fintech

DOJ watchdog calls for review over fraud crypto crypto

John Ray, chief executive officer of FTX Cryptocurrency Derivatives Exchange, arrives at bankruptcy court in Wilmington, Delaware, US, on Tuesday, Nov. 22, 2022. Eric Lee | Bloomberg | Getty Images The Department of Justice has requested that an independent examiner be appointed to review “substantial and serious fraud, dishonesty” and “incompetence” after the implosion of …

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European Central Bank says bitcoin is on the ‘road to irrelevance’

The bitcoin logo displayed on a smartphone with euro banknotes in the background. Andrea Ronchini | NurPhoto via Getty Images The European Central Bank gave a strong critique of bitcoin on Wednesday, saying the cryptocurrency is on a “road to irrelevance.” In a blogpost titled “Bitcoin’s last stand,” ECB Director General Ulrich Bindseil and Analyst …

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BlockFi lawyer tells court priority is to ‘maximize client recoveries’

In this photo illustration, the BlockFi logo seen displayed on a smartphone. Rafael Henrique | Stick Images | Lightrocket | Getty Images BlockFi plans to reopen withdrawals as part of an effort to “maximize client recoveries,” the crypto lender’s lawyers said at a court hearing Tuesday, a day after the firm filed for Chapter 11 …

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Binance, others line up bids for bankrupt Voyager after FTX collapse

Voyager said it has roughly $1.3 billion of crypto on its platform and holds over $350 million in cash on behalf of customers at New York’s Metropolitan Commercial Bank. Justin Sullivan | Getty Images Binance and other crypto firms are preparing takeover offers for beleaguered digital currency lender Voyager Digital after FTX, which had initially …

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Binance creates $1 billion crypto industry fund after FTX collapse

Binance’s Co-founder & CEO Changpeng Zhao has given several interviews discussing the outlook for cryptocurrency following a turbulent couple of weeks in the market. NurPhoto / Contributor / Getty Images Cryptocurrency exchange Binance on Thursday announced new details about its industry recovery fund, which aims to prop up struggling players in the wake of FTX’s …

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Wefox CEO ‘disgusted’ by mass tech layoffs: ‘These are humans’

Wefox CEO Julian Teicke. Wefox HELSINKI, Finland — The boss of European digital insurance startup Wefox offered a damning response to tech companies that have laid off workers en masse. the likes of Meta, Amazon and Twitter have laid off tens of thousands of employees in response to pressure from investors, who want to see …

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DCG’s Barry Silbert writes letter to investors after FTX collapse

Barry Silbert, the founder of crypto conglomerate Digital Currency Group, has joined a growing list of industry leaders in trying to settle investors’ nerves after the sudden collapse of FTX. In a note to shareholders on Tuesday, Silbert addressed all the “noise” about the financial health of DCG’s subsidiaries, which includes trading firm Genesis, Grayscale …

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Here’s the apology letter Sam Bankman-Fried sent to FTX employees

Sam Bankman-Fried, co-founder and CEO of FTX, in Hong Kong, China, on Tuesday, May 11, 2021. Lam Yik | Bloomberg | Getty Images FTX’s ex-CEO Sam Bankman-Fried blamed his “irrational decisions” on “sh—y” circumstances in a letter obtained by CNBC that was sent to employees of the bankrupt crypto exchange. Bankman-Fried said he “froze up …

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New York governor signs law cracking down on bitcoin mining

These machines, known as mining rigs, work round the clock to find new units of cryptocurrency. Benjamin Hall | CNBC New York Gov. Kathy Hochul signed a law Tuesday banning certain bitcoin mining operations that run on carbon-based power sources. For the next two years, unless a proof-of-work mining company uses 100% renewable energy, it …

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Collapsed crypto exchange FTX has about $1.24 billion of cash in total — but still owes at least $3.1 billion

In this photo illustration, a bitcoin logo seen displayed on a smartphone with a FTX logo on the background. Avishek Das | Lightrocket | Getty Images FTX’s vast web of entities had a total of around $1.24 billion in cash balances as of Nov. 20, according to a new court filing out late Monday. The …

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