Uncategorized Archives - Page 27 of 132

WednesdayOct 04, 2023 9:00 am

Singapore Arrests Collapsed Crypto Hedge Fund Cofounder

Authorities in Singapore have apprehended Three Arrows Capital (3AC) cofounder Su Zhu as he attempted to leave Singapore. Teneo, the liquidator in charge of managing 3AC’s bankruptcy proceedings, released an official statement last week detailing the capture of Zhu at Changi Airport as he tried to exit the city-state. According to Teneo, Su Zhu and Kyle Davies, his cofounder, were given four-month prison terms. Currently, Davies' whereabouts remain unknown. This was a result of the Singaporean Courts’ ruling against Zhu for his deliberate noncompliance with court orders compelling him to cooperate with Teneo's investigation into the collapse of the crypto…

MondayOct 02, 2023 9:00 am

SEC Chair Fires More Criticism at Crypto in Latest Congressional Hearing

Chair of the U.S. Securities and Exchange Commission, Gary Gensler, maintained a confrontational attitude against people who advocate for cryptos during his recent hearing before a Congressional committee. He declined to respond to the most important industry questions while highlighting the carelessness exhibited by digital asset companies with regard to client holdings. Speaking before the Financial Services House Committee, Gensler reiterated his consistent disapproval of how crypto companies handle customer assets, asserting that combining these assets has yielded unfavorable outcomes. Additionally, Gensler disclosed that the commission is yet to finalize its approach to a judge's decision, which compelled the commission…

FridaySep 29, 2023 9:00 am

Asset Tokenization Gains Traction Among Crypto Skeptics, Enthusiasts

The digitization of tangible assets such as commodities, art and real estate on the blockchain was once considered a specialized pursuit limited to cryptocurrency enthusiasts. However, this perspective is evolving as leading financial institutions and smaller, cryptocentric entities embrace the concept of asset tokenization. Initially, major banks held reservations regarding cryptocurrencies such as Bitcoin. Nevertheless, they recognized the transformative potential of the underlying distributed ledger technology in revolutionizing financial markets, offering continuous settlement, reduced fees and transparent transactions. As the crypto sector integrates more closely with the broader financial landscape, the desire to tokenize real-world assets (RWA) is extending beyond…

WednesdaySep 27, 2023 10:30 am

Binance Sounds Alarm Regarding Possible Delisting of Stablecoins as EU Implements MiCA Law

Binance has expressed its apprehension regarding the possible removal of stablecoins from the European market due to the impending enactment of the EU’s MiCA rules. Marina Parthuisot, who serves as Binance France’s head of legal affairs, commented during an online public hearing organized by the European Banking Authority (EBA) that there is a potential scenario of stablecoin delisting in Europe by June 2024 due to the absence of any approved projects. In response, Elizabeth Noble, team leader at MiCA, stated that stablecoins did not have a transitional arrangement and that their rules would take effect by the end of June…

MondaySep 25, 2023 9:00 am

FTX Sues Bankman Fried’s Parents for Improperly Receiving Millions from the Exchange

FTX founder Sam Bankman-Fried's parents are facing a lawsuit over allegations of receiving improper funds from the cryptocurrency exchange prior to its collapse. In a legal submission, administrators of the bankrupt company claim that the couple knowingly accepted millions of dollars in wrongfully transferred funds and turned a blind eye to misconduct within the company. The lawsuit has been initiated on behalf of individuals owed money following the company's downfall, which ultimately led to the arrest of Bankman-Fried last year. The former billionaire, once hailed as the “Crypto King,” is currently facing accusations from U.S. prosecutors for the unlawful transfer…

FridaySep 22, 2023 10:30 am

Blockchain Analysts Suspect Hackers Linked to $70M Crypto Heist

Blockchain experts suggest that hackers linked to North Korea are the likely culprits behind a substantial $70 million theft from the cryptocurrency exchange known as CoinEx. CoinEx, a platform headquartered in Hong Kong, revealed through the social media platform X (formerly Twitter) that the wallets designated for safeguarding the exchange's digital assets had fallen victim to a cyberintrusion. It disclosed that its estimated losses amounted to $70 million, a figure it considered a minor fraction of its total holdings. Elliptic, a blockchain research organization, conducted an analysis pointing toward the Lazarus Group, a hacking collective associated with North Korea, as…

WednesdaySep 20, 2023 12:00 pm

Japan Considers Regulation Permitting VCs to Use Digital Assets as Seed Capital

Japan is planning to provide new avenues for startups to secure fresh capital from venture capital entities using digital assets instead of conventional stock offerings to expand their funding options. According to a recent report by Nikkei, the Japanese government aims to table the proposal in parliament early next year. With the change, limited partnerships would have access to a wider variety of assets. Venture capital firms usually employ limited partnerships to pool funds with other businesses for startup investments, limiting their risk to the money they invest. Historically, the Japanese venture capital ecosystem has been regarded as more conservative…

MondaySep 18, 2023 11:15 am

EU Lawmakers Pass New Crypto Reporting Law with Overwhelming Support

European Parliament legislators overwhelmingly voted last week in favor of the eighth version of the Administrative Cooperation Directive (DAC8), which addresses the reporting of taxes on cryptocurrencies in Strasbourg, France. The directive garnered a resounding show of support, with 535 members casting their votes in favor and a mere 57 opposing it, while 60 members opted to abstain from voting. DAC8 seeks to equip tax authorities with the necessary tools to monitor and evaluate all cryptocurrency transactions carried out by entities or individuals residing within the member nations. According to estimates provided by the European Commission via the European Parliamentary…

FridaySep 15, 2023 9:00 am

FTX Asks Court to Allow Conversion of Assets into Fiat Currency

The insolvent cryptocurrency exchange, FTX, is actively exploring avenues to rejuvenate its operations and settle its debts. Recent court documents reveal its intention to engage Galaxy Digital, under the guidance of Mike Novogratz, as a strategic advisor in this endeavor. FTX, which endured a catastrophic collapse late last year, is eager to devise a plan that will enable it to reimburse creditors in traditional fiat currencies, as opposed to cryptocurrency assets such as Bitcoin or Ethereum. The primary objective is to minimize any adverse impact on its extensive crypto holdings, which are valued at an impressive $3 billion. However, FTX's…

WednesdaySep 13, 2023 11:15 am

Blockchain Association Heeds Legislators’ Call for Input on Cryptocurrency Tax Guidelines

The Blockchain Association, a crypto advocacy organization based in the United States, has put forth recommendations for lawmakers to contemplate regarding potential legislation concerning the taxation of digital assets. In a letter dated Sept. 8, 2023, and addressed to U.S. Senators Mike Crapo and Ron Wyden, the Blockchain Association voiced its support for the Keep Innovation in America Act, a bill aimed at altering the reporting obligations imposed on specific individuals engaged in cryptocurrency transactions. According to the association, any legislative proposals introduced in the halls of Congress should establish a balance in the tax treatment of cryptocurrency and traditional…