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2022-11-25 15:14:02 Hodlnaut faces Singapore police investigation for alleged fraud

Crypto lending platform Hodlnaut is under police investigation in Singapore for alleged fraud and cheating three months after freezing client withdrawals and filing for protection from creditors. This may hinder the firm’s recovery from a series of legal and financial complications. Hodlnaut and its leaders are suspected of making "false representations relating to the company’s exposure to a certain digital token," according to a police statement on Wednesday. The beleaguered company has seen a series of liquidity crises and legal complications. Earlier in November, it turned out the Singapore-based crypto lender held assets worth $13.1 million.

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2022-11-25 09:14:02 Binance targets $1 billion for 'industry recovery fund'

Crypto exchange operator Binance is aiming to amass around $1 billion for its recently announced "industry recovery fund.". CEO Changpeng "CZ" Zhao discussed the plan on Bloomberg Television on Thursday, and a Binance spokesperson later confirmed it in a message to The Block. Binance will follow a "loose structure" for the fund where different industry players can contribute as they wish, Zhao said. Contributors will have to send funds to a blockchain address that the public can view, he added. A detailed blog post about the fund is expected to be published soon. The fund will target projects which are otherwise strong, but facing a liquidity crisis.

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2022-11-25 03:14:01 ZkSync passes security audit as it gears up to expand access to the public

ZkSync, an Ethereum scaling protocol, passed its first security audit in preparation of expanding access to users this year. The security audit adds an extra layer of trust in zkSync's network security for builders and users of protocols. The audit allows protocols and users to have more trust in expanding to the new network and transacting on them. OpenZeppelin, a leading crypto auditing firm, conducted the audit, which took place over a four-week period. OpenZeppelin is providing on-demand security feedback in between future audits and has assigned technical and security advisors to oversee zkSync.

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2022-11-24 21:14:02 El Salvador lawmakers to consider regulation for issuing digital assets

El Salvador's Legislative Assembly is considering a long-awaited law aimed at regulating digital asset service providers and issuers in the country. according to a document seen by The Block and corroborated by a broadcast of a Nov. 22 plenary session. Digital asset service providers in El Salvador would have to complete a registration process and follow several rules under the proposed law. These entities would have to provide a list of digital assets they plan to offer, including their "benefits, restrictions and limits." They would also have to demonstrate cybersecurity precautions and customer service capabilities, as well as providing the names and titles of company employees.

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2022-11-24 15:14:02 New York Governor Hochul signs moratorium on proof-of-work mining

New York Governor Kathy Hochul has signed a bill cracking down on crypto mining in the state. The New York Senate already approved the bill in June, but Hochul had until now held off from signing it in the face of fierce industry lobbying, according to Bloomberg. New York Governor Kathy Hochul has signed a bill cracking down on crypto mining in the state. An earlier version of crypto mining bill, which called for a three-year moratorium on a broader scope of mining facilities, died in the Assembly in June of last year. Opponents of the current iteration of the moratorium, such as Republican Assemblyman Robert Smullen, had described it as “anti-tech.”

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2022-11-24 09:14:03 Coinbase survey shows 62% of investors increased allocations over 12 months

A Coinbase survey found that crypto winter may not be as cold as expected. The 2022 Digital Assets Outlook Survey shows that 62% of investors who are currently invested in crypto increased their allocations in the past 12 months compared to 12% who decreased allocations. The survey interviewed 140 institutional investors to get a read on current sentiment and outlook toward digital assets since the start of the current crypto winter. To be sure, the survey was conducted prior to the meltdown of Sam Bankman-Fried's FTX and Alameda. The firms—which jointly filed for bankruptcy protection—have sent a ripple effect across the entire market.

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2022-11-24 03:14:01 Sequoia Capital apologizes to investors after $150 million FTX loss: WSJ

Sequoia Capital partners apologized to investors for the $150 million it lost on investments in crypto exchange FTX, the Wall Street Journal reported. Sequoia partners said the firm would improve its due-diligence process on future investments and that it believed it was misled by FTX. During the call, one partner at Sequoia reportedly said the firm will be able to have a Big Four accounting firm audit financial statements of the early-stage startups it invests in, the Wall Street Journal reported. Sequoia Capital earlier this month said it had written off its entire investment in the struggling crypto exchange that filed for bankruptcy protection on Nov. 11. FTX Group owes $3.1 billion to its top 50 creditors, according to recent court filings.

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2022-11-23 21:14:02 Bitpanda secures German crypto license

Bitpanda has received a crypto trading and custody license from Germany’s Federal Financial Supervisory Authority, known as BaFin. The Austrian fintech company will now be able to legally offer German citizens crypto custody and proprietary trading for crypto assets. Bitpanda has already secured licenses across Europe — including Austria, France, Italy, Spain, the U.K., the Czech Republic and Sweden. Receiving a BaFin license “strengthens our position as a pioneer in terms of regulation in Europe,” Eric Demuth, CEO and co-founder of Bitpanda, said in a statement. Bitpanda launched a partnership with the German neobank N26 to offer trading tools.

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2022-11-23 15:03:01 FTX, Bankman-Fried's parents bought Bahamas property worth $121 million: Reuters

FTX, the now-bankrupt crypto exchange operator, its founder Sam Bankman-Fried's parents and the firm's senior executives bought at least 19 properties worth about $121 million in the Bahamas over the past two years, Reuters reported Tuesday, citing official property records. The majority of the purchases — 15 properties worth about $100 million — were made by FTX's unit FTX Property Holdings in 2021 and 2022, per the report. The most expensive property purchase was a $30 million penthouse at a resort called Albany. Its deed was reportedly signed by Ryan Salame, the president of FTX Property on March 17, and showed it was intended as a "residence for key personnel.

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