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First country with crypto as legal tender now wants to issue bitcoin bonds

The proposal comes a year after President Nayib Bukele announced he would launch so-called "volcano bonds" to raise $1 billion to finance his "Bitcoin City" project, which included building a town on the Salvadoran coast funded by bitcoin-backed bonds.

El Salvador is the first country to make bitcoin legal tender(AFP)
El Salvador is the first country to make bitcoin legal tender(AFP)
Updated on Nov 24, 2022 07:32 PM IST

Bankman-Fried's FTX, parents bought Bahamas property worth $121 mn: Report

The most expensive purchase was a $30 million penthouse at the Albany, a resort where Tiger Woods hosts a golf tournament every year. FTX Property Holdings Ltd, an FTX unit, bought 15 properties worth nearly $100 million in 2021 and 2022.

Collapsed cryptocurrency exchange FTX.(AFP)
Collapsed cryptocurrency exchange FTX.(AFP)
Published on Nov 22, 2022 11:47 AM IST

Crypto lender Genesis denies immediate plans to file for bankruptcy

"We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing," a Genesis spokesperson said

The Genesis website on a laptop computer.(Bloomberg)
The Genesis website on a laptop computer.(Bloomberg)
Published on Nov 22, 2022 10:47 AM IST

Collapsed crypto firm FTX seeks court relief to pay critical vendors: Report

The exchange and its affiliates filed for bankruptcy in Delaware on Nov. 11 in one of the highest-profile crypto blowups, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars.

Bahamas-based FTX filed for bankruptcy after a rush of customer withdrawals earlier this week(REUTERS)
Bahamas-based FTX filed for bankruptcy after a rush of customer withdrawals earlier this week(REUTERS)
Published on Nov 19, 2022 05:54 PM IST

Indian American arrested in $10 million fraudulent cryptocurrency scheme

According to court documents, Giri (27) from New Albany allegedly misled the investors by fraudulently promoting himself as an expert cryptocurrency trader, with a specialty in trading Bitcoin derivatives.

Representations of virtual cryptocurrencies are placed on U.S. dollar banknotes in this illustration.(REUTERS file)
Representations of virtual cryptocurrencies are placed on U.S. dollar banknotes in this illustration.(REUTERS file)
Published on Nov 19, 2022 11:06 AM IST

Binance to relaunch bid to buy bankrupt Voyager Digital: Report

Crypto exchange FTX, which was set to acquire Voyager's assets after signing a deal in September, filed for bankruptcy following a liquidity crunch.

Binance logo and stock graph are displayed.(REUTERS)
Binance logo and stock graph are displayed.(REUTERS)
Published on Nov 17, 2022 07:41 PM IST

Sam Bankman-Fried hindering Bankruptcy with disruptive tweeting: FTX lawyers

Embattled cryptocurrency mogul Sam Bankman-Fried is undermining efforts to reorganize his crumbling empire with “incessant and disruptive tweeting” that appears aimed at moving assets away from the control of a US court in favor of one in the Bahamas, US lawyers for the bankrupt crypto platform FTX said in a court filing.

Samuel Bankman-Fried, founder and former CEO of FTX.(AFP)
Samuel Bankman-Fried, founder and former CEO of FTX.(AFP)
Published on Nov 17, 2022 07:38 PM IST

On FTX collapse, Bankman-Fried's cryptic tweets, followed by an 'explanation'

The tweets, published at sporadic intervals, have combined apologies for former CEO's failings with his perspective on what went wrong at the companies he founded and ran.

Samuel Bankman-Fried, founder and former CEO of FTX, testifies during a Senate Committee on Agriculture, Nutrition and Forestry hearing in Washington, DC.(AFP file)
Samuel Bankman-Fried, founder and former CEO of FTX, testifies during a Senate Committee on Agriculture, Nutrition and Forestry hearing in Washington, DC.(AFP file)
Published on Nov 17, 2022 01:45 PM IST

Bankman-Fried begged for rescue as he revealed huge holes in FTX books: Report

Bankman-Fried secretly used $10 billion in customer funds to prop up his trading business, for instance, and that at least $1 billion of those deposits had vanished, Reuters reported.

Photo illustration of Former chief executive of FTX Samuel Bankman-Fried.(AFP)
Photo illustration of Former chief executive of FTX Samuel Bankman-Fried.(AFP)
Published on Nov 16, 2022 01:38 PM IST

Collapsed crypto firm FTX may have 1 million creditors: Report

FTX exchange, which had been among the world's largest, filed for bankruptcy protection on Friday in one of the highest-profile crypto blow-ups after panicked traders withdrew $6 billion from the platform in just 72 hours and rival exchange Binance abandoned a rescue deal.

The logo of FTX is seen on a flag at the entrance of the FTX Arena in Miami, Florida.(REUTERS)
The logo of FTX is seen on a flag at the entrance of the FTX Arena in Miami, Florida.(REUTERS)
Published on Nov 15, 2022 05:40 PM IST

Visa ends global debit card agreements with collapsed crypto firm FTX: Report

FTX and Visa had announced an expanded partnership in early October, including plans to introduce account-linked Visa debit cards in 40 new countries.

Bahamas-based FTX filed for bankruptcy on Friday after a rush of customer withdrawals earlier this week(REUTERS)
Bahamas-based FTX filed for bankruptcy on Friday after a rush of customer withdrawals earlier this week(REUTERS)
Published on Nov 14, 2022 09:12 AM IST

Client funds worth $1 billion missing at failed crypto firm FTX: Report

Bahamas-based FTX filed for bankruptcy on Friday after a rush of customer withdrawals earlier this week. A rescue deal with rival exchange Binance fell through, precipitating crypto’s highest-profile collapse in recent years.

Bahamas-based FTX filed for bankruptcy on Friday after a rush of customer withdrawals earlier this week(REUTERS)
Bahamas-based FTX filed for bankruptcy on Friday after a rush of customer withdrawals earlier this week(REUTERS)
Published on Nov 12, 2022 09:34 AM IST

Hong Kong to legalise retail-investor crypto trading: Report

The Securities and Futures Commission for the first time detailed criteria for authorizing crypto ETFs, which initially would only be able to invest in Bitcoin and Ether futures traded on CME Group Inc. exchanges. The allowable futures portfolios could expand over time, the regulator said.

Tokenization refers to the process of using blockchain technology to create tradable tokens that could represent a range of assets or fractions of them(iStock)
Tokenization refers to the process of using blockchain technology to create tradable tokens that could represent a range of assets or fractions of them(iStock)
Published on Oct 31, 2022 02:02 PM IST

Apple has no issue with crypto and NFT exchanges, issues new app store rules

In order for apps to sell NFTs and related services, they’ll have to go through Apple’s in-app purchase systems and “may not include buttons, external links, or other calls to action that direct customers to purchasing mechanisms other than in-app purchase.”

Apple mandates exchanges to have the requisite regional licenses to operate where the app is distributed.(Representative Image)
Apple mandates exchanges to have the requisite regional licenses to operate where the app is distributed.(Representative Image)
Published on Oct 25, 2022 12:14 PM IST

Crypto hackers looted over $3 billion this year so far: Report

Most of the targets are so-called decentralized finance -- or DeFi -- protocols, which deploy software-based algorithms to enable crypto investors to trade, borrow and lend on digital ledgers without using a central intermediary.

Hackers have become adept at exploiting weaknesses in the security, coding and structure of DeFi marketplaces.(iStock)
Hackers have become adept at exploiting weaknesses in the security, coding and structure of DeFi marketplaces.(iStock)
Published on Oct 13, 2022 03:18 PM IST

'Isolated...': Assets platform Binance on $100 million cryptocurrency scam

Experts say that it is the biggest scam in cryptocurrency history second only to the Axie Infinity blockchain game hacking, which costed more than $500 million in late March this year, allegedly by a North Korean group.

Binance said neither Binance users nor any other users were involved.(Photo by Kanchanara on Unsplash)
Binance said neither Binance users nor any other users were involved.(Photo by Kanchanara on Unsplash)
Published on Oct 08, 2022 07:32 PM IST

Cryptocurrency is harmful for environment, claims research

It is comparable to the harm caused by beef, which accounts for 33% of its market, or natural gas, which accounts for 46%. And it is much higher than gold (4% of its market).

Crypto miners apply extremely specialised computer equipment and machinery that uses substantial energy.(https://www.nature.com/articles/s41598-022-18686-8)
Crypto miners apply extremely specialised computer equipment and machinery that uses substantial energy.(https://www.nature.com/articles/s41598-022-18686-8)
Published on Oct 06, 2022 01:42 PM IST

Nasdaq makes first big crypto push to lure institutional clients: Report

Nasdaq has been focused on diversifying its revenue sources beyond the exchange business where shares in public companies trade. It’s made investments in software, data and other offerings. The company also outsources its own software to crypto players, including surveillance and trading tools.

As a custodian of digital assets -- a step which is pending approval from the New York Department of Financial Services -- Nasdaq would be competing with crypto firms such as Coinbase, Anchorage Digital and BitGo.(iStock)
As a custodian of digital assets -- a step which is pending approval from the New York Department of Financial Services -- Nasdaq would be competing with crypto firms such as Coinbase, Anchorage Digital and BitGo.(iStock)
Published on Sep 20, 2022 06:02 PM IST

Singapore's best nightlife, drinks culture coming back fast due to Formula One

Formula One, with an extra-special night race, is coming to Singapore in late September and early October. Tickets have been selling out minutes after they become available, conferences are being planned around the event and the city-state is in peak anticipation mode.

Singapore's best nightlife, drinks culture coming back fast due to Formula One and crypto conference(Unsplash)
Singapore's best nightlife, drinks culture coming back fast due to Formula One and crypto conference(Unsplash)
Updated on Sep 16, 2022 07:46 PM IST

ED freezes 47 crore, including 3 Bengaluru cos, in Chinese loan app case

The Enforcement Directorate, in its probe against app-based token, HPZ, raided several locations across the country, landing ₹46.67 crores of cheat money.

The ED conducted raids across multiple locations in the country, uncovering incriminating evidence from Bengaluru while finding <span class='webrupee'>₹</span>9.5 crores of cash in virtual accounts.((Facebook) )
The ED conducted raids across multiple locations in the country, uncovering incriminating evidence from Bengaluru while finding 9.5 crores of cash in virtual accounts.((Facebook) )
Published on Sep 16, 2022 04:55 PM IST

Bitcoin lingers near $20,000; Ether extends drop before ‘merge’

Bitcoin was down less than 1% to $20,140 as of 10:27 a.m. in New York after a near-10% plunge on Tuesday. Ether, the native token of Ethereum, decline for a third day, dropping about 1% to $1,590.

Both Ether and Bitcoin have more than halved in 2022.
Both Ether and Bitcoin have more than halved in 2022.
Published on Sep 14, 2022 08:33 PM IST

Indian citizen pleads guilty in 1st ever crypto insider trading case in US

This is the first time that a defendant has admitted his guilt in an insider trading case in the US involving the cryptocurrency markets.

Representational image.(iStock)
Representational image.(iStock)
Published on Sep 13, 2022 10:18 PM IST

Centre awaits global signal on crypto ban

India’s cryptocurrency legislation is a work in progress, but the government is waiting for the Financial Stability Board (FSB) to frame cross-border regulation for cryptocurrencies, officials said.

The government is concerned about misuse of cryptocurrencies in illegal activities such as drug trafficking, terror funding and money laundering, officials said. (Getty Images)
The government is concerned about misuse of cryptocurrencies in illegal activities such as drug trafficking, terror funding and money laundering, officials said. (Getty Images)
Updated on Sep 01, 2022 12:33 AM IST

CoinSwitch cooperating with financial crime agency probe: CEO

CoinSwitch, valued at $1.9 billion, says it is the largest crypto company in India, with more than 18 million registered users. The firm is backed by Andreessen Horowitz, Tiger Global and Coinbase Ventures.

Representational image.
Representational image.
Published on Aug 27, 2022 02:39 PM IST

96% Indian parents say their kids don't know much about money management: Report

According to the survey report, 93 per cent of teen respondents expressed interest to learn about digital payments. However, a meagre 22 per cent of them said they were confident of using digital payments.

At least 96 per cent of Indian parents feel their children don't have enough knowledge about financial management tools.(Shutterstock)
At least 96 per cent of Indian parents feel their children don't have enough knowledge about financial management tools.(Shutterstock)
Published on Aug 25, 2022 05:20 PM IST

46% American adults reveal how their crypto investments fared

The survey was conducted between July 5 and 17 and shows the overall share of the American adults who invested in or traded or used cryptocurrency is unchanged since September last year.

Around 46 per cent of Americans who invested in cryptocurrency said it performed worse than expected.(iStock)
Around 46 per cent of Americans who invested in cryptocurrency said it performed worse than expected.(iStock)
Published on Aug 24, 2022 08:52 PM IST

NIA court sends Jamia student with ‘ISIS links’ to 30-day judicial custody

Following Mohsin Ahmad's arrest earlier this month, the NIA said in a statement that the 22-year-old is “radicalised”. He was nabbed after the agency conducted searches at the Batla House in Delhi.

Mohsin Ahmad was arrested for his alleged links with the ISIS on August 6. PTI Photo)
Mohsin Ahmad was arrested for his alleged links with the ISIS on August 6. PTI Photo)
Published on Aug 16, 2022 04:53 PM IST

Which way are cryptocurrencies headed?

The article has been authored by Ashish Bharadwaj, dean, O.P. Jindal Global University and Parishti Kaushik, law student, Gujarat National Law University.

The recent rapid meltdown in the crypto market has further cemented this view. In the past several weeks, more investors have exited the crypto markets rather than enter it.
The recent rapid meltdown in the crypto market has further cemented this view. In the past several weeks, more investors have exited the crypto markets rather than enter it.
Updated on Aug 22, 2022 10:21 AM IST

Delhi: NIA arrests Jamia student for sending crypto money to IS

The accused, Mohsin Ahmad, 22, is an active member of the terror outfit and was collecting funds from sympathisers in India and abroad, the NIA said. He was sending the collected funds to Syria and other places through cryptocurrency, the agency said.

Further investigations in the case are underway, NIA said. (HT photo)
Further investigations in the case are underway, NIA said. (HT photo)
Updated on Aug 08, 2022 05:02 AM IST

UK resident wants robots to find $181 million bitcoins he dumped 9 years ago

James Howells has reportedly planned a highly sophisticated and complex drive costing $11 million ( ₹87 crore). The former IT professional plans to deploy human sorters, robot dogs and artificial intelligence-powered machine trained to look for hard drives on a conveyor belt.

Robot dog, made by Hyundai-owned Boston Dynamics is used for scanning purpose. (Representational image) (REUTERS)
Robot dog, made by Hyundai-owned Boston Dynamics is used for scanning purpose. (Representational image) (REUTERS)
Updated on Jul 26, 2022 03:22 PM IST
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