Tag: Report

The Second FTX Asset Recovery Report Is Packed With Bombshells

Two notes before diving in: First, all of the following are allegations made by the FTX liquidators. The claims may or may not surface or be confirmed in the separate criminal trial against Sam Bankman-Fried, currently scheduled to begin in October. And second, for clarity, I’ll be referring throughout to “customer funds” interchangeably with “commingled funds,” because by their nature, the vast majority of commingled funds would likely have been customer funds. Source

Crypto travel rule fails to meet FATF standards, says report

The Financial Action Task Force (FATF) has issued a renewed call urging countries to adopt and implement the “Travel Rule” as a vital measure to combat money laundering and terrorism financing facilitated through cryptocurrencies. On June 23, the United Nations body responsible for promoting strategies against money laundering and terrorist financing highlighted that a significant number of member states have yet to implement the rule. Addressing anonymity A survey conducted by the Financial Action Task Force (FATF) in March 2022 has revealed concerning levels of compliance with the travel rule…

Robinhood to axe 7% of full-time staff in latest round of layoffs: Report

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Online brokerage firm Robinhood Markets will reportedly lay off roughly 150 full-time staff — 7% of its total workforce — in its third round of layoffs in just over a year.  According to an internal company message seen by The Wall Street Journal, Robinhood Chief Financial Officer Jason Warnick reportedly wrote that the cuts were being made to “adjust to volumes and to better align team structures.” A Robinhood spokesperson did not confirm or deny the layoffs in comments to Cointelegraph, but stated: “We’re ensuring operational excellence in how we…

Swiss central bank announces plans for wholesale CBDC pilot with ‘real money’: Report

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The head of the Swiss National Bank (SNB) has announced that the bank will launch a wholesale central bank digital currency (wCBDC) pilot project, according to a report. Reuters quoted bank chair Thomas Jordan as saying the project would begin “soon.”  The wCBDC will be issued on the Swiss SIX digital exchange and run for a limited time, Jordan was quoted as saying at the Point Zero Forum in Zurich on June 26. The SIX Group also runs Switzerland’s largest stock exchange. Jordan said, according to the report: “This is…

HSBC rolls out cryptocurrency services in Hong Kong: Report

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Hong Kong and Shanghai Banking Corporation (HSBC), the biggest bank in Hong Kong, has reportedly introduced its first local cryptocurrency services. HSBC Hong Kong has enabled its customers to buy and sell Bitcoin (BTC) and Ethereum (ETH)-based exchange-traded funds (ETFs), local journalist Colin Wu reported on Twitter on June 26. According to the report, HSBC will specifically offer cryptocurrency ETFs listed on the Hong Kong Exchange (HKEX). At the time of writing, HKEX lists three crypto ETFs, including CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF and Samsung Bitcoin Futures…

Amazon to invest $100M in generative AI center: Report

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Amazon’s cloud unit, commonly known as AWS, is building a $100 million solution to catch up with Microsoft and Google in the market for generative artificial intelligence. According to Bloomberg, the upcoming AWS Generative AI Innovation Center will connect Amazon experts in AI and machine learning with clients seeking to build applications based on the latest technologies. In generative AI, algorithms are used to create new content, such as audio, code, images, texts, simulations, and videos. Amazon said Highspot, Twilio, Ryanair and Lonely Planet will be among the first users…

Mainstream media challenge decision to protect FTX customers: Report

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The four major media outlets advocating for the release of FTX customer names have opposed the decision to seal them. Meanwhile, a crypto lawyer told Cointelegraph that “there is clear evidence” of potential harm if the names were to be disclosed. According to a June 23 Reuters report, Bloomberg, Dow Jones & Company, The New York Times, and the Financial Times have appealed Judge Dorsey’s decision to seal the names of FTX customers from the public. The decision  to allow FTX to “permanently redact” the names of individual customers from all…

Celsius creditors allege Wintermute facilitated ‘wash trading’: Report

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Creditors of bankrupt cryptocurrency lending platform Celsius have alleged that crypto market maker, Wintermute, assisted Celsius executives in manipulating the price of CEL (CEL) through the use of “wash trading.” According to a June 23 Bloomberg report, which cited a recent court filing, Celsius creditors have recently amended their lawsuit in the United States District Court of New Jersey to allege that  Wintermute was engaged by Celsius executives to conduct improper market trading. June 24 court filing in the United States District Court of New Jersey. Source: assets.bwbx.io Wintermute, described…

Judge blocks Bankman-Fried’s attempt to obtain key documents in fraud prosecution: Report

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Sam Bankman-Fried, the co-founder of FTX, has been denied his request to obtain documents from a Silicon Valley law firm, Fenwick & West LLP, as part of his defense strategy in his ongoing federal fraud case, Bloomberg reported. Bankman-Fried had hoped to use thes documents to support his claim that he relied on legal advice while engaging in the activities for which he is currently facing prosecution. In a recent development, Bankman-Fried’s legal team approached the judge overseeing the case, urging the prosecution to hand over the documents obtained from…

Sequoia partner says investing in FTX was the right move: Report

American venture capitalist Alfred Lin, a partner at Sequoia Capital, stood up for the firm’s multimillion-dollar investment in the now-bankrupt crypto exchange FTX.  Speaking at Bloomberg’s Tech Summit, Lin said if he were tasked with evaluating FTX again for the first time, Sequoia would likely make the same investment decision. “I looked at the work we did in 15 different ways. […] We probably would have made the investment again,” Lin reportedly stated. Sequoia Capital has about $85 billion of assets under management, with investments in major technology companies and…