Tag: Report

US DoJ is concerned about a run on Binance should prosecutors bring fraud charges: Report

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The United States Department of Justice is reportedly considering charging cryptocurrency exchange Binance with fraud, but hesitating based on costs to consumers. According to an Aug. 2 Semafor report citing people familiar with the matter, Justice Department officials are concerned about an indictment against Binance causing a run on the exchange similar to what happened with FTX in November 2022. They are reportedly considering fines or non-prosecution agreements for Binance rather than criminal charges in an effort to reduce the harm to consumers. Binance was already reportedly the target of…

Worldcoin to allow government and businesses to use ID system: Report

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Worldcoin plans to expand its operations to allow governments and businesses to utilize its iris-scanning and identity-verifying technology in an effort to sign up more users, according to a Reuters report. According to the report, Ricardo Macieira, the general manager for Europe at Tools For Humanity — which is behind the Worldcoin project — said that the company is on a mission of “building the biggest financial and identity community” possible. “The idea is that as we build this infrastructure and that we allow other third parties to use the…

Ripple CEO slams SEC over use of XRP report in lawsuit

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Ripple CEO Brad Garlinhouse on August 2, expressed his disapproval of the United States Securities and Exchange Commission (SEC) for utilizing Ripple’s quarterly XRP Markets Report, designed to enhance transparency in the cryptocurrency industry, as evidence against the company in the ongoing lawsuit.  Garlinghouse stated that the company initiated the reports with the intention of voluntarily offering updates on their XRP holdings. However, the CEO said, these reports were later “used against” the company in the SEC lawsuit. Garlinghouse reiterated the company’s commitment to transparency but hinted that future reports…

Voyager customers targeted by scammers during 30-day withdrawal period: Report

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Scammers set their sights on Voyager Digital customers during the month-long window when they were able to withdraw some portion of their funds from the bankrupt crypto brokerage, Bloomberg reported, citing Darren Azman, a lawyer for the firm. Law enforcement has been notified of the situation, he added. Voyager customers withdrew $490 million between June 23 and July 22. That sum was almost 80% of the amount available, Azman said at a hearing of the Southern District of New York Bankruptcy Court held by telephone. According to Bloomberg, scammers used…

Curve Finance founder’s $100M debt could trigger a DeFi implosion: Report

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While Curve Finance is still weathering the aftermath of a recent $47-million hack, another issue concerning holders of the decentralized finance (DeFi) protocol’s token has surfaced on the internet, sparking theories on how a massive dump can potentially happen.  On Aug. 1, crypto research firm Delphi Digital published a Twitter thread detailing the loans taken by Curve Finance founder Michael Egorov that are backed by 47% of the circulating supply of Curve DAO (CRV). According to the research firm, Egorov has around $100 million in loans across various lending protocols…

Meta to launch AI chatbots with personalities to retain users: Report

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Meta, the parent company of Facebook and Instagram, plans to release artificial intelligence (AI) chatbots with human-like personalities as it focuses on user retention efforts, according to a report from the Financial Times.  On Aug. 1 the FT reported that people close to the matter said prototypes of the chatbots have been underway with the final products being able to hold discussions with users at a human level. The range of chatbots will be able to display different personalities and are expected to be released as early as next month,…

Crypto market loses $486M in July, most since 2022: Report

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The cryptocurrency market is having its worst month of 2023, according to a report from Web3 outlet De.Fi shared with Cointelegraph. Losses for July totaled $486 million, more than six times the total from 2022: Cryptocurrency losses comparing July 2022 and July 2023. Source: De.Fi The report comes on the heels of several high-profile hacks and exploits in the month of July and a flurry of legislative activity surrounding the nature of cryptocurrency and digital assets. With a current reported recovery total of only $6.15 million, nearly 99% of all…

German government watchdog launched Worldcoin probe in November 2022: Report

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The Bavarian State Office for Data Protection Supervision, or BayLDA, reportedly began an investigation into human identity verification project Worldcoin based on concerns over biometric data. According to a July 31 Reuters report, the German data watchdog launched a probe into Worldcoin’s activities starting in November 2022. Worldcoin, a project started with the intention of distinguishing real people from bots by providing retinal scans for identity verification, had more than 2 million sign-ups prior to the launch of its token in July. This retinal scan data reportedly drew the attention…

HSBC-Owned Hang Seng Bank Limits Crypto Companies to ‘Simple’ Accounts: Report

Crypto companies applying to operate in Hong Kong are struggling to open bank accounts due to limited staffing at the Securities and Futures Commission and reluctance from banks, even though there’s no ban on them offering services to crypto firms, CoinDesk previously reported. The Hong Kong Monetary Authority (HKMA), the central bank, has urged major lenders including HSBC, Standard Chartered and Bank of China to accept crypto exchanges as clients. Source