Day: May 18, 2023

FTX leadership sues Sam Bankman-Fried over $220M deal made prior to bankruptcy

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FTX lawyers are suing former CEO Sam Bankman-Fried, co-founder Zixiao Wang, and former senior executive Nishad Singh over the $220 million acquisition of stock-clearing platform Embed, alleging lack of due diligence.  According to a May 17 filing, FTX had paid $220 million to acquire Embed through its United States subsidiary after having allegedly “performed almost no due diligence” on the platform. After FTX filed for bankruptcy, the judge in charge of the proceedings approved the sales of Embed and other assets of FTX, but the top bidder for the platform offered just…

Uniswap V3 to Deploy on Polkadot via Moonbeam Parachain

The Uniswap ecosystem is expected to significantly benefit from Polkadot’s vast multi-chain capabilities and vice versa. Uniswap, a leading decentralized exchange on several chains with a total value locked (TVL) of about $4.08 billion, is preparing to launch in the Polkadot (DOT) network via its Moonbeam parachain. According to the announcement by Michigan Blockchain, a proposal to deploy Uniswap V3 on Polkadot via Moonbeam Parachain was passed by a community vote with a 99.99 percent approval rate, amounting to 50.38 million votes against 1 vote. Notably, the Uniswap V3 proposal…

Judge Michael Wiles Approves Voyager Digital’s Liquidation Plan after Several Failed Acquisition Attempts

The company noted that its customers will have the possibility to use the Voyager app to begin requesting paybacks, which will take place in 30 days.  Bankrupt crypto lender Voyager Digital announced on Wednesday that its customers will recover about 35 percent of their initial deposit amid its liquidation plan. The failed crypto lender attempted to restructure its business operations through Chapter 11 bankruptcy protection but the customers pushed for a total liquidation. As a result, Voyager Digital attempted to sell its products severally but failed due to technical difficulties.…

Binance Australia Stops AUD Bank Transfers

Meanwhile, The Australian Securities and Investments Commission (ASIC) is reviewing Binance Australia’s derivatives business after the crypto exchange erroneously classified 500 users as “wholesale investors,” leading to the closure of their derivative positions, which local regulations prohibit for retail traders. Source

Pakistan government firm on stance to keep cryptos illegal

Dr. Aisha Ghaus Pasha, Pakistan’s Minister of State for Finance, declared on May 17 that the government has no plans to legalize cryptocurrency in the nation. The statement was made during a meeting of the Senate’s standing committee on finance. According to Pasha, both the State Bank of Pakistan (SBP) and the Ministry of Information and Technology have commenced work towards banning the use of cryptocurrency. This move is aimed at discouraging its usage amongst the population due to its inherent risks and concerns. The minister also noted that the…

Kraken, UK trade body derides lawmaker description of crypto as ‘gambling’

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Self-regulatory organization CryptoUK and crypto exchange Kraken UK has slammed a recent report from a panel of British lawmakers that suggested crypto should be regulated in a similar vein to gambling. In a May 17 report, the Treasury Committee “strongly recommended” that unbacked crypto be regulated as gambling due to concerns over the “significant” consumer risks associated with the asset class, such as price volatility and lack of intrinsic value. It ultimately called for crypto to be regulated under the principle of “same risk, same regulatory outcome.” The move has…

Report: Well Known Crypto Firms Still Not Adhering to Basic Governance Standards

Many of the most well-known crypto firms are not adhering to basic governance standards, the findings of a Bloomberg survey have shown. Only 31 out of the 60 polled firms “currently procure a full financial audit or reserve attestations from an independent auditor.” Industry participants have said many crypto firms are not audited because the “Big Four” accounting firms are not willing to have them as clients. Many Crypto Firms Lack Independent Boards Some of the most influential cryptocurrency firms are not adhering to established corporate governance standards and many…

GridPlus to open source wallet firmware in Q3 amid Ledger debacle

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Amid fallout over Ledger’s controversial decision to allow private keys to be “recovered” from its devices, cold storage competitor GridPlus has announced that it will move to “open source” the firmware of its crypto wallets.  GridPlus took to Twitter on May 17 to inform its 17,500 followers that it will open source the firmware of all its crypto devices in the third quarter of this year in what it claims is in a bid for greater transparency. The most trusted name in cryptography, relied upon by the world’s governments for…