Sports merchandise firm Fanatics is divesting its stake in nonfungible token (NFT) company Candy Digital as confidence in the asset class wanes. On Jan. 4, it was reported that Michael Rubin’s sports company Fanatics was offloading its majority 60% stake in the NFT startup. Fanatics was started in 2011 and has become a known name in sports merchandising and e-commerce,…
Nonfungible token (NFT) marketplace Magic Eden has pledged to refund all users who were duped into purchasing fake NFTs on its website as a result of an exploit. In a Jan. 4 statement, the company said a bug in its newly deployed “activity indexer” for its Snappy Marketplace and Pro Trade tools essentially allowed fake NFTs to skirt verification and…
The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have jointly issued warnings about crypto risks to banking organizations. “The agencies have significant safety and soundness concerns with business models that are concentrated in crypto-asset-related activities or have concentrated exposures to the crypto-asset sector,” the regulators detailed. U.S. Regulators Warn…
U.S. Regulators are starting 2023 off with a new round of cases targeting cryptocurrency scams. Six individuals and two companies tied to an investment scheme called CoinDeal were charged on Wednesday by the U.S. Securities and Exchange Commission in the U.S. District Court for the Eastern District of Michigan. “We allege the defendants falsely claimed access to valuable blockchain technology…
The United States Securities and Exchange Commission (SEC) has filed a “limited objection” to crypto exchange Binance.US’s proposed $1 billion takeover of bankrupt crypto lender Voyager Digital, citing a lack of “necessary information.” The limited objection was filed on Jan. 4, with the SEC pointing to a lack of detail regarding Binance.US’s ability to fund the acquisition, what Binance.US’s operations…
The Securities Commission of the Bahamas has disputed FTX’s claim that the value of the cryptocurrencies it seized from the bankrupt crypto exchange was not $3.5 billion. The new FTX chief’s “continued lack of diligence when making public statements concerning the Commission is disappointing,” the Bahamian regulator stressed. Bahamas Regulator and FTX Disagree on the Value of Seized Crypto Assets…
The U.S. Justice Department said in a Delaware bankruptcy court hearing that it had taken custody of $450 million in Robinhood shares from FTX. In May 2022, then-CEO Sam Bankman-Fried and FTX cofounder Gary Wang formed a holding company called Emergent to purchase shares in the publicly traded Robinhood platform. In an affidavit filed in December, Bankman-Fried and Wang said…
Despite months of declining sales and falling prices, overall NFT sales volume last year nearly matched the 2021 peak, according to data from DappRadar. A buzzy start to the NFT market in 2022 buoyed the year-end tally and helped make up for the several weaker months that followed, the data suggests. The NFT market generated around $24.7 billion worth of…
The winter holiday season might have just rolled to a close, but Bitcoin supporters had another curious tradition to carry out. Tuesday they celebrated a unique, annual, grassroots holiday known as “Proof of Keys,” started in 2019 by Bitcoin entrepreneur Trace Meyer. In an experience that roughly mirrors a bank run, the community uses this day to encourage fellow Bitcoiners…
The United States Departure of Justice has reportedly seized or was in the process of seizing more than $400 million worth of Robinhood shares linked to FTX as part of the case against the crypto exchange. According to a Jan. 4 report from Reuters, U.S. officials told a judge they were in the process of seizing assets tied to FTX…
