Tag: Report

US Justice Department on the hunt for DeFi hackers and thieves: Report

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The United States Justice Department’s crypto enforcement team is cracking down on Decentralized Finance (DeFi) hackers and exploiters, amid a four-year rise in illicit crypto activity. In a Financial Times report published on May 15, Eun Young Choi, director of the U.S. Department of Justice (DOJ) national cryptocurrency enforcement team (NCET), stated that the department is focusing on thefts and hacks involving DeFi and “particularly chain bridges.” Choi said it was a “pretty significant issue” for the DOJ given North Korean “state-sponsored hackers” have emerged as “key actors in this space.” North…

OpenAI CEO in ‘advanced talks’ for $100M Worldcoin funding: Report

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OpenAI boss Sam Altman is reportedly in “advanced talks” of securing $100 million funding for Worldcoin, a project aimed at creating a collectively owned and globally distributed cryptocurrency. A Financial Times report published on May 15 cited sources with knowledge of Worldcoin’s funding talks, stating that the $100 million will be sourced from a mix of “existing and new investors.” When it was first revealed to the world, the startup boasted a Series A funding round led by a16z, with investors that also included Digital Currency Group, Coinbase Ventures as…

‘Significant risk’ of US Treasury running ‘out of funds’ soon: Report

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The United States government faces a “significant risk” of no longer being able to meet all of its financial obligations as early as June, as per a recent report. According to a May 12 report published by the U.S. Congressional Budget Office (CBO), the risk of the U.S. government defaulting on its debt in the near future stems from having reached its statutory debt limit of $31.4 trillion, on Jan 19. The CBO predicts that if the debt limit remains unchanged, the U.S. government could be in hot water as early as…

BTC miner Rhodium faces lawsuit over an alleged $26M in unpaid fees: Report

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Crypto mining firm Riot Platforms – formerly Riot Blockchain – is seeking to recover “more than $26 million” in alleged unpaid fees from Texas-based Bitcoin (BTC) miner Rhodian enterprises, according to its Q1 2023 report. Published on May 10, Riot’s report stated that Whinstone – a wholly owned subsidiary of Riot – has filed a petition against Rhodium Enterprises on May 3, alleging a breach of contract after failing to pay “certain hosting and service fees under agreements.” Riot seeks to recover “more than $26 million,” plus legal fees and other…

NBCUniversal veteran could replace Elon Musk as Twitter CEO: Report

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Reports from major media outlets have suggested that NBCUniversal’s chair of global advertising and partnerships, Linda Yaccarino, could follow Elon Musk as the next chief executive officer at Twitter. According to a May 12 report from Axios citing people familiar with the situation, Yaccarino will leave her position at NBCUniversal, where she has worked for more than 11 years. She is reportedly in talks to become the CEO of Twitter. On May 11, Musk announced that he would be stepping down as CEO to become the social media company’s executive…

Binance.US seeking to cut Changpeng Zhao’s majority stake: Report

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Crypto exchange Binance US and its founder Changpeng Zhao (CZ) are reportedly looking for ways to reduce his stake in the firm, amid harsh scrutiny from United States federal regulators over the past year.  The crypto executive — Binance US’ majority owner — has reportedly been trying to reduce his stake in the U.S.-based exchange since last summer, according to a report by the Information on May 11 citing people familiar with the matter. Binance and Changpeng Zhao have seen intense scrutiny from United States federal regulators over the past year.…

BlockFi users to get back $297M from Wallet accounts: Report

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A United States judge has granted permission to bankrupt crypto lender BlockFi to return $297 million to customers with deposits held in its Wallet program, Reuters reported on May 11.  The return of funds does not apply to users of interest-bearing accounts (BIA). According to bankruptcy Judge Michael Kaplan, funds in BIA accounts were used by BlockFi for its lending business and therefore are property of the bankruptcy estates. This means the funds will be later used to repay all creditors. The Wallet program, in contrast, did not pay interest…

Disney Releases Fiscal Q2 2023 Earnings Report, DIS Stock Down 5% in Pre-market

The recent earnings report is the second one since Iger became the CEO again in November 2022. The Walt Disney Company (NYSE: DIS) posted revenue and profit in line with analysts’ expectations for its fiscal Q2 2023. The company, which released its second quarter and six months’ earnings for fiscal 2023, said its quarterly revenue grew 13% to $21.82 billion. Meanwhile, analysts expected $21.78 billion. Revenue also jumped 20% in the six months. Walt Disney added that diluted earnings per share from continuing operations increased from $0.26 in fiscal Q2…

IRS claiming $44B from FTX bankruptcy: Report

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The single biggest claim involves unpaid partnership and income taxes of $20.4 billion assessed against Alameda Research. The United States Department of Treasury and Internal Revenue Service (IRS) have filed 45 claims worth $44 billion against bankrupt cryptocurrency exchange FTX and its subsidiaries. In what appears to be a tax bill for FTX’s sister company Alameda Research LLC that circulated online on May 10, the IRS assessed the firm $20.4 billion due in partnership taxes and payroll taxes. The assessment appears to match the IRS claim found on the website of Kroll…

$176M of Do Kwon’s assets are frozen: Report

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On May 10, local news outlet Hankyung reported that Do Kwon, co-founder and former CEO of Terraform Labs, had over 233.3 billion Korean won ($176 million) in personal assets frozen as part of ongoing criminal proceedings. Chief Judge Yun Chan-Young of the 12th Criminal Division of the Seoul Southern District Court has prohibited the sales of Do Kwon’s Galleria Foret apartment complex in Seoul, a novel officetel and a series of imported cars. The order also bans the disposition of Kwon’s financial assets, such as securities, bank deposits and cryptocurrency…