The intercontinental political forum consisting of the seven biggest economies in the world (better known as the G7) is reportedly willing to implement rigid rules on the cryptocurrency industry after the numerous negative events which took place recently. The final version of the framework should be ready by July this year, while the nations will...Read More
A study conducted by the cybersecurity company Kaspersky determined that approximately a third of the US crypto investors have had some portion of their stash stolen by hackers. Bad actors usually con victims by luring them to enter a counterfeit website or urging them to join a dubious investment platform. ‘People Need to Take Care...Read More
US prosecutors have reportedly accused the notorious Co-Founder of Terraform Labs – Do Kwon – of orchestrating a cryptocurrency scam that drained at least $40 billion from investors. The authorities of Montenegro arrested the 31-year-old developer earlier this week after he was on the run for several months, hiding in numerous countries and falsifying his...Read More
The cryptocurrency exchange – Bitzlato – enabled customers to withdraw up to 50% of their bitcoin funds stuck on the venue. The US Department of Justice (DOJ) closed the firm in January for allegedly processing more than $700 million worth of illegal funds and arrested its founder – Anatoly Legkodymov. Granting Some Access The company revealed...Read More
The authorities of the United States pressed charges against Irina Dilkinska (who served as Head of Legal and Compliance at OneCoin) for her alleged role in the infamous crypto scam and deported her from Bulgaria to the US. She could receive a maximum potential prison sentence of 20 years for allegedly committing wire fraud and...Read More
The United States Bankruptcy Court for the Southern District of Texas ordered Core Scientific to transfer approximately $20.8 million worth of mining equipment to the energy infrastructure firm – Priority Power. The entities had a dispute over two mining facilities located in Texas that were supposed to supply Core Scientific with 1,000 megawatts of electricity. ...Read More
The US-based cryptocurrency exchange – Coinbase – reportedly offered a line of credit worth $3 billion to Circle to help it fix its financial cracks after the collapse of Silicon Valley Bank. The stablecoin-issuer revealed a whopping $3.3 billion exposure to SVB, which negatively affected the price of USDC. The asset plunged way below the...Read More
A recent report by David Duong, the head of institutional research for leading American crypto exchange Coinbase, suggests that crypto is the solution to the point of failure in the existing financial system. The researcher opined that the recent U.S. banking turmoil has caused more people to see and appreciate the value proposition of having...Read More
The Federal Bureau of Investigation (FBI) revealed that Americans parted with over $10 billion last year due to online fraud. Wrongdoers drained $2.57 billion of that amount via cryptocurrency investment schemes. Crypto Scams on the Rise Despite the predominantly bearish year for the cryptocurrency industry, 2022 was fruitful for criminals. They stole nearly $2.6 billion...Read More
Companies willing to acquire the troubled Signature Bank will reportedly have to give up its cryptocurrency business. Those interested in purchasing the financial institution or Silicon Valley Bank (SVB) can submit bids by March 17. Both entities, which acted as main lenders for numerous crypto organizations, revealed operational difficulties earlier this week, prompting American regulators...Read More
New York Judge Michael Wiles of the District Court of the Southern District of New York has denied the U.S. Department of Justice’s (DOJ) appeal to stay the $1 billion asset-sale plan between bankrupt crypto broker Voyager Digital and Binance.US. During a Wednesday hearing on the DOJ’s motion to halt the order pending appeal, Judge...Read More
The United States Department of Justice (DOJ) has filed a memorandum of support to have the $1 billion asset-sale deal between bankrupt crypto broker Voyager Digital and Binance.US put on hold until an appeal motion is handled. U.S. attorney for the Southern District of New York Damian Williams and U.S. trustee William K. Harrington, alongside...Read More
Cardano’s Founder – Charles Hoskinskon – believes the cryptocurrency industry should differentiate itself from the “unstable and volatile” banking sector. Three of America’s leading financial institutions – Silvergate Capital, Silicon Valley Bank, and Signature Bank – were shut down by regulators earlier this month, propelling severe losses for numerous crypto-focused firms. In a recent tweet,...Read More
The United States Department of Justice (DOJ) reportedly launched an investigation against Terraform Labs and its former employees to explore what led to the collapse of the project’s native token – LUNA – and its algorithmic stablecoin – UST. The US SEC recently accused the entity and its co-founder – Do Kwon – of orchestrating...Read More
Huobi had reportedly withdrawn all its assets from Signature and Silvergate Bank prior to their demise. However, numerous other platforms and crypto-related firms got burned from their existing exposure to the aforementioned banks, including Coinbase and Paxos. Huobi disclosed to Reuters that its customers’ funds remain unaffected by the recent banking crisis in the USA since...Read More
Silicon Valley Bank and the crypto-friendly – Signature Bank – disclosed operational difficulties and were closed down by regulators. While some expect the collapse to prompt a domino effect, numerous cryptocurrency-related companies have already suffered losses because of their exposure to the aforementioned institutions. Let’s have a closer look. SVB’s Impact As CryptoPotato reported last week,...Read More
HSBC Holdings – the largest banking institution in the United Kingdom – will reportedly purchase Silicon Valley Bank UK Limited (SVB UK) for £1 ($1.20). Silicon Valley Bank made the headlines last week, revealing liquidity issues and balance sheet holes. This triggered huge panic among venture capital firms, who reportedly advised investors to withdraw their...Read More
The Colorado-based bitcoin miner – Riot Blockchain – reported a total revenue of nearly $260 million for 2022, a 22% increase compared to 2021. It mined 5,554 BTC and boosted its hash rate capacity to an all-time high of 9.7 EH/s. The positive results come in spite of the devastating bear market that reigned during...Read More
Silvergate Capital Corporation – a California-based financial institution that focuses on cryptocurrencies – said it won’t be able to submit its annual report scheduled for March 16. It also outlined some of its main problems, hinting it might struggle to continue the normal course of its operations. As a response, the firm’s shares dumped by...Read More
The Ohio Division of Securities added its name to the $22.5 million multistate settlement against the cryptocurrency lending platform Nexo. US regulators previously alleged the firm failed to comply with local requirements when offering Earn Interest Products (EIP). Ohio Joins the Club The watchdog of “the Buckeye State” issued a consent order against Nexo, thus joining other US...Read More
LedgerX – cryptocurrency derivatives exchange and a subsidiary of the collapsed giant FTX – will reportedly cease its partnership with Silvergate Bank. It urged users to receive wire transfers via the New York-based Signature Bank. Switching to Another Partner According to a Bloomberg coverage, LedgerX differentiated itself from the embattled financial institution focused on cryptocurrencies...Read More
The cryptocurrency exchange Coinbase estimated in its latest study that every fifth American has already hopped on the cryptocurrency bandwagon. There are more HODLers among youngsters and people of color. Crypto Can Update the Financial System Coinbase surveyed over 2,000 American adults to determine their thoughts on the current global financial network and check their...Read More
The US authorities alleged Vladimir Okhotnikov, Olena Oblamska, Mikhail Sergeev, and Sergey Maslakov – the founders of the dubious cryptocurrency investment platform Forsage – to have orchestrated a global pyramid scheme that conned investors with approximately $340 million. All defendants are charged with conspiracy to commit wire fraud and could receive a maximum penalty of...Read More
Most residents of McLouth, Kansas, reportedly criticized the potential construction of a cryptocurrency data center about a mile and a half north of the town. Their main concerns are that the facility will harm the local environment and be very loud. Not a Warm Welcome According to recent coverage, many residents of the small town of...Read More
Nadeam Nahas – a 39-year-old former US state of Massachusetts employee – reportedly faces charges of placing a cryptocurrency mining operation in a remote space at a local school. Court documents claim he stole nearly $17,500 worth of electricity to power his supercomputers. Revealing the Crime According to recent coverage, Nahas set up his crypto miner...Read More
Matthew Klinger – a 51-year-old Jefferson City, Missouri resident – received five years of supervised probation after admitting to shooting a bitcoin ATM with a handgun. It remains unclear whether the machine had any faults, however, he said he did it “so that it could not take money from anyone else.” So Close to a...Read More
The reality TV star – Kim Kardashian, the boxing legend – Floyd Mayweather, and other celebrities filed a motion to a California federal judge, asking their renewed EMAX lawsuit to be removed. The magistrates dropped a similar indictment against the defendants in December last year. Urging for a Dismissal Kim Kardashian, Floyd Mayweather, Paul Pierce,...Read More
On February 22, Republican Congressman Tom Emmer of the US House of Representatives introduced a bill to ban the Federal Reserve (Fed) from issuing a central bank digital currency (CBDC). The “CBDC Anti-Surveillance State Act” aims to protect the financial privacy of American citizens by prohibiting the creation of a CBDC by the Fed without...Read More
The SEC and other U.S. regulators have, in recent weeks, turned on the heat in regard to crypto exchanges – an understandable, if a somewhat brusque, response to the series of crypto bankruptcies across 2022. The latest to come under their scope is CoinEx. Selling Securities Without a License According to a press release published...Read More
Mike Pence – former Vice President of the United States – believes his country is en route to a debt crisis within the next 25 to 30 years due to the government’s irresponsible fiscal policy. Within 3 decades, he claimed that the nation’s debt could balloon to $150 trillion. Insurmountable Debt In an interview on...Read More
