Crypto News
Bankman-Fried Details FTX Growth, Admits Lack of Risk Management
FTX founder Sam Bankman-Fried took the stand for the first time Friday in his criminal fraud trial, describing the crypto exchange's exponential expansion and his extensive work hours. However, he conceded that the lack of a risk management team was a glaring oversight. Bankman-Fried testified that FTX trading volume rapidly scaled from millions to billions......
Fed Official Calls for Stablecoin Regulation, No Imminent CBDC Decision
Top Federal Reserve supervision executive Michael Barr said Friday that stablecoins require strong oversight to avoid risks. However, he noted the Fed remains undecided on pursuing a central bank digital currency (CBDC). In remarks at a Washington, D.C., conference, Barr stated: Stablecoins "borrow the trust" of fiat currencies and need regulation to prevent stability and......
Trezor Users Targeted by Phishing Email Scam, ZachXBT Warns
Cryptocurrency hardware wallet maker Trezor is investigating a phishing email campaign targeting its users. Crypto sleuth ZachXBT revealed details of the scam on his Telegram channel. The fraudulent emails invite Trezor owners to download a fake firmware update to supposedly fix a software issue. This mirrors tactics seen in prior Trezor phishing schemes. https://twitter.com/jhdn/status/1717642564352774314? According......
Bank of England Official Reflects on Crypto’s Catalyzing Impact on Central Bank Priorities
In his farewell speech, Sir Jon Cunliffe of the Bank of England took stock of how Facebook's 2019 announcement of its planned Libra cryptocurrency jolted central banks and regulators to address digital money and payments with greater urgency. While Libra itself ultimately failed to launch and was rebranded last year, Cunliffe said its unveiling put......
FTX Moves Millions in LINK and MATIC Amid Ongoing Criminal Proceedings
Cryptocurrency exchange FTX has transferred additional millions in digital assets, according to blockchain data revealed by on-chain analyst Lookonchain. The latest transfers include: $2.6 million in Chainlink's LINK tokens $1.3 million in adventure gold AGLD $4.8 million in Polygon's MATIC, with $1.8 million subsequently sent to Coinbase The asset movements follow earlier transfers of millions......
Coinbase Uncovers the Crypto Shift Among Millennials and Gen Z
Younger generations are propelling crypto adoption as they look beyond traditional institutions to chart their own paths to economic opportunity, according to crypto exchange Coinbase's latest State of Crypto report. The report finds that Millennials and Gen Z have far less faith in the current financial system. They are instead embracing cryptocurrency and blockchain as......
Binance and Tether Under Fire as Lawmakers Demand Terrorism-Financing Crackdown
Republican lawmakers are pressing the Department of Justice to evaluate crypto exchange Binance and stablecoin Tether over potential terrorism financing. This comes amid conflicting reports on crypto's role in funding attacks against Israel. In a letter on Thursday, Senator Cynthia Lummis (R-WY) and Representative French Hill (R-AR) urged the DOJ to evaluate Binance and Tether's......
Maverick Central Banker Reveals How He Urged China to Adopt Bitcoin in 2011
In an exclusive interview with Chinese journalist Colin Wu, Hong Shuning, the author of China's first Bitcoin research paper and a former central bank researcher, revealed his vision of Bitcoin as legal tender back in 2011. Hong sees Bitcoin evolving beyond just a currency into a diverse Web 3.0 ecosystem. Despite missing out on huge......
Coinbase Wallet Introduces Real-Time Balances as Exchange Expands to Spain
Coinbase Wallet has implemented support for real-time balance updates and near-instant transactions on Layer 2 (L2) networks like Arbitrum and BuildOnBase, according to a tweet by the company's official Twitter account. CEO Brian Armstrong expanded on this in his own tweet, stating that Coinbase has been working hard to reduce the cost and time required......
Mastercard and MoonPay Collaborate to Boost Web3 Marketing
Cryptocurrency payments provider MoonPay announced a new collaboration with Mastercard focused on Web3-based marketing and experiences. Together, the duo will explore utilizing Web3 tools to enhance experiential marketing across Mastercard's sponsorship properties. The goal is to connect with consumers through innovative engagement, according to the details of the announcement. MoonPay will also work closely with......
ZachXBT Uncovers Scammer Involved in $4.5M Worth of 17+ SIM Swap Scams
A recent investigation by ZachXBT has uncovered extensive involvement by a Canada-based individual known as "Yahya" in a string of SIM swap attacks targeting prominent figures in the cryptocurrency space. According to details published in an expose thread by crypto sleuth ZachXBT, Yahya participated in at least 17 SIM swaps that resulted in over $4.5......
UK’s FCA Targets Misleading Crypto Promotions, Identifies Key Concerns
The UK's Financial Conduct Authority (FCA) has called out compliance issues with crypto promotions since new marketing rules took effect on October 8. The FCA says it is taking action against firms illegally promoting crypto. The regulator highlighted three "common issues" seen in promotions: Claims about crypto services being "safe," "secure," or easy to use......
FTX Attracts Multiple Bidders for Relaunch as Customers Await Hope
Bankrupt cryptocurrency exchange FTX has attracted several bids for a potential company restart, according to investment banker Kevin Cofsky of Perella Weinberg Partners. Cofsky testified at a Tuesday court hearing that FTX has narrowed down bidders interested in acquiring or investing in the collapsed exchange. Key points: At least three bidders remain under consideration for......
BlockFi Emerges From Bankruptcy, Moves To Unlock Withdrawals
Cryptocurrency lending platform BlockFi announced it has emerged from Chapter 11 bankruptcy proceedings as of October 24, 2023. The company filed for bankruptcy in November 2022 amid broad industry turmoil. BlockFi said its restructuring plan has now taken effect, allowing the company to begin repaying creditors per the bankruptcy terms. Key points: BlockFi aims to......
MicroStrategy’s Bitcoin Stash Balloons to $5.4B, Here’s Where Unrealized Gains Stand
As the price of Bitcoin briefly touched $35,000, MicroStrategy's sizable BTC holdings have generated enormous unrealized profits for the enterprise. According to on-chain analyst Lookonchain, MicroStrategy currently holds 158,245 BTC worth over $5.4 billion at today's prices. This represents an unrealized profit of approximately $746 million for the company's Bitcoin investments. MicroStrategy, led by CEO......
Popular Friend.Tech User Dumps Over 850 ETH, Moves to New Bitcoin City
Popular Friend.Tech user Vombatus_eth migrated over 850 ether (ETH), worth approximately $1.5 million, from the Ethereum-based social media app to the rival New Bitcoin City platform. Vombatus, who was one of the biggest "key" holders on Friend.Tech, continues to hold 150 keys on the app. The keys provide access to exclusive chat groups and content.......
Binance Fights Back Against CFTC, Says It’s Not ‘World’s Derivatives Police’
Cryptocurrency exchange Binance renewed arguments against Commodity Futures Trading Commission (CFTC) charges on Monday, claiming the regulator is overstepping its authority. Binance faces increasing regulatory pressure as the CFTC pursues charges over allegedly offering unregistered crypto derivatives to US customers. In a March complaint, the CFTC claimed jurisdiction because the derivatives were denominated in a......
What Is MetaMask Portfolio: How’s The Portfolio dApp Different?
What is MetaMask Portfolio and how does it differ from the traditional MetaMask wallet....
Introducing Friend.Tech
Friend.tech emerges as the second-largest earner on crypto protocols in record time. Just what is Friend.Tech?...
Crypto.com Shuts Down US Institutional Exchange
Another exchange is shutting down in the U.S. Another NBA arena’s naming rights may be at stake. Crypto.com just suspended their U.S. institutional exchange. They will no longer be serving institutional clients as soon as June 21st. The timing makes sense, it’s been a news-packed week with the SEC, Binance and Coinbase. And this adds to a long list......
