While liquidators based in the Bahamas argued that a Bahamian judge should preside over part of the bankruptcy case, FTX’s restructuring advisors, who took over the exchange after the company’s founder Sam Bankman-Fried was arrested on fraud charges last December, argued against the request. Source
In a June 8 speech at the Piper Sandler Global Exchange & Fintech Conference, United States Securities and Exchange Commission (SEC) Chair Gary Gensler compared the current crypto market to the 1920s U.S. stock market, saying that it is full of “hucksters,” “fraudsters” and “Ponzi schemes.” Just as Congress cleaned up the stock market by enacting securities laws, the current SEC can also clean up the crypto market by applying these laws, he argued. JUST IN: SEC Chair Gary Gensler says crypto is all “hucksters, fraudsters, scam artists.” pic.twitter.com/1xRWUMzbel —…
“Twitter has emerged as the central communication platform for all things crypto and NFTs, where industry news, project updates and community discussions take place in real-time,” president of NFT Inspect Oliver Cohen told CoinDesk. “However, we noticed a lack of comprehensive tools that could harness the power of Twitter and provide users with a complete solution for tracking, analyzing and engaging with the crypto and NFT ecosystem.” Source
MetaMask Institutional and Fireblocks have joined forces to offer institutional investors and blockchain developers a solution for secure defi and web3 access, combining wallet security, portfolio management, and connectivity to thousands of decentralized applications. Enabling secure web3 access MetaMask Institutional (MMI), a leading web3 wallet for organizations, and Fireblocks, a platform for secure DeFi access and crypto operations, have announced a partnership deal aimed at providing institutional investors and builders with an unparalleled suite of services. Through the collaboration, the team will combine the best-in-class wallet security offered by Fireblocks,…
SOL, the native token of the Solana blockchain, was declared an unregistered security in this week’s SEC lawsuits against crypto exchanges Binance.US and Coinbase. Source
Bitcoin might have displayed strength by quickly recovering from the $25,500 support level on June 6, but that doesn’t mean that breaking above $27,500 will be an easy task. Investors still expect stricter regulatory scrutiny after FTX’s bankruptcy in November 2022, including the recent suits against Coinbase and Binance. A total of eight cryptocurrency-related enforcement actions have been undertaken by the United States Securities and Exchange Commission (SEC) over the past six months. Some analysts suggested the SEC is attempting to redeem itself for failing to police FTX by taking action against the…
And so, the question is whether Binance can continue business as usual, and whether it can really be – in the long term – a going concern. It’s an odd question, in a way, at least in my limited perspective, given the seriousness of the allegations in the SEC’s suit. Over-and-above the bog-standard “you didn’t get the appropriate license to operate, sir” complaints that Coinbase also faces, Binance and CZ have been accused of endangering customer funds, enabling if not facilitating wash trading on Binance.US, improperly moving customer funds without…
Coinbase CEO and co-founder Brian Armstrong sold company shares the day before the United States Securities and Exchange Commission (SEC) filed a complaint against the exchange for securities law violations. The transaction caused a minor stir in the Twitter cryptoverse, as Armstrong avoided a sharp loss by doing so. SEC records show that Armstrong sold 29,730 shares of the company on June 5, the day before the SEC suit. Coinbase’s share price plummeted the day of the suit, with an initial dip of 20%. Armstrong has been selling Coinbase stock…
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A pair of scientists from the University of Kent’s School of Computing in the United Kingdom recently conducted a study comparing energy consumption rates for current ASIC-based miners to proposed quantum-based solutions. According to the team’s preprint research paper, the systems utilizing quantum computing demonstrably outperformed standard mining rigs in energy efficiency: “We show that the transition to quantum-based mining could incur an energy saving — by relatively conservative estimates — of about roughly 126.7 TWH, or put differently the total energy consumption of Sweden in 2020.” Bitcoin mining operations…