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Bankrupt FTX firm charged $103M in Q1 by advisors, according to reports
12 months 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
12 months 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

The Biden administration is proposing a tax on crypto miners
12 months ago 1 min read

US government considers 30% electricity tax for crypto miners

The Biden administration is proposing a tax on cryptocurrency miners, with the White House’s Council of Economic Advisers campaigning for a tax equal to 30% of the cost of the power used by crypto miners. The proposed tax, known as the “Digital Asset Mining Energy excise tax,” would be effective for taxable years beginning after December 31, 2023, and would be phased in over three years. The tax is aimed at offsetting the “negative spillovers” of crypto mining, such as the high energy consumption, impact on the environment, quality of life, and electricity grids. However, some states like Arkansas, Montana,

BitFlyer USA Faces $1.2M Penalty from NYDFS for Cybersecurity Lapses
12 months ago 2 mins read

BitFlyer US Slapped with $1.2M Fine by NYDFS for Breaching Cybersecurity Standards

BitFlyer USA, a cryptocurrency exchange, has been slapped with a $1.2 million fine by the New York State Department of Financial Services (NYDFS) for failing to comply with the state’s cybersecurity regulations. The NYDFS stated that the exchange had a license to operate in New York, but it failed to meet the state’s cybersecurity standards. The NYDFS acknowledged that bitFlyer USA has taken measures to improve its cybersecurity and presented a remediation plan to the regulator. The plan aims to make bitFlyer USA compliant with the state’s cybersecurity laws by the end of the year. This latest development adds bitFlyer

MicroStrategy Remains Committed to Bitcoin, Doubles Down on Investment Despite Volatility
12 months ago 1 min read

MicroStrategy Doubles Down on Bitcoin Despite Market Volatility

Business intelligence firm MicroStrategy has announced its commitment to continue purchasing Bitcoin, despite cryptocurrency prices experiencing recent fluctuations. During an earnings call earlier this week, Phong Le, CEO of MicroStrategy, stated that the firm’s strategy is to acquire and hold Bitcoin with its excess cash and capital market transactions. Le noted that MicroStrategy’s core business remains unaffected by near-term Bitcoin price fluctuations and added that the firm’s commitment to its Bitcoin acquisition strategy remains firm. Since 2020, MicroStrategy has continued to purchase Bitcoin, with its most recent purchase being for 1045 Bitcoins last month. Currently, MicroStrategy holds 140,000 Bitcoins with

MaskEX Joins Forces with Finoverse to Explore Synergies between Dubai and Hong Kong’s Web3 Ecosystems
12 months ago 3 mins read

MaskEX Joins Forces with Finoverse to Explore Synergies between Dubai and Hong Kong’s Web3 Ecosystems

Dubai, UAE, May 1st, 2023 MaskEX, a next-generation crypto exchange headquartered in Dubai, today announces that it is partnering with Finoverse, one of the world’s largest and most active FinTech and Web3 communities, to co-host the Opening Reception of the Finoverse Arabia Discovery Tour. The Finoverse Arabia Discovery Tour will take a delegation of over 20 founders, venture capitalists, family offices and regulators from Hong Kong and China’s Greater Bay Area to the Middle East to explore opportunities and potential synergies in the Web3 and virtual assets space. The Opening Reception is set to take place on 7 May at

Interoperability protocol Axelar has facilitated the cross-chain functionality of yield optimization protocol Sommelier by connecting it to Ethereum Layer 2 network Arbitrum One. With the help of Axelar's General Message Passing (GMP) protocol, Sommelier's DeFi vaults, which operate on the Cosmos ecosystem and Ethereum, will now be available on Arbitrum, enabling users to optimize their crypto assets and trade through lending services. Axelar's GMP enables the transmission of data and commands between smart contracts on different chains, allowing cross-chain applications to operate effectively. Previously, in a Series A funding round led by Polychain Capital, Sommelier raised $23 million, which was overseen by former lead developer for Cosmos and Tendermint, Zaki Manian.
12 months ago 1 min read

Axelar Integrates Sommelier DeFi Vaults with Arbitrum Network

Axelar, an interoperability protocol, has enabled Sommelier, a yield optimization protocol on Cosmos, to become a cross-chain application by connecting it with Ethereum Layer 2 network Arbitrum One. Sommelier’s DeFi vaults operate on its blockchain in the Cosmos ecosystem and Ethereum, and now they will be available on Arbitrum One, allowing users to optimize yields on their crypto assets through lending and trading services. This development was made possible with the help of Axelar’s General Message Passing (GMP) protocol, which facilitates communication between the two ecosystems. The protocol enables data and assets to move between the two ecosystems, making it

General Protocols Launches New BCH Bull Trading Platform, Built on Bitcoin Cash’s AnyHedge Protocol
12 months ago 2 mins read

General Protocols Launches New BCH Bull Trading Platform, Built on Bitcoin Cash’s AnyHedge Protocol

Singapore, Singapore, May 1st, 2023 General Protocols announces the full production release of BCH Bull, a groundbreaking decentralized trading platform built on Bitcoin Cash. By employing smart contracts on the Bitcoin Cash mainchain, BCH Bull enables users to create long or hedge positions against a variety of assets, including Gold, Silver, BTC, Ethereum, and fiat currencies such as USD, CNY, and INR. Built on the AnyHedge protocol, BCH Bull leverages the scalable UTXO-based protocol of Bitcoin Cash to avoid high transaction fees and ensure network fees do not rise with increasing transaction volume. Since its beta release in October 2022, BCH Bull has already

TRON DAO Team Leaves Consensus 2023 with Crypto Expectations High
12 months ago 5 mins read

TRON DAO Team Leaves Consensus 2023 with Crypto Expectations High

Geneva, Switzerland, May 2nd, 2023 The TRON DAO team was in full force at Consensus 2023 in Austin, TX from April 26 to 28, 2023. TRON was a “5 Blocks” sponsor this year, offering the highest tier of support. The quote, “I like to say I live in Austin, Texas because I can live where I want to,” is attributed to movie star Matthew McConaughey. For one week, the capital of Texas, the self-declared “Live Music Capital of the World” became the “Crypto Capital of the World.” What Is Consensus?  “Consensus is the world’s largest, longest-running, and most influential gathering that brings together all

288 dark web vendors apprehended, $55M in crypto and cash seized
12 months ago 1 min read

Massive crackdown: Over 280 dark web vendors arrested, $55M worth of crypto and cash seized

Europol has dealt a significant blow to the dark web’s drug trade, arresting 288 drug vendors, shutting down Monopoly Market, and seizing over EUR 50.8 million (USD $55.69 million) in cash and cryptocurrencies, 850 kg of drugs, and 117 firearms. Codenamed SpecTor, this operation involved the coordinated efforts of nine countries – the United States, United Kingdom, Germany, Netherlands, Austria, France, Switzerland, Poland, and Brazil. Monopoly Market’s criminal infrastructure was seized in December 2021, and Europol’s compilation of intelligence packages using this evidence was the basis for hundreds of national investigations. In total, the 288 suspects arrested were active on

Poloniex Resolves OFAC Sanctions Violation Charges with $7.6M Settlement
12 months ago 1 min read

Poloniex Agrees to Pay $7.6 Million to Settle OFAC Charges

Cryptocurrency exchange Poloniex has agreed to pay a $7.6 million settlement to the Office of Foreign Assets Control (OFAC) for allowing customers in sanctioned countries to trade and transact digital currencies. OFAC found that Poloniex facilitated over $15.3 million worth of transactions for customers in Iran, Cuba, Sudan, and Syria between 2014 and 2019. The company did not voluntarily disclose these violations and only started blocking prohibited IP addresses in 2017, despite having KYC information and IP address data. In addition to the OFAC settlement, Poloniex has previously settled with the US Securities and Exchange Commission (SEC) and Canada’s Ontario

Phantom Wallet expands its capabilities with Ethereum and Polygon integration
12 months ago 1 min read

Phantom Wallet now supports Ethereum and Polygon

Self-custodial wallet Phantom has made a major announcement, revealing that its mobile app and browser wallets are now simultaneously supporting Ethereum and Polygon networks. This means that users can access a wide range of dApps across the Web3 landscape, including Uniswap, Magic Eden, Aave, OpenSea, and Blur. The popular Solana wallet first announced its support for rival blockchains Ethereum and Polygon in November last year, intending to offer the ability to interact with the three largest blockchains for digital collectibles in one location. Phantom CEO Brandon Millman stated that the company is committed to using its Solana ecosystem expertise to

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