SafeMoon, a decentralized finance project exploited in March, resulting in a net loss of $8.9 million in BNB, has been charged by the United States Securities and Exchange Commission and its key executives for security rules violations and frauds. The funds associated with the exploit have been on the move via centralized exchanges and Match System, a blockchain analytic firm,…
Software company MicroStrategy has announced that it has bought another 6,067 Bitcoin for $167 million since the end of Q2 2023—bringing its total holdings to 158,400 Bitcoin acquired for a total cost of $4.69 billion, or $29,586 per coin. The company, which has been one of the most aggressive corporate buyers of Bitcoin, said it acquired the additional coins at…
Hong Kong’s securities regulatory authority has issued two circulars to regulate digital asset tokenization in its pursuit of becoming a prominent Web3 hub in Asia. The Securities and Futures Commission (SFC), in these circulars, offered instructions to intermediaries participating in tokenized securities activities and outlined the criteria for tokenizing investment products authorized by the SFC. The SFC considers tokenized securities…
Payments giant PayPal today revealed in its quarterly report that the SEC had issued the firm with a subpoena over its stablecoin. “On November 1, 2023, we received a subpoena from the U.S. SEC Division of Enforcement relating to PayPal USD stablecoin. The subpoena requests the production of documents,” reads the report. The payments firm said it is cooperating with…
Payment giant PayPal has received a subpoena from the United States Securities and Exchange Commission (SEC) regarding its U.S. dollar-pegged stablecoin. The Enforcement division of the SEC has sent a subpoena to PayPal related to its PayPal USD (PYUSD) stablecoin, the firm disclosed on Nov. 2, according to a report by Reuters. The action comes about three months after PayPal…
The Swiss National Bank (SNB), six commercial banks and the SIX Swiss Exchange will work together to pilot the issuance of wholesale central bank digital currencies (CBDCs) in the nation, officially known as the Swiss franc wCBDC. The pilot project dedicated to wholesale CBDC, named Helvetia Phase III, will test the efficacy of a Swiss Franc wCBDC in settling digital…
As the crypto industry continues to grow, it becomes increasingly intertwined with traditional finance (TradFi) to the benefit of end users. TradFi is notoriously slow, inefficient and expensive. International wire transfers, which take days and double-digit dollar fees in most cases, are a perfect embodiment of the current state of traditional finance. By comparison, decentralized finance (DeFi) has the potential…
The United Kingdom announced on Nov. 1 after the conclusion of the first day of its global “AI Safety Summit” that it will increase funding for two artificial intelligence (AI) supercomputers to 300 million pounds ($363.57 million). These supercomputers, also known as the “AI Research Resource” are intended to support research into creating safer advanced AI models, which was the…
Tether (USDT) stablecoin issuer is raising the bet on Bitcoin (BTC) mining by issuing a major debt facility to German-based BTC mining company Northern Data AG. Northern Data AG has secured a 575 million euro ($610 million) debt financing facility from Tether to drive further investments across its businesses, according to an announcement on Nov. 2. The debt capital specifically…
Ripple’s chief legal officer, Stuart Alderoty, has expressed reservations about the recent string of legal defeats suffered by the U.S. Securities and Exchange Commission (SEC) during Gary Gensler’s tenure. These remarks follow another setback for the SEC in the Fifth Circuit court after Ripple’s victory in the XRP lawsuit in July 2023. Stuart Alderoty of Ripple characterized this sequence of…
