Search results: law

John J. Ray III, the new CEO of FTX.com, said the company’s failure was caused by the “concentration of control in a very small group of grossly inexperienced and unsophisticated individuals.”

The fall from grace: Once one of the most admired figures in crypto, the former head of the FTX exchange is unlikely to see his Bahamas penthouse anytime soon after being arrested Monday on U.S. charges that are expected to lead to his extradition.

Sam Bankman Fried, founder and former CEO of FTX exchange, was arrested and taken into custody by the Royal Bahamas Police on Monday.

Prosecutors at the U.S. Department of Justice (DOJ) are reportedly split on filing charges against Binance and its executives on possible money laundering and sanctions violations, as part of a long-running criminal investigation.

KuCoin, a Seychelles-based cryptocurrency exchange, on Monday released its proof of reserves report issued by third-party auditor Mazars, which concluded that the exchange’s reserves of Bitcoin, Ether, USDT and USDC are overcollateralized.

S.Korean authorities may mandate companies to pursue direct approval from regulators to list their crypto on local digital assets exchanges.

Interpol fugitive Kwon Do-hyung flew to the Republic of Serbia last month, South Korean prosecutors told Forkast, confirming local media reports.

Sam Bankman-Fried, the founder of the now-bankrupt FTX exchange, has missed the deadline set by the U.S. Senate Committee to confirm his appearance at an upcoming hearing.

Bitcoin and Ether gained in Asian trading on Friday afternoon, with Ether leading the rally across all the top 10 non-stablecoin cryptocurrencies

The U.S. Securities and Exchange Commission (SEC) has advised publicly-listed firms to disclose their exposure to the cryptocurrency market, in light of the fallout of the FTX collapse.

U.S. cryptocurrency miners would be required to report greenhouse gas emissions under a new bill submitted to the Senate, reflecting criticism the industry is adding to use of fossil fuels blamed for global warming.

Bitcoin and Ether inched up in Asian trading on Thursday afternoon, with Shiba Inu leading gains across most top 10 non-stablecoin cryptocurrencies. See related article: Markets: Bitcoin, Ether drop as SEC’s Gensler says crypto firms running out of time to comply with securities laws Fast facts See related article: FTX failure a ‘wake-up call’ for […]

The embattled founder of failed cryptocurrency exchange FTX may be subpoenaed if he declines to testify at the two hearings on the platform’s meltdown in Washington DC next week.

Before the FTX implosion there was Mt. Gox, an exchange that oversaw 80% of all Bitcoin trades before it collapsed in 2014. In this exclusive interview with Forkast, former Mt. Gox Chief Executive Officer Mark Karpeles says what he sees in store for the industry in 2023 in the wake of the FTX bankruptcy.

Personal information privacy matters more than ever in a post-Roe world, writes Kayla Kroot of Koii Network. Can data from menstrual cycle tracking apps be used to prosecute women and girls for abortions?

Top blockchain and crypto news: AAX teeters on the brink. SBF hints at Congressional hearing no-show. Chinese court boosts NFT legitimacy.

Sam Bankman-Fried, founder and former chief executive officer of the bankrupt cryptocurrency exchange FTX, has hired white-collar crime specialist Mark Cohen to represent him, said a Bankman-Fried spokesman.

The Bank of Korea (BOK) claimed it needs the authority to monitor and supervise stablecoins, according to the South Korean central bank’s report published on Monday.

The push to regulate DeFi is stronger than ever, and the sector would be wise not to fight but participate in that inevitability, writes Michael Shing of XREX.

When a crypto exchange fails, will your transaction records vanish, too? Here’s why investors should take responsibility over their own trading data.

Coinbase Global Inc. Chief Executive Brian Armstrong said Sam Bankman-Fried’s explanation of sloppy accounting as the reason US$8 billion moved from his crypto exchange FTX to brokerage arm Alameda Research doesn’t stand up to scrutiny.

Sam Bankman-Fried, founder of failed cryptocurrency exchange FTX, said he did not know of any improper use of customer funds at his company, in an interview with ABC News. 

Bankman-Fried beamed into New York from the Bahamas to give his version of what happened at FTX, mentioning his own failure of oversight and being “frankly surprised” by what was going on at his company’s sister brokerage.

Despite the myriad benefits of blockchain and cryptocurrency, institutional interest remains mixed in Asia Pacific. What lessons should the industry learn from 2022 to overcome the barriers to adoption?

Top blockchain and crypto news: Grayscale’s cryptic reserves. Binance rides to the rescue? China hit by protests and digital dissent.

A court in South Korea will review if prosecutors are allowed to arrest and bring Terraform cofounder Daniel Shin and seven others into custody, for charges including fraud.

Employee accounts of life at Sam Bankman-Fried’s flagship cryptocurrency trading arm Alameda Research paint a picture of overworked and inexperienced millennials running a ship headed for the rocks: one seemingly escaped.

FTX subsidiary LedgerX is reportedly preparing US$175 million for its parent company’s bankruptcy proceedings, according to unnamed sources cited by Bloomberg on Wednesday.

South Korea’s science ministry released a guideline of core ethical principles for metaverse application participants.

The largest U.S.-based cryptocurrency exchange Coinbase Global Inc. announced that its wallet will no longer be supporting Ethereum Classic (ETC), Bitcoin Cash (BCH), XRP and Stellar (XLM).

Justin Sun says CeFi must adopt DeFi’s transparency to regain public trust as 1inch Network cofounder Sergej Kunz sees crypto’s struggles as an opportunity for DeFi.

The cryptocurrency lender was hit by the earthquake set off across the industry by the collapse and bankruptcy of the FTX crypto exchange this month, and other companies are looking vulnerable.

U.S.-based cryptocurrency exchange Kraken has agreed to pay over US$362,000 to settle claims that it violated sanctions against Iran, the Treasury said Monday.

Crypto lender BlockFi Inc. and eight of its affiliates have filed for Chapter 11 bankruptcy reorganization in the U.S.

Asset tokenization and DeFi hold tremendous potential for the finance sector, writes Han Kwee Juan of DBS Bank. Here’s how the Singaporean government is at the forefront of change.

South Korean prosecutors may charge Terraform Labs cofounder Daniel Shin with fraud for promoting the Terra stablecoin as a payment method despite multiple warnings from financial regulators that it was against the law.

Changpeng Zhao tweeted that Binance’s proof of reserves have “absolutely no negative balances involved” after the exchange released its PoR on Friday.

Bitcoin was little changed in Monday morning trading amid mixed results from the other top 10 non-stablecoin cryptocurrencies following a relatively muted few days of trading over the Thanksgiving weekend in the U.S.

The world’s largest cryptocurrency exchange Binance released its proof of reserves (PoR) on Friday to provide transparency on user funds.

Bitcoin and Ether fell in Asian trading on Thursday afternoon, with Litecoin seeing the steepest drop in declines across most top 10 non-stablecoin cryptocurrencies ranked by market capitalization

Bitcoin traded little changed Friday morning in Asia, while Ether rose amid a mixed performance by the top 10 non-stablecoin cryptocurrencies by market capitalization.

Russian lawmakers aim to launch a national cryptocurrency exchange, supported by the country’s Ministry of Finance and the Central Bank of Russia.

Sam Bankman-Fried will speak at a time when he’s reportedly facing investigations with FTX undergoing bankruptcy protection proceedings.

Alexey Pertsev, a developer of the now-sanctioned crypto mixer Tornado Cash, has been ordered to stay in jail until Feb. 20 at least.

Top blockchain and crypto news: Fear stalks crypto as Genesis wobbles. FTX cleanup begins. China’s NFT scene shrinks.

While the crypto industry grapples with the definition of blockchain-based digital tokens, South Korea wants to nail down the terminology.

New York became the first U.S. state to enact a temporary ban on new cryptocurrency mining permits at fossil fuel plants, despite lobbying against the measure. 

The parents of Sam Bankman-Fried, along with senior executives of the now-bankrupt FTX, bought at least 19 properties worth nearly US$121 million in the Bahamas over the past two years.

Huobi Global, one of the world’s largest cryptocurrency exchanges, plans to ramp up its investments in Southeast Asia and Europe as part of its global expansion, the company said in a statement on Tuesday.

Bitkub, one of the largest crypto exchanges in Thailand, is aiming to list in Hong Kong as early as 2024 when it goes public.

U.S. Senators Elizabeth Warren, Dick Durbin and Tina Smith asked Fidelity Investments to rethink its decision to grant retirement plan exposure to Bitcoin.

Investors are unnerved by the possibility of more failures among companies linked to the now bankrupt FTX exchange, fearing a repeat of the Terra-Luna stablecoin collapse in May that also brought down other businesses.

The world’s largest crypto exchange seeks to hire 600 more employees by the end of this year, its founder and chief executive officer said.

FTX Japan, a subsidiary of the now-bankrupt FTX.com, is preparing to resume withdrawals by the end of 2022 to Japanese customers, said an unnamed FTX Japan executive to local broadcaster NHK

Bitcoin and Ether extended their losses through late Asian trading on Monday, as did all the top 10 non-stablecoin cryptocurrencies by market capitalization. Dogecoin was the biggest loser. 

South Korea’s FSC is considering a requirement that crypto exchanges offset investor losses for the sudden suspension of withdrawal services.

S.Korean authorities are looking into self-issued cryptocurrencies that may exist within local exchanges following FTX.com’s FTT-led liquidity crisis.

Collapsed cryptocurrency exchange FTX Trading Ltd. and its affiliates owe their 50 largest creditors about US$3.1 billion, according to a court filing. The creditors were not named.

South Korea, Singapore and Japan were the biggest users of FTX.com based on the number of monthly unique visitors from January to October 2022

Cryptocurrencies are getting in the way of the mass adoption of blockchain technology, especially by tech businesses, says Red Date Technology chief Yifan He.

FTX’’s failure to keep its sister company Alameda Research solvent was likely attributed to the liquidity crunch brought on by the Terra-LUNA collapse, according to Nansen.

Bitcoin and Ether inched up in Friday evening trade in Asia with most other top 10 cryptocurrencies by market capitalization, excluding stablecoins. Dogecoin and Solana lost ground for a second consecutive day.

The country is one of the first to say it will act to set up regulations to prevent a collapse similar to FTX, which filed for bankruptcy protection and froze the assets of hundreds of thousands of investors.

Bitcoin traded little changed Friday morning in Asia, while Ether fell along with most other non-stablecoin top 10 cryptocurrencies by market capitalization.

John J. Ray III, a Chicago-based lawyer and the new CEO of now-bankrupt crypto exchange FTX, has criticized the lack of “appropriate corporate governance” across FTX Group companies under Sam Bankman-Fried, the founder and former CEO of FTX. 

Terra’s former executive Daniel Shin’s US$100 million were frozen on Thursday; Do Kwon tweets that the Terra team did everything to save UST

Bitcoin fell during Wednesday afternoon trading in Asia along with all other top 10 cryptocurrencies, excluding stablecoins, led by declines in Polygon’s Matic.

Sam Bankman-Fried, the founder of the FTX, says he regrets the company’s bankruptcy filing, blamed the downfall on “messy accounting” and criticized regulators.

Bitcoin and Ether prices fell in Thursday morning trading in Asia along with all other top 10 tokens by market capitalization, excluding stablecoins.

The collapse of FTX may extend crypto winter to the end of 2023, according to a monthly outlook report by U.S.-based crypto exchange Coinbase dated Nov. 15.  

Top blockchain and crypto news: FTX fallout spooks sector. Crypto.com’s $400 million ‘accident.’ Hong Kong’s new digital asset drive.

Bitcoin inched up during Wednesday afternoon trade in Asia while most of the top 10 cryptocurrencies by market capitalization, excluding stablecoins, rallied from recent losses.