Crypto banking group Silvergate Capital further cooled its stablecoin ambitions last week, slashing the value of assets that it purchased from a defunct Facebook crypto project. Silvergate disclosed that it took a $196 million impairment charge during its final fiscal quarter of last year, writing down the value of intellectual property and technology that it acquired from Diem Group early…
Crypto investors have been urged to keep their eyes peeled for “deepfake” crypto scams to come, with the digital-doppelganger technology continuing to advance, making it harder for viewers to separate fact from fiction. David Schwed, the COO of blockchain security firm Halborn told Cointelegraph that the crypto industry is more “susceptible” to deepfakes than ever because “time is of the…
Tyler Winklevoss, the co-founder of cryptocurrency exchange Gemini, has hit out at the regulator charging the exchange over issuing unregistered securities, calling the allegations “super lame” and a “manufactured parking ticket.” In a series of tweets on Jan. 12, Winklevoss shared his disappointment over the earlier charges from the Securities and Exchange Commission (SEC) regarding Gemini’s “Earn” program claiming the…
The beleaguered Gemini Earn program is now the linchpin in a new set of charges filed by the Securities and Exchange Commission against both Genesis and Gemini. In announcing the charges, the SEC says the firms “raised billions of dollars’ worth of crypto assets from hundreds of thousands of investors” in Gemini Earn, describing it as an unregistered offering that…
The past year was a challenge across the globe. Financial markets plunged deep into the red, affecting millions, if not billions, of people worldwide. Inflation rose. For crypto, it has arguably been the worst year since Bitcoin’s (BTC) inception. It has been more of an ice age than a crypto winter, and bad actors and weak projects have dominated headlines…
A federal bankruptcy court in the U.S. has ended the FTX naming-rights agreement for Miami Heat’s basketball stadium. The sports venue was branded FTX Arena as part of a multi-year, multi-million dollar sponsorship deal between the now-bankrupt crypto exchange and Miami-Dade County in 2021. FTX Signage and Advertising to Be Removed From Downtown Miami Sports Facility The FTX naming-rights agreement…
The United States Securities and Exchange Commission (SEC) on Jan. 12 charged cryptocurrency lending firm Genesis and crypto exchange Gemini with offering unregistered securities through Gemini’s “Earn” program. “We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,” said SEC Chair Gary Gensler in a statement. Gensler added the charges “build…
Our weekly roundup of news from East Asia curates the industry’s most important developments. Huobi’s disgruntled employees According to local media reports, cryptocurrency exchange Huobi Global has terminated all year-end employee bonuses and benefits, as well as axed its entire core development staff located in mainland China. The laid-off staff will be instead switched to “advisory contracts” that do not…
The beleaguered Gemini Earn program is now the linchpin in a new set of charges filed by the Securities and Exchange Commission against both Genesis and Gemini. In announcing the charges, the SEC says the firms “raised billions of dollars’ worth of crypto assets from hundreds of thousands of investors” in Gemini Earn, describing it as an unregistered offering that…
Republicans in the United States House of Representatives reportedly plan to step up their oversight of the crypto industry with the creation of a new subcommittee. According to a Jan. 12 report from Politco, North Carolina Representative Patrick McHenry, chair of the House Financial Services Committee, said he planned to set up the subcommittee in part due to “a big…
