Las Vegas-based cryptocurrency custodian Prime Trust filed for Chapter 11 bankruptcy protection on Monday, the latest setback for the troubled financial technology company. The bankruptcy filing follows Prime Trust’s placement into receivership in late June by Nevada regulators, who determined the company was insolvent and unable to service customers. That action came after a series of difficulties for Prime Trust…
Singapore’s central bank has released a revised regulatory framework aimed at ensuring stability for single-currency stablecoins regulated in the city-state. The Monetary Authority of Singapore announced the framework on Aug. 15 and said it will police single-currency stablecoins (SCS) pegged to the value of the Singapore dollar or G10 currencies such as the euro, British pound and United States dollar.…
Base project RocketSwap Labs has outlined its emergency programme to bounce back from a brute force hack which swiped $865,000 or 471 Ether (ETH) from the protocol on Aug. 14. The team explained on Aug. 15 that they plan on redeploying a new farm contract and open-source it on-chain, relinquish minting rights — presumably of RCKT — and will soon…
Several on-chain metrics and charts are showing signals that could hint at the beginning of a new crypto bull market cycle, according to the co-founder of Delphi Digital. On Aug. 14, institutional crypto research firm Delphi Digital’s Kevin Kelly said that crypto markets are cyclical and predictable which “has huge implications for the crypto market going forward.” “Evidence is piling…
Binance has asked a court for a protective order against the Securities and Exchange Commission (SEC) over what the crypto exchange claims is a “fishing expedition” from the regulator. In an Aug. 14 court filing, Binance put forward a motion for a protective order following deposition notices and discovery requests from the SEC. “BAM has worked in good faith, but…
Former FTX executive Ryan Salame will reportedly avoid testifying about his role in FTX’s alleged illegal campaign donation scheme if he is subpoenaed in Sam Bankman-Fried’s criminal trial. Lawyers representing the former FTX co-CEO said that Salame will be unavailable as a witness to the case, according to an Aug. 14 motion filed by United States federal prosecutors. “Salame’s attorney…
Crypto-assets and their related activities present key risks to the United States banking system and warrant closer supervision, warns a leading U.S. financial regulator. For the first time, cryptocurrency was given a dedicated section in the Federal Deposit Insurance Corporation’s (FDIC) annual risk review, calling digital asset risks “novel and complex.” The Aug. 14 Risk Review 2023 report highlights what…
A potential wave of spot Bitcoin exchange-traded funds, PayPal’s new stablecoin and a key Ethereum upgrade are among the catalysts that could wake crypto from its hibernation. While early 2023 has seen the price of Bitcoin and other cryptocurrencies improve from the second half of 2022, the past five months have seen more lethargy, with Galaxy Digital CEO Mike Novogratz…
Crypto custodian Prime Trust has filed for Chapter 11 Bankruptcy in Delaware after it faced a shortfall in customer funds. The company said in an Aug.15 filing that it has between 25,000 to 50,000 creditors with estimated liabilities between $100 million to $500 million compared to $50 million to $100 million worth of estimated assets. “The Company believes that the…
As artificial intelligence continues its rapid advance, one word has computer scientists and science fiction fans waiting with bated breath: singularity. The word defines a pivotal moment in the future where technological growth becomes uncontrollable and irreversible, and disrupts civilization. Whether that moment is tantalizing or terrifying, one firm working to bring it about is aptly named AI and blockchain…
