Tag: Report

Alameda Research had a $65B secret line of credit with FTX: Report

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Former FTX CEO Sam Bankman-Fried (SBF) reportedly ordered Gary Wang, co-founder of the crypto exchange, to open a $65 billion “secret backdoor line of credit” for Alameda Research, according to FTX attorney Andrew Dietderich.  The attorney disclosed the information during a Delaware bankruptcy court hearing on Jan. 11, the New York Post reported. The alleged line of credit was financed with FTX customers’ funds. As per Dietderich testimony, the “backdoor was a secret way for Alameda to borrow from customers on the exchange without permission.” “Mr. Wang created this backdoor…

New York sued by environmental group after approval of crypto mining facility: Report

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The New York Public Service Commission (PSC) was sued by environmental activists on Jan. 13 for approving the takeover of a cryptocurrency mining facility in the state. According to The Guardian, the state Public Service Commission (PSC) is responsible for regulating public utilities, and authorized in September 2022 the conversion of the Fortistar North power plant into a crypto mining site. The facility is located in Tonawanda, a city less than ten miles from Niagara Falls, and was set to be taken over by the Canadian crypto mining firm Digihost.…

Bulgarian authorities charge four individuals following raid on Nexo office: Report

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Less than 48 hours after a raid on cryptocurrency lender Nexo’s offices in the Bulgarian capital of Sofia, prosecutors have reportedly charged four people. According to a Jan. 13 report by Bloomberg, authorities charged four Bulgarian nationals with forming an organized crime group, which may have included activities related to money laundering and unlicensed banking. The country’s National Police Service reportedly seized a number of assets as part of the investigation, including cryptocurrency, cash, and computers. Following the Jan. 12 raid, Nexo described prosecutors’ actions as a “kick first, ask…

MIT, Maiden Labs examine CBDC inclusiveness issues in report from 4 countries

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The Massachusetts Institute of Technology (MIT) Digital Currency Initiative (DCI) and associated organizations marshaled a sizable team of researchers in four low- and middle-income countries — India, Indonesia, Nigeria and Mexico — to study inclusion issues related to retail central bank digital currency (CBDC) design. They released the results of their 15-month research project on Jan. 13. In spite of a growing body of work related to CBDCs, “few if any proponents have offered practical insight into how CBDC will promote greater access to financial services,” the DCI, along with…

Bank of America Releases Better than Expected Q4 Earnings Report

In the released earnings report, Bank of America recorded a net income of $3.6 billion for the fourth quarter while client balances stayed flat at $1.6 trillion. American multinational investment bank and financial services holding company Bank of America Corp (NYSE: BAC) has released its performance report for the fourth quarter of 2022 with figures showing the company benefited from the Federal Reserve’s interest rate hikes. According to the company, its revenue came in at $24.66 billion as against $24.33 billion which was expected by analysts polled by Refinitiv. Earnings…

US House Republicans plan to establish crypto-focused subcommittee: Report

Republicans in the United States House of Representatives reportedly plan to step up their oversight of the crypto industry with the creation of a new subcommittee. According to a Jan. 12 report from Politco, North Carolina Representative Patrick McHenry, chair of the House Financial Services Committee, said he planned to set up the subcommittee in part due to “a big hole” in how the committee is currently structured. Arkansas Representative French Hill and Ohio Representative Warren Davidson will reportedly be the chair and vice chair of the subcommittee, respectively, focused…

Like son, like father as Joseph Bankman retains attorney: Report

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Joseph Bankman, the father of former FTX chief executive officer Sam Bankman-Fried, has reportedly hired an attorney as the criminal case against his son moves forward. According to a Jan. 12 report from Reuters, Bankman retained Sean Hecker of New York-based law firm Kaplan Hecker & Fink LLP. Bankman-Fried’s father reportedly advised and assisted his son on matters related to lobbying lawmakers in Washington D.C. and may now be cooperating with prosecutors behind SBF’s case. It’s unclear at the time of publication whether Bankman has any criminal or civil liability…

Blockchain industry shows signs of stabilizing in 2023: Report

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2022 was a rollercoaster ride of ups and downs for the blockchain industry. While the year’s first quarter looked promising, the crypto industry has been on a downward trajectory ever since. While indications of a global macroeconomic slowdown increase, these headwinds hamper the blockchain industry’s potential recovery. There are some signs of stabilization in the crypto market and a potential upside at the start of the new year. For those serious about understanding the crypto space’s different sectors, including venture capital, derivatives, decentralized finance (DeFi), regulations and much more, Cointelegraph…

Bitcoin Dips With Stocks After US Report of 6.5% CPI Inflation

Bitcoin has risen from about $16,500 to begin 2023 to a one-month high of $18,250 earlier Thursday. While part of the advance was likely due to nothing more than some investor bottom-fishing after the crypto’s ugly 2022 run, at least some of the gains were thanks to optimism the Fed monetary tightening cycle could close at some point in early to mid 2023. Source