Month: March 2023

Ethereum Usage Will Drop if the Blockchain Doesn’t Increase Its Throughput: Bank of America

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FTX Moves to Recoup $460 Million from Modulo Capital

Modulo’s $460 million marks a significant recovery in the ongoing bankruptcy case. Bankrupt crypto exchange FTX is currently working toward recovering some of the customer funds that were reportedly misappropriated. To this end, it filed a motion on Wednesday that would see it recover $460 million in assets for stakeholders. Per the filing, the fund is being recovered from Bahamas-based hedge fund Modulo Capital, which received no less than $475 million from Alameda Research – the investment arm of FTX, throughout 2022. According to earlier reports, the Modulo Capital investment…

Saudi and Abu Dhabi Investors to Contribute to SpaceX New Funding

Following a signed agreement between SpaceX and NASA, the government agency is considering SpaceX as an emergency return option for the ISS crew.  Elon Musk’s SpaceX is about to receive financial backing from Saudi Arabia and Abu Dhabi investors in a new funding round. This follows an equity funding round in May 2022, which generated about $1.7 billion and reached a $127 billion market worth. At the same time, the company was positioned to be the US most valued startup with more than $125 billion valuation. Fast forward to July 2023,…

Hindenburg Research Announces Another ‘Big’ Report Following Adani Exposé

Forensic research platform Hindenburg Research has teased another report amid the ongoing US banking crisis.  Following its Adani report, US short-seller Hindenburg Research says it will release a new report on another target soon. The New York-based research firm did not specify the next release and provided no details about timing or content. Nonetheless, speculation is rife that the upcoming Hindenburg report could deal with the ongoing US banking crisis. This is because of the crisis’ impact on the financial landscape as triggered by the recent collapses of some commercial…

Sushi DAO to Set up Defense Legal Defense Fund; Project Receives Unspecified US SEC Subpoena – Defi Bitcoin News

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Sushi, the Web3 exchange that pivoted into a decentralized autonomous organization (DAO), is seeking to organize a legal defense fund. If approved, the proposal, which already is available for voting, will put $3 million USDT as part of a fund to defend itself from legal actions against the organization and its members. The organization disclosed it had recently received a subpoena from the U.S. Securities and Exchange Commission (SEC). Sushi DAO Presents Proposal to Establish Legal Defense Fund Sushi DAO, a Web3 exchange and staking platform, is seeking…

Bitcoin (BTC) Could Touch New All-Time High of $100,000 This Year

Some crypto industry insiders believe that BTC price can surge to its previous all-time high of $69,000 and even beyond to $100,000. The world’s largest cryptocurrency Bitcoin (BTC) has already delivered a solid performance this year so far outperforming all other asset classes by a considerable margin. Currently, Bitcoin is trading at $27,708 with a market cap of $535 billion. At this current price, the BTC price is up already 70% from January 1, 2023. The fact that this Bitcoin performance comes despite cracks in the global banking system is…

Swiss National Bank Raises Interest Rate by 50 Basis Points amid Banking Crisis

According to the Swiss National Bank, additional interest rate hikes should not be ruled out in the mid to long term. The apex bank of Switzerland, the Swiss National Bank (SNB) has announced its latest interest rate hike by 50 basis points or 0.5%. According to the press release published by the SNB earlier today, the benchmark interest rate is now pegged at 1.5% in what the regulator tagged as its attempt to stem the soaring inflation rate. “The SNB is tightening its monetary policy further and is raising the…

France to Ban Influencers from Promoting Crypto Products and Services

Those violating the law could be sentenced to up to two years in jail as well as a fine of 30,000 euros, in addition to losing their social media accounts. On Wednesday, The French National Assembly’s Economic Affairs Committee addressed crypto-related advertisements and promotions in France made by social media influencers. It was agreed that such activities should be banned in order to protect consumers from potential risks. The proposal has been added to Bill no. 790 which aims to combat scams and “excess” information shared by influencers on social media…

Next Evolution of BlockChain Software Has Only Just Started: Bank of America

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