Tag: Report

Key takeaways from USDC $44.5 reserve report

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USD Coin (USDC) issuer Circle has released an accountant-verified report of its treasury reserve holdings backing more than $44.5 billion worth of tokens currently in circulation. Circle’s December 2022 reserve report, which was reviewed by GrantThornton accountancy group, breaks down the current make-up of the stablecoin issuer’s reserve vault. According to Circle, 44,553,543,212 USDC is currently backed by $44,693,963,701 U.S. dollars held in custody accounts. It is worth noting that a significant portion of the latter amount is invested in a variety of U.S. Treasury bonds. As per Circle’s VP…

Aussie regulator flagged concerns about FTX months before collapse: Report

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Australia’s financial regulator reportedly raised concerns over FTX’s local Australian subsidiary as much as eight months before the exchange met its untimely end in November. According to documents obtained by Guardian Australia, officers of the Australian Securities and Investments Commission (ASIC) were concerned about the way in which FTX Australia was operating as it was able to obtain a license in the country through a company takeover. As per a previous report from Cointelegraph, FTX acquired its Australian financial services license (AFSL) by taking over financial institution IFS Markets in…

FTX lawyers to reap millions from the bankruptcy case: Report

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Controversial law firm Sullivan & Cromwell is on track to reap a fortune from its work on the bankruptcy case of the FTX cryptocurrency exchange, according to a new report. Sullivan & Cromwell’s costs in the FTX case are estimated to reach hundreds of millions of dollars before the firm’s bankruptcy investigation is over, Bloomberg Law reported on Jan. 27. As the FTX trial is scheduled for October 2023, the firm’s lawyers now have about eight months to untangle the complicated FTX case, which will cost a lot of time…

SEC Probing Investment Advisors Over Crypto Custody: Report

The SEC has been warning public companies that if they have a stake in the industry’s recent crypto contagion, they’d better tell investors, as Coindesk previously reported. The SEC asked if companies face any risks to their businesses “due to excessive redemptions, withdrawals or a suspension of redemptions or withdrawals, of crypto assets.” Source

US securities regulator probes Wall Street over crypto custody: Report

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The United States Securities and Exchange Commission (SEC) has been probing traditional Wall Street investment advisors that may be offering digital asset custody to its clients without the proper qualifications. A Jan. 26 Reuters report citing “three sources with knowledge of the inquiry” said the SEC’s investigation has been going on for several months already but accelerated after the collapse of crypto exchange FTX. The investigations by the SEC have not been known previously before as the agency’s inquiries are not public, said the sources. As per the Reuters report,…

Moody’s to build scoring system for stablecoins: Report

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Credit rating firm Moody’s is allegedly developing a scoring system for stablecoins, with analysis for up to 20 digital assets, Bloomberg reported on Jan. 26, citing unnamed sources.  The system, which appears to be in the early stages of development, will evaluate and rate the quality of the attestations of stablecoin reserves, although it will not be considered an official credit rating. Generally speaking, third parties attest that a company’s claims are accurate and validate that stablecoins are backed 1:1 by their reserves. A stablecoin is a type of cryptocurrency whose…

Crypto-friendly Stripe weighs public offering: Report

Internet payment processor Stripe is reportedly eyeing a public offering and has set a 12-month timeline to explore the possibility. Stripe has hired Goldman Sachs and JPMorgan Chase to advise on the feasibility and timing of a public-market debut, according to a Jan. 26 report by The Wall Street Journal. A source with knowledge of the matter told the Journal that Stripe’s executives will either take the company public or allow employees to sell shares in a private transaction. The Journal also reported that Stripe’s management is unlikely to pursue…

FTX legal team calls for Sam Bankman-Fried’s family to answer questions under oath: Report

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Lawyers representing FTX in bankruptcy court have reportedly argued that former CEO Sam Bankman-Fried’s immediate family should face questioning regarding their personal wealth. According to a Jan. 26 report from Bloomberg, FTX’s lawyers requested Judge John Dorsey in the District of Delaware allow them to question Joseph Bankman, Barbara Fried and Gabriel Bankman-Fried — the father, mother and brother of SBF, respectively — under oath about any financial benefits they may have received from the exchange. Other FTX executives could reportedly be subject to the same line of questioning in…

BTC Back Above $23,000 Following Tesla Q4 Earnings Report – Market Updates Bitcoin News

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Bitcoin rallied back above $23,000 on Thursday, following the release of Tesla’s quarterly earnings report. The report showed that Tesla was holding 9,720 bitcoin, worth $223 million. Ethereum was also higher, as prices were back above $1,600, rebounding from recent losses in the process. Bitcoin Bitcoin (BTC) moved to a fresh five-month high earlier in the session, as markets reacted to Tesla’s latest quarterly earnings report. The report, which was released after yesterday’s closing bell, showed that the electric vehicle maker did not sell any of its bitcoin. Following the…