Day: November 29, 2022

US lawmaker questions major crypto exchanges on consumer protection amid FTX collapse

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Ron Wyden, chair for the United States Senate Finance Committee, has requested information from six crypto firms on consumer protection following FTX’s liquidity issues and bankruptcy. In separate letters dated on Nov. 28, Wyden targeted Binance, Coinbase, Bitfinex, Gemini, Kraken and KuCoin, requesting information on what protections the exchanges had in place if a failure like the one that happened at FTX occurred. The senator said that crypto users who had funds with FTX had “no such protections” like those at banks or registered brokers under the Federal Deposit Insurance…

Libertex crypto exchange head Vyacheslav Taran dies in helicopter crash in France

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Russian billionaire Vyacheslav Taran, president of Libertex Group and founder of Forex Club, died Nov. 25 in a helicopter crash in France while en route from Lausanne to Monaco, Switzerland. He was 53. The helicopter pilot, the only other person aboard the craft, also died. Libertex has confirmed Taran’s death, stating: “It is with great sadness that Libertex Group confirms the death of its co-founder and Chairman of Board of Directors, Vyacheslav Taran, after a helicopter crash that took place en route to Monaco on Friday, 25 November 2022.” Taran,…

Crypto Services Firm Prime Trust Has Fired CEO Tom Pageler

The abrupt firing marks the latest shakeup in crypto this month after FTX and Alameda Research’s market-shattering collapse. It was not immediately clear whether Prime Trust, which supports crypto custody and transaction processing, had any exposure to FTX or other recently bankrupt crypto companies, such as BlockFi. Source

Crypto Exchange Bitfront Shuts Down Amid Industry Challenges – Exchanges Bitcoin News

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Cryptocurrency exchange Bitfront has announced its intention to cease operations in the coming months, citing challenges facing the industry. The U.S. trading platform, backed by Japan’s social media giant Line, indicated the decision is unrelated to the collapse of FTX. Line-Supported Digital Asset Exchange Bitfront Suspends New Sign-ups Bitfront, a crypto exchange operating in the United States, has suspended new sign-ups and credit card payments while planning to cease operations in a few months’ time. The move comes despite efforts to overcome the current challenges in the “rapidly evolving” crypto…

Collapsed Crypto Exchange FTX Resumes Normal Salary Payments to Employees Worldwide

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Beleaguered crypto exchange FTX says most of its subsidiaries are resuming salary and benefit payments to employees after being interrupted during the company’s insolvency crisis. In a statement, FTX’s new CEO John J. Ray III says that ordinary course payment will also resume for some of the firm’s non-US contractors and service providers to preserve business operations. Ray says the company acknowledges the inconvenience caused by the interruptions in payments, and thanks employees and partners for their support.  “With the Court’s approval of our First Day motions and the work…

FTX hacker reportedly transfers a portion of stolen funds to OKX after using Bitcoin mixer

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Hackers who drained FTX and FTX USA of over $450 million worth of assets just moments after the doomed crypto exchange filed for bankruptcy on Nov. 11, continue to move assets around in an attempt to launder the money.  A crypto analyst who goes by ZachXBT on Twitter alleged that the FTX hackers have transferred a portion of the stolen funds to the OKX exchange, after using the Bitcoin mixer ChipMixer. The analyst reported that at least 225 BTC — worth $4.1 million USD — has been sent to OKX…

Beto O’Rourke Returned a $1M Campaign Donation From Sam Bankman-Fried: Report

Bankman-Fried personally donated $40 million to largely Democratic candidates, while other FTX executives, including co-CEO Ryan Salame, donated to Republicans. Some of those candidates, including Senator Kirsten Gillibrand (D-N.Y.), who received at least $16,600 from Bankman-Fried, are rushing to wash their hands of the association with Bankman-Fried’s suspect money donations, promising to donate the money to charity. Source

Bitcoin On Exchanges Keeps Sliding, 1 Million BTC Pulled From These Platforms

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Bitcoin is trending sideways in its current range, the cryptocurrency managed to prevent a fresh assault from the bears, but uncertainty remains strong in the market. This status quo supports the price action, and it could operate as the dominant trend for the remaining of the year.  As of this writing, Bitcoin trades at $16,400. The cryptocurrency has been stuck at these levels for today’s trading session after re-testing its yearly lows yesterday. In the wake of FTX’s collapse, crypto users have lost confidence. This could have a long-lasting impact…

Ukraine-based blockchain firm blasts ‘fake news’ for crypto donation rumors amid FTX collapse

Everstake, a blockchain firm that partnered with the Ukrainian government to launch a donation website amid the country’s war with Russia, has pushed back against online rumors and conspiracy theories that the platform was used for politically motivated money laundering.  Ukrainian government officials partnered with Everstake, Kuna and the now infamous crypto exchange FTX to launch Aid for Ukraine in March following the Russian military’s invasion. According to the platform, crypto users and Ukraine supporters sent roughly $60 million in crypto and fiat aimed at supporting Ukraine’s armed forces and…