Month: March 2023

Market Maker DWF Labs Emerges as Top Crypto Investor

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Paxful to return lost Celsius funds to Earn users

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Crypto marketplace Paxful will refund its Earn program users affected by the Celsius Network collapse in 2022, according to a Twitter thread posted on March 29 by company CEO Ray Youssef. “I’ve personally taken action and will be refunding all affected Paxful users,” wrote Youssef, explaining that funds will be available for affected users in the platform’s wallet in the coming days. Celsius filed for Chapter 11 bankruptcy in the United States on July 14, leaving thousands of depositors with their assets locked up on the crypto lending platform. At that…

Top U.S. Treasury Official Says Crypto Had No ‘Direct Role’ In Bank Failures

The two regional lenders – and a smaller institution, Silvergate Bank, that arguably sparked the recent blaze that spread through U.S. banking – took business risks that undermined their resilience, according to their regulators. Federal Reserve Vice Chairman for Supervision Michael Barr said the trouble with SVB, for instance, was rooted in “classic interest rate risk management.” Source

Ethereum bulls ignore regulatory action against exchanges by preparing for the Shapella hard fork

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For the past twelve days, the price of Ether (ETH) has been trading in a narrow descending range. Surprisingly, not even the news of Binance and Changpeng “CZ” Zhao being sued by the Commodity Futures Trading Commission (CFTC) was enough to break the support level.  Ether (ETH) price index in USD, 12-hour. Source: TradingView The lawsuit, filed on March 27, claimed that Binance provided derivatives trading services to U.S.-based customers without first obtaining a derivatives license. Additionally, the US Securities and Exchange Commission served Coinbase with a Wells notice on…

NFT investor accidentally burns CryptoPunk: Nifty Newsletter, March 22–28

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In this week’s newsletter, read about Sony filing a patent for a nonfungible token (NFT) framework for games, and how executives believe that Grand Theft Auto (GTA) and Minecraft developers may change their minds on blockchain technology. Learn how an NFT collector accidentally burned a CryptoPunk worth $135,000 while trying to borrow funds, and find out about Disney reportedly sacking its metaverse division. In other news, His Majesty’s Treasury in the United Kingdom has dropped the Royal Mint NFT project.  Sony eyes NFT transfers across multiple game platforms, reveals patent…

Sam Bankman-Fried is paying for legal defense using previously gifted funds from Alameda: Report

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Former FTX chief executive officer Sam Bankman-Fried, also known as SBF, is reportedly funding the legal team defending him against federal charges with millions of dollars he gifted his father from Alameda Research. According to a March 29 Forbes report citing sources with “operational knowledge” of FTX and Alameda, in 2021 Bankman-Fried gave his father at least $10 million that was funded by a loan from Alameda. The former FTX CEO sent the funds to his father, Joseph Bankman — a Stanford Law professor who has stopped teaching classes amid…

Crypto Exchange Beaxy Shuts Down in Wake of SEC Lawsuit

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Cryptocurrency exchange, Beaxy, has shut down its operations after over three of launching into the market. The exchange ceased its operations in the wake of a lawsuit from the United States Securities and Exchange (SEC) which charged the platform and its executions for operating an unregistered exchange, brokerage and clearing agency. In a statement published on its website on Tuesday, Beaxy said it was immediately suspending its services on the Beaxy Changes “due to the uncertain regulatory environment surrounding our business.” Beaxy launched its crypto trading services in June 2019…

Controversial ‘Tiktok Ban Bill’ Sparks Concerns Among Cryptocurrency and Technology Advocates – Bitcoin News

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Cryptocurrency and technology proponents have recently been discussing a new bipartisan bill called the “Restricting the Emergence of Security Threats that Risk Information and Communications Technology (RESTRICT)” Act. In addition to targeting firms such as Kaspersky, Huawei, and Tiktok, opponents of the bill believe one of its provisions will punish ordinary Americans for leveraging a virtual private network (VPN). However, a spokesperson for Democratic senator Mark Warner insists the “legislation is aimed squarely at companies” and “not at individual users.” Concerns Over the RESTRICT Act’s Potential Impact on Cryptocurrency and…

Beaxy exchange shutters after SEC presses multiple charges against founder, execs

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Beaxy suspended operations on March 28 “due to the uncertain regulatory environment surrounding our business,” according to the cryptocurrency exchange’s blog. The suspension came a day before the United States Securities and Exchange Commission (SEC) announced it was charging Beaxy and its executives with failing to register as a national securities exchange, broker and clearing agency.  The SEC also said it was charging Beaxy founder Artak Hamazaspyan and Beaxy Digital, a company he controls, with raising $8 million through an unregistered offering of the Beaxy token (BXY) and misappropriation by…