NewsRoom Articles - Page 44 of 185

FridayNov 10, 2023 10:30 am

The Cryptocurrency Industry Reacts to Bankman-Fried’s Fraud Conviction

The recent conclusion of Sam Bankman-Fried’s trial has sparked contemplation on the future trajectory of the cryptocurrency industry. The verdict, which found Bankman-Fried, the founder of cryptocurrency exchange FTX, guilty of seven counts of fraud, has left many questioning the implications for the crypto market. Amid this significant development, the core inquiry emerges: What impact will this verdict have on the reputation and prospects of the burgeoning crypto space? Will it etch a lasting blemish on the industry, leading to skepticism and mistrust, or could it signal a moment of closure, showcasing the capacity of legal systems to hold wrongdoers…

WednesdayNov 08, 2023 10:30 am

Jury Finds Sam Bankman-Fried Guilty After One-Month Trial

Sam Bankman-Fried, a prominent figure in the cryptocurrency world and the once-revered “Crypto King,” has been convicted of money laundering and fraud after a five-hour jury deliberation in Manhattan, New York. Bankman-Fried's legal woes began last year when his crypto exchange firm, FTX, declared bankruptcy. FTX, previously valued at a staggering $32 billion, crumbled in November, leaving $8 billion in customer funds unaccounted for. The jury found Bankman-Fried guilty on multiple charges, including deceiving investors and lenders and misappropriating billions from FTX, a sequence of events that played a role in the exchange's collapse. He faced seven counts of money…

MondayNov 06, 2023 12:00 pm

PayPal Gets UK Nod to Offer Crypto Asset Services

PayPal has officially obtained registration for its cryptocurrency activities in the United Kingdom, according to the Financial Conduct Authority website. This marks a significant step for the global payment giant as it establishes a post-Brexit footprint in Britain. The approval was granted to PayPal U.K. Ltd. on Oct. 31, 2054, making it the fourth company to receive FCA registration for cryptocurrency-related operations in the current year, following in the footsteps of Komainu, Bitstamp and Interactive Brokers. Despite this milestone, PayPal UK.'s journey into the world of crypto won’t be entirely without obstacles, as the regulator has placed certain restrictions on…

FridayNov 03, 2023 10:30 am

FTX Founder Tells Court He Made Management Mistakes

During his trial, Sam Bankman-Fried acknowledged mistakes in managing FTX, admitting to a series of minor and major mistakes, with his primary regret being the absence of a dedicated risk management team. Bankman-Fried stated that he had, however, not engaged in any fraudulent activities or misappropriated customers’ funds when questioned by his attorney, Mark Cohen. Bankman-Fried shared that he had minimal knowledge of cryptocurrencies before launching FTX. He admitted to a lack of understanding regarding how they operated but recognized their potential for trading. As FTX rapidly expanded from a few million dollars in daily trading in 2019 to tens…

WednesdayNov 01, 2023 10:30 am

Data Shows Declining Number of Crypto ATMs

The number of cryptocurrency ATMs worldwide has significantly decreased this year, reaching levels not seen since 2021. According to data gleaned from CoinATMRadar.com, the biggest decline was in July, when an astounding 4,123 ATMs stopped working, seriously disrupting the market. Presently, thousands of ATMs have become nonfunctional, the majority of which have faded into obscurity this year. CoinATMRadar.com listed 32,704 cryptocurrency ATMs globally as of mid-October. This figure is in sharp contrast to the all-time high of 39,353 units that was recorded in August 2022, indicating a sharp drop in the number of crypto ATMs — roughly 6,649 — that…

MondayOct 30, 2023 12:00 pm

DEF Files Amicus Brief Supporting Crypto Users’ Rights

A crypto advocacy organization, the DeFi Education Fund, has requested a U.S. court consider the distinct blockchain technology characteristics when assessing the Fourth Amendment rights of privacy for crypto users. The fund formally submitted an amicus brief to the appeals court on Oct. 20, 2023, in favor of James Harper's case against the IRS. The petition is part of a campaign to thwart the government's unfettered access to cryptocurrency platform users' transaction records. Harper was one of 14,355 Coinbase users whose information was disclosed to the IRS in 2017, leading to a fervent push for more robust rights and protection…

MondayOct 30, 2023 8:56 am

Blockchain Life 2023: Shaping Trends for the Upcoming Bull Run

The 11th edition of the Blockchain Life Forum, widely recognized as the premier meeting point for global cryptocurrency leaders, concluded with a gathering of over 7000 attendees from 120 countries. Blockchain Life has become the center of crypto activities, as well as one of the largest and most important events in the world, summing up the Crypto Year. Once again, traditionally accompanied by the growth of Bitcoin and a bunch of side events, Blockchain Life 2023 took place in Dubai. The main stage provided a platform for more than 100 distinguished speakers, and exemplars of the industry, to share their…

FridayOct 27, 2023 10:30 am

How Blockchain Analysis Can Help Recover Stolen Crypto

In the ever-changing landscape of decentralized finance and the wider Web3 sphere, security is a top priority. With the constant emergence of new threats, it is crucial to analyze attack patterns to assess risk and reliability. Cointelegraph’s Crypto Hacks database indicates that almost $1 billion worth of crypto was stolen or lost in 2023 alone. In response to the increasing need for security, a wide range of Web3 security specialists has emerged, from smart contract auditors to decentralized identification solutions, guaranteeing the security of an ever-evolving digital landscape. Yet, a persistent menace continues: the Lazarus Group, a North Korea-affiliated hacking…

WednesdayOct 25, 2023 10:30 am

Australian Treasury Wants to Regulate Crypto Exchanges

The Australian government is pushing ahead with its efforts to oversee the crypto asset industry, specifically focusing on regulating crypto exchanges, a move that would possibly require the government to secure a license from the nation’s financial regulatory authority. The Australian Treasury unveiled a consultation paper, titled “Regulating crypto-asset platforms,” on Oct. 16, 2023, outlining a regulatory framework that aims to not only safeguard consumers but also foster innovation in the digital asset industry. The main idea behind the new framework is to control crypto exchanges and service providers rather than the actual tokens or cryptocurrencies. Furthermore, rather than creating…

MondayOct 23, 2023 9:00 am

EU Passes Resolution to Strengthen Regional Cooperation on Crypto Tax Information Sharing

The European Union's Council has enacted a directive to improve coordination between national tax agencies, specifically concerning crypto asset transactions. The Oct. 17, 2023, announcement represents a substantial change in the way the EU regulates crypto assets, indicating a proactive stance toward the economy's fast digitalization. The directive proposes extensive modifications to EU regulations on administrative cooperation in taxation. This momentous move complies with recommendations made by the council in its report on tax matters to the European Council on Dec. 7, 2021. It indicated expectations that the European Commission would present a legislative proposal in 2022 for an additional…