BAM’s lawyers, however, alleged those requests were “unduly burdensome,” forcing BAM to take on “significant expense[s],” according to the filing. In addition, some of the documents are either not in the exchange’s possession or fall “outside the scope” of what is pertinent to the SEC’s investigation, the lawyers alleged. CryptoX Portal
JPEX attributed its liquidity difficulties to regulatory constraints and external market makers, leading to increased withdrawal fees and the suspension of specific services. According to various local media reports, Joseph Lam (Lin Zuo), a former lawyer and cryptocurrency influencer, has been arrested by Hong Kong authorities in connection with the JPEX crypto exchange. Crypto Influencer and His Ties with JPEX The arrest took place today, with law enforcement officers also conducting a raid on Lam’s office in the city around 11 a.m. local time. During the operation, the officers reportedly…
NFL quarterback Trevor Lawrence, along with popular YouTube influencers Kevin Paffrath and Tom Nash, have reached a settlement in a lawsuit related to their endorsements of the now-defunct FTX cryptocurrency exchange. According to Bloomberg’s report on September 16, the terms of the settlement have not been disclosed. This development marks the first resolution among more than a dozen celebrities and firms accused of assisting Sam Bankman-Fried, the Founder of FTX, in alleged investor deception. He is set to face a criminal trial in Manhattan next month. Other high-profile individuals, including…
Hong Kong law enforcement is conducting an inquiry into JPEX following a referral from the SFC regulator, over offering suspiciously higher returns for its interest bearing products. Amid the ongoing investigation by the Hong Kong police, crypto exchange JPEX has suspended its operations along with raising the withdrawal fees on the platform. The development happens amid the ongoing liquidity crisis with JPEX stating that the third-party market makers have “maliciously frozen” the company’s funds. Hong Kong law enforcement is conducting an inquiry into JPEX following a referral from the Securities…
Hong Kong police has arrested a social media influencer, Joseph Lam Chok this morning (Monday) for his involvement with the cryptocurrency trading platform, JPEX, which is facing allegations of fraud, according to the South China Morning Post. The arrest came hours after the troubled exchange confirmed the suspension of trading activities following a probe by Hong Kong’s Securities and Futures Commission (SFC). “Due to the unfair treatment by relevant institutions in Hong Kong towards JPEX, a cryptocurrency trading platform, and a series of negative news, our partnered third-party market makers…
Trading activity on Binance.US has reached new lows in September, as the crypto exchange faces unprecedented challenges. On Sep. 16, exchange volume stood at $5.09 million on Binance.US, as reported by Amberdata on The Tie Terminal. The lowest point for the month was on Sep. 9, when trading activity totaled $2.97 million. This is a significant drop compared to Sep. 17, 2022, when its trading volume was around $230 million. Binance.US exchange volume over the past 12 months. Source: The Tie Terminal/Amberdata Binance.US is the offshoot in the United States of…
Digital asset exchange Gemini says venture capital firm Digital Currency Group (DCG) is engaging in deceptive practices to avoid fulfilling its full obligations to the creditors of its crypto lending unit Genesis. In July, Gemini filed a lawsuit against DCG after Genesis went bankrupt while owing $735 million worth of assets to users of Gemini Earn, a program that enabled the exchange’s customers to lend their cryptocurrencies and earn interest. On September 13th, DCG proposed an agreement offering unsecured creditors, including Gemini Earn users, to recover a significant portion of…
VanEck’s monthly crypto market recap reveals that trading volumes of centralized exchanges declined to $52.8 billion in August, representing a 15.5% decrease compared to July. Bitcoin (BTC) and Ethereum (ETH) faced a challenging month, recording 9% and 10% losses, respectively. VanEck: Crypto markets hit lows In August, as reported by VanEck, the trading volumes of digital assets hit a two-year low, coinciding with an all-time low in their volatility. According to the analysis, this decline was attributed to waning investor interest. The analysts attributed the declining investor interest to the…
Earlier this week, Genesis and its parent company, Digital Currency Group, said more than 230,000 retail creditors who used Gemini’s Earn program stand to be made “nearly whole” under a proposed remuneration deal to be voted on later this year. Earn was offered to customers of the Gemini crypto exchange, but Genesis supplied the financial infrastructure that ran the program. (Genesis, like CoinDesk, is owned by DCG.) Source
One of the pools drained in the attack contained ether (ETH) and alETH, an ether derivative issued by Alchemix, a DeFi lending platform. Before the attack, the pool held 7,259 ETH and 4,822 alETH, Alchemix said. Then, the exploiter drained the majority of the tokens, leaving only 1 ETH and 3,856 alETH. Source