Tag: Report

Former CCP official apologies for ‘grave losses’ as a result of supporting crypto miner: Report

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Xiao Yi, the former Chinese Communist Party secretary of Fuzhou, has confessed to “acting recklessly” in support of crypto mining during a state-run television broadcast.  In an interview released by state-run media on Jan. 8, Xiao seemed to speak with a very subdued voice from what appeared to be prison, apologizing for being a “sinner” and causing “grave losses” to Fuzhou. The former CCP official pled guilty to corruption charges in December related to accepting more than $18 million in bribes for construction programs and illicitly promoting projects — including…

5 cryptocurrencies that could benefit from a positive CPI report

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Bitcoin (BTC) has finally pushed above the $17,000 mark after rallying to $17,375 on Jan. 12,  with both the bulls and the bears eyeing the Consumer Price Index (CPI) readout due on Jan. 12. If the print shows that inflation is cooling off, risk assets may rally, but a negative surprise could attract strong selling. While some believe that a macro bottom could be forming in Bitcoin, others remain skeptical. They draw a parallel between the current bear market and the dot-com bubble burst. The United States Federal Reserve stopped…

Huobi Korea seeks to split from parent company, change its name: Report

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Local media reported Jan. 9 that cryptocurrency exchange Huobi Korea is preparing to purchase its shares from Huobi Global and change its name. About 72% of shares in Huobi Korea are owned by Huobi Global cofounder Leon Li. Huobi Korean chairman Cho Kook-bong would take over Li’s share in the Korean company. Cho is also the owner of a major crypto mining operation in the country, according to local outlet News1. Huobi has experienced a number of issues in recent days. It reportedly planned laid off 20% of its workforce Jan.…

Report Claims U.S. Prosecutors Investigate Hedge Funds in Connection with Binance Dealings  – Bitcoin News

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Federal prosecutors are reportedly investigating U.S.-based hedge funds that have dealt with the cryptocurrency exchange Binance, according to two people familiar with the matter. The hedge funds were allegedly issued subpoenas by the U.S. attorney’s office for the Western District of Washington. Sources Say U.S. Department of Justice Probes American Hedge Funds in Cryptocurrency Investigation Following a Reuters report in mid-December 2022 that said Binance is being probed by the U.S. Department of Justice, a report from The Washington Post claims American hedge funds are being investigated as part of…

Digital Currency Group under investigation by U.S. authorities: Report

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Crypto conglomerate Digital Currency Group, or DCG, are under investigation by the United States Department of Justice’s Eastern District of New York (EDNY) and the Securities and Exchange Commission (SEC), according to a Bloomberg report.  The authorities are digging into internal transfers between DCG and its subsidiary crypto lending firm Genesis Global Capital, noted the report citing people familiar with the matter. Prosecutors have already requested interviews and documents from both the companies, while the SEC is running an early-stage similar inquiry. As of yet, no indictment has been brought…

FTX asset sales challenged by U.S. Trustee: Report

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Bankrupt crypto exchange FTX’s plans to sell its digital currency futures and clearinghouse LedgerX, among other businesses, were challenged by the U.S. Trustee on Jan. 7, according to Reuters. As per the filing, U.S. Trustee Andrew Vara called for an independent investigation before any sale, claiming that valuable information related to the exchange’s bankruptcy could be compromised. The document states: “The sale of potentially valuable causes of action against the Debtors’ directors, officers and employees, or any other person or entity, should not be permitted until there has been a…

Digital Asset Exchange Giant Huobi Plans To Lay Off 20% of Its Staff Amid Ongoing Crypto Winter: Report

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The Seychelles-based crypto exchange giant Huobi is reportedly planning to lay off 20% of its staff as the ongoing bear market continues to thrash companies across the industry. Reuters reports that Huobi says “a very lean team will be maintained going forward” amid the crypto winter. Tron (TRX) founder Justin Sun, a member of the Huobi advisory board, tells the outlet that the workforce reduction is expected to be completed by the end of the first quarter of this year. The exchange’s planned layoffs are the latest in a series…

Hedge funds subpoenaed by U.S. prosecutors as Binance probe unfolds: Report

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United States prosecutors are investigating hedge funds’ relationships with cryptocurrency exchange Binance for money-laundering violations. According to anonymous sources cited by the Washington Post, the U.S. attorney’s office for the Western District of Washington in Seattle subpoenaed investment firms to provide records of communications with Binance in the past months. The allegedly subpoenas do not mean prosecutors are bringing charges against the crypto exchange or hedge funds, as authorities are still evaluating evidence and a possible settlement with Binance, according to legal specialists. Binance did not immediately respond to Cointelegraph’s…

U.S. Investigators Subpoena Hedge Funds in Binance Money-Laundering Probe: Report

Recently, Binance has made efforts to increase its commitment to compliance, growing its security and compliance staff by 500% in 2022. Additionally, last fall the company assembled a global advisory board chaired by Max Baucus, a former Democratic senator from Montana. Meanwhile, the exchange seems eager to improve its relations with the U.S. government, recently becoming active in crypto lobbying in Washington, DC. Source

Sam Bankman-Fried’s charitable donations sought by FTX: Report

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FTX’s new management is seeking to recover millions of dollars in donations made by the crypto exchange and its former CEO Sam Bankman-Fried, reports the Wall Street Journal.  At the end of September, FTX’s charity arm, Future Fund, had committed more than $160 million to over 110 nonprofit organizations, including biotech startups and university researchers developing Covid-19 vaccines and working on pandemic studies, as well as nonprofit organizations in India, China and Brazil. As per the report, Future Fund committed $3.6 million to AVECRIS, a company working on a genetic…