Tag: Report

US lawmakers request answers from Silvergate over ties to FTX: Report

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Three members of the United States Senate have reportedly penned a letter to Silvergate Bank requesting information about any relationship with FTX and business entities under former CEO Sam Bankman-Fried. According to a Dec. 6 report from NBC News, Senators Elizabeth Warren, John Kennedy, and Roger Marshall sent a letter to Silvergate CEO Alan Lane. The lawmakers reportedly asked the bank to provide details on its relationship with FTX entities in response to “new and disturbing allegations” about its business practices. “Your bank’s involvement in the transfer of FTX customer…

UK crypto bill to restrict services from abroad: Report

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Despite the Conservative Party’s rhetorical embracement of crypto under the new Prime Minister Rishi Sunak, the upcoming regulatory framework will reportedly tighten scrutiny over the industry. The legislation updates will broaden the powers of the financial regulator and probably limit foreign companies’ operations in the United Kingdom.  According to a Financial Times report, the FTX collapse has influenced the course of the regulatory regime in the U.K. Reportedly, the Treasury is finalizing a package of guidelines that will enable the Financial Conduct Authority (FCA) to monitor the operations and advertising…

Digital Asset Lender Genesis Owes $900,000,000 to Customers of Crypto Exchange Gemini: Report

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Crypto lender Genesis reportedly owes nearly $1 billion to the customers of crypto exchange Gemini due to the collapse of FTX. According to a new report by the Financial Times, anonymous sources familiar with the matter say that Gemini is attempting to recover the funds from Genesis after the crypto broker was affected by FTX, a crypto exchange that declared bankruptcy last month. Previously, Genesis and Gemini had formed a partnership to create Gemini’s Earn program, which allowed retail investors to loan out their digital assets to earn interest. Last…

Russia Miners Buy More BTC Mining Rigs in Quarter 4, Report

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Bitcoin and the entire crypto market bleed due to many challenges that have befallen the industry. From the Terra crash and continuous interest rate hikes to FTX implosion, the market hasn’t enjoyed a whole month of positive price trend. As the investors cry about the loss of investment funds, the miners of Bitcoin struggle to remain afloat. As a result, BTC price has continued to plummet even with the increasing electricity costs for miners’ operations. But, surprisingly, many miners in Russia will buy mining rigs now. Why Are Russian Miners…

Alameda Research invested $1.15B in crypto miner Genesis Digital: Report

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Crypto mining company Genesis Digital Assets was the biggest venture investment made by Alameda Research, FTX’s sister company and in the center of the exchange’s bankruptcy. Documents disclosed by Bloomberg on Dec. 3 show that Genesis Digital raised $1.15 billion from Alameda in less than nine months.  The capital infusion was made before the crypto prices downturn, between August 2021 and April of this year. Genesis Digital is the major United States-based Bitcoin mining company, and it’s not related to Genesis Capital, the trading company with $175 million worth of…

Crypto lender Genesis allegedly owes $900M to Gemini’s clients: Report

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Crypto lender Genesis and its parent company Digital Currency Group (DCG) allegedly owes $900 million to Gemini’s clients, according to a Financial Times report disclosed on Dec. 3 citing people familiar with the matter.  The issue derives from the FTX dramatic collapse in November. Crypto exchange Gemini operates a product called Gemini Earn in partnership with Genesis, offering investors the opportunity to earn 8% in interest by lending out their crypto, including Bitcoin and stablecoins pegged to fiat currencies. On Nov. 16, Genesis announced it had temporarily suspended withdrawals citing “unprecedented…

ETH, BTC Higher Following US Nonfarm Payrolls Report – Market Updates Bitcoin News

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Ethereum moved closer to the $1,300 level on Dec. 2, as prices remained near a multi-week high. This comes as the latest U.S. nonfarm payrolls report showed that 263,000 jobs were added to the U.S. economy. Markets had expected this to come in at 200,000. Bitcoin was trading above $17,000 prior to the release of the data. Bitcoin Bitcoin (BTC) was once again trading above the $17,000 level, following today’s U.S. nonfarm payrolls (NFP) report. Today’s data was expected to show an addition of 200,000 jobs to the American economy,…

Thai VC fund acquires troubled exchange Zipmex for $100M: Report

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After weeks of negotiations on a potential buyout of Zipmex, venture capital fund V Ventures has reportedly reached a deal to acquire the embattled cryptocurrency exchange. V Ventures, a subsidiary of Thoresen Thai Agencies (TTA) public company, is looking to purchase a 90% stake in Zipmex crypto exchange, Bloomberg reported on Dec. 2. The VC fund is about to acquire Zipmex for about $100 million in digital assets and cash, anonymous sources familiar with the matter claimed. Citing a court hearing on Friday in Singapore, the report says that Zipmex…