Tag: Report

FTX Japan plans to resume withdrawals as early as February: Report

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Bankrupt cryptocurrency exchange FTX’s subsidiary in Japan, FTX Japan, reportedly plans to resume withdrawals for affected users as early as February. According to a Feb. 17 report from Bloomberg, FTX Japan sent out notifications asking users to verify their account balances as part of the process to begin allowing withdrawals. Seth Melamed, chief operating officer of the exchange, reportedly said users could transfer assets to accounts on the FTX-owned Liquid Global platform, with withdrawals expected to begin “very soon.” “We are confident that we will adhere to the timeline,” said Melamed. The…

Report Reveals Limited Accounting Records, Commingled Funds at FTX Digital Markets in the Bahamas – Bitcoin News

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PWC, one of the ‘Big Four’ auditors and among the largest professional services networks globally, recently published a report on FTX Digital Markets, the bankrupt crypto exchange’s Bahamian subsidiary. The report indicates that the entity’s accounting records have been limited, and it also noted that there is “little distinction between what represents potentially client monies and corporate funds.” FTX Joint Provisional Liquidators Continue Investigations Into Bahamian Subsidiary In mid-November 2022, following the Chapter 11 bankruptcy filing by the exchange FTX and its large number of subsidiaries, The Bahamas’ regulator appointed…

Mt. Gox top creditor goes with early payout option: Report

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The top Mt. Gox creditor chose to have an early payout in Bitcoin (BTC), deciding against waiting longer for an even larger payment.  Mt. Gox Investment Fund, the largest creditor of the defunct crypto exchange, reportedly decided to take its chances with a lesser but earlier payout rather than waiting for all the legal processes to be resolved. This means that the creditor will be paid by September this year instead of potentially waiting another nine years before getting their funds back. According to Bloomberg, opting for the earlier payout…

Federal judge hints at denying Sam Bankman-Fried any internet access as condition of bail: Report

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Judge Lewis Kaplan reportedly targeted Sam Bankman-Fried’s internet usage in a hearing aimed at reviewing the former FTX chief executive officer use of a virtual private network, or VPN. According to a Feb. 16 tweet from NPR correspondent David Gura, Judge Kaplan may have suggested that Bankman-Fried be denied access to any electronic device and the internet as a condition of his bail. Though SBF’s lawyers reportedly said there was no television in Joe Bankman’s and Barbara Fried’s California home — where the former FTX CEO has largely been confined…

Binance readies checkbook for potential fines from US regulators: Report

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The world’s largest digital asset exchange, Binance, is preparing to face fines and penalties in order to settle outstanding regulatory and law-enforcement investigations in the United States. According to a Feb. 15 WSJ report citing the firm’s chief strategy officer Patrick Hillmann, Binance has been working with regulators to remedy past compliance issues. Hillmann stated that Binance is “working with regulators to figure out what are the remediations we have to go through now to make amends for that.” He added that the outcome of ongoing investigations will likely be…

BTC, ETH Extend Gains Following US Inflation Report – Market Updates Bitcoin News

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Bitcoin traded above $22,000 on Feb. 15, as markets continue to react to the latest U.S. inflation report. The consumer price index rose 0.5% in January, following a gain of 0.1% the month prior. Overall, the annual rate of inflation came in at 6.4%, which, although lower than December’s sum of 6.5%, was higher than the expected 6.2%. Ethereum also rallied on hump-day. Bitcoin Bitcoin (BTC) remained above $22,000 on Wednesday, with traders continuing to digest the latest inflation report in the United States. Following a low of $21,632.39 on…

Charity tied to former FTX exec made $150M from insider trading: Report

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Polaris Ventures, a charity created by former FTX and Alameda chief of staff Ruairi Donnelly, reportedly wants to access roughly $150 million earned from insider trading on the bankrupt exchange’s tokens. According to a Feb. 14 Wall Street Journal report, Donnelly received roughly $562,000 in salary during his time at FTX, which was converted into FTX Tokens (FTT) at a rate not yet available to the public — $0.05. The former executive reportedly ‘donated’ the tokens to Polaris Ventures, selling them in 2019 and 2020 after public trading opened at…

Bitcoin price clings to $22K as investors digest the recent SEC actions and CPI report

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After twenty days of holding the $22,500 support, Bitcoin (BTC) price finally broke down on Feb. 9. Bullish traders had placed their hope on a sustained rally, but this has been replaced by a tight trading range with resistance at $22,000.  The downtrend is even more concerning since the S&P 500 is trading near its highest level in six months, yet the wider crypto market continues to correct. Regulatory pressure, mainly in the United States, can explain Bitcoin’s recent lackluster performance. For starters, on Jan. 9, Kraken exchange reached an…

Why the SEC wants to ban crypto staking and stablecoins under scrutiny — Watch The Market Report live

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This week on The Market Report, the resident experts at Cointelegraph discuss why the United States Securities and Exchange Commission is going after crypto staking and why stablecoins have been in the news recently. We start off this week’s show with the latest news in the markets: SEC lawsuit against Paxos over BUSD baffles crypto community On Feb. 13, the SEC issued a Wells Notice to Paxos Trust Company, which issues the Binance USD (BUSD) stablecoin, alleging that the stablecoin is an unregistered security. On the same day, the New York Department…