Tag: Paid

Bug in Fed’s payment system prevents bank customers from getting paid

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Some of the largest United States banks are not able to facilitate customers deposits after one of the Federal Reserve’s payment systems suffered an outage on Nov. 3. The Federal Reserve said the bug was caused by a “processing issue” in the Automated Clearing House — a payment processing network widely used by banks and employers to deposit wages into employee bank accounts. The ACH is operated by the Federal Reserve Banks and the Electronic Payment Network. Banks stressed customer accounts “remain secure” and the Federal Reserve claims all of…

Twitter is now worth half of the $44B Elon Musk paid for it: Report

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Elon Musk’s social media platform, X (formerly Twitter), is worth less than half of what the tech billionaire bought it for in October last year, an internal memo has reportedly revealed. According to an Oct. 30 report from Bloomberg, the internal memo and sources familiar with the matter said that restricted stock units recently paid to employees of the company were valued at $45 a share, which puts the company’s value at around $19 billion, less than half of the $44 billion that Musk paid for the company on Oct.…

FTX paid $100m in Chinese bribes to unfreeze $1b of investigated funds

Caroline Ellison, on day six of United States v Bankman-Fried, testified that FTX’s founder continued to lie to the public while liquidity and assets dried up behind the scenes. The second week of Bankman-Fried’s fraud for fraud allegations set headlines ablaze as former Alameda Research boss Caroline Ellison accounts of “Sam coins” and FTT’s importance in FTX’s financial operations.  FTT was not to fall below $1, Ellison said quoting Sam and discussing the token was a taboo outside of the inner circle which included Ellison herself, Gary Wang (CTO, Alameda/FTX),…

Bitcoin miner returns to Paxos $500k in mistakenly paid fees

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A Bitcoin miner who mistakenly received the 19.8 BTC in fees returned the funds to the New York-based regulated blockchain, Paxos. On Sept. 10, a BTC transaction that moved only nearly $2,000 had a payment fee of $500,000. Later, on Sept. 13, it was revealed that Paxos made the transaction. The company explained to crypto.news that it was due to an internal server mistake. Paxos added that the funds were safe and belonged to the team. On Sept. 15, the F2Pool that received the fee have sent the 19.82108632 BTC…

Paxos mistakenly paid over $500k for one Bitcoin transaction

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Blockchain infrastructure platform Paxos is said to be behind what appears to be the largest fee paid for one Bitcoin transaction. Paxos, a New York-based regulated blockchain firm behind stablecoins PYUSD, BUSD and USDP, appears to be the entity that overpaid $500,000+ to move just 0.074 BTC (~$1,911 at that time) to Binance. As crypto.news reported, the transaction — registered on Sept. 10 at 5:04 AM (UTC) — was first spotted by Whale Alert, a service that tracks crypto transactions. An unidentified entity paid a whopping 19.82 BTC (~$511,512), while Bitcoin’s…

FTX looks to claw back millions paid to Shaq, other celebrity endorsers

Advisers hired by FTX are looking to recoup some of the money the exchange paid to several sports stars for partnerships and endorsements. Alvarez & Marsal, financial advisers for Sam Bankman-Fried’s failed crypto exchange FTX, are reportedly probing whether millions of dollars paid to celebrity athletes, including tennis star Naomi Osaka and four-time NBA champion Shaquille O’Neal, can be recovered. FTX Group advisers have analyzed if certain payments dished out to athletes before the company unraveled last November can be recovered in Chapter 11 https://t.co/uvmFJG5jXR — Bloomberg Crypto (@crypto) September…

SEC waives BlockFi’s $30M fine until creditors are paid

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The United States Securities and Exchange Commission has agreed to postpone the payment of a $30-million fine from bankrupt crypto lender BlockFi until creditors are paid back. The amount represents the balance of a $50-million settlement with the regulator from February 2022.  According to June 22 court filings, the SEC will forgo the amount owed by BlockFi to “maximize” and avoid delays in funds’ distribution to investors “until payment in full of all other Allowed Claims.” The document stated, “The Commission has agreed to forego participating in any distributions under…

FTX’s Sister Firm Alameda Seeks Return of $700M Bankman-Fried Paid for Celebrity, Political Access

Bankman-Fried appeared starstruck by a February 2022 party at Kives’ house where fellow guests included a former Presidential candidate, actors, reality TV stars, musicians and multiple billionaires. Within weeks, Bankman-Fried had signed a document promising to invest billions in Kives’ and Baum’s companies, with little details on what FTX would gain in return, the filing said. Source