According to Forbes, FTX is currently perched atop an approximate total of $3.3bn Solana, Bitcoin, and other cryptocurrencies. The company was granted judicial approval to begin liquidating its recovered crypto, which was lost when its former CEO and founder, Sam Bankman-fried, committed wire fraud, of which he was found guilty. John Reed Stark, former chief…
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Owned by seven banks, including JPMorgan Chase (JMP.N), the Bank of America (BAC.N), and Wells Fargo (WFC), Zelle is a peer-to-peer payment system. Scammers, claiming to be official representatives, such as banks, agencies, or service providers, tricked Zelle users into transferring money to these quasi-bodies. According to federal law, banks must reimburse their clients for…
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This move comes in the wake of acute regulator scrutiny of the cryptocurrency industry. Since the fall of FTX and the fraud trial of its founder, Sam Bankman-Fried, financial watchdogs worldwide brought cryptocurrency exchanges under the microscope. The new appointees bring a wealth of collective experience to this council. Espers was a US defence secretary,…
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The account, which was originally filled with ETH, purchased during Ethereum’s Initial Coin Offering in 2014, first registered at $75,000. Now sitting at $474m, Lõhmus’ lost wallet represents an investment that has grown approximately 6,300 times. However, without a key, Lõhmus unfortunately cannot retrieve this astronomical wealth. In today’s session, Ethereum sits at $1,906.80, ETH/USD.…
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The once self-proclaimed crypto king saw his greed-fuelled empire crumble in November 2022. Once valued at $32bn, FTX was a leading cryptocurrency exchange. A 12-member jury found Bankman-Fried guilty on all charges. These included siphoning funds to the cryptocurrency-based hedge fund, Alameda Research, using customer funds for personal gains, and funding political campaigns in an…
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The platform was permitted entry to the registry on Tuesday and was approved by noon on Wednesday to engage in certain cryptoasset activities as stated by the FCA. Recently, the FCA declared that companies offering crypto services in the UK must be approved for registration and comply with the FCA's anti-money laundering rules, or charges…
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US District Attorney Damian William noted: Amir Elmaani violated the duty he owed to pay taxes on millions of dollars of cryptocurrency profits, and he also violated the trust of investors in the cryptocurrency he founded. In October 2017, Elmaani promoted a cryptocurrency called Pearl, with marketing campaigns geared toward investors looking to purchase data on…
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In the follow-up to this initial paper, the Government indicated it plans to regulate several cryptocurrency dealings according to the same rules used for banks and financial services companies. UK Financial Services Minister, Andrew Griffith, said: I am very pleased to present these final proposals for cryptoasset regulation in the UK on behalf of the…
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This trust currently holds a value of approximately $1.6bn. In the filed lawsuit, Gemini petitions the court to cast a ruling stating Genesis has no right to the GBTC shares earmarked as collateral to users of the Gemini Earn product. Genesis or its partners still holds most of the shares in question. Gemini feels these…
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The sudden increase came in response to an incorrect report, which rumoured that BlackRock Inc. got the go-ahead to launch a spot cryptocurrency ETF. This catapulted Bitcoin to a value of $30,002 on Monday, the highest it has been since August. Things simmered down after BlackRock said the relevant application is still under review with…
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