Tag: Report

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…

Brussels Wants All Crypto Service Providers to Report Transactions of Europeans – Taxes Bitcoin News

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The European Commission has set out to oblige platforms processing crypto transactions for EU residents to share information with tax authorities in the Union. According to the proposal, all crypto service providers, regardless of where they are based, will have to abide by the new rules. EU to Consider New Reporting Requirements for Crypto Platforms Serving European Users The executive power in Brussels intends to push through new “tax transparency rules” for the crypto industry. The proposal announced on Thursday concerns all service providers facilitating transactions in crypto assets for…

Massachusetts Senator Forwards Bill Aimed at Forcing Crypto Miners to Report Greenhouse Gas Emissions – Bitcoin News

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On Dec. 8, 2022, three Democratic politicians from Massachusetts, Oregon, and California revealed legislation aimed at combatting “energy-intensive” cryptocurrency mining operations. The bill introduced by senator Ed Markey (D-MA) alleges that crypto mining “strains the grid” and the industry “undermines U.S. climate goals.” 3 U.S. Bureaucrats Believe Crypto Miners Need to Report Carbon Emissions and Environmental Assessments Senators Ed Markey (D-MA), Jeff Merkley (D-ORE), and Jared Huffman (D-CA) have introduced a bill that would require “an interagency study on the environmental and energy impacts of crypto asset mining.” Markey’s press…

Crypto Trading Firm Amber Group Ditches $25M Chelsea Sponsorship Deal Amid Layoffs: Report

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