Crypto | Bitcoin | Blockchain

2022-12-09 07:09:02 U.S. banking committee says SBF ‘must answer for the failure’ of FTX

The US senate banking committee in a Dec. 7 letter to Sam Bankman-Fried said he must answer for the failure of his crypto firms in a hearing scheduled for Dec. 14. SBF failed to honor the invitation, he would be issued a subpoena.

Meanwhile, the committee chair for the House Committee on Financial Services, Maxine Waters, also said SBF could be issued a subpoena if he failed to voluntarily appear at the Dec. 13 hearing. The lawmakers’ readiness to subpoena SBF was after the FTX founder claimed he was not ready to appear before Congress until he has all the facts about what happened.

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2022-12-08 05:38:02 ApeCoin Up 6% as Holders Stake $32M in Ethereum Bored Ape Token

ApeCoin’s staking rewards are just around the corner, set to begin emitting on December 12, and the official staking contract has already taken in nearly $32 million worth of APE in one day—along with a wealth of Bored Ape Yacht Club and Mutant Ape NFTs.

More than 7.6 million APE have been deposited into the contract to date, along with a number of NFTs. That price has been ticking up since Horizen Labs launched the official staking contract on Monday, and now is up 6% over the last 24 hours at a current price of $4.16.ApeCoin, the Ethereum-based token created for the Bored Ape Yacht Club ecosystem.

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2022-12-07 05:26:02 Senators want more info on Silvergate's 'egregious failure' on FTX

A bipartisan group of senators want more information from Silvergate Bank, a bank that caters to crypto and fintech clients, about the bank's current financial wellbeing, while also taking the company to task for its management of FTX and Alameda funds.

Warren and Kennedy both sit on the Senate Banking Committee, while Marshall is a member of the Senate Agriculture Committee, which is debating legislation to reform regulations on some digital assets and crypto exchanges due to that committee's oversight of the Commodity Futures Trading Commission. U.S.-based junctions for crypto firms looking to get access to fiat bank accounts.

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2022-12-06 08:35:03 Sam Bankman-Fried may not testify before US Congress on Dec. 13

FTX founder Sam Bankman-Fried may not testify before the U.S. House Committee on Financial Services on Dec. 13 because he is still “learning and reviewing what happened” at the bankrupt exchange.SBF has maintained that he knew nothing about what caused FTX collapse, attributing it to mistakes detected late.

According to him, he would testify when he has enough clarity on what led to the implosion of his exchange. FTX founder has granted several interviews to media houses and journalists, which included the Financial Times, Wall Street Journal, Good Morning America, and multiple Twitter spaces.

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2022-12-05 06:35:03 BlockFi's bankruptcy is the latest blow for a bleeding Bitcoin mining industry

BlockFi is one of the largest lenders in the mining industry. As if crashing crypto assets, high energy prices and increasing difficulty in mining weren't enough, now Bitcoin miners face the fallout from BlockFi's bankruptcy protection filing.

BlockFi was the second biggest lender in the space after NYDIG, according to public information laid out by The Block Research in June. On top of that, BlockFi debtor Core Scientific — ie, the largest mining company in the world — is itself close to filing for bankruptcy. Core had $54 million in outstanding debt to BlockFi in September and late in October said that it would not make payments by end of the month.

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2022-12-04 08:59:02 Three Arrows Liquidators Seize $35M, Seek $30M More for 'Much Wow' Superyacht

Liquidators for collapsed crypto hedge fund Three Arrows Capital (3AC) today said they seized $35.6 million in cash held by the failed firm in Singaporean banks. and want clearance from a court to get $30 million from the sale of the firm's "Much Wow" superyacht.

In a Friday filing in U.S. Bankruptcy Court in the Southern District of New York, court-appointed liquidator Teneo said they started to take control of assets held by 3AC or its pre-appointment lawyers. Liquidators added that they also recovered $2.8 million from forced redemptions of investments—as well as an unspecified amount of 60 different crypto tokens and NFTs.

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2022-12-03 07:42:02 U.S. Trustee asks bankruptcy court to appoint FTX trustee

The U.S. Trustee has asked a Delaware bankruptcy court to appoint an examiner in the ongoing FTX bankruptcy case. It is a common step for the government to request one in a complex bankruptcy like the Chapter 11 bankruptcy most of the FTX-affiliated companies are now in.

FTX Digital Markets, the trading arm based in the Bahamas, has also filed bankruptcy there. The Bahamian government has indicated it does not plan to cooperate with requests to fully move that process, so as to consolidate all proceedings. FTX filed for Chapter 11 bankruptcy protection on Nov. 11. Since then, statements and filings have revealed.

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2022-12-02 08:48:02 Ethereum accumulation trend hits new highs following FTX implosion

Ethereum whales and sharks have been accumulating Ether (ETH) at a record rate since the FTX crash, Santiment reported on Nov. 30. The market intelligence platform revealed that wallets holding between 100 and 100,000 ETH had reached a 20-month high.

Santiment highlighted the accumulation pattern leading to Ethereum Merge. According to the chart, Ethereum whales and sharks acquired more ETH in the weeks preceding the Merge, which pushed the asset’s value up but dumped immediately after the Merge. The blockchain analytics firm noted that the addresses dumped between October and November.

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2022-12-01 08:20:02 Binance acquires Japan-based licensed crypto exchange SEBC

Crypto exchange operator Binance has entered Japan by acquiring the locally licensed exchange Sakura Exchange BitCoin (SEBC). The acquisition marks Binance’s first license in East Asia, the company announced Wednesday. The terms of the deal were not disclosed.

The deal marks Binance's re-entry into Japan. Last year, JFSA issued another warning against Binance, saying that the company is still operating in the country without registration. Binance, at the time, said it "does not currently hold exchange operations in Japan, nor do we actively solicit Japanese users.". Binance said it will not accept new users in Japan to its main Binance.com website, effective today.

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2022-11-30 07:08:02 Binance’s bailout fund is a welcome backstop for crypto

Last week, the world’s largest crypto exchange Binance formally unveiled a $1 billion “industry recovery fund” to help contain the damage dealt to the industry by the spectacular implosion of FTX. Binance’s CEO Changpeng Zhao had played a pivotal role.

Though Zhao has since dismissed “conspiracy theories” that he had orchestrated FTX’s demise and that of its sister trading firm Alameda Research, the irony of Binance playing both doomsayer and redeemer in the same month has not been lost on observers. “You sort of giveth with one hand and taketh away with the other,”.

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