Bankrupt crypto exchange FTX has filed a lawsuit against four former employees of Salameda, a Hong-Kong-based affiliate believed to have been under the direct control of the crypto exchange’s former CEO, Sam Bankman-Fried. Along with two related companies, the named individuals—Michael Burgess, Matthew Burgess, Lesley Burgess, Kevin Nguyen, and Darren Wong—are alleged to have exploited their personal ties to prioritize…
A paper published by the Institute of Risk Management (IRM) concluded that Bitcoin (BTC) has the potential to be a catalyst for a global energy transition. IRM Energy and Renewables Group members Dylan Campbell and Alexander Larsen published a report called “Bitcoin and the Energy Transition: From Risk to Opportunity.” The paper argued that while BTC was perceived as a…
Cryptocurrency mining hardware maker Bitmain and bankrupt crytpto mining firm Core Scientific have agreed on a combination of equity and cash to finalize the deal on the expansion of mining facilities. The deal between the two mining companies will see Bitmain supply 27,000 Bitcoin (BTC) mining rigs for $23 million in cash along with $53.9 million worth of common stock…
Binance CEO Changpeng “CZ” Zhao and the cryptocurrency exchange itself have jointly filed a motion to dismiss the lawsuit brought against them by the U.S. Securities and Exchange Commission (SEC). In a September 21 filing with the U.S. District Court for the District of Columbia, both Binance Holdings and Zhao contended that the SEC had exceeded its authority in the…
The defunct cryptocurrency exchange FTX filed a lawsuit on Sept. 21 against former employees of Hong Kong-incorporated company Salamde affiliated with the FTX group, according to court documents. The court filing says FTX seeks to recover $157.3 million that it claims was fraudulently withdrawn in the timespan leading up to the exchange filing for bankruptcy. According to the filing, Michael…
The bankruptcy claims market has been growing bullish on the debts of the collapsed cryptocurrency exchange FTX as major credit investors have been rushing to buy FTX debts. Investors like Silver Point Capital, Diameter Capital Partners and Attestor Capital have purchased more than $250 million worth of FTX debts so far in 2023, Bloomberg reported on Sept. 21, citing an…
Crypto analytics platform Nansen reported a security breach this morning, noting that some users’ blockchain addresses and password hashes had been exposed, along with email addresses. In a public letter, the analytics firm wrote that the breach had occurred after one of its third-party vendor’s systems were compromised. A preliminary investigation revealed that 6.8% of its user base was affected,…
The Indian Ministry of Home Affairs (MHA) is reportedly developing a crypto intelligence tool in response to the rise in illegal activities related to cryptocurrencies in the country. According to a CNBC report, the MHA aims to combat crypto-related crime through what they called the Cryptocurrency Intelligence and Analysis Tool (CIAT). The project is spearheaded by an MHA division called…
The European Parliamentary Research Service (EPRS) highlighted the need for tighter oversight from non-European Union (EU) regulators to ensure greater stability and development in the global cryptocurrency market. MiCA implementation timeline. Source: esma.europa.eu As the Markets in Crypto-Assets Regulation (MiCA) Act prepares to be implemented by December 2024, an EPRS report — authored by Issam Hallak with Rasmus Salén, Members’ Research Service…
Argentina has grappled with hyperinflation for several decades due to populist policies that have led to budget deficits. As time marches on, the likelihood of Argentina, home to 47 million Latin Americans, facing a full-scale currency collapse looms. But what are the prospects for increased adoption of Bitcoin (BTC), given its outstanding track record when priced in the local Argentine…
