Tag: Report

US authorities are turning their attention to FTX’s Nishad Singh: Report

The United States Securities and Exchange Commission and Commodity Futures Trading Commission and prosecutors are reportedly investigating former FTX engineering director Nishad Singh for potentially having a role in defrauding investors and users. According to a Jan. 5 report from Bloomberg, U.S. officials are looking at individuals in former FTX CEO Sam Bankman-Fried’s inner circle as part of their criminal probe of the exchange’s collapse. Bankman-Fried has pleaded not guilty to all criminal charges against him, but former Alameda Research CEO Caroline Ellison and FTX co-founder ​​Gary Wang reached plea deals…

DeFi security losses rose 47.4% in 2022 to hit $3.64B: Report

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According to a Jan. 5 report published by Chinese blockchain security firm LianAn Technology, decentralized finance (DeFi) exploits across blockchains worldwide totaled $3.64 billion in 2022. This represented a rise of 47.4% compared with the loss of $2.44 billion in 2021. The incidents increased in quantity despite a steep 80% loss in the total value locked in DeFi during the year.  DeFi losses by quarter in 2022. Source: LianAn Technology; Footprint Analytics Out of the 2022 amount, funds lost during cross-chain bridge hacks amounted to $1.89 billion across 12 incidents…

Crypto lender Genesis lays off 30% more staff: Report

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Crypto lending platform Genesis Global Trading has reportedly cut 30% of its workforce in the second round of layouts in six months. According to a Jan. 5 Wall Street Journal report, Genesis reduced its staff by 30% following the platform suffering losses from loans to Alameda Research and Three Arrows Capital. An update to its clients on Jan. 4 said the firm planned to reduce costs as part of its business plans. “As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount…

Quantum computers may soon breach blockchain cryptography: Report

According to a recent paper, Chinese researchers claimed to have discovered a novel method to break the Rivest–Shamir–Adleman 2048 bit (RSA-2048) signing algorithm present in blockchains and other security protocols. RSA is a cryptographic technique that utilizes a public key to encrypt information and a private key to decrypt them.  Breaching the RSA-2048 algorithm requires, similar to other algorithms in the RSA numbers family, finding the prime factors of a number with 617 decimal digits and 2048 binary digits. Experts estimate that it would take ordinary computers 300 trillion years…

Samsung to Report Q4 Operating Profit Slump amid Global Market Downturn

Samsung has had a relatively tough year, one that has seeped into its stock performance. South Korean multinational tech giant Samsung Electronics Co Ltd (KRX: 005930) is set to report a significant slump in its fourth quarter (Q4) operating profit amid a broader plunge in the global economy. According to a Reuters report, citing a Refinitiv SmartEstimate from 21 analysts, the company’s operating profit is bound to fall to 5.9 trillion won ($4.62 billion). Samsung is set to release the preliminary report on Friday while the full report is billed…

Silvergate sold assets at loss and cut staff to cover $8.1B in withdrawals: Report

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The FTX debacle has triggered a bank run on Silvergate, causing the company to sell off its assets at a loss and cut staff by 40% to cover $8.1 billion worth of customer withdrawals. According to a report published by The Wall Street Journal, the bank liquidated debt that it was holding on its balance sheet to keep up with withdrawals, losing $718 million in the process. The loss reportedly surpasses the firm’s profits since 2013. In addition, crypto-related deposits in the firm dropped by 68% in the fourth quarter…

US authorities are seizing $460M in Robinhood shares tied to FTX: Report

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The United States Departure of Justice has reportedly seized or was in the process of seizing more than $400 million worth of Robinhood shares linked to FTX as part of the case against the crypto exchange. According to a Jan. 4 report from Reuters, U.S. officials told a judge they were in the process of seizing assets tied to FTX and its former CEO Sam Bankman-Fried, which included 56 million shares of Robinhood — worth roughly $468 million at the time of publication. The report followed a judge in the…

Fanatics Selling Its 60% Stake in Sports NFT Firm Candy Digital: Report

But Fanatics’ CEO Michael Rubin wrote in the internal email that “Divesting our ownership stake at this time allowed us to ensure investors were able to recoup most of their investment via cash or additional shares in Fanatics – a favorable outcome for investors, especially in an imploding NFT market that has seen precipitous drops in both transaction volumes and prices for standalone NFTs.” Source

Digital assets inflows reached $433M in 2022: Report

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Digital assets funds saw inflows totaling $433 million during 2022, the lowest level since 2018, when inflows in the crypto industry reached $233 million, according to the cryptocurrency investment firm Coinshares.  Investors’ appetite for digital assets seems not to have been fully affected by the crypto winter, but otherwise encouraged investments in crypto assets in a year marked by a price decline and the collapse of many industry players. James Butterfill, researcher at CoinShares, noted in the weekly report that: “In a year where bitcoin prices fell by 63%, a…

Tesla (TSLA) Stock Takes 12% Hit Following Q4 2022 Delivery Report

On Tuesday, Tesla saw its stock take a significant downturn a day after posting its December vehicle production and delivery report. Tesla Inc (NASDAQ: TSLA) stock recently plunged by more than 12% on the heels of the company’s Q4 2022 vehicle production and delivery report. Although Tesla’s numbers were a record, they fell short of analysts’ expectations. On Tuesday, Tesla posted 405,278 deliveries for the fourth quarter of last year and 1.31 million total deliveries for all of 2022. The electric vehicle’s full-year figures represent a record 40% growth in deliveries…