Tag: Report

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…

Robust crypto fundamentals pull through after May’s monthly red candle: Report

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In May, Bitcoin (BTC) posted its first monthly loss since December 2022 with a negative 6.98%. However, this consolidation was not obviously driven by a change in fundamentals or the broader macroeconomic environment. The crypto market was looking for direction and liquidity in this phase before the United States Federal Reserve announced a pause on the rate hiking cycle in June.  Many indicators, such as the futures market and VC investment, point to an optimistic underlying sentiment. But while traditional markets and tech stocks were able to continue their rally…

Circle and Sequoia were among top depositors at Silicon Valley Bank: Report

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Stablecoin issuer Circle and venture capital firm Sequoia Capital were reportedly among the top 10 depositors at the collapsed crypto-friendly Silicon Valley Bank (SVB) in March. According to a June 23 report from Bloomberg, the Federal Deposit Insurance Corporation (FDIC) provided documents suggesting that Circle, Sequoia and others were covered for deposits in the billions of dollars. The Federal Reserve announced following the SVB collapse that it would work with the FDIC to make both insured and uninsured depositors whole — in most situations, the FDIC only insures up to…

Coinbase Report: Over 50% Of Fortune 100 Companies Have Blockchain Initiatives In Pipeline

The cryptocurrency industry in the United States seems set for continuous expansion, despite the increasing regulatory pressure in the country. According to a new report by crypto exchange Coinbase, several leading U.S. corporations are undertaking blockchain initiatives to remain competitive in the global market. Coinbase Reports Increased Corporate Adoption Of Blockchain In The US A report by Coinbase titled “The State of Crypto: Corporate Adoption” reveals that 52% of the Fortune 100 companies have made crypto, blockchain, or Web3 efforts since the start of 2020. It was found that approximately…

Over Half of Fortune 100 Companies Embrace Crypto, Blockchain, and Web3, Reveals Coinbase Report

According to a recent report released by Coinbase, more than half of the Fortune 100 companies in the US have been actively pursuing crypto, blockchain, or web3 initiatives since the beginning of 2020. This surge in adoption is driven by the recognition that the outdated global financial system needs modernization and the need to stay competitive in the global economy. The report highlights that 83% of surveyed Fortune 500 executives familiar with cryptocurrency or blockchain have existing initiatives or plans for the future. However, the lack of clear regulations…

How to track and report crypto transactions for tax purposes

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As cryptocurrencies and blockchain assets continue to grow in popularity and mainstream adoption, the United States Internal Revenue Service has taken an increasing interest in their taxation.  In the U.S., cryptocurrency is subject to crypto tax and is classified as transactions instead of property or assets. Needless to say, failure to accurately track and report these transactions can result in penalties and fines. Here is a comprehensive crypto tax guide for tracking and reporting crypto transactions for tax purposes in the United States. How cryptocurrency is taxed in the U.S.…