Tag: Report

Fugitive Do Kwon Now Staying in Serbia Report Says — Terraform Labs CEO Suggests SBF Is to Blame for UST Depeg – Regulation Bitcoin News

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A new report has claimed that Do Kwon, the fugitive CEO of Terraform Labs, is currently staying in Serbia. The report added that the South Korean government has engaged the Serbian government regarding the matter. Meanwhile, Kwon has accused Sam Bankman-Fried and Alameda Research of orchestrating events that led to the “depeg” of Terra’s once-stable coin UST. Do Kwon Getting Help in Serbia According to South Korean online publication Chosun, Do Kwon, the CEO of Terraform Labs who is wanted on charges of providing false information to investors, is living…

$75M worth of FTX’s political donations at risk of being recalled due to bankruptcy: Report

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Following the collapse of FTX and its Nov. 11 bankruptcy filing, $73 million worth of its political donations is currently at risk of being recalled to repay the failed exchange’s creditors, according to a report by Bloomberg. Speculators online allege that the former FTX CEO and his executives sought to influence industry regulations with their generous multimillion-dollar donations to politicians and super PACs. Sam Bankman-Fried and executives Ryan Salame and Nishad Singh are believed to have been high-paying donors to both the Republican and Democratic United States political parties. Many politicians who…

Coinbase report shows dramatic increase in law enforcement enquiries worldwide

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Coinbase has seen information requests from law enforcement surge over the past year, the cryptocurrency exchange reported in its latest transparency report. The vast majority of the enquiries came from the United States and were tied to criminal investigations.  Coinbase’s new transparency report covers the last four quarters ending with September. In that time, the exchange received 12,320 information requests from law enforcement, an increase of about 66%. The United States accounted for 5,304, or 43%, of those requests. The United Kingdom, Germany and Spain produced between 1,000 and 2,000…

NYC Mayor stands by Bitcoin pledge amid bear market, FTX: Report

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Eric Adams, who became mayor of New York City in January, has reportedly stood behind a campaign pledge to make the city a crypto hub, despite a drop in the price of many tokens in 2022. According to a Dec. 12 report from Slate, Adams suggested he still wanted New York City to be the “center of the cryptocurrency industry” — one of the plans he announced during his mayoral run in November 2021. The New York City mayor reportedly converted the first of his three paychecks while in office…

New Report Shows SBF Wanted to Take Down Crypto Market Before Filing for Bankruptcy Protection

SBF attempted to depeg the largest stablecoin by daily traded volume, Tether USDT, before filing for bankruptcy protection. The latest details of FTX and Alameda’s pre-bankruptcy protection shows that Sam Bankman-Fried (SBF) allegedly attempted to depeg stablecoins. According to a WSJ report, SBF was confronted by other crypto executives from a Signal group chat called “Exchange coordination”. Reportedly, Changpeng Zhao, Binance CEO, confronted SBF on November 10, accusing him of attempting to depeg the stablecoins market. “Stop trying to depeg stablecoins,” CZ noted in the Signal group chat. According to…

Terra’s Do Kwon is in Serbia: Report

Kwon left South Korea in April for Singapore, and went to Dubai in October, from where he went to Serbia, CoinDesk Korea reported. Authorities are concerned that he might have already moved to another country; his passport has already been invalidated, so authorities cannot check official records, according to the report. Source

Binance’s proof-of-reserves raises red flags: Report

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Binance’s efforts to improve transparency of its reserves also exposed red flags in the crypto exchange’s finances, according to accounting and financial specialists consulted by The Wall Street Journal.  As noted by a former Financial Accounting Standards Board (FASB) member and investment manager, the report released by the audit firm Mazars does not bring investors confidence about the exchange’s finance as it lacks information related to the quality of internal controls and how its systems liquidate assets to cover margin loans. Another red flag raised by the newspaper’s sources is…

SBF tried to destabilize crypto market to save FTX: Report

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Tether executives and Binance CEO Changpeng “CZ” Zhao worried that Sam Bankman-Fried (SBF), former FTX CEO, was attempting to destabilize the crypto market aiming to save the now-bankrupt exchange, according to reports on Dec. 9. Messages seen by The Wall Street Journal of a Signal group chat named “Exchange coordination” reveals an argument between CZ and SBF on Nov. 10 about Tether’s stablecoin USDT. Members in the Signal group include Kraken co-founder Jesse Powell, Paolo Ardoino, chief technology officer of Tether, among others. According to the report, CZ and others…

Report Shows Crypto News Publication The Block Was Secretly Funded by Bankman-Fried’s Alameda – Bitcoin News

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On Dec. 9, 2022, Axios reporter Sara Fischer reported on the CEO of the crypto media The Block after it was discovered that the chief executive was secretly funded by Alameda Research, the now-defunct trading firm co-founded by Sam Bankman-Fried. According to the report, sources say The Block executive Michael McCaffrey received $16 million in one payment and used the funds to purchase an apartment in the Bahamas. The Block CEO Received 3 Payments of $43 Million From Alameda Research, One Payment Used to Purchase an Apartment in the Bahamas…

Amber Group ditches expansion plans after denying insolvency: Report

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Cryptocurrency trading firm Amber Group is putting its expansion plans on hold despite the FTX contagion having “no disruption” to its daily operations, according to a senior executive. Amber has scrapped plans to expand in Europe and the United States as a consequence of exposure to the now-defunct exchange FTX and will focus on institutional clients in Asia, according to managing partner Annabelle Huang. Huang also said that Amber has been forced to deprioritize its new metaverse project due the FTX contagion, the Financial Times reported on Dec. 9. Apart…