However, TUSD issuer previously said that it had “no exposure” to the imploded crypto custodian Prime Trust, which acted as the stablecoin’s banking partner in the U.S. The issuer tweeted it paused minting tokens via Prime Trust on June 10, adding that “minting and redemptions services remain unaffected” through other banking rails. Source
Over $204 million was lost in decentralized finance (DeFi) hacks and scams in the second quarter of 2023, according to a June 27 report from Web3 portfolio app De.Fi. The report, titled “Q2 De.Fi Rekt Report,” was partially based on data from De.Fi’s “Rekt Database.” Over $208.5 million was initially lost during the quarter, but $4.5 million was recovered through prosecutions, deals with hackers and other recovery methods. Funds lost and recovered in Q2 2023. Source: De.Fi According to the report, the number of DeFi hacks in Q2 rose by…
Fidelity previously applied for a spot bitcoin ETF in 2021, but the effort was rejected by the SEC. Original
According to a June 27 report by local news outlet Foresight News, Web3 firms in Hong Kong are spending anywhere between 20 million and 200 million Hong Kong dollars ($2.55 million and $25.5 million) for the acquisition of a Virtual Asset Service Provider (VASP) licenses. Sources explained: “Since traditional financial institutions have no relevant prior infrastructure, and have gone from zero to one in various aspects such as products and teams, the cost [associated with VASPs] has been very high. However, even for an experienced cryptocurrency institution, the cost of…
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
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…
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…
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…
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’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…