The U.S. Securities and Exchange Commission (SEC) has argued in a court motion against Coinbase, the top US crypto exchange, that digital assets have no inherent value. The SEC claims that unlike tangible assets such as real estate, digital tokens cannot generate profits on their own and rely on an ecosystem to drive demand. The […]
Former FTX CEO Sam “SBF” Bankman-Fried is currently on trial for fraud, and his former business associate and girlfriend Caroline Ellison recently testified against him. Ellison admitted to committing fraud at Alameda under Bankman-Fried’s direction, claiming that he “set up the systems” that allowed Alameda to take around $14 billion from FTX user funds. She […]
Bankrupt crypto firm Alameda Research is believed to have minted around $40 billion of Tether’s USDT stablecoin, accounting for approximately 47% of its circulating supply. This analysis was conducted by Coinbase director Conor Grogan, who also noted that the amount of USDT minted exceeded Alameda’s assets under management at the peak of the crypto market. […]
The Financial Conduct Authority (FCA) in the UK has imposed restrictions on Rebuildingsociety, a peer-to-peer lending platform that partnered with cryptocurrency exchange Binance to comply with the FCA’s marketing regulations. The FCA stated that Rebuildingsociety was not authorized to approve the content of any financial promotion for a Qualifying Cryptoasset by an unauthorised person and […]
Crypto exchange Binance has complied with requests from Israeli law enforcement to freeze accounts linked to Hamas militants. The freeze specifically targets Hamas and not the people of Palestine, according to Yi He, co-founder of Binance. He explained that Hamas is designated as a terrorist organization by the United Nations, and therefore, banks and trading […]
One of the key points of discussion in the ongoing trial of former FTX CEO, Sam Bankman-Fried (SBF), is the reaction of Judge Lewis Kaplan to the defense’s tactics during cross-examination. On the third day of the trial, the defense questioned Adam Yedidia, a close friend of SBF and former FTX employee. However, Judge Kaplan […]
The second week of the criminal trial for former FTX exchange CEO Sam “SBF” Bankman-Fried is underway, with key witness Caroline Ellison taking the stand. Ellison, who was both SBF’s former romantic partner and the former CEO of the FTX-affiliated hedge fund Alameda Research, is expected to provide details about the shuffling of customer funds […]
Major cryptocurrency exchange operator OK Group is rebranding its crypto ventures under the name “OKX.” The company plans to rebrand its platform Okcoin to OKX in key operational jurisdictions, starting with Singapore and then Europe and the United States. The move aims to provide customers with the same set of product services under the same […]
Gary Wang, who has previously pleaded guilty to similar charges as Sam Bankman-Fried, testified that Bankman-Fried instructed him to write code that allowed Alameda Research to have a negative balance on the FTX exchange. Wang revealed that Alameda ultimately took and spent at least $8 billion of FTX customers’ money. Wang admitted to committing crimes […]
In the ongoing fraud trial of Sam Bankman-Fried, his legal team is seeking permission to question FTX co-founder Gary Wang about his reliance on legal advice when accepting loans from Alameda Research. This request comes after a judge previously denied Bankman-Fried’s attempt to attribute alleged fraud to his legal advisors. Prosecutors have already questioned Wang […]
