Bitcoin and other cryptocurrencies may soon experience a surge in adoption by U.S.-based companies, thanks to a recent accounting rule change. The new rule allows companies to more accurately reflect the value of their crypto holdings on their accounting books. Previously, companies could only record impairment when the value of their crypto decreased, even if […]
Decentralized finance protocol Yearn.finance has experienced a significant loss of funds due to a scripting error. The error caused the protocol’s treasury balance of lp-yCRVv2 tokens to be swapped, resulting in a loss of approximately $1.4 million. The error occurred during the conversion of yVault LP-yCurve tokens into stablecoins on decentralized exchange CowSwap. Yearn Finance […]
Nasdaq, the largest stock exchange in the US, has decided to repurpose its blockchain technology developments after discontinuing its plans to launch a custodian business for digital assets due to regulatory concerns. Despite this setback, Nasdaq remains focused on expanding its technology services related to tokenized assets.The new strategy for Nasdaq involves using its blockchain […]
The Financial Accounting Standards Board (FASB) has announced new rules that will significantly impact how U.S. companies account for cryptocurrencies like Bitcoin. Starting from December 15, 2024, companies will be required to record these digital currencies at fair market value. This means that the value of their cryptoassets will need to be updated based on […]
Crypto companies and institutions holding crypto assets in the United States will soon be able to record the value of their assets more accurately, thanks to new accounting rules set by the Financial Accounting Standards Board (FASB). Currently, crypto assets are considered indefinite-lived intangible assets and are subject to impairment. This means that if the […]
The Financial Accounting Standards Board (FASB) has announced new standards that will allow companies to use fair-value accounting for specific cryptocurrencies on their balance sheets. These standards, which will be effective from December 15, 2024, aim to improve the transparency of financial reporting for crypto assets.Previously, companies were required to value their crypto holdings at […]
In a recent court hearing in Singapore, Su Zhu, co-founder of Three Arrows Capital (3AC), faced questioning regarding the collapse of the crypto fund. The liquidators, Teneo, sought details on the fund’s failure and the location of assets in their efforts to recover billions of dollars owed to creditors.Zhu’s arrest at the Singapore airport in […]
US-based cryptocurrency exchange Coinbase has announced plans to expand its international exchange by offering spot trading. The move is in response to hesitancy among some users to trade on US venues due to regulatory uncertainty. The launch will initially allow institutional investors outside the US to trade Bitcoin and Ethereum spot pairs via API access. […]
Su Zhu, co-founder of the crypto hedge fund Three Arrows Capital (3AC), is set to be released from custody after spending several months behind bars. Zhu had received a four-month jail sentence for non-cooperation in the liquidation process of the collapsed firm. However, his release is now attributed to his good behavior during his time […]
BlackRock’s proposed spot bitcoin ETF has made a change to its mechanics that could potentially involve Wall Street banks in the cryptocurrency market. The change allows authorized participants (APs) to create new fund shares using cash instead of cryptocurrency. This is significant because regulated U.S. banks are unable to hold bitcoin themselves. By acting as […]
