Tag: Report

Aave Protocol Halts Certain Market Operations Due To Bug Report

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Decentralized finance (DeFi) platform Aave has suspended operations in a number of markets after receiving a problem report on a certain function of the protocol. DeFi Protocol Discovers Vulnerability; Is User Funds At Risk? On Saturday, November 4, decentralized lending protocol Aave announced – via a post on X (formerly Twitter) that it has paused the Aave V2 Ethereum market and suspended certain assets on Avalanche. In addition, the protocol has frozen specific assets on Aave V3 on Polygon, Arbitrum, and Optimism.  Today we received a report of an issue…

FTX advisers sharing customers’ data with FBI: Report

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Advisers for bankrupt crypto exchange FTX have been disclosing data from customers’ transactions and accounts with the Federal Bureau of Investigation (FBI), according to court documents seen by Bloomberg.  In response to subpoenas issued by several FBI field offices during the past few months, FTX consultants turned over to law enforcement records of specific customers’ trades on the bankrupt crypto exchange. The FBI’s requests were disclosed on billing records from Alvarez and Marsal, a consultancy serving as financial advisers for FTX. Over the past few months, the firm’s staff extracted…

US Treasury Yields Mixed as Market Anticipates October Jobs Report

As investors and analysts await the official jobs report for October, the 2-year and 10-year Treasury yields moved in opposite directions. US Treasury yields came in varied on Friday as investors wait on the jobs report for October for an indication of the labor market and the effect of interest rates. While the 2-year Treasury climbed by more than two basis points to 4.9974%, the 10-year Treasury yield fell to 4.6658%, losing less than one basis point. The market expects October’s job report on Friday. According to a Dow Jones…

PayPal faces SEC action related to PYUSD stablecoin: Report

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Payment giant PayPal has received a subpoena from the United States Securities and Exchange Commission (SEC) regarding its U.S. dollar-pegged stablecoin. The Enforcement division of the SEC has sent a subpoena to PayPal related to its PayPal USD (PYUSD) stablecoin, the firm disclosed on Nov. 2, according to a report by Reuters. The action comes about three months after PayPal launched its PYUSD stablecoin in early August. The stablecoin is issued by Paxos Trust and backed by U.S. dollar deposits, short-term Treasurys and similar cash equivalents. PYUSD is based on…

US crypto custody firm BitGo wins BaFin license in Germany: Report

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Major cryptocurrency custody firm BitGo is reportedly expanding its regulatory compliance in Germany more than three years after launching a dedicated local subsidiary. BitGo has obtained a cryptocurrency license from the German Federal Financial Supervisory Authority (BaFin), according to a Nov. 1 report by Finance Magnates. The firm has been storing crypto assets like Bitcoin (BTC) for its clients since 2019 under the supervision of BaFin as part of a transitional regime, the report notes. The German license secures BitGo’s presence in the European market and is an important milestone…

Tether Publishes Q3 2023 Attestation Report with Highest Ever Cash and Cash Equivalent Reserves

The recently published Tether report for Q3 2023 show that the company’s cash reserves are healthy and secured loans have been reduced. Tether Holdings Limited, the company responsible for the world’s largest stablecoin by market cap, USDT, has published its attestation for Q3 of 2023. According to Tether, the attestation re-affirms that Tether’s Consolidated Reserves Report (CRR) is accurate. The attestation report for Q3 2023 was completed by BDO, a major global independent public accounting firm. Tether Figures for Q3 2023 Tether says it recorded the highest percentage of reserves held in…

SBF says spending FTX customers’ money was part of ‘risk management’: Report

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Sam Bankman-Fried (SBF), the founder of cryptocurrency exchange FTX, claims that spending clients’ fiat deposits was just part of “risk management” for his intertwined crypto hedge fund Alameda Research. During the former crypto executive’s court testimony on October 31, prosecutor Danielle Sassoon of the Southern District of New York asked SBF if he believed that it was permissible to spend $8 billion of FTX customers’ fiat money. “I thought it was folded into risk management,” he said. “As CEO of Alameda, I was concerned with their portfolio. At FTX, I…

Twitter is now worth half of the $44B Elon Musk paid for it: Report

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Elon Musk’s social media platform, X (formerly Twitter), is worth less than half of what the tech billionaire bought it for in October last year, an internal memo has reportedly revealed. According to an Oct. 30 report from Bloomberg, the internal memo and sources familiar with the matter said that restricted stock units recently paid to employees of the company were valued at $45 a share, which puts the company’s value at around $19 billion, less than half of the $44 billion that Musk paid for the company on Oct.…

‘Fuck regulators,’ said SBF behind closed doors: Report

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Despite publicly supporting drafting crypto regulation to protect customers, disgraced crypto exchange FTX founder Sam “SBF” Bankman-Fried appears to have shared a deep disdain for regulators. During SBF’s ongoing criminal trial, Assistant U.S. Prosecutor Danielle Sassoon inquired if the crypto executive could recall his previous Twitter statements regarding his support of blockchain regulation to protect customers. “I don’t remember,” SBF said. Sassoon asked, “But in private, you said, fuck regulators, right?” “I said that once,” SBF replied. Among other profanities, the former crypto executive also stated that he viewed a “subset…