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Sam Bankman-Fried was hit with new criminal charges on Thursday, in an expanded indictment accusing the founder of the now-bankrupt FTX cryptocurrency exchange of conspiring to make more than 300 illegal political donations. Bankman-Fried now faces 12 criminal charges, including four for fraud and eight for conspiracy, up from eight charges in an earlier indictment, … Read more
The US partner of global cryptocurrency exchange Binance has confirmed that a trading firm managed by Binance CEO Changpeng Zhao operated as a market maker on its platform. Reuters reported on Thursday that Binance had secret access to a bank account belonging to its purportedly independent US partner and transferred large sums of money from the account … Read more
Last year’s crypto winter left investors and players in the industry high and dry. In the aftermath of 2022’s crypto quake, majority of the potential institutional investors are now fearful about engaging with virtual digital assets. In its new survey, JP Morgan has found out that 72 percent of institutional e-traders are now sceptical about … Read more
The recent collapse of the crypto exchange FTX and the ensuing sell-off in the crypto markets have placed a spotlight on the vulnerabilities in the crypto ecosystem, the Economic Survey 2022-23 presented in Parliament said on Tuesday. Crypto assets are self-referential instruments and do not strictly pass the test of being a financial asset because … Read more
As the global economy slows down companies have been laying off employees left, right, and centre. On top of that, the FTX scandal has made things especially hard for crypto companies that have laid down a sizeable chunk of their staff. Joining the list, Crypto.com recently fired around 20% of its employee base.This is the … Read more
Ferrari, ahead of the upcoming Formula One racing season, has terminated its partnership with the Velas blockchain. Scuderia Ferrari, the racing division of the Italian luxury sports car brand, reportedly backed out of complying with provisions that were required before Velas could create NFTs for the company. Ferrari now stands to face losses of around … Read more
Sam Bankman-Fried is expected on Tuesday to enter a plea of not guilty to criminal charges that he cheated investors and looted billions of dollars at his now-bankrupt FTX cryptocurrency exchange, according to a source familiar with the matter. Bankman-Fried is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, … Read more
To address potential financial stability risks and protect investors, it is important to arrive at a common approach to crypto assets, the Financial Stability Report released by RBI said on Thursday. In this context, various options are being considered internationally, it said. One option is to apply the same-risk-same-regulatory-outcome principle and subject them to the … Read more
FTX, the US-based crypto platform that succumbed to liquidity crunch and shook-up the crypto market in November, led to the wipe-off of nearly $200 billion (roughly Rs. 16,53,499 crore) from the market. The drastic reaction from investors who pulled back capital from digital assets left several crypto firms gasping for breath. As per Indian Web3 builders, … Read more
FTX founder Sam Bankman-Fried left the Bahamas on Wednesday on a US-bound flight to face fraud charges as federal prosecutors announced that two of his former associates had pleaded guilty to charges and were now cooperating with the government. Manhattan US Attorney Damian Williams said in a video posted on Twitter late Wednesday night that Caroline … Read more