Tag: Report

Chinese E-Commerce Giant JD.com Stock Slump amid Subsidy Report

Should JD.com be operating in a whole new niche, the prediction of its ability to bounce back might be somewhat difficult. The stiffening competition that may be tagged as a healthy twist for Chinese retail consumers can be said to be a major bane for e-commerce giant JD.com Inc (HKG: 9618). According to a report by Bloomberg, the shares of JD.com are moving negatively in tandem with a recent report that the company is planning a subsidy program to reposition itself against the stiff competition it is currently facing. The…

CoinShares remains afloat despite heavy FTX losses: Q4 report

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While other hedge funds decided to close down operations after being hit by the FTX debacle, some managed to survive and stay afloat after navigating the challenges brought about by the collapse of the exchange.  In its fourth-quarter report for 2022, institutional crypto fund manager CoinShares highlighted that the firm managed to remain “financially robust” despite dealing with the FTX collapse at the end of the year. The fund also presented its wins, such as its graduation to Nasdaq Stockholm’s main market and strong levels of inflow into CoinShares physical…

Hong Kong’s crypto ambition gets subtle nod from Beijing: Report

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Hong Kong’s ambition of becoming a cryptocurrency hub is reportedly seeing subtle support from the Chinese government, in what could be seen as a contrast to the mainland’s hard-line anti-crypto stance.  In October last year, the government of Hong Kong floated the idea of introducing its own bill to regulate crypto and allow retail investors to “directly invest into virtual assets” that could possibly be in contrast to China’s widespread crypto ban. According to people familiar with the matter, Beijing officials have not been brazenly opposed to the idea. According…

Trading on major exchanges spiked following collapse of Terra, FTX: BIS report

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A report from the Bank for International Settlements (BIS) suggests that trading activity on major exchanges increased in the days following the collapse of crypto firms FTX and Terraform Labs. In a Feb. 20 bulletin on “crypto shocks and retail losses,” the BIS reports that while the price of Bitcoin (BTC), Ether (ETH) and other currencies dropped in 2022, the number of daily active users at some exchanges including Coinbase and Binance “increased markedly” following news of the collapse of Terra and FTX. The bank suggested that “users tried to weather…

Crypto transaction success rate hinges on user location: Report

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The crypto community continually seeks ways to bridge the gap between traditional finance and fiat currencies with decentralized finance (DeFi) tools. Crypto on-ramp platforms are a primary way users can cross between these two financial ecosystems.  However, a new report from Cointelegraph Research and Onramper, a crypto-based financial services provider, revealed that 50% of fiat-crypto transactions fail, even after Know Your Customer completion. Moreover, due to difficulties in the transaction process, transaction abandonment during the purchase flow can be as high as 90%. The survey looked at nine of the largest fiat-crypto…

Hedge fund closes operations after losing funds in FTX exchange: Report

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Hedge fund Galois Capital, one of the victims of the FTX collapse, has thrown in the towel after half of its assets got trapped in the bankrupt exchange. The fund has finally decided to shut down and return its remaining assets to investors.  On Nov. 12, the hedge fund admitted in an announcement from its official Twitter account that it had significant exposure to the FTX exchange. For the record, yes we did have significant funds stuck on FTX. No, we did not use any Bahamian method to move funds…

Former FTX Executive Nishad Singh To Plead Guilty to Fraud Charges Related to Exchange Collapse: Report

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FTX’s former director of engineering is reportedly planning to plead guilty to fraud charges related to the crypto exchange platform’s high-profile downfall. According to a new report by Bloomberg, Nishad Singh is currently working out a plea deal with prosecutors that would have him plead guilty to fraud charges and possibly join forces with authorities against Sam Bankman-Fried, the firm’s former CEO and disgraced founder. If Singh were to ink a deal with the prosecutors, he would be the third member of Bankman-Fried’s inner circle who cut deals with authorities…

Former FTX exec will plead guilty to federal charges with a deal: Report

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Nishad Singh, the co-founder and former chief engineer of bankrupt crypto exchange FTX, is working on a plea deal with prosecutors, Bloomberg reported on Feb. 17. The deal, which would see the 27-year-old Singh plead guilty to charges related to FTX’s collapse, has yet to be finalized, the report said. Singh would be following in the footsteps of former FTX chief technology officer Gary Wang and former Alameda CEO Caroline Ellison, who pleaded guilty to federal fraud charges in December after reaching deals with prosecutors. Former FTX CEO Sam “SBF” Bankman-Fried…

CZ denies report Binance is considering major breakup with US business partners

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Binance CEO Changpeng Zhao has denied a report that the company is considering cutting ties with United States business partners. Binance has been the object of increasing scrutiny from U.S. regulators in recent weeks. Bloomberg reported on Feb. 17 that Binance Holdings “is looking at whether to sever ties with intermediary firms such as banks and services firms and is reassessing venture-capital investments in the US,” citing an unnamed source. The source added that tokens from U.S.-based projects, such as Circle’s USD Coin (USDC), may be delisted. On the same day,…