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Latest from cryptocurrency

FTX's Bankman-Fried, charged with 'epic' fraud, released on $250 million bond

Bankman-Fried founded FTX in 2019. A boom in the values of bitcoin and other digital assets propelled the exchange to a valuation of some $32 billion earlier this year, making the MIT graduate a billionaire several times over, as well as an influential donor to U.S. political campaigns.

FTX founder Sam Bankman-Fried, center, is escorted out of Magistrate Court into a Corrections van, following a hearing in Nassau, Bahamas.(AP)
Published on Dec 24, 2022 11:55 AM IST
Reuters | | Posted by Singh Rahul Sunilkumar

FTX founder Bankman-Fried to appear before US court after extradition

Bankman-Fried, 30, was arrested last week in the Bahamas, where he lived and where FTX is based, after federal prosecutors in Manhattan charged him with stealing billions of dollars in FTX customer assets to plug losses at his hedge fund, Alameda Research, cementing the one-time billionaire's fall from grace.

Samuel Bankman-Fried, founder and CEO of FTX.(AFP)
Published on Dec 22, 2022 06:18 PM IST
Reuters | | Posted by Singh Rahul Sunilkumar

'India's next financial crisis...': RBI governor Shaktikanta Das' prediction

“Cryptocurrency has certain huge inherent risks for our macroeconomic and financial stability,” Reserve Bank of India Governor Shaktikanta Das said at an event on Wednesday in Mumbai, pointing to the implosion of FTX as an example.

RBI governor Shaktikanta Das,
Published on Dec 21, 2022 04:12 PM IST
Bloomberg | | Posted by Singh Rahul Sunilkumar

Crypto exchange FTX fights Bahamas demand for data access: Report

John Ray, who was appointed as chief executive of the bankrupt FTX, told a Congressional committee that the Bahamian government colluded with Bankman-Fried to help account holders in the country pull $100 million from the crypto exchange just as it was going bankrupt.

FTX, its hedge fund Alameda Research and dozens of affiliates filed for U.S. bankruptcy last month after the trading platform suffered a rush of withdrawals and a rescue deal failed.(REUTERS)
Published on Dec 14, 2022 05:56 PM IST
Reuters | | Posted by Aryan Prakash

Sam Bankman-Fried, founder of crypto firm FTX, charged with defrauding investors

An SEC complaint filed Tuesday alleges that Sam Bankman-Fried raised more than $1.8 billion from equity investors since May 2019 by promoting FTX as a safe, responsible platform for trading crypto assets.

Samuel Bankman-Fried, founder and CEO of FTX (AFP)
Published on Dec 13, 2022 05:28 PM IST
AP |

Whatever data on cryptocurrency is available is misleading: RBI Deputy Guv

"Data is not available. Whatever data is available is misleading. And making regulations in the absence of adequate information carries a high probability of us ending up with the wrong set of prescriptions," RBI deputy governor T Sankar said at a virtual conference hosted by the International Monetary Fund (IMF).

RBI deputy governor T Sankar called for building all related rules on a clear understanding of what cryptocurrencies are.(Mint Archives)
Published on Dec 11, 2022 06:17 PM IST
ANI | | Posted by Singh Rahul Sunilkumar

Goldman Sachs sees opportunity to invest in crypto firms after FTX collapse

FTX's implosion has heightened the need for more trustworthy, regulated cryptocurrency players, and big banks see an opportunity to pick up business, Mathew McDermott, Goldman's head of digital assets, told Reuters.

A trader works in the Goldman Sachs booth on the floor of the New York Stock Exchange. Rebecca Allen has sued the company for denying her promotions because of her race.(AP File Photo)
Published on Dec 06, 2022 12:08 PM IST
Reuters | | Posted by Singh Rahul Sunilkumar

'Crypto chaiwala': Harsh Goenka shares about a tea seller who accepts crypto

Recently, the Chairman of RPG enterprises shared a picture of a ‘crypto chaiwala.’ This has caught the attention of many users.

Harsh Goenka shares about chaiwala.(Twitter/@hvgoenka)
Published on Dec 03, 2022 06:18 PM IST
ByVrinda Jain

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)
Updated on Nov 24, 2022 07:32 PM IST
Reuters | | Posted by Singh Rahul Sunilkumar

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)
Published on Nov 22, 2022 11:47 AM IST
Reuters | | Posted by Singh Rahul Sunilkumar

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)
Published on Nov 22, 2022 10:47 AM IST
Reuters | | Posted by Singh Rahul Sunilkumar

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)
Published on Nov 19, 2022 05:54 PM IST
Reuters | | Posted by Aryan Prakash

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)
Published on Nov 19, 2022 11:06 AM IST
PTI | | Posted by Nisha Anand

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)
Published on Nov 17, 2022 07:41 PM IST
Reuters | | Posted by Singh Rahul Sunilkumar

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)
Published on Nov 17, 2022 07:38 PM IST
Bloomberg | | Posted by Singh Rahul Sunilkumar

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)
Published on Nov 17, 2022 01:45 PM IST
Bloomberg | | Posted by Nisha Anand

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)
Published on Nov 16, 2022 01:38 PM IST
Reuters | | Posted by Singh Rahul Sunilkumar

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)
Published on Nov 15, 2022 05:40 PM IST
Reuters | | Posted by Singh Rahul Sunilkumar

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)
Published on Nov 14, 2022 09:12 AM IST
Reuters | | Posted by Aryan Prakash

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)
Published on Nov 12, 2022 09:34 AM IST
Reuters | | Posted by Aryan Prakash

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)
Published on Oct 31, 2022 02:02 PM IST
Bloomberg | | Posted by Aryan Prakash

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)
Published on Oct 25, 2022 12:14 PM IST
Bloomberg | | Posted by Singh Rahul Sunilkumar

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)
Published on Oct 13, 2022 03:18 PM IST
Bloomberg | | Posted by Aryan Prakash

'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)
Published on Oct 08, 2022 07:32 PM IST
By | Edited by Aryan Prakash

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)
Published on Oct 06, 2022 01:42 PM IST
By | Edited by Aryan Prakash

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)
Published on Sep 20, 2022 06:02 PM IST
Bloomberg | | Posted by Aryan Prakash

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)
Updated on Sep 16, 2022 07:46 PM IST
Bloomberg | | Posted by Zarafshan Shiraz

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) )
Published on Sep 16, 2022 04:55 PM IST
ByYamini C S | Edited by Chandrashekar Srinivasan

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.
Published on Sep 14, 2022 08:33 PM IST
Bloomberg |

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)
Published on Sep 13, 2022 10:18 PM IST
PTI |
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