Tag: News

Bankruptcy Lawyers Say FTX Was Operated by ‘Inexperienced and Unsophisticated Individuals’ – Bitcoin News

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On Tuesday, the attorneys representing FTX told the court that a “substantial amount of assets have either been stolen or are missing” and further stressed to the bankruptcy court that FTX executives left the lawyers James Bromley and Sullivan Cromwell with limited information. Bromley further likened the former FTX CEO Sam Bankman-Fried’s (SBF) crypto empire to his “personal fiefdom” and in the end, the attorney said, “the emperor had no clothes.” Bankruptcy Lawyers Outline FTX’s Financial Issues, Lawyer Says Case Is One of the Most ‘Difficult Collapses in the History…

LTC Moves to 6-Month High, SOL up Nearly 20% – Market Updates Bitcoin News

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Litecoin extended recent gains on Nov. 23, with the token climbing to its highest point since May. The move saw prices climb by nearly 20% in today’s session, and comes ahead of this afternoon’s Federal Open Market Committee (FOMC) minutes. Solana also surged on Wednesday, moving nearly 20% higher. Litecoin (LTC) Litecoin (LTC) rose for a second straight session, with prices climbing by as much as 23% earlier today. LTC/USD rallied to a peak of $81.56, which comes less than a day after trading at a low of $63.20. The…

Elon Musk Slams Semafor’s ‘Journalistic Integrity’ — Tesla Exec Says ‘Semafor Is Owned’ by FTX Co-Founder Sam Bankman-Fried – Bitcoin News

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Following the significant amount of criticism directed at mainstream media publications for a lack of journalistic integrity while reporting on FTX executives, Tesla’s executive Elon Musk called out the news website Semafor because the former FTX CEO Sam Bankman-Fried (SBF) was a lead investor. Musk took to Twitter and let Semafor know that he believes Semafor has a “massive conflict of interest” when it comes to “journalistic integrity.” Semafor Takes a Tongue Lashing From Elon Musk, Tesla Exec Calls Firm’s Journalistic Integrity Trash On Nov. 23, 2022, the news website…

New York Governor Signs Law Partially Banning Bitcoin Mining on Fossil Fuels – Mining Bitcoin News

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A moratorium on some crypto mining operations relying on carbon-based energy has been signed into law in New York. Businesses engaged in proof-of-work mining in the state will not be able to expand or renew their permits for the next two years as a result of the ban, which is likely to have consequences for the industry across the United States. ‘First of Its Kind’ PoW Mining Moratorium Takes Effect in New York New York Governor Kathy Hochul signed a law on Tuesday partially banning cryptocurrency mining using power generated…

Bitcoin Rebounds, Coinbase Confirms Holding 2 Million BTC – Market Updates Bitcoin News

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Bitcoin moved back above $16,000 on Nov. 23, as markets continued to react to the news that Coinbase holds 2 million bitcoin worth $39.9 billion. Centralized exchanges continue to face scrutiny following the collapse of FTX, with many moving to showcase their proof of reserves. Ethereum was also higher, with the token moving back towards $1,200 today. Bitcoin Bitcoin (BTC) rebounded from recent declines on Wednesday, as markets were boosted by the news that Coinbase has 2 million BTC in its reserves, as of the end of Q3. Following a…

Estonia, US Arrest 2 Suspects in $575 Million Crypto Fraud Scheme – Bitcoin News

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Law enforcement officers from Estonia and the United States have arrested two men for allegedly committing a large-scale cryptocurrency fraud. The Estonian nationals, who ran a crypto mining service and a fake virtual currency bank, laundered their proceeds, spent on cars and real estate, and donated to a politician. Estonian Police, FBI Detain 2 Crypto Fraudsters in Joint Operation Two Estonian citizens, suspected of fraud involving cryptocurrency and money laundering, have been arrested by the Estonian National Criminal Police and the U.S. Federal Bureau of Investigation (FBI). The United States…

High Quality Reserves, Audits, and Regulation – Sponsored Bitcoin News

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sponsored What is BUSD? Recently, there have been many questions about the safety and soundness of products in the crypto space. There have been many questions about stablecoins in general, so this piece is intended as an explanation of BUSD. First and foremost, BUSD is a stablecoin pegged to the US Dollar (USD) which came from a partnership between Binance and Paxos. BUSD is issued by Paxos Trust Company, an NYDFS-regulated entity, on the Ethereum blockchain. This regulated status comes with some conditions attached which restrict the actions that Paxos…

Kenyan Lawmaker Proposes Introducing Crypto Income and Capital Gains Tax – Regulation Bitcoin News

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According to a capital markets amendment bill reportedly sponsored by Kenyan lawmaker Abraham Kirwa, cryptocurrency holders in the country will be obliged to pay taxes on gains. In addition, the bill (if passed into law) would require crypto holders to furnish Kenya’s Capital Markets Authority with details such as “the amount of proceeds from the transaction, any costs related to the transaction, and the amount of any gain or loss on the transaction.” Sharing Crypto Transaction Details With Regulator As per a capital markets amendment bill reportedly before the Kenyan…

Austrian Crypto Exchange Bitpanda Secures Trading License From Germany’s BaFin – Exchanges Bitcoin News

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Crypto exchange and custody platform Bitpanda announced on Nov. 22 that it had received a crypto trading license from Germany’s Federal Financial Supervisory Authority. According to Bitpanda, securing a license means it has become the “first European retail investment platform to meet BAFIN’s strict regulatory requirements.” New License Strengthens Bitpanda’s Position Austrian crypto exchange platform Bitpanda has secured “a crypto custody and proprietary trading licence for crypto assets from the German Federal Financial Supervisory Authority (BAFIN).” According to Bitpanda, securing the license means the crypto exchange has become the “first…

DCG Subsidiary Foundry to Acquire 2 ‘Turnkey’ Bitcoin Mining Facilities From Compute North – Bitcoin News

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Digital asset mining and staking firm Foundry has agreed to purchase two “turnkey” bitcoin mining facilities from Compute North, a bitcoin miner that filed for Chapter 11 bankruptcy protection on Sept. 22, 2022. Foundry says the two data centers have a total power capacity of around 17 megawatts (MW), and the company also has the rights to purchase a third site from the troubled bitcoin mining business. Foundry’s acquisition announcement follows the speculation surrounding Genesis Global Capital, another business owned by the company’s parent firm Digital Currency Group. DCG-Owned Foundry…