Browsing:Crypto

Binance.US reportedly to reduce CZ's stake in efforts to appease regulators
1 year ago 1 min read

CZ to have reduced stake in Binance.US amid regulatory pressure

Changpeng Zhao, the founder of Binance.US, is exploring ways to reduce his ownership stake in the company, according to a report by The Information. The move is reportedly in response to a lawsuit filed against the exchange by the Commodity Futures Trading Commission (CFTC), which alleges multiple infractions and seeks to hold the company accountable under US federal law. Sources suggest that top executives at Binance.US are discussing whether reducing Zhao’s ownership position would appease US regulators and improve the company’s chances of obtaining regulatory licenses. The CFTC lawsuit has also prompted some current and former Binance.US executives to seek

Silvergate Bank prepares for staff reduction as it commences NYSE delisting process
1 year ago 1 min read

Silvergate Bank initiates NYSE delisting proceedings amid plans to lay off 230 employees

Silvergate Capital, the parent company of the defunct Silvergate Bank, has revealed that 230 employees will be let go as it prepares to be delisted from the New York Stock Exchange (NYSE). In a filing to the US Securities and Exchange Commission (SEC) on May 11, Silvergate Capital announced the suspension of trading in its stock, with the delisting to commence “shortly” after. The staff cut is estimated to cost the firm around $13.6 million, including expenses on severance, retention, bonus pays, and job placement programs. After the cuts, approximately 80 officers and employees will be left behind to continue

Despite Price Fluctuations, Crypto Whales Betting Big on PEPE Coin for Future Gains
1 year ago 1 min read

Crypto Whales Keep Buying Up PEPE Coin Despite Price Drops – Will the Market Rise Again?

Crypto whales have reportedly been accumulating significant amounts of PEPE coin, a meme-inspired cryptocurrency, despite the recent price decline. Lookonchain, an on-chain analytics tool, revealed that three whales purchased large amounts of PEPE when the price dropped, with one of them withdrawing 1.4 trillion PEPE, worth $2.76 million, from Binance when the price was $0.000002054. Binance, which listed PEPE on May 6, has witnessed high volumes of PEPE trading on its platform. Despite the price drop, PEPE’s trading volume was over $430 million at the time of writing, with most of it coming from Binance. PEPE had peaked at an

Bittrex Secures $7M Bitcoin Loan from Parent Company Aquila Holdings to Facilitate Bankruptcy Case, U.S. Judge Approves
1 year ago 1 min read

Bittrex was granted a $7 million loan by a US judge to initiate bankruptcy proceedings

Bittrex crypto exchange has been granted approval by a bankruptcy judge in the United States for a $7 million loan from its parent company, Aquila Holdings, to facilitate its bankruptcy proceedings. The exchange intends to request a second loan of 450 BTC worth $12 million in a hearing later in June. Despite claims that it can repay all customers in cryptocurrency, the loan will only be used to assist the bankruptcy. Bittrex filed for Chapter 11 bankruptcy in the District of Delaware last week, impacting its Seattle-based entity, two Bittrex enterprises in Malta, and a related entity called Desolation Holdings

Justin Sun
1 year ago 1 min read

Justin Sun, the founder of TRON and CEO of BitTorrent says he will start trading meme coins

Justin Sun, the founder of TRON and CEO of BitTorrent, has announced that he will start trading meme coins. Sun made the announcement on Twitter, stating “I’ve decided to begin actively trading meme coins and promising projects through my public address.” Meme coins are a type of cryptocurrency that often use internet memes as their branding or marketing strategy. They typically have no underlying value and are not backed by any assets. Despite this, they have gained significant popularity in recent months, with coins like Dogecoin and Shiba Inu seeing massive gains. Sun is no stranger to meme coins, having

Milady memecoin
1 year ago 1 min read

Milady memecoin sees astronomical rise of 5,250% following Elon Musk’s tweet and exchange listings

On May 11, the cryptocurrency world witnessed a massive surge in the value of Milady (LADYS) – a self-organized memecoin. The surge came after American business magnate, Elon Musk, tweeted a meme featuring a Milady non-fungible token (NFT). Milady is the namesake anime avatar NFT collection that has been gaining popularity in recent times. The surge in the value of Milady was a whopping 5,250% within 24 hours, and it was trading at $0.0000001528 at the time of publication. While the token developers clarified that LADYS has no association with Milady creator Charlotte Fang or Milady Maker, the token pays

This decision comes after BlockFi froze funds
1 year ago 2 mins read

BlockFi customers to receive $300M held in Custodial Accounts as ordered by Judge

In a landmark ruling, a New Jersey judge has ordered that almost $300 million worth of assets held in BlockFi’s custodial wallets should be returned to clients, rather than the bankrupt crypto lender’s estate. This decision comes after BlockFi froze funds in its interest-bearing accounts (BIA) last year, following the collapse of FTX. While clients will be pleased with the outcome, the judge denied the repayment of an additional $375 million that clients attempted to withdraw after the freeze, arguing that this money belonged to the estate. Bankruptcy Judge Michael Kaplan said that digital assets held in custodial omnibus wallets

TABOO
1 year ago 2 mins read

TABOO Secures $10 Million Investment to Pioneer Blockchain-Based Adult Entertainment Industry

TABOO, the adult entertainment and media platform, has made headlines with its recent announcement of a $10 million deal at a valuation of $250 million.  Moreover, the investment, led by a former JP Morgan senior executive, has set the stage for the platform’s expansion and growth in the coming years. The infusion of capital will be utilized for many purposes, including product improvements, security enhancements, marketing, and acquisitions. One of the highlights of the platform’s recent growth is the impressive token growth in the first quarter of 2023, which saw a 1000% increase. This development reflects the growing interest and

PUBLC Beats Google to the Punch by Integrating Large Language Models into its Search Engine
1 year ago 3 mins read

PUBLC Beats Google to the Punch by Integrating Large Language Models into its Search Engine

London, United Kingdom, May 10th, 2023 Today, PUBLC announced the paradigm-shifting integration of Large Language Models (LLMs) into its search engine, a transformative move that firmly positions the startup as a pioneer in the rapidly evolving search industry. This milestone follows PUBLC’s ongoing mission to create “everyone’s search engine” – a platform built by the web community, powered by cutting-edge AI models, and anchored in a blockchain-based token economy through its token, PUBLX. Since the release of ChatGPT 6 months ago, the world has witnessed the revolutionary capabilities of LLMs, prompting tech giants like Google and Microsoft to rush to incorporate them into

US Democrats and SEC Chair Gensler team up for crypto crackdown
1 year ago 1 min read

Democratic Party pushes for SEC to regulate crypto market

A leaked memo reveals that US Democrats are secretly pushing their agenda to bring the crypto industry under their full control. The party leadership’s memo titled “key messages” instructs Democratic committee members to follow the agenda for the House Financial Services Committee hearing on digital assets held on May 10. The memo makes it clear that U.S. Democrats want to regulate the industry under the supervision of SEC Chairman Gary Gensler. According to the memo, Republicans claim they want to provide clarity in the markets by giving the CFTC space for cryptocurrencies but are “undermining” the agency by proposing to

BDO Italia, the accounting firm responsible for auditing Tether's reserves, has released its latest attestation report revealing that the stablecoin issuer holds approximately $1.5 billion worth of Bitcoin (BTC) reserves.
1 year ago 1 min read

Tether’s Bitcoin holdings soar to $1.5B, says BDO Italia

BDO Italia, an accounting firm, has released its latest attestation report for Tether, the stablecoin issuer, revealing that approximately $1.5 billion of Tether’s reserves, or 2% of the total, are held in Bitcoin at the end of the first quarter. This marks the first time Bitcoin has been listed as a line item in the report. The report also showed that Tether holds around $3.4 billion worth of precious metals, which were given their own line item, making up approximately 4% of the total reserves. In a statement, Tether emphasized its commitment to transparency, saying that it included information about

Binance Crypto Exchange Reports a 50% Drop in Trading Volume for April
1 year ago 1 min read

Binance Trading Volume Drops by Nearly 50% in April

Binance crypto exchange has seen a drop in spot trading volume for two consecutive months in April, falling 48% due to declining transaction levels throughout the industry. According to CCData, trading volume dropped to $287 billion last month, the second-lowest level since 2021, while Binance’s market share fell to 46%. However, Binance is not the only exchange facing this challenge. Centralized exchanges overall saw spot trading volume drop by 40% to the lowest level since December, attributed to the uncertainty surrounding macroeconomic conditions and the collapse of several U.S. banks. Despite the dip in trading volume, Binance remains the largest

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