CryptoX – Cryptocurrency Analysis and News Portal Lawyers are still quibbling over what evidence can be brought to the FTX founderโs fraud trial, hours before jury selection is due to start. Source The post Bankman-Fried Seeks to Block Prosecutors Calling FTX Investors, Former Insiders as Witnesses appeared first on CryptoX. CryptoX Portal
A group of investors behind a class-action lawsuit against Terraform Labs and its co-founder Do Kwon over fraud allegations have dropped the case.ย In a Sept. 28 filing in United States District Court for the Northern District of California, lawyers representing plaintiff Nick Patterson, who filed the lawsuit on behalf of investors, filed a notice of voluntary dismissal only against Terraform and Kwon. The notice did not explicitly state the reasons for dropping the case without prejudice. โThe [Terraform Labs] Defendants have neither answered the complaint […] nor filed motions…
Crypto startups keep raising capital despite tight liquidity and adverse macroeconomic conditions. September saw major developments in the space, such as Farmville co-creator Amitt Mahajan raising $33 million to create Web3 games, and Animoca Brands disclosing $20 million capital gathered to push forward the development of its Mocaverse platform. In another related development, Blockchain Capital closed two new funds in September, with $580 million to be deployed in crypto gaming and decentralized finance projects in the coming months.ย Cointelegraphโs VC roundup showcases the latest projects raising capital despite the marketโs long…
โTo obtain likely less than 30 minutes of testimony from overseas FTX customer witnesses, however, requires, for at least some countries, coordinating with local authorities, arranging multi-day travel itineraries to accommodate varying time changes and travel delays, and incurring significant costs associated with such arrangements. Notwithstanding those hurdles, the Government is in the process of arranging for some overseas FTX customers to travel to New York to testify,โ the letter said. Source BankmanFriedcustomersDoJFTXInvestorsSamTestify CryptoX Portal
Enflame, a company that was founded in March 2018, has already made significant strides in AI chip manufacturing. The companyโs cloud chips have found applications in diverse sectors, including education, smart cities, and scientific research. Enflame Technology, a Chinese tech company specializing in artificial intelligence (AI) chip development, has announced the successful completion of its Series D funding round, raising an impressive 2 billion yuan (approximately $273.7 million). This significant investment was led by a subsidiary of Shanghai International Group, with participation from technology giant Tencent, known for its popular…
Distressed debt investors are reportedly gobbling up hundreds of millions of dollars worth of bankrupt crypto exchange FTXโs claims. According to a new Bloomberg report, an analysis of their records indicates that investment firms such as Silver Point Capital, Diameter Capital Partners, Attestor Capital, Hudson Bay Capital Management and others have bought $250 million worth of FTX debts since the start of 2023. Bloomberg says that investors are operating in an unregulated bankruptcy claims market where debt contracts can be purchased for a fraction of what is owed. Thomas Braziel,…
Major European cryptocurrency asset manager CoinShares is launching a hedge fund division in the United States despite the countryโs tough crypto regulation climate. CoinShares officially announced the news on Sept. 22, stating that the firm will roll out its offerings for qualified U.S. investors for the first time ever. The new division, called CoinShares Hedge Fund Solutions, is the companyโs response to the growing demand for products based on cryptocurrencies like Bitcoin (BTC). For the first time, CoinShares will be making its offerings accessible to qualified U.S. investors through a…
In a year filled with uncertainty in the cryptocurrency space, a new trend has been unraveling: a stablecoin exodus that has now lasted for 18 consecutive months and has seen the market dominance of stablecoins drop to 11.6%. According to a report from CCData, the total market capitalization of the stablecoin sector in July was $124 billion amid a 18-month decline that affected most major stablecoins. While Pax Dollar (USDP), USD Coin (USDC) and Binance USD (BUSD) all saw declines, the largest stablecoin by market cap, Tether (USDT), has kept…
The bankruptcy claims market has been growing bullish on the debts of the collapsed cryptocurrency exchange FTX as major credit investors have been rushing to buy FTX debts. Investors like Silver Point Capital, Diameter Capital Partners and Attestor Capital have purchased more than $250 million worth of FTX debts so far in 2023, Bloomberg reported on Sept. 21, citing an in-house analysis of public court filings. The FTX debt has also attracted investors like Hudson Bay Capital Management, which reportedly bought a $23 million FTX claim and subsequently sold about…
The cryptocurrency industry was buzzing with expectation and excitement as Ethereum, the second-largest blockchain by market capitalization, prepared for the Ethereum Merge. In this detailed article, we will look at the Ethereum Merge concept, its relevance in the crypto industry, the mechanics of this transfer, and the impact it had on cryptocurrency investors. Introduction Since its creation, Ethereum, also known as the backbone of the decentralized finance (DeFi) ecosystem and non-fungible tokens (NFTs), has used a proof-of-work (PoW) consensus mechanism. However, the scalability and energy efficiency of Ethereum have long…