Tag: Report

US crypto exchange Bittrex faces potential action from SEC: Report

boss

The United States-based cryptocurrency exchange Bittrex is reportedly facing potential action from the U.S. securities regulator despite preparing to shut down local operations. The enforcement division of the U.S. Securities and Exchange Commission (SEC) is inclined to recommend the agency sue Bittrex over alleged violations related to investor protection, The Wall Street Journal reported on April 16. The enforcement unit informed Bittrex about potential action from the SEC in March, Bittrex’s general counsel David Maria reportedly said. By that time, the Seattle-based crypto firm had already started the process of…

Do Kwon’s Terraform Sent $7 Million to Law Firm Before Collapse, Report Unveils – Bitcoin News

boss

Prosecutors investigating failed blockchain firm Terraform Labs have found out that its Singapore office sent millions of U.S. dollars to lawyers just before the crash of its cryptocurrencies. According to Korean media, the transfers suggest that co-founder Do Kwon was aware of the imminent collapse. Terraform Labs Transferred Large Amounts of Money to South Korean Law Firm Prior to Crash South Korean prosecutors working on the fraud case against Terraform Labs co-founder and CEO Do Kwon have revealed that the company has paid a total of 9 billion won (nearly…

Musk Mulls AI Startup to Rival Chatgpt Maker Openai, Report – Technology Bitcoin News

boss

Entrepreneur Elon Musk is preparing to launch a startup that will compete with Openai, the creator of Chatgpt, a media report unveiled. According to quoted knowledgeable sources, the owner of Twitter and Tesla is already assembling a team of developers and talking to investors. Elon Musk Reportedly Working to Establish Openai Rival, Registers X.AI Corp Tech investor Elon Musk is putting effort into founding a startup that will rival the company behind the Chatgpt artificial intelligence (AI) assistant, Openai, the Financial Times revealed on Friday, citing people familiar with the…

Do Kwon lawyers received $7 million before Terra collapse: Report

boss

South Korean prosecutors confirmed that Terraform Labs CEO Do Kwon sent 9 billion won ($7 billion) to Kim & Chang — a top South Korean law firm — right before the spectacular collapse of the Terra ecosystem.  Kwon’s decision to send millions to the law firm was flagged by prosecutors as a deliberate move, which allegedly reaffirmed his awareness of the impending collapse and anticipated expected legal problems, as reported by KBS News. While trying to tie in Kwon’s ill intent in prepaying the law firm, prosecutors believe that the information…

Crypto lender Amber Group considers selling Japan unit: Report

boss

Amber Group, a Singapore-based crypto lender, is considering selling its Japanese unit as part of its plan to focus more on institutional business rather than retail business, Bloomberg reported.  According to Annabelle Huang, Amber’s managing partner, the firm is currently evaluating options for its Japan operation, including a potential sale. Currently, no deal has been finalized. Huang noted that Japan is a “very high quality market, but regulations are strict.”  Meanwhile, Amber plans to apply for a virtual asset trading platform license in Hong Kong following the special administrative region’s…

Enterprises should seek partners and solutions during the crypto winter: Paxos report

boss

Blockchain infrastructure provider Paxos has recently published a report, that aims at helping the community look beyond the crypto winter and understand how to respond to the current market conditions.  Inside the 20 pages of the Paxos Crypto Winter Report 2023, the infrastructure provider identified several key opportunities for projects during the crypto winter. This includes seeking solutions and finding potential partnerships for their projects. Within the report, Clara Medalie, the director of research at the digital asset data provider Kaiko, said that solutions like stablecoins remain one of the…

Collapsed Exchange FTX Recovers $7,300,000,000 in Cash and Crypto Assets, Reconsiders Future: Report

boss

Troubled crypto exchange FTX has reportedly recovered billions of dollars worth of cash and assets as it reconsiders its future. According to a new report by Reuters, the bankrupt crypto-swapping platform has recuperated $7.3 billion in cash and liquid digital assets as the firm considers how to move forward from its catastrophic downfall last year. FTX attorney Andy Dietderich told Reuters the situation has stabilized and that the worst is over, further adding that FTX has greatly benefited from rising crypto prices in 2023. According to Dietderich, the amount recovered…

China Fines Bitmain $3.6 Million for Tax Violations, Report – Mining Bitcoin News

boss

Chinese authorities have fined leading crypto mining hardware manufacturer Bitmain for tax-related violations, local media reported. The penalty comes amid increasing tax checks in the digital asset sector, according to information from the crypto community. Bitmain Fined for Failing to Pay Income Tax on Behalf of Employees One of the world’s largest producers of devices designed for cryptocurrency mining, Bitmain, has reportedly been fined for unpaid taxes. The news was spread on social media by Chinese crypto journalist Colin Wu, also known by his Twitter handle ‘Wu Blockchain.’ Bitmain, the…

Zambia’s crypto regulation tests to be wrapped by June: Report

boss

Cryptocurrency regulation tests aiming to help shape crypto laws in Zambia that simulate the real-world use of crypto are on track to finish by June. In an April 12 Reuters interview, Zambia’s innovation, science and technology minister, Felix Mutati, said the purpose of conducting the tests was to help the government “see what would happen in the real world,” to assist in forming crypto regulations. Zambia’s central bank and securities regulator commenced the tests on Feb. 19, which Mutati said was looking to balance safety and innovation: “Our main goal…