FTX, the collapsed crypto exchange, has reached a settlement agreement with Genesis Global Capital, a crypto lending firm, in their ongoing bankruptcy case. Under the agreement, FTX will receive a $175 million claim against Genesis, while also withdrawing over $1 billion in counterclaims. This settlement aims to resolve disputes over loans made by Genesis to […]
Judge Lewis Kaplan has made several pretrial evidentiary rulings in the case against FTX founder Sam Bankman-Fried. While he granted reconsideration on certain issues challenged by Bankman-Fried’s defense, he maintained his decisions to exclude arguments about FTX’s lack of regulation and evidence related to the firm’s bankruptcy proceedings. However, the judge did allow evidence of […]
Investment firm BlackRock has taken legal action against the owners of 44 internet domain names that it claims are using its name for fraudulent purposes. The company alleges that these domains, which include keywords such as ‘Blackrock’, ‘Aladdin’, ‘capital’, ‘crypto’, and ‘investments’, were registered in bad faith to deceive consumers and redirect traffic through tactics […]
A recent amendment to the joint spot Bitcoin exchange-traded fund (ETF) application by ARK Invest and 21Shares is seen as a positive sign of progress and potential approval. The amendment includes additional information about the proposed ETF, addressing concerns raised by the Securities and Exchange Commission (SEC). Bloomberg senior ETF analyst Eric Balchunas believes that […]
Galxe, a Web3 credentials and rewards platform, has taken swift action to address a recent DNS attack that left its users vulnerable. The platform has announced a refund of over $396,000 for more than 980 affected users, along with an additional 10% compensation on the lost funds. The refunds will be automatically returned to the […]
U.S. Senators Elizabeth Warren and Angus S. King, Jr. have urged the U.S. Department of the Treasury and the Internal Revenue Service (IRS) to speed up the implementation of new tax reporting rules for cryptocurrency brokers. In a joint letter, the senators expressed concerns about the two-year delay in enforcing the rules, which is expected […]
Former CEO of crypto exchange FTX, Sam Bankman-Fried, was reportedly concerned about various issues leading up to the collapse of the exchange. According to former Alameda Research CEO Caroline Ellison’s personal notes, Bankman-Fried was worried about Alameda’s performance, investing in Snapchat, raising capital from Saudi royalty, and pressuring regulators to crack down on rival exchange […]
JPMorgan has achieved a significant milestone by successfully conducting its first live blockchain-based collateral settlement transaction. The transaction involved BlackRock and Barclays and utilized JPMorgan’s Ethereum-based Onyx blockchain and Tokenized Collateral Network (TCN). BlackRock tokenized shares from one of its money market funds, which were then transferred to Barclays as collateral for an over-the-counter derivatives […]
ARK Invest has updated its proposal for a spot Bitcoin ETF in response to criticisms from the U.S. Securities and Exchange Commission (SEC). The amendment addresses concerns regarding accounting methods, risk valuation techniques, and surveillance-sharing arrangements. The updated application highlights Coinbase’s custodial practices, stating that the fund’s assets are held in segregated addresses on the […]
Seven U.S. senators, including Elizabeth Warren and Bernie Sanders, have urged the Treasury Department and IRS to expedite the implementation of tax reporting requirements for crypto brokers. The lawmakers expressed concern over the two-year delay in enforcing these rules, which are set to take effect in 2026 for transactions in 2025. They argued that the […]
