banks are holding assets worth less than their liabilities, including some of America’s largest banks. A “globally systemic entity with assets of over $1 trillion” is among those at risk. The Federal Reserve’s monetary tightening is yet to fully impact the economy, with a massive wall of debt accumulating. Some experts

FBI and Ukraine join forces to seize 9 exchange domains over money laundering accusations
1 year ago 1 min read

FBI and Ukraine take down 9 crypto exchange websites over suspected money laundering

The Federal Bureau of Investigation (FBI) and Ukrainian authorities have seized the domains of nine digital currency exchanges accused of aiding cybercriminals in money laundering activities. The seizure notice will appear on the websites of 24xbtc.com, 100btc.pro, pridechange.com, trust-exchange.org, and bitcoin24.exchange. These exchanges were accused of offering entirely anonymous digital currency exchange services and lax anti-money laundering measures. The FBI believes that these rogue exchanges serve as significant hubs in the cybercrime ecosystem and are advertised on online forums dedicated to discussing criminal activity. The FBI and other agencies have been involved in various cryptocurrency-related issues, including conducting a search

Bankrupt FTX firm charged $103M in Q1 by advisors, according to reports
1 year ago 1 min read

FTX advisors charge bankrupt crypto exchange $103M in Q1, raising eyebrows

FTX advisors are set to earn $103 million in Q1 as they guide the cryptocurrency exchange through its bankruptcy proceedings. In March alone, five firms billed FTX a total of $36.4 million, slightly higher than the previous months. New York-based law firm Sullivan & Cromwell received the highest paycheck, billing $14.1 million in fees and expenses for March and a total of $44.4 million for Q1. Alvarez & Marsal, FTX’s restructuring advisor, invoiced over $13.8 million in March, while Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb billed FTX $3.19 million and $644,000 respectively. AlixPartners, which analyzed FTX’s

The lawsuit filed by The Moskowitz Law Firm alleged that Nash and nine other influencers promoted FTX
1 year ago 1 min read

FTX lawsuit against crypto influencer served via Twitter

Influencer Tom Nash has been served a class-action lawsuit through a tweet after a US court allowed the action since lawyers claimed they could not serve him through other means. The lawsuit filed by The Moskowitz Law Firm alleged that Nash and nine other influencers promoted FTX, which later went bankrupt, without disclosing their compensation. According to a May 2 order from a Florida District Court Judge, Nash was served the notice through Twitter since he is believed to reside in Georgia, and previous emails sent by the law firm did not bounce back. The legal notice URL was shared

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