Terraform Labs, led by founder Do Kwon, has filed a lawsuit against Citadel Securities, accusing the company of intentionally causing the crash of its stablecoin in 2022. The lawsuit alleges that the market destabilization was not due to a technical issue, but rather orchestrated efforts to short the stablecoin. Terraform Labs has filed a motion […]
The Department of Justice (DOJ) has presented a clear narrative in the case against Sam Bankman-Fried. According to the DOJ, Bankman-Fried allegedly took billions of dollars from his customers and investors. He then instructed his close friends to engage in activities that facilitated his access to these funds. Bankman-Fried proceeded to gamble these billions on […]
Genesis, a prominent crypto broker, has suspended customer withdrawals following a $175 million settlement with FTX, a bankrupt cryptocurrency exchange. This decision comes after Genesis announced in September that it would wind down its crypto trading business. The company has also filed for bankruptcy this year due to issues with customer withdrawals from Gemini Exchange. […]
A secretly recorded audio clip has revealed the moment when former staff members of hedge fund Alameda Research discovered that the fund had been “borrowing” user funds from FTX. The 75-minute recording, obtained by Cointelegraph, sheds light on the tension felt by Caroline Ellison and other Alameda staff leading up to FTX’s collapse. Ellison explained […]
Terraform Labs, founded by Do Kwon, has accused market maker Citadel Securities of intentionally causing the depeg of its stablecoin, TerraUSD Classic (USTC), in 2022. Terraform Labs has filed a motion in a US District Court to compel Citadel Securities to produce documents related to its trading actions during the time of the depeg. The […]
Mastercard has developed a technology that allows central bank digital currencies (CBDCs) to be tokenized on multiple blockchains. This solution enables the wrapping of CBDCs onto different blockchain networks, enhancing convenience and security for consumers. The technology was tested in collaboration with Cuscal and Mintable, as part of a pilot project with the Reserve Bank […]
A stablecoin holder on the Polygon network suffered a significant loss of over $100,000 after panic selling their USDR tokens, which depegged from the US dollar on October 11. The holder swapped 131,350 USDR for zero USDC, allowing a MEV bot to profit $107,000. The USDR stablecoin is issued by Tangible protocol, a decentralized finance […]
Former CEO of Miami-based investment firm, Peter Kambolin, has pleaded guilty to a conspiracy to commit commodities fraud involving crypto futures contracts. The United States Department of Justice revealed that Kambolin operated a “cherry picking” scheme, misleading investors by marketing his firm as offering algorithmic trading strategies involving futures contracts, including cryptocurrencies and commodities. However, […]
Caroline Ellison, a former top deputy to FTX founder Sam Bankman-Fried (SBF), concluded her testimony on the seventh day of the SBF trial. Her detailed account shed light on her complex relationship with SBF, both personally and professionally. While her testimony did not bring any significant breakthroughs for SBF’s defense, it provided insights into the […]
A stablecoin called Real USD (USDR), which is built on the Polygon (MATIC) layer-2 scaling solution and backed by real estate assets, has experienced a significant loss in value after detaching from the US dollar. The decentralized autonomous organization (DAO) behind USDR, Tangible, has acknowledged the setback and outlined a plan to assist affected investors. […]
