U.S. authorities are reportedly investigating internal transfers from Digital Currency Group to its subsidiary Genesis. Crypto conglomerate Digital Currency Group, or DCG, are under investigation by the United States Department of Justice’s Eastern District of New York (EDNY) and the Securities and Exchange Commission (SEC), according to a Bloomberg report. The authorities are digging into…
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The Ferrari-Velas partnership from 2021 — set at $30 million a year — was aimed at increasing fan engagement through nonfungible tokens (NFTs) and other shared initiatives. Scuderia Ferrari, the racing division of luxury carmaker Ferrari, joined the growing list of Formula One racing teams to end partnerships with their cryptocurrency sponsors. Ferrari exited its…
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A U.S. Trustee filed an objection to plans by FTX to sell its units in Europe and Japan, among other businesses. Bankrupt crypto exchange FTX’s plans to sell its digital currency futures and clearinghouse LedgerX, among other businesses, were challenged by the U.S. Trustee on Jan. 7, according to Reuters. As per the filing, U.S.…
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Following accusations from Gemini co-founder Cameron Winklevoss in an open letter to Digital Currency Group CEO Barry Silbert, a report citing “people familiar with the matter” states that federal prosecutors from New York are scrutinizing transfers between Digital Currency Group and its subsidiary, Genesis Global Capital. Report Claims Digital Currency Group, Genesis Global Capital Allegedly…
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FTX’s new management is seeking to recover millions of dollars donated by Future Fund and SBF. FTX’s new management is seeking to recover millions of dollars in donations made by the crypto exchange and its former CEO Sam Bankman-Fried, reports the Wall Street Journal. At the end of September, FTX’s charity arm, Future Fund, had…
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According to the court filing, the number of victims in the FTX case made it “impractical” to rely on more traditional methods of notification. The United States Attorney’s Office for the Southern District of New York has launched a page on its website appealing to Sam Bankman-Fried’s alleged victims of fraud at FTX to come…
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Companies are taking new approaches to building trust within Web3 and crypto products. The cryptocurrency ecosystem underwent a turbulent year in 2022. Criticism inside and outside of the crypto industry was fueled following the collapse of FTX, Celsius, Three Arrows Capital and the Terra ecosystem. A number of losses have been recorded from these events.…
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Binance, the world’s largest cryptocurrency exchange, has remained the leader in the space, ending 2022 with a 66.7% market share compared to 48.7% at the start of the year. According to a report from CryptoCompare, Binance accounted for 66.7% of all trading volume on centralized crypto exchanges in the last quarter of 2022 following the…
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The sides had been at odds over numerous issues and have agreed to keep working on the remaining open questions they face. The FTX Debtors, made up of FTX and its affiliated debtors, and FTX Digital Markets (FTX DM), the Bahamian subsidiary of FTX, announced Jan. 6 that they have reached a cooperation agreement regarding…
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For the first time ever, regulators in the United States issued a joint warning to banks about crypto-related risks, prompted by the massive failures of several large crypto companies. Raising concerns about crypto’s place in the banking sector, three US regulators – the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of…
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