Day: December 7, 2022

Zodia Custody launches service to protect users’ crypto from exchange insolvency

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Crypto asset provider Zodia Custody has launched a new service to help protect its clients from exchange insolvency.  According to the company, its new service, Interchange, will provide an alternative to the pre-funding and margin models of exchanges. The service is set to allow users to keep their assets with Zodia Custody while mirroring holdings in exchanges, thereby protecting clients’ digital assets in the event that an exchange becomes insolvent.  Based in London, Zodia Custody is backed by financial institutions Standard Chartered and Northern Trust. Introducing our new service: Zodia…

US Justice Dept Arrests Blockchain Company Official on Charges He Defrauded Firm of More Than $1M

According to the indictment, in 2018, Thapa agreed to receive and hold $1 million of his company’s money in his personal bank account while the firm explored other banking options. Thapa soon began using the funds on personal expenses such as nightclubs, travel and clothing, despite re-assuring the company that he was only holding the money “for safekeeping.” Source link

Sam Bankman-Fried Could Go to Prison for a Very, Very Long Time

Here’s the thing: It seems impossible that FTX could have afforded those investments, along with its other vast expenditures, simply from three years of exchange revenue and its own venture capital inflows of $1.8 billion. Maybe some of the FTX Ventures stakes used fake FTX money like FTT, so there’s more work to be done. But very simple arithmetic strongly suggests not only that FTX was dipping into customer funds, but that the people running FTX could not possibly have been ignorant of that fact. Source

Data From October Shows Gold Reserves Held by Central Banks Tapped the Highest Level in 47 Years – Bitcoin News

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Following the World Gold Council’s (WGC) third-quarter report that shows central banks purchased a record amount of gold, data released by the WGC shows that central banks are buying more gold during 2022’s fourth quarter. Statistics show that the gold held by the world’s central banks is at the highest level since 1974. Central Banks Continue to Acquire Gold in Q4, UAE Purchases the Largest Quantity of Gold Bullion in October Central banks around the globe are purchasing vast quantities of gold and during the first week of November, a…

Brazilian Companies Transacting with Digital Assets Grew Again in October

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Ankr deploys $15M to make users whole as Helio stablecoin recovers after exploit

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According to a Twitter post dated Dec. 7, stablecoin protocol Helio, which issues the HAY stablecoin pegged against the U.S. dollar, said that the firm had bought back $3 million worth of bad debt in HAY thus far in the open market. The day prior, blockchain infrastructure platform Ankr stated it would allocate $15 million to buy back the bad debt resulting from its recent exploit and the resultant over-circulation of HAY.  A series of seemingly unrelated incidents occurred on Dec. 2 when a hacker manipulated vulnerabilities in Ankr’s smart…

DOGE, LINK Fall to 10-Day Lows on Wednesday – Market Updates Bitcoin News

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Dogecoin fell to a ten-day low on Dec. 7, as the meme coin extended a recent decline, falling for a third consecutive session. Overall, cryptocurrency markets have been mostly bearish in today’s session, and are down 1.07% as of writing. Chainlink was another notable token to fall, and is currently trading by as much as 5% lower. Dogecoin (DOGE) Dogecoin (DOGE) dropped to a ten-day low on Wednesday, with prices falling for a third straight session. Following a high of $0.101 on Tuesday, DOGE/USD slipped to an intraday low of…