Tag: Report

Circle admitted by judge as amicus curiae in SEC vs Binance lawsuit: Report

boss

A senior judge in the Columbian district court has reportedly signed multiple orders to clear pending motions in the ongoing lawsuit filed by the United States Securities and Exchange Commission against the crypto exchange Binance ahead of the crucial hearing. Among the key orders, the judge cleared an amicus brief filed by USD Coin (USDC) stablecoin issuer Circle right before the key hearing on Oct. 12. Circle filed a court motion on Sept. 29 in the ongoing SEC vs Binance lawsuit and had argued that assets pegged to the U.S.…

Coinbase spot trading volume falls by 52% compared to 2022: Report

The spot trading volume of Coinbase, one of the largest crypto exchanges in the United States, has dropped by more than half, highlighting a shift in interest in crypto trading.  Citing analysis from digital asset data provider CCData, mainstream media outlet Bloomberg reported on Oct. 11 that Coinbase registered around $76 billion in spot trading volume. Compared to its quarterly record for the third quarter of 2022, the new data shows a 52% drop in spot trading for Q3 2023. According to the report, the new numbers are the lowest they’ve…

LVMH Shares Down 6% after Disappointing Q3 2023 Earnings Report

The French giant attributed this decline to post-COVID-19 normalization, high inventory levels among retailers, and a slowdown in Hennessy cognac sales in the United States. LVMH, the world’s largest luxury conglomerate, experienced a significant drop in its shares on Wednesday following a disappointing financial earnings report for the third quarter (Q3) ending in September. The French luxury group, which controls popular brands like Louis Vuitton, Dior, Tiffany, and Bulgari, unveiled its third-quarter results and nine-month figures after the market closed on Tuesday, showing a 9% increase in sales for Q3,…

iFinex proposes $150M share buyback from Bitfinex hack victims: Report

boss

Bitfinex’s parent company, iFinex, has proposed buying back $150 million worth of the company’s shares from users who were offered them as compensation for the $71 million hack on the Bitfinex crypto exchange in 2016, according to Bloomberg. IFinex revealed its plans to buy back $150 million worth of shares in a shareholder letter dated Sept. 22. The digital asset firm offered a price of $10 per share to shareholders for the 15 million shares distributed in the aftermath of the 2016 Bitfinex hack. Bitfinex lost nearly 36% of the user…

JPMorgan debuts tokenization platform, BlackRock among key clients: Report

boss

American banking giant JPMorgan debuted its in-house blockchain-based tokenization application, the Tokenized Collateral Network (TCN), on Oct. 11, according to Bloomberg. TCN settled its first trade for asset management giant BlackRock. Tokenized Collateral Network is an application that allow investors to utilize assets as collateral. Using blockchain technology they can transfer collateral ownership without moving assets in underlying ledgers. The TCN network in its first public collateralized trade between JP Morgan and BlackRock turned shares of one money market fund into digital tokens, which were then transferred to Barclays Plc as…

Bitcoin ASIC manufacturer Bitmain pauses employee salary payments: Report

boss

Bitcoin application-specific integrated circuit (ASIC) manufacturer Bitmain has paused employee salary payments for September and beyond. According to recent local news reports, citing multiple Bitmain employees familiar with the matter, the firm has allegedly cut all “bonuses and incentives” for its staff and still has not paid remuneration due since last month. In addition, employees face a 50% cut to their base salary. A message allegedly from Bitmain reads: “For the month of September, the company has yet to achieve a net positive cash flow, especially in the orders of…

EU mulls more restrictive regulations for large AI models: Report

boss

Representatives in the European Union are reportedly negotiating a plan for additional regulations on the largest artificial intelligence (AI) systems, according to a report from Bloomberg.  The European Commission, European Parliament and the various EU member states are said to be in discussions regarding the potential effects of large language models (LLMs), including Meta’s Llama 2 and OpenAI’s GPT-4, and possible additional restrictions to be imposed on them as a part of the forthcoming AI Act. Bloomberg reports that sources close to the matter said the goal is not to…

Crypto exchange Upbit was targeted by hackers 159K times in H1: Report

boss

South Korean cryptocurrency exchange Upbit has been targeted by hackers on more than 159,000 occasions in the first half of 2023, according to its operating firm. The figures were reported by Dunamu — the firm operating Upbit — to South Korean Representative Park Seong-jung of the People Power Party, according to an Oct. 9 report by South Korea-based Yonhap News Agency. The figure marks a 117% increase from the first half of 2022 and a whopping 1800% increase from the first half of 2020. Upbit is one of South Korea’s largest…