Giri allegedly misled investor by promoting himself as an expert cryptocurrency trader with a specialty in bitcoin derivatives. According to the indictment, Giri falsely promised investors lucrative returns on the money they invested with him, with no risk to principal. In reality, he used funds from previous investors to pay off new investors in a classic Ponzi scheme set-up. Source
Crypto wallet Braavos has raised a $10 million in a funding round led by crypto-focused investment giant Pantera Capital. Other investors included Road Capital, BH Digital, DCVC, Crypto.com, Matrixport, and StarkNet creator Starkware, which itself was valued at $8 billion during a $100 million funding round in May. Source
The program, known as the Growth Incentive Program, will initially support 10 projects in the fourth quarter, with gas incentives of up to 800 BNB tokens a month in total. In addition, individual projects can receive $1 million a month to cover fees spent on gas, the transaction fee paid to blockchain network validators for their services. Source
The attacker borrowed a large amount of cUSD and cEUR, two Celo-based stablecoins pegged to U.S. dollar and euro respectively, and CELO from the protocol using MOO as collateral, effectively draining the protocol of its funds. Trading on the platform was stopped at that time. Source
Racing league Formula One is positioning its brand in Web3 as it files trademark applications for “F1” covering crypto and NFTs. In this week’s newsletter, read about how the racing brand Formula One is planning to position itself in Web3 and how nonfungible tokens (NFTs) will transform betting on upcoming athletes. Check out how GameFi can provide the unemployed with a new means to earn and find out how the wealthiest British artist alive burned $10 million in artworks to complete his NFT project. And, don’t forget this week’s Nifty…
The Currency is the name given to Hirst’s NFT project which examines the value of digital art vs physical art. Britain’s wealthiest living artist, Damien Hirst, has started setting fire to millions of dollars worth of his own artworks as part of his nonfungible token (NFT) project called “The Currency.” During an Oct. 11 livestream of his London gallery at 12:30 pm local time, Hirst burned hundreds of his own The Currency artworks, ensuring that they exist only in the form of an NFT moving forward. The Currency is the…
Josipa Majic explains what she and her partners did to build a crypto company at a time when investors were fleeing the space. In the midst of the 2018 crypto price slump, a young entrepreneur invested all her funds and personal money into a prototype that combined fintech and crypto services to offer virtual debit cards and crypto payment services for subscriptions. But because it was a bear market, no one wanted to invest the capital to put the solution on the market. In the latest episode of Cointelegraph’s “Crypto…
Meanwhile, Lend users stand to make higher yields from unsecured lending to institutions that have been evaluated for their creditworthiness by Credora. Besides, lenders can exit their positions at any time, subject to availability of liquidity in the pool. According to Ribbon, most unsecured lending in Decentralized Finance (DeFi) is for the fixed term, meaning lenders cannot withdraw deposits until the loan maturity. DeFi is a term used to describe financial activities carried out on a blockchain without the help of intermediaries. Source
Celsius Network founder and former CEO Alex Mashinsky allegedly withdrew $10 million from the crypto lending platform just weeks before the company froze customer funds and declared bankruptcy. The withdrawal was cited by sources from the Financial Times who said Mashinsky withdrew the funds in “mid to late May” prior to the Jun. 12 pause on all withdraws. Celsius was a popular crypto-lending platform with 1.7 million customers and $25 billion in assets under management but the prevailing poor crypto market conditions eventually led the company to a $2.85 billion…
A Mashinsky spokesperson, cited by the paper, said that the entrepreneur had disclosed to an unsecured creditors committee (UCC) in the bankruptcy proceedings that he and his family had $44 million in crypto frozen with Celsius following the withdrawal. The spokesperson said that Mashinsky “‘withdrew a percentage of cryptocurrency in his account, much of which was used to pay state and federal taxes,’” according to the FT. Source 10MAccountsBankruptCelsiusCompanyCryptocustomerExCEOFrozeLenderReportWeeksWithdrew CryptoX Portal