Day: November 18, 2022

Multicoin Expects FTX Contagion Dangers For Weeks To Come

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In a letter to its investors, one of the industryโ€™s most notable crypto venture firms, Multcoin Capital, has revealed its thesis for the coming weeks. Managing partners Kyle Samani and Tushar Jain write in a 3,400-word letter that the FTX fiasco does not spell doom for the crypto industry, as critics like Peter Schiff and Nassim Taleb recently did. โ€œJust as Lehman Brothers didnโ€™t kill banking and Enron wasnโ€™t the death of energy companies, FTX wonโ€™t be the end of the crypto industry,โ€ the venture capital firm said. At the…

FTX Acted Like ‘Most Regulatedโ€™ Crypto Exchange with Acquisition Deals

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Crypto exchange FTX, before it collapsed last week and filed for bankruptcy protection, used a strategy to appear as the โ€œmost regulated crypto platformโ€ by stake-picking in companies. But the plan misfired and attracted hard scrutiny from authorities, according to media reports. FTX spent nearly $2 billion on โ€œacquisitions for regulatory purposes,โ€ per a September 19 meeting minutes. In 2021, it bought out LedgerX LLC, a futures exchange, and grabbed three Commodity Futures Trading Commission (CFTC) licenses in one stroke. Reuters in a report said scrutiny of TTX documents revealed…

Co-Founder of Russiaโ€™s Largest Crypto Pyramid Finiko Arrested in UAE โ€“ Bitcoin News

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One of the founders of Russiaโ€™s most notorious Ponzi scheme in recent times, Finiko, is in detention in the United Arab Emirates, according to a Russian media report. The close associate of the crypto pyramidโ€™s mastermind left the Russian Federation as the scam collapsed last summer. UAE Authorities Review Russian Extradition Request for Top Finiko Member Zygmunt Zygmuntovich, a co-founder and high-ranking representative of arguably the largest Ponzi scheme in Russia since MMM in the 1990s, has been captured in the United Arab Emirates (UAE), the Russian portal โ€œBusiness Onlineโ€…

FINRA Targets Crypto Communications After FTX Collapse

Retail communication includes โ€œany written (including electronic) communication that is distributed or made available to more than 25 retail investors within any 30 calendar-day period,โ€ the notice said. It added that and “video, social media, mobile applications, and websites generally fall into this communications category.” Source

FTX market aftershock reportedly causes Genesis Block to cease trading in Hong Kong

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In the wake ofย the recent FTX scandal, another crypto business is feeling the market effects. Genesis Block, a frontrunner for providing cryptocurrency retail services in Hong Kong, announced it will cease trading and shutter operations, according to reports. According to an email sent out to its customers by the compliance department, the company said that starting Dec. 10, it will be closing down its over-the-counter (OTC) online trading portal. Wincent Hung, CEO of the company, told Reuters that the company has ceased trading as counterparties continue to shutter in light…

Breaking News: India to legalize/Ban Cryptocurrency by Q1 of 2023 ๐Ÿ‡ฎ๐Ÿ‡ณ

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Turkish Crypto Exchange Founder Faruk to Be Extradited to Turkey to Face Charges of Fraud and Founding a Criminal Organization: Report

CryptoX – Cryptocurrency Analysis and News Portal Faruk Fatih ร–ze, the founder of Thodex, one of Turkey’s largest crypto exchanges, will be extradited to Turkey after being arrested in Albania in August to face charges of fraud and running a criminal organization, state media aa.com reported on Friday. Original Source The post Turkish Crypto Exchange Founder Faruk to Be Extradited to Turkey to Face Charges of Fraud and Founding a Criminal Organization: Report appeared first on CryptoX. CryptoX Portal