Tag: Report

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…

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…