Month: January 2023

The Bahamas lawyers up as the FTX case proceeds in US court and disagreements fester

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The Bahamas will have legal representation in the unfolding FTX case. The Caribbean nation chose Brown Rudnick as counsel “in certain matters of engagement related to the collapse of FTX Digital Markets Ltd.,” alongside Bahamian lawyers and other experts, according to a statement released by the law firm.  FTX Digital Markets is headquartered in the Bahamas, and the top management of the company lived in that country. Cases against the members of the management team are now being heard in the United States after former CEO Sam Bankman-Fried’s extradition from…

3 reasons why it could be a rocky week for Bitcoin, Ethereum and altcoins

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Continuing with 2022’s trend, there is a lack of positive excitement in the crypto market. While Bitcoin (BTC) and altcoins have remained stagnant to start 2023, there are a few reasons why volatility could spike in January.  Market caps during the 2022 holiday period. Source: Arcane Research Winklevoss Letter to DCG stirs up bankruptcy FUD On Jan. 2, Cameron Winklevoss, the co-founder of Gemini, penned an open letter to Digital Currency Group (DCG) founder, Barry Silbert demanding answers on the $900 million in locked customer funds. Gemini launched the “Earn”…

Crypto Markets Start Year on Positive Note After Horrendous 2022

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Bitcoin Core Developer Loses $3.6 Million Worth Of Bitcoins To Hack

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Bitcoin core dev Luke Dashjr has lost $3.6 million to a hack  The perpetrators managed to gain access to Dashjr’s PGP key.  Binance is monitoring the situation and CZ has offered to freeze the stolen funds if possible.  The hack may be associated with a security breach that occurred in November 2022.  Luke Dashjr, a Bitcoin core developer who claims to be the longest contributor to the flagship cryptocurrency, fell victim to a hack earlier this week that led to a loss of millions of dollars worth of Bitcoins.  Lost…

US Federal Reserve, Other Agencies Continue to Warn Banks About Crypto

“Given the significant risks highlighted by recent failures of several large crypto-asset companies, the agencies continue to take a careful and cautious approach related to current or proposed crypto-asset-related activities and exposures at each banking organization,” according to the statement from agencies that also included the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC). Source

Sam Bankman-Fried enters not guilty plea for all counts in federal court

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Former FTX chief executive officer Sam Bankman-Fried has pled not guilty to all charges he’s facing including wire fraud, securities fraud, and violations of campaign finance laws.  Multiple observers in the United States District Court in the Southern District of New York on Jan. 3 reported that Bankman-Fried’s attorneys had entered a not guilty plea on SBF’s behalf in his first court appearance since December. Bankman-Fried faces eight criminal counts which could result in 115 years in jail should he be convicted. Assistant U.S. Attorney Danielle Sassoon, one of the…

The biggest surprises in crypto of 2022

2022 saw the fall of many linchpin crypto and blockchain firms as the May market drawdown shook the industry. It caused many cryptocurrencies to lose value and many investors to pull their money from the market. Furthermore, the unprecedented knock-on effects of the meltdown exposed many blockchain and cryptocurrency firms that were ill-prepared for turbulent times. However, a collective of companies was able to resist negative market forces and grow amidst the turbulence. The crypto market as a whole continues to grow and has now reached 320 million users. As…

Solana Exec Says Platform Still Gaining New Users Despite FTX’s Collapse

Sam Bankman-Fried, the now disgraced founder of bankrupt FTX, was a vocal supporter of Solana, and according to a Solana blog post in November, FTX and Alameda Research, an affiliated trading firm that Bankman-Fried also owned, purchased more than $58 million worth of SOL tokens from the foundation and its sister company Solana Labs six months after the platform first live with a test network. Source