Month: May 2023

Binance assists US in freezing $4.4m tied to North Korea

Crypto exchange Binance has announced its collaboration with US law enforcement agencies, seizing $4.4 million worth of crypto assets connected to cybercrime organizations operating in North Korea. In a series of tweets on May 25, Binance revealed that its investigations team actively worked with US authorities to disrupt the illicit revenue-generating activities of four now-sanctioned entities based in North Korea. The coordinated efforts were undertaken in compliance with lawfully served warrants and close cooperation with law enforcement, according to Binance. The Department of the Treasury’s Office of Foreign Assets Control…

OpenAI Closes $175 Million Startup Investment Fund

Reputed for being a frontrunner when it comes to AI research and technology, OpenAI has been invested in helping AI-focused startups. American artificial intelligence (AI) company OpenAI may have just closed an investment fund. According to a Securities and Exchange Commission (SEC) filing, the firm raised over $175 million. Reputed for being a frontrunner when it comes to AI research and technology, OpenAI has been invested in helping AI-focused startups. To this end, the platform launched what it calls the OpenAI Startup Fund in May 2021. As revealed by the…

Bitcoin Price (BTC) Falls to $26K; Is $24K Next?

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Crypto consortium Fahrenheit has won a bid to acquire insolvent lender Celsius Network, whose assets were previously valued at around $2 billion, according to court filings made early Thursday morning. The group will acquire Celsius’ institutional loan portfolio, staked cryptocurrencies, mining unit and additional alternative investments, and must pay a deposit of $10 million within three days to cement the deal, court filings show. A consortium of buyers that includes venture capital firm Arrington Capital and miner US Bitcoin Corp, Farenheit was selected as successful bidder following a lengthy auction…

High Court Denies Bail for Do Kwon Due to Lack of Concrete Evidence

Kwon is currently expected to show up in court on June 16. The value of Kwon’s property was based on a statement alone, lacking concrete evidence. As a result, the high court has ruled against his bail. The requests to bail out Do Kwon, co-founder of the defunct Terra Labs, were rejected due to insufficient document verification. After a lower court reviewed the documents, a bail motion was made but was ultimately rejected by the high court due to improper property valuation. As a result, Do Kwon will remain in…

Fahrenheit Consortium Wins Bid to Acquire Celsius Network

The deal is yet to be finalized as an initial deposit is expected within the next ten days. It is a good day for the embattled crypto lender Celsius Network as crypto consortium Fahrenheit LLC has won the bid to acquire the insolvent firm whose assets were previously valued at $2 billion. According to a May 25th court filing, the Arrington Capital-backed group emerged as the successful bidder after beating NovaWulf Digital Management. Markedly, Fahrenheit is a conglomerate of buyers which include venture capital firm Arrington Capital and miner US…

ChatGPT Creator OpenAI Considers EU Departure Over Stringent Regulations

OpenAI CEO warns of potential exit from Europe if the firm fails to meet regulatory requirements for the forthcoming AI rules. OpenAI, the brains behind the famous and controversial artificial intelligence (AI) ChatGPT, said Wednesday that it might consider leaving Europe if it faces challenges complying with the upcoming AI regulations in the region. Based in the United States, OpenAI encountered a major legal snag in Italy last month when its Data Protection regulator banned it from processing user requests on suspicion of violating the European Union’s (EU) strict data…

Coinbase Base Network Releases Roadmap to Mainnet Launch

Coinbase has unveiled the “Path to Mainnet” for its Ethereum Layer 2 network, Coinbase Base, outlining criteria to be fulfilled before the launch. They have revealed a five-point criteria. In the latest, crypto exchange Coinbase revealed the “Path to Mainnet” outlining the roadmap for the mainnet launch of Coinbase Base. The outline doesn’t mention the timeline of mainnet launch, however, lists five specific criteria to satisfy before the launch. Of the five, Coinbase has satisfied five criteria so far. 1/ Base is gearing up for mainnet with safety and security…

Indicted BTC-e Founder Alexander Vinnik Seeks to Gain Freedom via Prisoner Swap Deal

A potential swap deal for Vinnik is increasingly looking to have a high probability. Alexander Vinnik, the Russian co-founder of the crypto exchange BTC-e, may have just had his hopes of regaining freedom renewed. Vinnik is currently facing money laundering charges in the US and has since last September been pushing for a release by a “prisoner swap” deal. According to a Wednesday WSJ report, however, the freedom push has now gained new momentum. Vinnik’s lawyer, David Rizk is reportedly putting in a case for him to be included in…