FTX employees did invoicing and expenses over Slack and used QuickBooks, consumer-level tax software, to handle its accounting, the company’s new CEO John Ray III said during Tuesday’s House Financial Services Committee hearing. “Nothing against QuickBooks. Very nice tool,” Ray said. “It’s not for a multibillion dollar company.” It’s the type of critique that crystalizes what Ray has said was…
The sudden failure of FTX has left many people questioning the impact this will have on the cryptocurrency ecosystem. For instance, it remains questionable whether or not crypto hotspots will continue to flourish or if there will be a decline in innovation. While it may be too soon to fully understand the impact of the FTX collapse, industry leaders within…
DOGAMÍ, an augmented reality mobile game involving nonfungible token (NFT) pet companions, has completed a $14 million seed funding round, according to a Dec. 12 press release provided to Cointelegraph. The Web3 mobile gaming company raised $7 million led by VC firm XAnge after initially securing $6 million from industry leaders in January 2022. DOGAMÍ, with community members in over…
The U.S. Commodity Futures Trading Commission (CFTC) today announced a lawsuit against crypto exchange FTX founder Sam Bankman-Fried over alleged violations of federal commodities laws. Other defendants listed in the complaint are FTX and its affiliated company Alameda Research. The U.S. derivatives regulator alleges Bankman-Fried and other FTX executives took hundreds of millions of dollars in loans from Alameda, using…
In a new Twitter post dated Dec. 12, Du Jun, co-founder of cryptocurrency exchange Huobi Global, shared new insight on his experience of running ABCDE Capital, a $400 million Web 3.0 venture capital (VC) fund, in June this year. According to Jun, the idea for ABCDE Capital came in March, and by April, it was already registered in Singapore. However,…
Ex-FTX boss and founder Sam Bankman-Fried has been hit with eight criminal charges, including wire fraud and conspiracy to commit money laundering. The disgraced crypto mogul was arrested in the Bahamas yesterday after U.S. authorities requested his extradition. This story is developing and will be updated. Stay on top of crypto news, get daily updates in your inbox. Source: https://decrypt.co/117124/ftx-founder-sam-bankman-fried-criminal-charges
The United States Commodity Futures Trading Commission, or CFTC, has filed a lawsuit against Sam Bankman-Fried, FTX and Alameda Research, claiming violations of the Commodity Exchange Act and demanding a jury trial. According to court records filed Dec. 13 in the Southern District of New York, the CFTC filed a complaint for injunctive and other equitable relief as well as…
Ava Labs, the development company behind the Avalanche blockchain, today announced the release of Core Mobile, a mobile version of its flagship non-custodial multichain wallet. First launching on Android with support for iOS slated for 2023, Core Mobile aims to connect DeFi, NFT, and gaming ecosystems across the Avalanche, Bitcoin, and Ethereum networks, as well as other EVM-compatible blockchains. This…
According to a statement published on Dec. 13, 2022, the U.S. Securities and Exchange Commission (SEC) has charged the disgraced FTX co-founder Sam Bankman-Fried (SBF) with defrauding investors. SEC chairman Gary Gensler explained that the U.S. financial regulator alleges that SBF “built a house of cards on a foundation of deception.” U.S. SEC Contends Former FTX CEO SBF Committed Fraud,…
While some gamers are against nonfungible token (NFT) integration for games, a large portion are willing to play if they are given opportunities to earn cryptocurrency, according to a recent survey. In an announcement, fintech firm Zeebedee published the results of a study that surveyed gamers based in the United States to measure their exposure to crypto and their sentiments…
