Hong Kong-based iFinex Inc., the parent company of cryptocurrency exchange Bitfinex, has proposed a $150 million share buyback in an effort to consolidate its private operations amidst increasing regulatory oversight in the cryptocurrency industry. The buyback offer, which remains open until October 24, aims to repurchase 15 million shares at $10 each, representing approximately 9% […]
The trial of Sam Bankman-Fried, the founder of FTX, has entered its second week, with key witnesses testifying against him in court. Caroline Ellison, Bankman-Fried’s ex-girlfriend and former head of Alameda Research, FTX’s trading arm, made serious allegations during her testimony. According to Ellison, FTX utilized customer funds to support Alameda, and she, Bankman-Fried, and […]
Alameda Research CEO Caroline Ellison’s testimony in the SBF trial has revealed shocking details about fraud and mismanagement within the company. Ellison admitted to committing fraud under the direction of Sam Bankman-Fried (SBF), the founder of FTX. She disclosed that SBF instructed her to divert billions of dollars from FTX customer funds to Alameda for […]
Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, is seeking to shed light on the involvement of lawyers in a legal battle involving his hedge fund arm, Alameda Research. Bankman-Fried’s attorneys are requesting permission to question FTX co-founder Gary Wang about the legal guidance he received when accepting loans from Alameda. Wang previously claimed that […]
The popular U.S. grocery store chain, Trader Joe’s, has filed a lawsuit against a cryptocurrency-based DeFi platform called Trader Joe. The grocery chain alleges that the platform named itself after the supermarket, damaging its reputation. The lawsuit aims to refute the platform’s claim that it was named after the founder’s brother. Trader Joe’s also accuses […]
Galxe, a cryptocurrency platform, has announced that it will be compensating users who lost funds in a recent hack by 110%. The company expressed its gratitude to those who have supported them during this difficult time. The affected users will have their funds automatically returned to their wallet addresses on October 16, unless they request […]
Lenovo, the technology giant, has announced a significant investment of $1.2 billion in artificial intelligence (AI). The company aims to tap into the booming AI server and storage market, which is projected to reach $29 billion. This move aligns with the industry trend, as AI investment and development have been on the rise in 2023. […]
In the aftermath of FTX’s collapse, the cryptocurrency industry was thrown into turmoil. Prices dropped, investors rushed to minimize their losses, and startup funding dried up. Amidst the chaos, all eyes turned to Changpeng Zhao, the founder of Binance, who became the last remaining tycoon in the crypto world after Sam Bankman-Fried’s swift downfall.With a […]
FTX co-founder Gary Wang testified in court that the “Insurance Fund” listed by the exchange was actually a fake amount generated using a random number generator. During the trial of former FTX CEO Sam Bankman-Fried, Wang revealed that the fund, which was supposed to contain $5.5 million and 5 million FTT tokens, did not actually […]
Day 6 of the trial of Sam Bankman-Fried concluded with the testimony of former FTX chief technology officer Gary Wang and the beginning of former Alameda Research CEO Caroline Ellison’s testimony. Wang revealed that he admitted to committing crimes with the defendant during his first meeting with the government. He also mentioned that he was […]
