Day: August 16, 2022

Celsius CEO Accused of Controlling Crypto Company’s Trading Scheme and Placing Bad Bets โ€“ Bitcoin News

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According to a recent report published on Tuesday, the Israeli-American founder and CEO of Celsius Network, Alex Mashinsky, was in charge of the companyโ€™s trading strategy. The report, citing multiple people familiar with the matter, said Mashinsky sold millions of dollarsโ€™ worth of bitcoin in anticipation to buy bitcoin cheap. Except after the CEO allegedly placed this bet, bitcoin markets followed the opposite trend, and the leading crypto asset accumulated some gains. People Familiar With the Celsius Situation Say Mashinsky Was Trading on โ€˜Bad Informationโ€™ On Tuesday, the Financial Times…

Bitcoin Miners Suffer Over $1 Billion Loss In Q2 2022

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After incurring a number of impairment losses brought on by the decline in cryptocurrency prices, the three biggest US publicly traded Bitcoin mining companies lost more than US$1 billion in the second quarter. Bitcoin Miners In Deep Red In the three months that ended June 30, Core Scientific Inc., Marathon Digital Holdings Inc., and Riot Blockchain Inc. all reported net losses of US$862 million, US$192 million, and US$366 million, respectively. Following the approximately 60% decline in the price of Bitcoin during the quarter, other large miners such Bitfarms Ltd. and…

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Bitcoin Miner Riot Takes $349M Goodwill Impairment Charge on Acquisitions

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โ€œAlthough challenging global market conditions in the second quarter, further impacted by a steep decline in the price of Bitcoin and resulting decline in market valuations for publicly-traded Bitcoin miners, including Riot, necessitated non-cash impairment charges this quarter, these non-cash charges had no impact on our solid financial position and ample liquidity, both of which were further strengthened this quarter,โ€ said CEO Jason Les in a statement. Original

IRS takes out John Doe summons on crypto prime dealer SFOX to find tax cheat customers

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The Central District of California federal court entered an order Monday to authorize the United States Internal Revenue Service (IRS) to serve a John Doe summons on SFOX, a Los Angeles-based cryptocurrency prime dealer. The IRS filed suit to receive the order, which directs SFOX to reveal the identities of customers who are U.S. taxpayers and documents relating to their cryptocurrency transactions equivalent to at least $20,000 carried out between 2016 and 2021.ย  The IRS filed suit in the Southern District of New York to receive a John Doe summons…

SEC files suit against Dragonchain and its founder

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The United States Securities and Exchange Commission, or SEC, has filed a complaint related to a 2017 initial coin offering from a blockchain project originally developed by the Walt Disney Company. In a Tuesday notice, the SEC said it had charged Dragonchain, the Dragonchain Foundation, the Dragon Company, and their founder John Joseph Roets for raising $16.5 million in a presale and initial coin offering from 2017. According to the financial regulator, Roets, Dragonchain, and the Dragonchain Foundation allegedly conducted an unregistered offering of the blockchainโ€™s DRGN tokens in an…

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Function over fun? Analyst says P2E games donโ€™t need to be โ€˜funโ€™ to retain users

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Play-to-earnย (P2E) blockchain-based games gathered investorsโ€™ attention in late 2021, with Axie Infinity leading the pack with over 2 million active users. In P2E games, players are awarded tokens or nonfungible token assets (NFTs) as they progress throughout the game. These digital assets can be sold using marketplaces and cryptocurrency exchanges, generating income in a decentralized manner. However, there is a large discrepancy between P2E and traditional PC and console gaming experiences. In that sense, crypto games are a couple of decades behind due to the restrictions imposed by blockchain technology.…