Tag: Report

Remittances to Low and Middle Income Countries in 2022 Up by 5% to $626 Billion — Latest World Bank Report – Economics Bitcoin News

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Despite the headwinds that have dominated the year, remittances to low and middle-income countries in 2022 still grew by 5% to $626 billion, the World Bank Migration and Development Brief has said. Africa, where the cost of sending $200 averaged 7.8% in 2022, is the “most severely exposed to the concurrent crises.” Impact of the Appreciating Ruble and Weaker Euro According to the latest World Bank Migration and Development Brief (MDB), total remittances to the so-called low and middle-income countries (LMICs) in 2022 went up by 5% to $626 billion.…

Report outlines reasons why stakeholders are against CBDC

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While some countries like Nigeria are aggressively pushing the use of central bank digital currencies (CBDCs), a new report summarized why a number of private stakeholders are against the idea of a CBDC.  The report dubbed “The State of CBDCs in 2022,” published by blockchain insights firm Blockdata, dove into the most significant CBDC developments within the past year. It also pinpointed some of the key reasons why some private companies are against CBDCs. Citing stablecoin issuer Circle’s stance on CBDCs, the report highlighted that digital currency issuance may be…

This Report Suggests Cryptocurrencies Bearing A Final Flush-Out

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The crypto market is currently undergoing a series of unfortunate events. From the crash of stablecoin Terra to the fall of Celsius, it has been a gloomy year for crypto investors. More recently, the capitulation of the Bankman-Fried-led popular exchange FTX has further amplified this negative trend. In addition, exchanges like Gemini and Coinbase have laid off a significant chunk of their workforce. According to Glassnode reports, the collapse of FTX has led to one of the largest; deleveraging events in the history of crypto. As a result, the market…

Sam Bankman-Fried hires defense attorney as US authorities probe FTX: Report

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Former FTX chief executive officer Sam Bankman-Fried has reportedly hired Mark Cohen, a former federal prosecutor, to act as his defense attorney. According to a Dec. 6 report from Reuters, Bankman-Fried’s spokesperson Mark Botnick said the former FTX CEO has retained Cohen amid a flurry of civil litigation from investors in the crypto exchange and investigations by lawmakers and regulators in the United States. Cohen, a co-founder of law firm Cohen & Gresser, was a former assistant U.S. attorney for the Eastern District of New York who also on the…

Report Suggests FTX’s Tokenized Stocks Might Not Have Been Backed 1:1, Synthetics May Have Been Used to ‘Manipulate’ Real Stock Prices – Bitcoin News

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On Dec. 4, 2022, a report details that FTX-based synthetic stocks may have been used to manipulate the value of AMC shares. In May 2021, FTX offered 36 tokenized stocks but speculators believe it’s questionable whether or not the firm actually held the real stocks in the first place. FTX Listed 36 Synthetic Stocks and Minted Hundreds of Thousands of Tokenized Shares, Report Questions Whether or Not the Firm Actually Owned the Stocks FTX has been under the microscope ever since the exchange collapsed during the first week of November…

Crypto Exchange Bybit To Let Go of 30% of Workforce As Bear Market Drags On: Report

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Dubai-based crypto exchange Bybit is kicking off a round of layoffs equalling more than a quarter of their total workforce amid the current market woes. Bybit co-founder and CEO Ben Zhao announced the massive layoffs over the weekend on Twitter. “Difficult decision made today, but tough times demand tough decisions. I have just announced plans to reduce our workforce as part of an ongoing reorganization of the business as we move to refocus our efforts for the deepening bear market. The planned downsizing will be across the board. We are…

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…