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Business
Feb. 09, 2023

Crypto Protection Firm Coincover Raises $30M

Coincover, a provider of protection and insurance for digital assets, has raised $30 million in a funding round that will go toward hiring, product updates and pursuing partnerships. The round was led by Silicon Valley investment firm Foundation ...
Business
Feb. 09, 2023

Stablecoin Issuer Tether Reports $700M Profit for Q4 2022

Tether, issuer of the world's largest stablecoin, USDT, reported $700 million in fourth-quarter profit in its latest attestation report . The profit has been added to Tether's reserves. Excess reserves stood at least $960 million at the end of ...
Business
Feb. 09, 2023

Bitcoin Miner Argo Blockchain Loses CEO

Peter Wall, the CEO and interim chairman of bitcoin mining firm Argo Blockchain (ARBK), has resigned after three years, the company said in a Thursday press release . The London-based company had a difficult 2022 as soaring power prices raised ...
Business
Feb. 08, 2023

Robinhood’s Crypto Revenue Declined 24% to $39M in Q4

Online trading brokerage Robinhood (HOOD) reported $39 million in crypto trading revenue in the fourth quarter, down 24% from $51 million in the third quarter . The company also said its board had authorized the company to pursue purchasing al...
Business
Feb. 08, 2023

Payments Company Affirm Is Shutting Down Its Crypto Business

Payment network Affirm (AFRM) is shutting down the cryptocurrency service it started in 2021, according to a letter to shareholders on Wednesday. Affirm Crypto will close on March 2. The shutdown is part of a larger retrenchment for the compan...
Business
Feb. 08, 2023

AI Token Search Traffic Spikes as Crypto Traders Seek Exposure

Five out of the top six trending cryptocurrencies on price tracker CoinGecko on Wednesday had one thing in common: They’re all related to artificial intelligence, crypto’s hottest new fad. The tokens – vaiot (VAI), singularityNET (AGIX), fetc...
Business
Feb. 08, 2023

Crypto Long & Short: Bitcoin's 'Golden Cross' Explained

This week, Glenn Williams Jr. addresses one of the hotter debates in cryptocurrencies at the moment: How traders should feel about bitcoin and ether possibly achieving a “golden cross,” a popular indicator from technical analysis. Then, Todd Gro...
Business
Feb. 07, 2023

NFT Market Share Battle Ramps Up Between OpenSea and Blur

2023 has been marked with increasing competition in the non-fungible token (NFT) space as different marketplaces fight for creators and collectors. OpenSea has been the frontrunner of the NFT marketplaces since its launch in December 2017. It co...
Business
Feb. 07, 2023

Crypto Lender SALT Raises $64.4M to Resume Operations

SALT Lending has closed a $64.4 million Series A funding round from a share sale to accredited investors less than three months after its planned sale fell through due to the implosion of centralized crypto exchange FTX. SALT will use the capital...
Business
Feb. 07, 2023

Crypto Wallet Security Layer Webacy Raises $4M

Webacy, a startup helping make self-custodial wallets more secure, has closed a $4 million seed funding round led by Web3-focused investment firm gmjp with entrepreneur Gary Vaynerchuk, his brother AJ Vaynerchuk and Mozilla Ventures among the bac...
Business
Feb. 07, 2023

Decentralized Identity Network Space ID Raises $10M

SPACE ID, a startup building a universal name network for decentralized identities, has raised $10 million in a strategic funding round led by crypto investment firms Polychain Capital and dao5. The funding will be used toward developing the netw...
Business
Feb. 07, 2023

Ethereum Name Service DAO Passes Vote to Sell 10,000 Ether

The Ethereum Name Service (ENS) DAO has passed a vote to liquidate 10,000 ether (ETH) for USDC to cover operating costs for the next two years. ENS is a decentralized domain name protocol; its ENS token has a market capitalization of $316 mi...
Business
Feb. 07, 2023

Bitcoin Miners Hut 8, US Bitcoin Corp. Announce Merger

Bitcoin mining firms Hut 8 Mining (HUT) and U.S. Bitcoin Corp. (USBTC) agreed to merge, forming a company with access to about 825 megawatts (MW) of energy capacity. The two firms will be wholly owned subsidiaries of the newly formed Hut 8 Corp....
Business
Feb. 07, 2023

DCG Is Selling Holdings in Grayscale: Financial Times

Digital Currency Group (DCG) has started selling holdings in several investment vehicles run by its subsidiary and digital assets manager Grayscale at a steep discount, according to a Financial Times report citing U.S. securities filings. Gray...
Business
Feb. 07, 2023

Crypto Bank Juno Resumes Services After Pause

Crypto bank Juno has resumed its core crypto service offerings after pausing them early last month, according to a Monday press release. The service resumption comes three weeks after Juno began working with its new crypto custodian Zero Hash. J...
Business
Feb. 06, 2023

New FTX CEO Charged Crypto Exchange $690K Last Year: Hearing

FTX’s replacement CEO for alleged crypto fraudster Sam Bankman-Fried, John J. Ray III, charged the failed crypto exchange $690,000 for his first weeks on the job, Ray told the bankruptcy court Monday. Ray, an attorney previously known for leadin...
Business
Feb. 06, 2023

Digital Bank Revolut to Offer Crypto Staking: Report

Digital banking service Revolut is starting to offer crypto staking to customers in the U.K. and European Economic Area (EEA), according to a report by financial technology publication AltFi. Revolut, which has around 25 million customers worl...
Business
Feb. 06, 2023

DeFi Lender Alchemix Approves ALCX Token Buyback Plan

The DAO behind crypto loans protocol Alchemix Finance on Monday approved a proposal to divert some of the cash bolstering its treasury and yield-farming activities into a token buyback program for its native ALCX. Alchemix issues what it calls “...
Business
Feb. 06, 2023

StarkWare Partnering with Chainlink for StarkNet Growth

StarkWare, a creator of layer 2 blockchain scaling solutions, will partner with blockchain data provider Chainlink Labs to help accelerate app development and general growth for the StarkNet ecosystem. StarkWare is one of the most highly-valued s...
Business
Feb. 05, 2023

StarkWare to Open Source Its Ethereum Scaling System

DON'T PUBLISH: EMBARGO FOR SUNDAY @ 7 AM ET DON'T PUBLISH: EMBARGO FOR SUNDAY @ 7 AM ET StarkWare, a creator of blockchain scaling systems that has reached an $8 billion valuation last year, announced plans on Sunday to open source its co...
Business
Feb. 03, 2023

Filecoin Parent Company Protocol Labs Cuts 21% of Staff

Protocol Labs, the company behind decentralized file storage network Filecoin, is laying off 21% of its staff, CEO Juan Benet announced in a blog post on Friday. Benet cited an “extremely challenging economic downturn,” particularly for compan...
Business
Feb. 03, 2023

TZero to Sunset tZero Crypto App Amid Regulatory Challenges

Overstock-owned trading platform tZero will sunset its tZero Crypto app, which combines a digital wallet with exchange services, on March 6, the company tweeted Friday morning. The app’s discontinuation comes as the firm struggles to build its...
Business
Feb. 03, 2023

Crypto VC Firm Pantera Loses Co-CIO Joey Krug

Crypto-focused venture capital and investment giant Pantera Capital has reorganized its leadership, with the departure of co-Chief Investment Officer Joey Krug and the formation of an executive management committee, according to a letter sent out...
Business
Feb. 03, 2023

Russia's Sberbank Will Introduce DeFi Platform by May: Report

Russia's largest bank Sberbank will release a decentralized finance (DeFi) platform by May this year, according to a report by Russian news agency Interfax. The platform will initially be based on the Ethereum network, with users being able to...
Business
Feb. 03, 2023

UK Bank Nationwide Has Restricted Card Payments to Binance

U.K. bank Nationwide Building Society has restricted card payments made by users to cryptocurrency exchange Binance. Card payments to Binance are being declined by the U.K. bank "until further notice," according to a page on its website , addin...
Business
Feb. 03, 2023

Sam Bankman-Fried Negotiating Bail Conditions: Court Filing

Counsel for former FTX CEO Sam Bankman-Fried is currently in talks with U.S. prosecutors to “resolve the outstanding issues related to Bankman-Fried’s bail conditions,” according to a court filing . “The parties would like to continue these dis...
Business
Feb. 02, 2023

BNY Mellon Names Caroline Butler CEO of Digital Assets

Custodial banking giant BNY Mellon (BK) has promoted Caroline Butler to CEO of Digital Assets, the lender announced Thursday. Butler joined BNY Mellon in 2020 and most recently was CEO of Custody Services, where she led development of the bank...
Business
Feb. 02, 2023

Orion Protocol Loses $3M of Crypto in Trading Pool Exploit

Crypto trading venue Orion Protocol was set to pause operations Thursday after an apparent attacker drained millions of dollars worth of cryptocurrency, according to cybersecurity firm Peckshield. Orion was the victim of a reentrancy attack (i...
Business
Feb. 02, 2023

Crypto Exchange Bittrex Laying Off More Than 80 People

Seattle-based cryptocurrency exchange Bittrex is reducing its staff by more than 80 people, the company confirmed Thursday, citing market conditions. In a leaked email on Twitter, Bittrex CEO Richie Lai told employees the team had been working...
Business
Feb. 02, 2023

New York Bitcoin Miner TeraWulf Restructures Debt

TeraWulf (WULF) is the latest bitcoin miner to restructure its debt obligations in order to stave off negative cash flow. Miners like Bitfarms (BITF) and Greenidge Generation (GREE) have paid down or restructured their debt, as the bear mark...
Business
Feb. 02, 2023

Better Exchange Due Diligence Could Help Define Crypto’s 2023

The crypto industry lost a lot in 2022, but there’s plenty of optimism it will rebound stronger and better in the years to come. One reason for that optimism is more risk-conscious investing and better due diligence , according to Doug Schwenk,...
Business
Feb. 02, 2023

Amazon Web Services Hiring to Pump Its Web3 Clientele

E-commerce giant Amazon's (AMZN) cloud's service, Amazon Web Services (AWS), is hiring staff to help increase its clientele in the Web 3 space. A listing posted a week ago on its LinkedIn is seeking a "Senior GTM Specialist, Web3" to work in i...
Business
Feb. 02, 2023

Synapse Token Surges 44% as Cross-Chain Momentum Builds

Synapse (SYN), the native token of the cross-chain Synapse Protocol, is trading at a five-month high of $1.22 following a 44.74% move to the upside over the past 24-hours. The token has outperformed its competitors across decentralized finance (...
Business
Feb. 02, 2023

Alameda Research Wallet Receives $6M From Bitfinex Hot Wallet

An Ethereum wallet that belongs to bankrupt trading firm Alameda Research quietly received $6 million worth of tether (USDT) from Bitfinex's hot wallet overnight, according to Nansen data . The wallet also received $4.5 million worth of USD Coi...
Business
Feb. 02, 2023

Crypto Miner Pow.re Raises $9.2M Series A at $150M Valuation

Canadian crypto mining firm Pow.re announced on Thursday that it had closed a $9.2 million Series A round as well as a $18 million strategic investment. The Series A valued the company at $150 million, and was led crypto asset management platf...
Business
Feb. 01, 2023

AllianceBlock Token Plunges 51% After $5M Exploit

Hackers have siphoned off roughly $5 million worth of AllianceBlock (ALBT) tokens on Bonq, a decentralized borrowing protocol, according to a Wednesday announcement from AllianceBlock. AllianceBlock has paused all activity on its bridge followin...
Business
Feb. 01, 2023

LBRY Token Rally Stalls as Traders Move on From Court Speculation

LBRY credits (LBC) rallied hard this week amid reports of a favorable court case. But traders began giving back their gains Wednesday as their initial euphoria gave way to the more muted reality of a ruling that hasn’t even happened yet. LBC was...
Business
Feb. 01, 2023

Facebook Parent Meta’s Metaverse Division Lost $13.7B in 2022

Meta Platforms (FB) continued to lose massive amounts of money in its fledgling Facebook Reality Labs (FRL) division, which comprises its augmented and virtual reality operations, according to its earnings release Wednesday . FRL accounted for ...
Business
Feb. 01, 2023

Stargate to Reissue STG Tokens Following Alameda Wallet Hack

Decentralized finance (DeFi) protocol bridge Stargate has proposed to reissue all Stargate (STG) tokens, according to a Wednesday blog post . Stargate will reissue STG on March 15. The reissue will “eliminate the risk of illegitimate STG transf...
Business
Feb. 01, 2023

Federal Reserve Lifts Interest Rates Another 25 Basis Points

Matching market expectations, the Federal Reserve's Federal Open Market Committee (FOMC) hiked its benchmark federal funds rate by 25 basis points to a range of 4.5%-4.75%. Hovering in a narrow range on either side of the $23,000 level for the p...
Business
Feb. 01, 2023

Binance’s BNB Chain Announces New Decentralized Storage System

Binance’s blockchain network BNB Chain released on Wednesday morning the white paper for BNB Greenfield, a new decentralized data storage system that will round out Binance’s existing decentralized network. The decentralized storage system wit...
Business
Feb. 01, 2023

Aptos Labs Issues Grant to Blockchain Lab at Cornell University

Aptos, the newly launched blockchain built by the team that worked on Facebook's axed Diem cryptocurrency, has issued a $50,000 grant to a Lorenzo Alvisi, a Cornell University computer science professor who specializes in blockchain and Web3 tech...
Business
Feb. 01, 2023

My Big Coin Founder Gets 8-Year Jail Sentence for Fraud

Randall Crater, the founder of the My Big Coin cryptocurrency and payment service, was sentenced to more than eight years in jail for marketing and selling a fraudulent virtual currency and operating an unlicensed virtual currency exchange, the...
Business
Feb. 01, 2023

Bitcoin Miner Argo Blockchain's CFO Alex Appleton Quits

The chief financial officer of Argo Blockchain, a cryptocurrency miner listed on the London Stock Exchange (ARB) and Nasdaq (ARBK), has quit the firm. Alex Appleton, who has served in this role since September 2020, is departing to "pursue other...
Business
Feb. 01, 2023

Bankrupt Crypto Exchange FTX had Around $1.4B Cash at 2022-End

Bankrupt cryptocurrency exchange FTX had around $1.4 billion in cash as of the end of 2022, according to an interim financial update filed on Wednesday. The figure is around 19% higher than the $1.2 billion reported in November when FTX filed f...
Business
Feb. 01, 2023

Voyager Creditors Reject Alameda’s Attempt to Recover $446M

An attempt by defunct crypto trading firm Alameda Research to extract $446 million it made in loan repayments to bankrupt Voyager Digital has been rejected by both the creditors’ committee and Voyager itself, according to court filings. Voyage...
Business
Jan. 31, 2023

Bitcoin Miner Core Scientific to Borrow $70M From B. Riley

Bitcoin miner Core Scientific (CORZ) agreed to borrow $70 million from investment bank B. Riley to replace an existing facility and keep the company running as it goes through the Chapter 11 bankruptcy process. In a filing, Core Scientific said ...
Business
Jan. 31, 2023

Fidelity Investment's Head of Institutional Crypto Exits Role

Chris Tyrer, the head of institutional crypto at financial services giant Fidelity investments, has left his position, he announced in a LinkedIn post on Tuesday. The post does not say what his future plans may be. Tyrer joined Fidelity’s di...
Business
Jan. 31, 2023

Nic Carter's Castle Island Ventures Backs New Crypto VC Firm

Breed VC, a new crypto-focused firm, has closed fundraising for its first fund and brought in a “considerable portion” of its $20 million target, founder and general partner Jed Breed told CoinDesk during an interview. The fund was backed by Nic ...
Business
Jan. 31, 2023

UK Crypto Exchange Archax Launches FCA-Regulated Custody Service

U.K.-regulated cryptocurrency exchange Archax has launched a digital asset custody service with the blessing of regulators, as institutional crypto players button up their operations and try to rebuild trust in the sector. The London-based Arch...
Business
Jan. 30, 2023

Crypto Services Company Prime Trust Lays Off One-Third of Staff

Crypto services company Prime Trust laid off one-third of its staff Tuesday, two people familiar with the matter said. The cuts largely impacted staff in Prime Trust’s communications and compliance departments, though a full picture of the how m...
Business
Jan. 30, 2023

Web3 Security Firm Hypernative Secures $9M in Seed Funding

Crypto security company Hypernative is emerging from stealth with $9 million in seed funding, the firm said Monday. Boldstart Ventures and IBI Tech Fund led the round, with additional investments from Nexo, Blockdaemon, Borderless, Alchemy, and ...
Business
Jan. 27, 2023

Scaramucci’s SkyBridge Capital Lost 39% Last Year: Bloomberg

Anthony Scaramucci’s investment management firm SkyBridge Capital dropped 39% last year thanks to wrong-way crypto bets, including an equity partnership with now-bankrupt crypto exchange FTX . The decline sparked a sizable move by investors for...
Business
Jan. 27, 2023

Crypto Bank Silvergate Suspends Dividend on Preferred Stock

Crypto-focused bank Silvergate Capital (SI) suspended dividend payments on its preferred stock as it seeks to preserve capital. The suspension affects its 5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, Silvergate said Fri...
Business
Jan. 27, 2023

Jihan Wu's Matrixport Cuts 10% of Staff

Billionaire entrepreneur Jihan Wu's Singapore-based crypto services provider Matrixport said Friday that it is downsizing its workforce by 10%, joining a slew of other industry giants reducing headcount to sail through the harsh crypto winter. ...
Business
Jan. 27, 2023

DeFi Lender Aave Deploys V3 on Ethereum Network

Decentralized lending and borrowing protocol Aave has deployed its third version on the Ethereum network following unanimous support for a governance proposal . The Aave V3 upgrade will focus on mitigating user risk and improving capital effi...
Business
Jan. 26, 2023

Mango Markets to Resume Crypto Trading, SEC Be Damned

Developers behind the shuttered decentralized crypto exchange Mango Markets say they’re pushing forward with a relaunch of the project – even as the U.S. Securities and Exchange Commission (SEC) alleges the project’s native token, MNGO, is a secu...
Business
Jan. 26, 2023

Moody’s Developing Scoring System for Stablecoins: Bloomberg

Global ratings agency Moody’s is working on a system to score up to 20 stablecoins based on the quality of their reserves attestations, according to a report from Bloomberg , citing a person familiar with the plans. The project is in its infanc...
Business
Jan. 26, 2023

Sui-Based Ethos Wallet Raises $4.2M in Seed Round

Ethos Wallet, which integrates into decentralized applications (dapps) on the Sui blockchain, has raised $4.2 million in a seed funding round led by Boldstart ventures and gumi Cryptos Capital (gCC). The funds will be used for hiring, continued d...
Business
Jan. 26, 2023

Web3 Infrastructure Startup Spatial Labs Raises $10M

Spatial Labs has raised $10 million in a seed funding round led by Blockchain Capital. The capital will be used toward new product innovations and growth initiatives, according to the press release The funding round also included Marcy Venture P...
Business
Jan. 25, 2023

Tesla Did Not Buy or Sell Any Bitcoin in the Fourth Quarter

Electric car maker Tesla (TSLA) did not buy or sell any bitcoin in the fourth quarter for the second straight quarter, the company reported Wednesday in its latest earnings report . The value of its digital assets at the end of the quarter was ...
Business
Jan. 25, 2023

Crypto Options Exchange Deribit Plans Move to Dubai: Report

Bitcoin and ether options exchange Deribit — the world’s largest by volume and open interest – is eyeing a move to Dubai as regulators begin to provide greater clarity on crypto regulatory guardrails there. The exchange plans to open a Dubai off...
Business
Jan. 25, 2023

Metaverse-Focused Blockchain Lamina1 Promotes President to CEO

Metaverse-focused layer 1 blockchain protocol Lamina1 has promoted President Rebecca Barkin to be its CEO effective immediately, according to a company blog post . As CEO, Barkin will oversee all business operations for Lamina1, including “part...
Business
Jan. 25, 2023

Crypto Long & Short: Bitcoin's Hedge Potential

Greetings. I’m Glenn C. Williams Jr., and it's my pleasure to join as author of this newsletter. I come from traditional finance, where I covered the oil-and-gas sector as an analyst. My transition to digital assets has been informative and enjo...
Business
Jan. 25, 2023

Crypto Exchange Luno Cutting 35% of Its Staff

Cryptocurrency exchange Luno is cutting 35% of its workforce, citing the "incredibly tough year" affecting the crypto market. According to the company's LinkedIn page , Luno has more than 600 employees, meaning it will cut over 210 jobs. Luno s...
Business
Jan. 25, 2023

Pantera, Jump Crypto Back $150M Injective Ecosystem Fund

Injective, a Cosmos-based layer 1 blockchain for building finance apps that can access other blockchains, unveiled a $150 million ecosystem initiative with partners including crypto investment firms Pantera Capital and Kucoin Ventures, market mak...
Business
Jan. 24, 2023

QuickNode Raises $60M in Series B at $800M Valuation

QuickNode, a development platform that helps Web3 builders create apps, has closed a $60 million Series B funding round at an $800 million valuation led by 10T Fund with participation from Tiger Global, 776 and QED, among others. The capital will...
Business
Jan. 23, 2023

A Dive Into 0xd62, a Genesis OTC Wallet That’s Moving Money

A key crypto wallet at Genesis Global Trading moved a substantial amount of ether (ETH) around the same time the trading firm’s sibling filed for bankruptcy protection last week. The over-the-counter trading desk’s wallet transferred out 75...
Business
Jan. 23, 2023

VC Firm Pantera's 2023 Crypto Forecast Says the Future Is DeFi

Crypto-focused venture capital firm Pantera Capital, which has about $3.8 billion in assets under management, has summed up its 2023 forecast and the future is decentralized finance (DeFi). The bear market that emerged early last year was worsen...
Business
Jan. 23, 2023

Crypto Exchange Gemini Cutting Another 10% of Staff: Report

In at least its third round of layoffs since June, crypto exchange Gemini is laying off another 10% of its staff, according to an internal message viewed by The Information . Gemini has been swept up in the bankruptcy of crypto lender Genesis ...
Business
Jan. 23, 2023

Web3 Social Wallet Tribes Launches With $3.3M in Funding

Tribes , a newly launched Web3-native messaging and group wallet app, has raised $3.3 million in a pre-seed funding round led by Kindred Ventures, South Park Commons and Script Capital. The fundraise closed in October, Tribes founder and CEO Hi...
Business
Jan. 20, 2023

First Hearing in Genesis Bankruptcy Case Set For Monday

Crypto lender Genesis Global Capital’s “First Day Hearing” in its Chapter 11 bankruptcy case will take place on Monday, Jan. 23, at 2:00 PM according to court filings. Genesis is owned by Digital Currency Group, which also owns CoinDesk. Read...
Business
Jan. 20, 2023

Bitcoin Miner 1Thash Sent Almost All Its BTC to Binance

A Chinese miner has sent nearly 5,600 bitcoin (BTC), about $124 million worth, to the Binance crypto exchange, blockchain data shows, in what might be interpreted as a move to sell the holdings. Bitcoin miner 1Thash sent almost its entire bag of...
Business
Jan. 20, 2023

Moody’s Further Downgrades Coinbase Junk Bonds, Joining S&P

Credit-ratings giant Moody’s has downgraded both Coinbase’s (COIN) long-term credit rating as well as its guaranteed senior unsecured notes, it said Friday, citing “substantially weakened revenue and cash flow generation capacity.” Coinbase’s co...
Business
Jan. 20, 2023

Crypto Trading Firm Cumberland DRW Disputes Genesis Exposure

Crypto trading firm Cumberland DRW has disputed the amount Genesis Global Capital, the crypto lender that filed for Chapter 11 bankruptcy protection in the U.S. on Thursday, says it owes Cumberland. The Chicago-based firm was listed in a bankr...
Business
Jan. 20, 2023

Genesis Owes Over $3.5B to Top 50 Creditors

Crypto exchange Gemini, Trading giant Cumberland, Mirana, MoonAlpha Finance and VanEck’s New Finance Income Fund are among the fifty largest Genesis creditors, according to a bankruptcy filing published on Friday. Crypto lender Genesis filed fo...
Business
Jan. 19, 2023

Alameda-Connected Bank Exits Crypto Business

Farmington State Bank, which does business under the Moonstone Bank name, is returning to its longtime role as a community lender and eschewing the crypto business, the company said in a press release . Alongside, the lender is dropping the Moon...
Business
Jan. 19, 2023

Crypto Exchange Luno's Co-Founder Departed in December

Cryptocurrency exchange Luno's co-founder and chief technology officer (CTO) Timothy Stranex exited in December to "pursue personal projects," the firm has said. Stranex's departure came nearly 10 years after he founded the company alongside Car...
Business
Jan. 19, 2023

Raydium Exchange Exploiter Sends $2.7M to Tornado Cash

The person that exploited Solana-based decentralized exchange Raydium has sent $2.7 million in ethereum to now-sanctioned coin mixing protocol Tornado Cash. Transaction logs on etherscan show that a wallet tagged as "Raydium Exploiter" sent a ...
Business
Jan. 19, 2023

Binance Named as Counterparty in FinCEN Order Against Bitzlato

Binance, the world's largest crypto exchange, was named as a counterparty in an order against the little-known cryptocurrency exchange, Bitzlato, accused of laundering $700 million by U.S. authorities on Wednesday. Binance was named as the top...
Business
Jan. 18, 2023

SHIB Is a Favorite Holding Among New Crypto Wallets, Nansen Shows

While it remains a brutal bear market in crypto, Nansen’s analysis of on-chain data highlights how risk-taking traders are participating in the new year’s pump – especially when it comes to SHIB. Over the past seven days, the Shiba Inu token ...
Business
Jan. 18, 2023

Skybridge Capital Founder: The Time to Invest in Crypto Is Now

Bitcoin's price could be nearing its bottom point so the time to invest in it may be now, Anthony Scaramucci, founder of asset manager SkyBridge Capital, said Tuesday. Speaking to CoinDesk TV’s “First Mover” from the World Economic Forum’s annua...
Business
Jan. 18, 2023

Fintech Firm Arch Starts Crypto Lending Product, Raises $2.75M

Arch, a financial technology company targeting alternative asset investors, announced started its first product on Wednesday. The firm also announced that it had closed a $2.75 million funding round, which closed in the second half of last year....
Business
Jan. 18, 2023

DeFi-Focused Startup Blue Comes Out of Stealth With $3.2M Raise

Blue, which offers know-your-customer (KYC) and anti-money laundering (AML) identity verification solutions for traders on DeFi protocols, has come out of stealth with $3.2 million in funding. The funds were raised in a seed round co-led by Bloc...
Business
Jan. 18, 2023

Coinbase Confirms it is Halting Operations in Japan

Cryptocurrency exchange Coinbase (COIN) said it is halting its operations in Japan, citing "market conditions" as the reason. Customers have until Feb. 16 to withdraw their fiat and crypto holdings from the exchange, Coinbase announced on Wedne...
Business
Jan. 17, 2023

CBDCs Are the Future of Money, IBM Exec Says

Central bank digital currencies (CBDCs) have the potential to change payment systems, Shyam Nagarajan, an executive partner at IBM Consulting, said Monday on CoinDesk TV’s “ First Mover ” from the World Economic Forum's annual conference in Davos...
Business
Jan. 17, 2023

HashKey Capital Raises $500M for 3rd Crypto Fund

HashKey Capital, the investment arm of financial-services firm HashKey Group, has closed its third fund with $500 million in committed capital. The fund will invest in crypto and blockchain initiatives around the world with a focus on emerging ma...
Business
Jan. 17, 2023

Bank of America Says CBDCs Are the Future of Money and Payments

Digital currencies, such as central bank digital currencies (CBDCs) and stablecoins, are the natural evolution of money and payments, Bank of America (BAC) said in a research report on Tuesday. “CBDCs do not change the definition of money, but w...
Business
Jan. 17, 2023

Crypto-Focussed Bank Silvergate Reports Q4 Loss of $1B

Silvergate Capital (SI), the crypto-focussed bank, reported net loss attributable to shareholders of $1 billion for the three months-ended Dec. 31, 2022. The loss figure compares to net income of $18 million for the equivalent quarter in 2021 an...
Business
Jan. 16, 2023

Bernstein Expects Crypto Revenue to Jump to Around $400B by 2033

This year will lay the foundations for a decade-long “golden age” of innovation for cryptocurrency applications, as crypto pivots from a fat infrastructure thesis to a fat application thesis, Bernstein said in a research report on Monday. The br...
Business
Jan. 13, 2023

Web3 Studio Sortium Raises $7.8M in Seed Round

Sortium, a developer of Web3 entertainment technology, has raised $7.75 million in a seed round with crypto hedge fund Arca among the investors. Web3 infrastructure advancements are widely seen as key to bringing more people and brands into the c...
Business
Jan. 13, 2023

ARK Buys $2.5 Million in Coinbase Shares as COIN Continues Rally

Cathie Wood's crypto conviction continues as ARK made another Coinbase (COIN) buy Thursday. Coinbase is now the 12th-largest holding for the ARK Innovation ETF (ARKK), behind CRISPR Therapeutics and game engine developer Unity, taking up 3.87% o...
Business
Jan. 13, 2023

Crypto.com Cuts Workforce by Nearly 20%

Crypto.com said it is cutting its workforce by around 20% as the crypto industry continues to reel from the effects of the ongoing crypto winter. The firm cited the economic headwinds from the downturn in the crypto market and the FTX implosio...
Business
Jan. 12, 2023

Crypto Market Maker CyberX Gets $15M From Foresight Ventures

Crypto market maker CyberX has raised $15 million in a strategic investment from Foresight Ventures, a crypto venture capital firm with about $400 million in assets under management. CyberX will use the funds to expand its teams in Asia and Nort...
Business
Jan. 12, 2023

Sam Bankman-Fried Denies Stealing Funds in New Online Post

FTX founder Sam Bankman-Fried gave his take on what happened to his bankrupt crypto exchange in a lengthy new post on Substack published Thursday. In it, he denied stealing funds and claimed the reason for FTX’s and sister company Alameda’s co...
Business
Jan. 12, 2023

Two Advisor Credentialing Organizations Have Their Say on Crypto

After federal regulators including the Securities and Exchange Commission and the Department of Labor as well as Finra, the largest independent industry regulator, perhaps no one speaks louder on advisor best practices and compliance than the C...
Business
Jan. 12, 2023

Troubled Crypto Lender Genesis Owes Creditors Over $3B: FT

Troubled crypto lender Genesis owes its creditors over $3 billion prompting its parent company Digital Currency Group (DCG) to look at some asset sales to pay off the debt, the Financial Times reported on Thursday, citing sources. DCG is cons...
Business
Jan. 12, 2023

Cathie Wood's ARK Adds Nearly $3.3M Shares of Coinbase

ARK has added 74,792 shares of Coinbase (COIN) to the ARK Innovation ETF (ARKK), according to an investor email on Thursday. The shares purchased were worth around $3.28 million, based on Coinbase's last closing price of $43.79 on Wednesday. At ...
Business
Jan. 11, 2023

As Crypto Crashes, Coinbase Bets Big on Europe

Coinbase wants potential customers in Europe to give it a warm reception as crypto winter chills trading activity in its home market. But expanding into Europe may not be enough to reverse the company’s fortunes. On Tuesday morning, the publicly...
Business
Jan. 11, 2023

Crypto Terms Become Dirty Words as Bear Market Lingers

For years, drawing attention to your company could be as simple as adding a crypto-y word to your name or touting new cryptocurrency-related initiatives. From Long Island Iced Tea Corp.’s infamous 2017 decision to rebrand itself as Long Blockc...
Business
Jan. 11, 2023

Cosmos-Based DeFi Protocol Quasar Raises $5.4M

The collapse of multibillion-dollar centralized crypto exchange FTX has renewed focus on the promise of decentralized finance. However, decentralized finance (DeFi) still has growing pains due, in part, to fragmentation across multiple blockc...
Business
Jan. 11, 2023

Coinbase Rally May be a Selling Opportunity, Says Bank of America

The Coinbase (COIN) consensus revenue outlook for this year is still too rosy, says Bank of America’s Jason Kupferberg, downgrading the stock to underperform from neutral and cutting his price target to $35 from $50. Kupferberg’s downgrade comes...
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Jan. 10, 2023

Market Maker Group One Discloses 13.5% Stake in MicroStrategy

Chicago-based Group One Trading in an SEC filing on Tuesday disclosed the ownership of nearly 1.3 million shares of MicroStrategy (MSTR), which amounts to 13.5% of the company, or a dollar value of about $237 million at MSTR's current price of ...
Business
Jan. 10, 2023

Ethereum Software Firm ConsenSys to Cut Upwards of 100 Staff

ConsenSys , the developer of the crypto wallet MetaMask, plans to lay off 100 staffers or more, according to a person familiar with the matter. The New York City-headquartered Ethereum studio currently has about 900 employees. The planned cuts ...
Business
Jan. 10, 2023

DCG's Barry Silbert Talks About Genesis in Letter to Shareholders

Barry Silbert, the head of crypto conglomerate Digital Currency Group (DCG), gave his shareholders more details about his company's Genesis Capital lending division that was forced to halt customer withdrawals in the aftermath of FTX's November c...
Business
Jan. 10, 2023

A Binance Stablecoin Wasn't Always Fully Backed: Bloomberg

Binance acknowledged that its Binance-peg BUSD stablecoin hasn't always been backed fully with reserves, but said it's now fixed the problem, according to a report from Bloomberg . The token was at times undercollateralized in 2020 and 2021, Bl...
Business
Jan. 10, 2023

Euro Stablecoin EURR Issuance Ceased

Stablecoin issuing protocol e-Money has ended its issuance of EEUR, a stablecoin pegged to the euro, citing current market conditions as the reason. Issuance ceased on Jan. 9 with redemption of the stablecoin supported until March 6, according ...
Business
Jan. 10, 2023

Coinbase Cuts Around 20% Workforce as Crypto Winter Rages

Crypto exchange Coinbase (COIN) has said it is planning to reduce its headcount by around 950 employees as part of a restructuring which it expects to be complete by the end of Q2 2023. This figure would amount to around 20% of Coinbase's workfo...
Business
Jan. 09, 2023

CoinDesk Research’s 2022 Annual Crypto Review

As with all financial assets, market performance is usually the first thing that comes to mind when considering a “year in review.” Bitcoin (BTC) and ether (ETH) followed a blistering 2021 with a 65% and 67% pullback in 2022. As for macro assets...
Business
Jan. 09, 2023

Metropolitan Bank Heads for Crypto Exit

Metropolitan Commercial Bank is to end crypto-related services because of "recent developments" in the digital asset industry. One of the few U.S. banks to openly serve the crypto industry in recent years, the New York-based lender's parent, Met...
Business
Jan. 07, 2023

Crypto Conglomerate DCG Being Investigated by DOJ, SEC: Report

Officials with the U.S. Department of Justice's Eastern District of New York (EDNY) and the U.S. Securities and Exchange Commission are examining transfers between Digital Currency Group and the conglomerate's Genesis subsidiary, Bloomberg repor...
Business
Jan. 06, 2023

Crypto Bank Juno Chooses Zero Hash to Be New Custodian

Crypto bank Juno has chosen Zero Hash to serve as its new crypto custodian, the company announced in a blog post Friday. The news follows Juno’s warning this week advising clients to self-custody or sell their own crypto amid reports of i...
Business
Jan. 06, 2023

Block Manager Sees Self-Custody as Future of Crypto Post-FTX

Following the collapse of FTX, the future of crypto is self-custody, said Max Guise, bitcoin wallet lead at Block (SQ), the payments company led by Twitter co-founder Jack Dorsey. “We want to put customers in control of their money,” Guise said ...
Business
Jan. 06, 2023

How AI Could Solve the Metaverse’s Language Problem

LAS VEGAS — A key of the metaverse is its inherent democratization: Everybody on the planet theoretically has access to the same virtual world(s), with none of the usual barriers to entry that geography imposes. Except for one. If the people m...
Business
Jan. 05, 2023

Crypto Conglomerate DCG Closes Wealth-Management Business

Digital Currency Group, the cryptocurrency conglomerate whose Genesis Global Trading division just announced more layoffs , said it's shutting down a wealth-management division called HQ. "Due the state of the broader economic environment and p...
Business
Jan. 05, 2023

Microsoft Exec Says Metaverse Is Must-Have

LAS VEGAS, NV – Technology company Microsoft (MSFT) is holding on tightly to its future in the metaverse. Joining CoinDesk TV’s “ All About Bitcoin ” live from CES 2023, Microsoft Chief Strategy Officer Henry Bzeih said that as the world moves t...
Business
Jan. 05, 2023

CME Crypto Trading Volume Slumped to 2-Year Low in December

Derivatives giant Chicago Mercantile Exchange’s (CME) crypto-related trading volumes suffered a steep falloff in the last month of 2022. Total crypto derivatives volume plunged 49.2% to $14.2 billion, according to CryptoCompare , the weakest si...
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Jan. 05, 2023

Crypto Lender Genesis Lays Off 30% More of Its Staff

Genesis Global Trading laid off another round of employees on Thursday, a spokesperson for the crypto trading firm confirmed in a statement to CoinDesk. A person familiar with the matter said Genesis eliminated about 30% of its workers, taking i...
Business
Jan. 05, 2023

Crypto Layoffs: Here's the Grim Count Since April

The unrelenting crypto winter has continued to hit all corners of the industry, forcing some of the biggest companies in the sector to curb their growth ambitions. As these crypto firms try to stay afloat, CoinDesk has compiled a list of industr...
Business
Jan. 05, 2023

Telegram-Related TON Foundation Enters Crypto Storage Market

TON Foundation, the proof-of-stake blockchain conceived by Telegram Messenger founders, is starting a data storage ecosystem called TON Storage. The project aims to enable users to exchange files of any size while providing financial incentives ...
Business
Jan. 05, 2023

Cowen Downgrades Coinbase Stock Citing Trading Volume Declines

Cryptocurrency exchange Coinbase (COIN) stock has been downgraded by analysts of Cowen (COWN), citing the lack of clarity on trading volume recovery after the FTX collapse. Cowen downgraded COIN to perform in line with the market, as opposed to ...
Business
Jan. 05, 2023

Silvergate Cuts 40% Jobs, Writes Off Diem Asset Acquisition

Silvergate Capital (SI), the crypto-focussed bank, has cut 40% of its total staff or about 200 employees, the firm said on Thursday. The bank has also halted its plans to launch a digital currency and has written off the $196 million related t...
Business
Jan. 04, 2023

Sam Bankman-Fried Faces ‘Tough Road,’ Legal Expert Says

Things are looking grim for former FTX CEO Sam Bankman-Fried, according to white collar crime specialist Mark A. Kasten, a partner at law firm Buchanan Ingersoll & Rooney PC Counsel. Kasten told CoinDesk TV’s “ All About Bitcoin ” on Tuesday...
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Jan. 04, 2023

Genesis CEO Says Solution Requires More Time

"While we are committed to moving as quickly as possible, this is a very complex process that will take some additional time," said Genesis Interim CEO Derar Islim. "We remain focused on finding a solution for our borrowing and lending intermedi...
Business
Jan. 04, 2023

NFT Research Tool NFT Inspect Is Shutting Down

NFT Inspect, a popular research tool to measure the value of an NFT and the strength of its community, is turning off its virtual lights on Jan. 17, according to a tweet by the project. 1/ We have some sad news.  While we’ve loved building alo...
Business
Jan. 04, 2023

Core Scientific to Shut Down Celsius Crypto Mining Equipment

Bitcoin miner Core Scientific (CORZ) will shut down mining rigs tied to Celsius Mining, Core's largest client with over 37,000 machines, after moving to reject its contract in recent days. Both companies are undergoing Chapter 11 bankruptcies: ...
Business
Jan. 03, 2023

Bernstein Says Crypto Exchange Binance Is Not Likely to Fail

Binance is solvent, liquid and stable and this is evident in the exchange’s more than $55 billion in verifiable cold wallet addresses, Bernstein said in a research report Monday. The crypto exchange can also “pass the test of withdrawals” as it ...
Business
Dec. 30, 2022

Defrost Finance Denies Rug Pull Allegations Amid $12M Exploit

The team behind Defrost Finance, an Avalanche-based DeFi protocol, has pushed back on claims that they ‘rug-pulled’ the project after $12 million was siphoned out of the smart contract last week. Blockchain security company DeFiYieldSec this wee...
Business
Dec. 29, 2022

FBI Investigating 3Commas Data Breach

The FBI is investigating the 3Commas data breach , CoinDesk has learned. The investigation comes after weeks of criticism from users of the Estonia-based crypto trading service, who say its CEO repeatedly brushed off warning signs that the pla...
Business
Dec. 29, 2022

DeFi Platforms Need to Beef Up Security, Former Prosecutor Says

Cracking down on crypto hacks will require hardening cyber defenses, Ari Redbord, head of legal and government affairs at crypto sleuthing firm TRM Labs, told CoinDesk TV’s “ First Mover ” on Thursday. Redbord, a former prosecutor for the Depart...
Business
Dec. 29, 2022

Bitcoin Miner Bitfarms' CEO Exits; COO Will Replace

Emiliano Grodzki, the co-founder and CEO of Canadian bitcoin miner Bitfarms (BITF), has resigned, effective immediately, according to a company statement . The company's President and COO Geoffrey Morphy has been promoted as his replacement. Th...
Business
Dec. 28, 2022

Digital Dollar Will Come Eventually, Lobbyist Says

It’s more a question of when, rather than if, a central bank digital currency (CBDC) will be established in the U.S., Michael Greco, policy research director at the Digital Dollar Project, told CoinDesk TV’s “First Mover” on Tuesday. Greco said ...
Business
Dec. 28, 2022

Crypto Exchange Kraken to End Japan Operations

Cryptocurrency exchange Kraken said it will exit Japan and de-register from the Financial Services Agency (JFSA) as of Jan. 31. The decision was prompted by "current market conditions in Japan in combination with a weak crypto market globally," ...
Business
Dec. 27, 2022

Pudgy Penguins NFTs Break All-Time Highs With Holiday Rally

Pudgy Penguins NFTs are on a Christmastime tear. The Ethereum-based non-fungible token (NFT) lineup has eclipsed Bored Ape Yacht Club (BAYC) and other so-called “blue chip” digital collectibles in 24-hour trading volume – its 1,200 ETH is nearly...
Business
Dec. 27, 2022

Argo Blockchain Suspends Trading in US Shares for 24 Hours

Argo Blockchain, a crypto miner whose shares trade on the London Stock Exchange (ARB) and Nasdaq (ARBK), said it requested a 24-hour suspension of U.S. trading. U.K. markets are closed Tuesday. The London-based company, which has been in talks t...
Business
Dec. 26, 2022

Defrost Finance Says Hacked Funds Have Been Returned

Defrost Finance, which on Sunday said its V1 and V2 products had been exploited , said the hacker in the larger V1 attack has returned the funds. "We will soon start scanning the data on-chain to find out who owned what prior to the hack in ord...
Business
Dec. 25, 2022

Five Crypto Things That Riled Me Up in 2022

Enclosed are just five of the crypto-related things that got under my skin in 2022. There were far more than five, but obvious things like “the market went down” are not included because they’re not fun to write about. You’re reading Cryp...
Business
Dec. 23, 2022

Blockware Customer Accuses Bitcoin Mining Firm of Fraud

Bitcoin mining equipment and hosting provider Blockware Solutions was accused by a customer in a lawsuit of breach of contract, negligence, deceptive trade practices and fraud. The case, filed in U.S. federal court in the Northern District of Il...
Business
Dec. 22, 2022

Peter Thiel-Backed Crypto Exchange Bullish Calls Off SPAC Deal

"Our quest to become a public company is taking longer than expected, but we respect the SEC’s ongoing work to lay new digital asset frameworks and clarify industry-specific disclosure and accounting complexities," said Bullish Chairman and CEO B...
Business
Dec. 22, 2022

Europe’s Last Bitcoin Mining Refuge Is No Longer Viable

Bitcoin miners operating in northern Norway and Sweden, where they sought refuge from sky-high electricity prices earlier this year, are powering down for the winter as energy tariffs surge. Just a few months ago, European miners flocked to the ...
Business
Dec. 22, 2022

FTX Creditors Hire Law Firm Paul Hastings as Representation

Paul Hastings LLP has been tapped to represent FTX creditors in the crypto exchange's bankruptcy proceedings, the law firm told CoinDesk on Thursday. A nine-member committee chose Paul Hastings from among a number of firms that pitched for the r...
Business
Dec. 22, 2022

Twitter Adds Crypto, Stock Prices in Search Results

Social media platform Twitter has integrated cryptocurrency prices into search results using a plug-in from charting platform TradingView . The integration allows users to type crypto or stock tickers into the search bar to generate the current ...
Business
Dec. 22, 2022

FTX's Blockfolio Stake Was Paid for Mostly in FTT: Bloomberg

Bankrupt cryptocurrency exchange FTX used its own token, FTT, to fund the $84 million purchase of a majority stake in trading platform Blockfolio in 2020, Bloomberg reported Thursday . Around 94% of the amount was in the token invented by FTX, ...
Business
Dec. 22, 2022

SEC Calls FTT Exchange Token a Security

FTX's exchange token FTT was sold as an investment contract, and is a "security," the U.S. Securities and Exchange Commission said in a complaint filed late Wednesday , in a move that is sure to have a wide-ranging impact on the industry. "If d...
Business
Dec. 21, 2022

Inside Core Scientific’s Prearranged Bankruptcy

The situation is “much closer to Hertz and Ford and Delta than FTX,” Core Scientific (CORZ) Chief Mining Officer Russell Cann told CoinDesk, explaining that he expects the company will emerge stronger from the reorganization process. Operating i...
Business
Dec. 21, 2022

Sam Bankman-Fried to be Extradited to the U.S.

Sam Bankman-Fried's days in the Bahamas are numbered. The disgraced former CEO of the Bahamas-based crypto exchange FTX, which collapsed last month, was arrested at his apartment in the country's capital last week and initially fought extraditio...
Business
Dec. 21, 2022

DeFi Protocol Ankr Says Ex-Employee Caused $5M Exploit

A former employee of decentralized finance (DeFi) protocol Ankr maliciously caused a $5 million exploit earlier this month, according to a statement published on Ankr's website . The ex-employee inserted a malicious code package to conduct a su...
Business
Dec. 21, 2022

Peer-to-Peer Crypto Marketplace Paxful Removes ETH From Platform

"Revenue is nice, but integrity trumps all," said Ray Youssef, announcing ether's ( ETH ) removal from the marketplace he founded and runs. Among the reasons for the move noted by Youssef was the Ethereum network's switch to proof-of-stake valid...
Business
Dec. 21, 2022

Joel Krueger: A Clarification

On Oct. 27, 2022, CoinDesk published an article titled "Embattled Crypto Platform Freeway's 'Billion-Dollar Man' Isn't the Insurance Titan He Claims to Be." Following information received after publication in relation to Krueger's roles at Aon an...
Business
Dec. 21, 2022

Sam Bankman-Fried Reportedly Set for Extradition to the U.S.

Former CEO of bankrupt crypto exchange FTX, Sam Bankman-Fried has signed the necessary paperwork to begin the extradition process, reports the New York Post , citing Doan Cleare, the acting commissioner of corrections at Fox Hill Prison in The B...
Business
Dec. 20, 2022

Sam Bankman-Fried Reportedly Set for Extradition to the U.S.

Former CEO of bankrupt crypto exchange FTX, Sam Bankman-Fried has signed the necessary paperwork to begin the extradition process, reports the New York Post , citing Doan Cleare, the acting commissioner of corrections at Fox Hill Prison in The B...
Business
Dec. 20, 2022

Polygon Founder Unveils Web3 Accelerator Beacon

Noted venture capital firm Andreessen Horowitz (a16z) has a price-innovation cycle thesis that essentially says that crypto bull markets attract buyers, while bear markets make room for developer innovation that increases optimism – and eventua...
Business
Dec. 19, 2022

Sam Bankman-Fried's Bahamas Court Appearance Adds to Confusion

Counsel for Sam Bankman-Fried appeared blindsided by Sam Bankman-Fried's decision to appear in a Bahamas court today. Weekend reports suggested Bankman-Fried had changed his mind and was not going to challenge extradition to the U.S., where he...
Business
Dec. 19, 2022

Binance.US Agrees to Buy Voyager's Assets for $1.02B

Voyager Digital, the bankrupt crypto lender, said Binance.US has agreed to buy its assets for $1.022 billion, the firm said on Monday. The bid represents the fair market value of Voyager's cryptocurrency portfolio, which has a current market...
Business
Dec. 16, 2022

Solana-Based Raydium Exchange Victim of 7-figure Exploit

Solana-based decentralized exchange platform Raydium confirmed in a tweet on Friday that it had been the victim of an exploit. An exploit on Raydium is being investigated that affected liquidity pools. Details to follow as more is known ⁰Initi...
Business
Dec. 15, 2022

New Bitcoin and Ether Futures ETFs Launching in Hong Kong

Asset manager CSOP is launching new bitcoin and ether futures exchange-traded funds (ETFs) that will be officially listed on the Hong Kong Stock Exchange on Dec. 16, according to a press release. They will be the first listed bitcoin and ether ...
Business
Dec. 13, 2022

Binance Launches Payments Service for US Customers

The feature has been available to Binance customers outside the U.S. since February 2021 when it was first launched . Back then, Binance founder and CEO Changpeng “CZ” Zhao said payments is one of the "most obvious use cases for crypto." Binanc...
Business
Dec. 13, 2022

Grayscale Bitcoin Trust Discount Reaches Record 50%

Grayscale Bitcoin Trust (GBTC) shares hit a record-high discount rate relative to the price of bitcoin ( BTC ), pushing past 50% for the first time after the U.S. Securities and Exchange Commission reiterated its reasons for denying an applicat...
Business
Dec. 13, 2022

Crypto Miner Iris Energy Hit by Class Action Suit

Iris Energy (IREN), the bitcoin miner that last month said some of its mining equipment isn't producing enough cash to meet its financing obligations, was hit by a class action suit. The suit was filed in the District Court for the District o...
Business
Dec. 13, 2022

Crypto Miner Hut 8 Hires Former IBM Executive as CFO

Canadian bitcoin mining firm Hut 8 (HUT) hired Shenif Visram as chief financial officer to replace Shane Downey, who leaves the company following 20 months in the role. During his 20-year career, Visram spent nearly 12 years at IBM, including sp...
Business
Dec. 12, 2022

Terra Validators Grant $900K to Security Auditor SCV

Terra validators voted Monday to expand its security measures with a $900,000 grant to SCV Security. SCV will identify and monitor vulnerabilities, risks and potential threats to the second version of the protocol. The company bills itself as ...
Business
Dec. 12, 2022

Coinbase Says Law Enforcement Requests Rose 66% From Year Ago

Coinbase (COIN) said that total worldwide law enforcement and agency requests increased 66% to 12,320, according to its latest transparency report , released Monday. The report, the exchange's fourth, covers the period from Oct. 1, 2021, throug...
Business
Dec. 12, 2022

Bermuda Digital Bank Jewel Issues ‘Fully-Backed’ Stablecoin

Bermuda-based Jewel Bank said Monday it is issuing a fully backed stablecoin called Jewel USD (JUSD) that can be accessed through the Polygon network. In a press release, Jewel said JUSD will maintain a reserve ratio with a minimum of 1:1 with t...
Business
Dec. 12, 2022

Crypto Insurance Firm Evertas Bucks Bear Market With $14M Raise

Evertas, the cryptocurrency insurance firm that received a nod from Lloyd’s of London earlier this year , has raised a $14 million funding, underlining the need for assurances within the turbulent, unpredictable digital asset space. The $14 mil...
Business
Dec. 12, 2022

Ark Invest Adds Coinbase Stock as Crypto Exchange's Price Slides

Cathie Wood's Ark Investment Management said in an e-mail it bought 78,982 shares in cryptocurrency exchange Coinbase (COIN), its first investment in the crypto exchange in a month . At Friday's closing price of $40.24 , the purchase would ha...
Business
Dec. 11, 2022

Goldman Sachs Is Trying to Make Blockchain Bonds Happen

This week, David Solomon ( DJ D-Sol if we’re using stage names ), chairman and CEO of investment bank Goldman Sachs, proved he’s stuck in the past with a Wall Street Journal opinion piece he penned titled: “ Blockchain Is Much More Than Crypto .”...
Business
Dec. 09, 2022

Shares of Bitcoin Miner Argo Blockchain Suspended in UK and US

Trading in shares of London-based Argo Blockchain (ARBK) was suspended in the U.K. and U.S. on Friday. The exact reason for the suspension was not disclosed, but it typically is due to the pending release of news. At the end of October, Argo sai...
Business
Dec. 09, 2022

Binance Suspends Account of Customer for Being ‘Unreasonable’

Binance has closed the account of a customer who criticized the world’s largest crypto exchange and its CEO Changpeng Zhao (“CZ”) on Twitter for allegedly getting exploited on the exchange, giving them three days to withdraw their funds. The cus...
Business
Dec. 09, 2022

FalconX Discloses Assets Locked on FTX

Crypto trading firm FalconX said Thursday it has a portion of its assets locked on bankrupt crypto exchange FTX. "FalconX balances locked on FTX represented 18% of our unencumbered cash equivalents. This ratio was within our counterparty exposur...
Business
Dec. 09, 2022

Crypto Exchange Coinbase Asks Users to Switch USDT for USDC

Coinbase is waiving the conversion fees for users that wish to switch to a "trusted stablecoin" in a new campaign that highlights the quality of reserves that back Circle-owned USD Coin (USDC). "The events of the past few weeks have put some sta...
Business
Dec. 08, 2022

PayPal Expands Crypto Service Into Luxembourg

PayPal will expand its crypto service to Luxembourg "in coming days," the payments company said Wednesday , in what may be its first foray into the European Union. Luxembourg, which hosts PayPal's EU headquarters, could serve as a gateway for...
Business
Dec. 07, 2022

DeFi Protocol Perennial Launches with $12M Fundraise

Perennial, a decentralized finance (DeFi)-native derivatives protocol, has gone live with a $12 million seed funding round led by Polychain Capital and Variant. The capital raise happened earlier this year, but the recent collapse of centralized...
Business
Dec. 07, 2022

Binance's Bitcoin Reserves Are Overcollateralized, Says Audit

Binance, the world’s largest crypto exchange by trading volume, released a new audit on Wednesday from global financial audit, tax and advisory firm Mazars showing that Binance's customer bitcoin reserves are overcollateralized. "At the time of ...
Business
Dec. 07, 2022

Crypto Exchange Binance.US Eliminates Trading Fees for Ether

Binance.US is getting rid of trading fees for ether (ETH), the company announced on Tuesday, expanding its zero-free program beyond just bitcoin (BTC). Free trading will apply to the following spot market pairs: ETH/USD, ETH/USDT, ETH/USDC and ET...
Business
Dec. 07, 2022

Attacker Targets Wealthy Crypto Funds Using Telegram Chats

In the latest type of crypto-focused attacks, an attacker known as DEV-0139 has targeted wealthy cryptocurrency funds through the use of Telegram group chats, Microsoft's Security Intelligence team said in a report on Wednesday. Fees levied by...
Business
Dec. 06, 2022

Sam Bankman-Fried Hires Mark Cohen as His Attorney: Reuters

Sam Bankman-Fried has retained high-profile defense attorney Mark Cohen, reported Reuters on Tuesday , citing confirmation from Bankman-Fried's spokesperson Mark Botnick. A partner at Cohen & Gresser, Mark Cohen is a former federal prosecut...
Business
Dec. 06, 2022

East African Bitcoin Miner Gridless Raises $2M Seed Round

Gridless , a bitcoin mining company that helps generate new sources of energy in East African rural communities, has secured a $2 million seed investment round led by Stillmark and Jack Dorsey co-founded payments firm Block , the company anno...
Business
Dec. 05, 2022

Built With Bitcoin Foundation Opens New Technology Center in Ghana

The Built With Bitcoin Foundation (BWB), a non-profit organization seeking to provide “humanitarian support, powered by Bitcoin,” has built a technology center in Kumasi, Ghana. The aptly named “Bitcoin Technology Center” (BTC) will focus on f...
Business
Dec. 05, 2022

Silvergate CEO Attempts to Address Concerns in Public Letter

Citing "speculation – and misinformation – being spread by short sellers and other opportunists trying to capitalize on market uncertainty," Silvergate Capital (SI) CEO Alan Lane in a public letter attempts "to set the record straight." "Silve...
Business
Dec. 05, 2022

Stablecoin Issuer Circle Cancels Plan to go Public

Circle, the company behind stablecoin USDC, has terminated its agreement with special purpose acquisition company ( SPAC ) Concord Acquisition Corp, thereby stepping back on its plan to go public. The firm said on Monday that the decision to c...
Business
Dec. 05, 2022

Bybit to Lay Off 30% of Staff Amid Crypto Winter

Crypto exchange Bybit will implement another round of job cuts as it tries to refocus its operations amid a "deepening bear market," CEO Ben Zhou announced on Sunday in a Twitter post. A screenshot of a message in which Zhou said the layoffs w...
Business
Dec. 02, 2022

Crypto Derivatives DEXs Reposition for Life After FTX

The collapse of crypto derivatives exchange FTX is driving more attention to its on-chain competitors and prompting these decentralized exchanges (DEX) to double down as an alternative. Whether they can win the trust of the trading public is yet...
Business
Dec. 01, 2022

Binance Exec Says Company May Not Be Around in 10 Years

Patrick Hillman, chief strategy officer of Binance, said the company may not exist in 10 years because the crypto market it is moving toward decentralized finance ( DeFi ). Binance, the world's largest cryptocurrency exchange by trade volume, is...
Business
Dec. 01, 2022

Solana-Based DEX Orca Partners With Stripe for Fiat Transactions

Orca, a Solana-based decentralized exchange (DEX), has integrated with payments heavyweight Stripe to to power its fiat-to-crypto transactions. Users will now be able to make fiat purchases for tokens such as USDC and SOL via an onramp built ins...
Business
Dec. 01, 2022

Compass Mining Launches Bitcoin Miner Protection Plan

Compass Mining, a firm that brokers bitcoin mining machines and hosting services primarily to retail clients, said it is offering its first protection product so that customers can safeguard their bitcoin mining machines. Insurance options for m...
Business
Dec. 01, 2022

Web 3 Content Delivery Network Fleek Raises $25M

Web 3 developer platform Fleek has raised $25 million in a Series A round led by crypto-focused venture capital firm Polychain Capital. The funding will accelerate the development and launch of a decentralized content and application delivery ne...
Business
Dec. 01, 2022

Full Transcript: NY Times' Interview With Sam Bankman-Fried

The New York Times’ Andrew Ross Sorkin interviewed former FTX CEO Sam Bankman-Fried on Wednesday, Nov. 30, as part of the Times’ DealBook Summit. Here is a rough transcript of that conversation. Read CoinDesk’s coverage of the interview here ...
Business
Nov. 30, 2022

Broker-Dealer INX Digital Bids to Purchase Voyager Assets

Broker-dealer and crypto trading platform INX Digital (QTCQB: INXDF) has entered the bidding contest for the assets of bankrupt cryptocurrency lender Voyager Digital, announcing a non-binding Letter of Intent (LOI) Wednesday morning. The firm ...
Business
Nov. 30, 2022

Kraken Cuts 30% of Workforce Amid Crypto Winter

Crypto exchange Kraken said Wednesday it is laying off 30% of its global staff – around 1,100 people – in response to the crypto market downturn. "Since the start of this year, macroeconomic and geopolitical factors have weighed on financial mar...
Business
Nov. 30, 2022

BlackRock CEO Says Firm Had Invested $24 Million in FTX: Reuters

BlackRock CEO Larry Fink specified that the asset management giant had invested $24 million in FTX before its collapse, according to Reuters. Fink was speaking at the New York Times Dealbook conference on Wednesday. Fink also said it looked like...
Business
Nov. 30, 2022

Market Maker Keyrock Raises $72M Series B Amid FTX Contagion

Digital asset market maker Keyrock has raised $72 million in a Series B funding round from a group of investors that include crypto fintech Ripple and venture capital firms SIX FinTech Ventures – the investment arm of financial market infrastruct...
Business
Nov. 30, 2022

Crypto Exchanges Huobi, Poloniex to Form 'Strategic Partnership'

Cryptocurrency exchange Huobi has said it will form a "strategic partnership" with Poloniex a week after denying rumours that the two firms were planning to merge. "The two exchanges will progressively cooperate in multiple business aspects incl...
Business
Nov. 30, 2022

NFT Investor Animoca Brands to Start $2B Metaverse Fund: Report

Non-fungible token (NFT) and gaming investor Animoca Brands plans to set up a fund worth as much as $2 billion to invest in metaverse businesses, the firm's co-founder Yat Siu said in an interview, Nikkei Asia reported on Wednesday . Siu said t...
Business
Nov. 30, 2022

IBM and Maersk Abandon Ship on TradeLens Logistics Blockchain

Maersk and IBM will wind down their shipping blockchain TradeLens by early 2023, ending the pair’s five year project to improve global trade by connecting supply chains on a permissioned blockchain. TradeLens emerged during the “enterprise blo...
Business
Nov. 29, 2022

Crypto Services Firm Prime Trust Has Fired CEO Tom Pageler

Crypto fintech Prime Trust’s CEO, Tom Pageler, was fired this week, CoinDesk has learned. Pageler had helmed the Nevada-based crypto services company since January 2021 , according to his Linkedin profile. He was previously its president and ch...
Business
Nov. 29, 2022

BlockFi Most Likely to Pay SEC First, Crypto Lawyer Says

The Securities and Exchange Commission will most likely to be the first to get paid in the lineup of creditors crypto exchange BlockFi owes money to, Sasha Hodder, founder of Hodder Law, a firm that specializes in crypto law, said Tuesday. Hodde...
Business
Nov. 29, 2022

A16z Leads $15M Round for Game Studio Roboto Games

Roboto Games, a new game studio aiming to bridge Web2 experience and accessible Web3 in-game elements, has raised $15 million in a Series A funding round led by noted venture capital firm Andreessen Horowitz (a16z), which launched its first game-...
Business
Nov. 29, 2022

Firm Behind FTSE 100 Unveils Crypto Index Series

FTSE Russell, the company behind the London Stock Exchange's benchmark FTSE 100 equity index, has rolled out a set of measures for the digital asset market. The FTSE Global Digital Asset Index Series comprises eight gauges ranging from large and...
Business
Nov. 29, 2022

Solana’s Top Crypto Wallet Looks to Ethereum, Polygon Next

Phantom, the leading crypto wallet in the Solana ecosystem, said Tuesday it will add support for assets on the Ethereum and Polygon blockchains, with the roll out beginning in about three months, according to a representative. The self-custody w...
Business
Nov. 28, 2022

Social Media Giant LINE Closes Its Crypto Exchange Bitfront

Japanese social media company LINE will shut down Bitfront, a crypto exchange that it launched in 2020, according to an announcement on Monday. LINE will now shift its focus from the exchange to its native blockchain and token. "Despite our e...
Business
Nov. 28, 2022

Ethereum Staking-as-a Service Startup Kiln Raises $17.6M

Kiln, a startup that allows customers to receive rewards for helping secure the Ethereum blockchain, raised 17 million euros ($17.6 million) in a Series A funding round from a group of investors including Consensys, GSR Ventures and Kraken's vent...
Business
Nov. 25, 2022

Crypto Exchange Huobi Denies Rumors It Will Merge With Poloniex

Cryptocurrency exchange Huobi has said rumors that it will merge with Poloniex are "categorically untrue." It was reported today by Colin Wu that the two exchanges would merge, a rumor to which Justin Sun subsequently added fuel . Justin Sun...
Business
Nov. 25, 2022

Binance Allocates Another $1B for Its Crypto Recovery Fund

Crypto exchange Binance has allocated another $1 billion for its industry recovery fund, effectively increasing the size of the fund to over $2 billion. The additional allocation was announced by Binance CEO Changpeng "CZ" Zhao on Friday. #B...
Business
Nov. 24, 2022

Jump Crypto, Aptos Labs Commit to Binance-Led $1B Recovery Fund

Aptos Labs and Jump Crypto are among the prominent crypto companies that committed to contributing $50 million to a Binance-led $1 billion Industry Recovery Initiative (IRI), according to a press release . Jump Crypto, a trading firm, and Aptos...
Business
Nov. 24, 2022

Binance.US to Bid for Crypto Lender Voyager, CZ Confirms

Binance CEO Changpeng "CZ" Zhao has confirmed that the exchange's U.S. wing will be making a fresh bid for crypto lender Voyager now that the defunct FTX is unable to follow through with acquiring it. CoinDesk reported last week that Binance.US...
Business
Nov. 23, 2022

Binance's Crypto Mining Pool Adds Ravencoin Support

Binance Pool, the crypto exchange's mining pool service, is adding Ravencoin (RVN) to its list of supported tokens, as crypto miners look for new tokens to mine post the Ethereum-merge, according to a Wednesday blog post . In September, the Et...
Business
Nov. 22, 2022

Genesis Bankruptcy Jitters Send Bitcoin to Fresh Low

Days after its lending unit was forced to halt withdrawals in wake of the collapse of crypto exchange FTX, Genesis Global Trading has mentioned bankruptcy as a potential option as it seeks fresh capital, reports Bloomberg citing people with kno...
Business
Nov. 21, 2022

Osprey Publishes Public Address for Its Trust's Bitcoin Holdings

"The Osprey Bitcoin Trust's (OBTC) bitcoin is held at Coinbase Custody," tweeted Osprey founder and CEO Greg King late Monday morning. King went on to reveal the public address of the funds. The Osprey trust has around $46 million in assets un...
Business
Nov. 21, 2022

New FTX CEO Paid $1,300 an Hour, Court Filings Show

John Ray, the seasoned expert brought in to tidy up the wreckage of collapsed crypto exchange FTX , is billing $1,300 per hour for his trouble, court documents filed on Sunday show. Restructuring experts are seeking to carry on paying senior st...
Business
Nov. 21, 2022

FTX Japan Preparing to Allow Withdrawals by Year-End: Report

The Japanese arm of bankrupt crypto exchange FTX is preparing to resume customer withdrawals by the end of the year, according to a report by broadcaster NHK . An unnamed executive of exchange said in an interview that withdrawals cannot be res...
Business
Nov. 18, 2022

Cardano Is Launching New Privacy Blockchain and Token

Input Output Global (IOG), the firm behind the Cardano blockchain, is releasing a new privacy-focused blockchain called Midnight and a token called dust to accompany the new network. Midnight, which is underpinned by zero-knowledge-proof techn...
Business
Nov. 18, 2022

Crypto Exchange Coinbase Loses a Wall Street Bull on FTX Fallout

Crypto exchange Coinbase (COIN) is now faced with a number of new headwinds due to the collapse of rival FTX , said Bank of America, downgrading the stock to neutral from buy. Alongside, the bank slashed its price target to $50 from $77. COIN i...
Business
Nov. 17, 2022

Custodians Could Sweep Up Following FTX Collapse: Strategist

There is a bright spot for institutional crypto custodian players following the collapse of FTX , according to Octavio Marenzi, CEO of management consultancy firm Opimas. “The real beneficiaries are going to be people who have very big names an...
Business
Nov. 17, 2022

UC-Berkeley Suspends Stadium Naming Rights Deal with FTX

The University of California Berkeley has suspended its stadium naming rights deal with FTX, a representative of the athletic department confirmed in a statement to CoinDesk. The deal was originally planned for 10 years and lasted just 450 days....
Business
Nov. 17, 2022

Post-FTX Meltdown, Regulation-Abiding Companies Can Restore Trust

Only just a few weeks ago, it seemed like the crypto universe had found a new sense of calm and stability – leave it to Coindesk’s journalists to pop that illusory bubble in dramatic fashion. We’re now around two weeks out from the report that ...
Business
Nov. 17, 2022

Crypto Exchange Bitstamp Wins Registration in Spain

European cryptocurrency exchange Bitstamp has gained approval to operate in Spain from the country's central bank, adding it to its growing list of licenses across Europe. Bitstamp can now offer virtual currency exchange services for fiat curren...
Business
Nov. 17, 2022

Binance to Relaunch Bid for Bankrupt Lender Voyager: Source

Binance.US , the American arm of the world’s largest cryptocurrency exchange, is preparing to bid for bankrupt lending platform Voyager Digital, according to a person familiar with the plans. A previous auction , which was completed around the...
Business
Nov. 17, 2022

Temasek Says Its FTX Investment Is Now Worth Zero

Singapore's state investment fund Temasek has written off its entire investment in FTX, saying that its overall exposure to the failed exchange is negligible compared to its broad portfolio holdings. In a statement released Thursday morning, T...
Business
Nov. 15, 2022

ConsenSys Economist Still Has Hope for Crypto After FTX's Fall

The implosion of crypto exchange FTX has shocked the industry financially and led to a “ confidence crisis ” in the world of digital assets, Lex Sokolin, head economist of decentralized protocols at software company ConsenSys, said. And yet ...
Business
Nov. 15, 2022

Sam Bankman-Fried Can't Stay Off of Twitter

Following a series of curious one-letter tweets over the past couple of days, ex-FTX CEO Sam Bankman-Fried has returned to typing out full sentences. "To the best of my knowledge as of post-11/7," tweeted Bankman-Fried early Tuesday afternoon,...
Business
Nov. 15, 2022

Hong Kong Crypto Exchange AAX Re-opening Hinges on Capital Raise

AAX's reopening at the end of this week depends on a capital raise and it may have to resort to legal action if that fails, the Hong Kong exchange said Tuesday. AAX temporarily shut down on Sunday , saying the failure of an unnamed "third par...
Business
Nov. 15, 2022

Liquid Global, Crypto Exchange Owned by FTX, Halts Withdrawals

Liquid Global, which was bought by crypto exchange FTX earlier this year, said it is halting all withdrawals after FTX filed for Chapter 11 bankruptcy in the U.S. In a tweet, the company said customers would not be able to take out either fiat ...
Business
Nov. 15, 2022

Solana DeFi Sees Almost $700M in Value Wiped Out on FTX Fallout

At their peak last November, decentralized finance (DeFi) applications stored more than $10 billion on the Solana network, its popularity being led by high-flying proponents including Sam Bankman-Fried, the founder of the FTX crypto exchange, M...
Business
Nov. 15, 2022

Blockchain Company AltLayer Appoints Amrit Kumar as COO

AltLayer, a layer 2 scalability blockchain built on Ethereum, said it appointed Amrit Kumar as chief operating officer. Kumar, 34, will be responsible for executing the company’s global operations strategy and supporting its aim of building cust...
Business
Nov. 14, 2022

Crypto Lender BlockFi Updates Users on Platform, FTX Exposure

"We can no longer operate our business as usual," said BlockFi in a letter to customers viewed by CoinDesk. With FTX and all of its affiliates now in bankruptcy proceedings, said the company, the "most prudent" move for now is to pause many plat...
Business
Nov. 14, 2022

Digital Asset Manager Valkyrie Lays Off 30% of Staff: Bloomberg

Valkyrie Investments, Inc. has let go about 30% of its 23-person staff in recent weeks, according to a Bloomberg report. “Our management team did a thorough review of asset growth year to date and reviewed every employee’s role and contributi...
Business
Nov. 14, 2022

Bitcoin Miner Bitfarms Pays Down $27M of Debt

Bitcoin miner Bitfarms is trying to reduce its debt burden by paying down loan facilities to lower interest costs and free up collateral as the cryto market downturn puts miners' balance sheets under strain. The company repaid $15 million of a b...
Business
Nov. 14, 2022

Ikigai Asset Management Had 'Large Majority' of Assets on FTX

California-based hedge fund Ikigai Asset Management had a "large majority" of its assets on defunct crypto exchange FTX, according to the firm's chief investment officer Travis Kling. "Last week Ikigai was caught up in the FTX collapse. We had a...
Business
Nov. 14, 2022

Visa Ends Its Debit Card Pact With FTX

Payments company Visa (V) has elected to terminate global agreements with FTX after the crypto company’s sudden collapse. “We have terminated our global agreements with FTX and their U.S. debit card program is being wound down by their issuer,” ...
Business
Nov. 14, 2022

Hong Kong Crypto Platform Hbit's $18.1M Stuck in FTX

Hong Kong-based digital asset platform Hbit Limited is unable to withdraw $18.1 million worth of cryptocurrencies deposited in the now bankrupt FTX. In an announcement to shareholders on Monday, New Huo Technologies Holdings Limited, said rega...
Business
Nov. 14, 2022

Canaan Q3 Net Income Drops 88% as Bitcoin Mining Declines

Canaan (CAN), a producer of bitcoin mining equipment, said third-quarter net income slumped 88% to 61.1 million yuan ($8.6 million) from the year-earlier period amid what it called negative market dynamics as the price of bitcoin (BTC) slipped to...
Business
Nov. 12, 2022

For Coinbase, FTX’s Bankruptcy Has Its Pluses and Minuses

Trading volume on Coinbase plunged roughly 75% in the hours following FTX’s bankruptcy announcement early Friday, according to data from Nomics , a sign the company is beginning to feel the pain from crypto investors shrinking from the increasin...
Business
Nov. 11, 2022

Crypto Bank Silvergate Capital Surges on Lack of FTX Exposure

Silvergate Capital (SI) is sharply higher in after-hours action on Friday after disclosing details of its relationship with failed crypto exchange FTX. FTX's deposits with Silvergate represent less than 10% of the $11.9 billion in total deposi...
Business
Nov. 11, 2022

GameStop to End FTX.US Ties, Refund Customers

Video game retailer GameStop (GME) plans to end its relationship and its pilot gift card marketing partnership with FTX.US , after the crypto exchange filed for bankruptcy protection . GameStop, one of the key players in the meme-stock craze ...
Business
Nov. 11, 2022

Solana’s Wrapped Bitcoin Price Craters After FTX Shuts Exit Ramp

A Solana-based crypto asset tied to the price of bitcoin collapsed in value Friday after CoinDesk reported that FTX US – the only venue left to exchange it for real bitcoin – had frozen withdrawals. Sollet Bitcoin (soBTC), a so-called “wrapped” ...
Business
Nov. 11, 2022

FTX Withdraws US CFTC Derivatives Clearing Plan: Bloomberg

FTX's derivatives wing withdrew a proposed plan directly settle crypto derivatives products from the Commodity Futures Trading Commission (CFTC) on Friday, Bloomberg reported citing a person familiar with the matter. LedgerX, which does business...
Business
Nov. 11, 2022

Ex-Ethereum Miners Token Hop to Stay Alive After the Merge

Only a handful of former Ethereum miners are able to survive in the post-Merge world, and some are making it by hopping from token to token. Those that are able to survive are eking out smaller profits than they enjoyed when they were mining ethe...
Business
Nov. 11, 2022

Do Not Invest in Non-Bitcoin Crypto: NYDIG's Ross Stevens

"Life is too short to do anything other than partner with people you like, trust, and would be ferociously proud to be together with in a foxhole when the bullets are flying," said NYDIG founder and Chairman Ross Stevens, explaining why his compa...
Business
Nov. 11, 2022

Crypto-Linked Stocks Tumble After FTX Files for Bankruptcy

Cryptocurrency-exposed equities plunged early Friday, reversing Thursday's modest bounce after FTX filed for Chapter 11 bankruptcy protection in the U.S. Crypto exchange Coinbase (COIN) fell nearly 8%, while shares of MicroStrategy (MSTR) – w...
Business
Nov. 11, 2022

Matrixport's BTC Fixed Income Product Affected by FTX's Collapse

Crypto services provider Matrixport's fixed income offering tied to bitcoin has been affected by the recent collapse of cryptocurrency exchange FTX. "The products of Matrixport that have been affected by the inability to withdraw from FTX are (1...
Business
Nov. 11, 2022

Here’s What FTX and Alameda Now Hold on Public Ethereum Wallets

Crypto exchange FTX and its sister trading arm Alameda Research’s wallet holdings have significantly dwindled in the past week following liquidity issues, illicit loans between each other, customer withdrawals and a market decline. FTX, which no...
Business
Nov. 11, 2022

FTX Has European License Suspended by Cyprus Regulator: Report

Cryptocurrency exchange FTX has had its license in Cyprus suspended by the jurisdiction's securities regulator following a liquidity crunch that prompted a withdrawal freeze, according to a Bloomberg report . FTX secured approval for its doma...
Business
Nov. 11, 2022

Crypto Market Maker ​​B2C2's CEO Phillip Gillespie Departs

Phillip Gillespie, the group CEO of prominent crypto market maker B2C2, has left his role and has been replaced by Nicola White, who joined the firm from Citadel Securities in 2021. Gillespie was key in SBI Financial Service's acquisition of B2C...
Business
Nov. 11, 2022

FTX Australia Calls In the Administrators: Report

FTX Australia and FTX Exchange, the Australian entities of embattled global cryptocurrency exchange FTX , appointed administrators after FTX CEO Sam Bankman-Fried failed to attend a board meeting, the Australian Financial Review reported Frida...
Business
Nov. 11, 2022

FTX's 'Effective Altruism' Future Fund Team Resigns

The team behind the FTX Future Fund, one of the exchange giant's philanthropic arms, resigned on Thursday in an open letter, posted to Twitter by journalist Teddy Schleifer The group wrote that it was "devastated that it looks like there are m...
Business
Nov. 11, 2022

Crypto Lender BlockFi Pauses Withdrawals in Wake of FTX Collapse

Crypto Lender BlockFi said it could not conduct business as normal and would be limiting activity in the wake of FTX's collapse. The company said in a tweet that the "lack of clarity" around FTX's current situation meant it would pause client wi...
Business
Nov. 10, 2022

Revisiting MicroStrategy's Pain Points as Bitcoin Tumbles

MicroStrategy (MSTR) Executive Chairman Michael Saylor told CNBC he’s not straying from his strategy of buying and holding bitcoin ( BTC ) despite the crypto’s plunge to a new two-year low this week. Bitcoin's price tumbled below $16,000 Thursda...
Business
Nov. 10, 2022

FTX-Backed Crypto Unicorn LayerZero Bought Out Stake

In May, blockchain interoperability protocol LayerZero raised $135 million at a $1 billion valuation in a funding round that was co-led by FTX Ventures. The implosion of crypto exchange FTX – and the empire of its CEO Sam Bankman-Fried – rais...
Business
Nov. 10, 2022

Crypto Exchange FTX Reopens Withdrawals: Nansen

Troubled crypto exchange FTX has reopened withdrawals, according to on-chain data provided by Nansen . One user was able to withdraw $2.6 million worth of ether (ETH) while another was able to get $1.3 million of USDC out of the exchange. A to...
Business
Nov. 10, 2022

JPMorgan Sees Wave of Crypto Deleveraging From FTX’s Woes

The crypto deleveraging sparked by the apparent collapse of crypto exchange FTX and its sister company Alameda Research will be “more problematic” than earlier ones because there’s a lack of strong entities and balance sheets that could come ...
Business
Nov. 10, 2022

Fintech Firm Qenta to Go Public Through SPAC Merger

Qenta, a fintech firm that tracks precious metals using blockchain technology, will be listed on Nasdaq following a merger with special purpose acquisition company (SPAC) Blockchain Coinvestors Acquisition Corp, according to an SEC filing . Bot...
Business
Nov. 10, 2022

Tether Freezes $46M of USDT Following Law Enforcement Request

Stablecoin issuer Tether has frozen $46 million of USDT on the Tron blockchain following a request from law enforcement. "We are starting to receive requests from LE to temporarily freeze assets while investigation occur," a Tether executive t...
Business
Nov. 10, 2022

What Bitcoin’s Inflation Hedge Narrative Needs: More Time

For nearly a decade, crypto investors and advocates have promoted bitcoin as a hedge against inflation and a store of value against fiat currency. Due to the tokenomics behind bitcoin, many savvy investors believe that bitcoin is a hedge agains...
Business
Nov. 10, 2022

FTX to Conduct Fundraise Next Week: Reuters

Troubled crypto exchange FTX will conduct a fundraise next week, Reuters reported, citing an internal memo. The raise could end up being for FTX International and FTX US combined. The news come a day after FTX's deal to sell itself to rival Bina...
Business
Nov. 10, 2022

Binance Releases Wallet Addresses of $69B Crypto Reserve

Binance released a list of its cold wallet and reserves a day after backing out of a deal to buy troubled crypto exchange FTX. The crypto exchange says its holds around 475,000 bitcoin ($7.8 billion), 4.8 million ether ($5.57 billion), 17.6 ...
Business
Nov. 10, 2022

FTX Suspends Customer Signups After Widespread Criticism

Crypto exchange FTX has suspended new users from signing up on its trading platform following widespread criticism that was allowing onboarding despite facing liquidity troubles. "All onboarding of new clients has been suspended until further n...
Business
Nov. 10, 2022

Crypto Stocks Continue Drop as Binance Walks Away from FTX Deal

Cryptocurrency-exposed equities continued their dip Wednesday amid concerns around FTX’s financial health as Binance confirmed Wednesday afternoon that the exchange scrapped its letter of intent to buy rival exchange FTX. Shares of tech firm M...
Business
Nov. 09, 2022

A Failed FTX-Binance Deal Is ‘Catastrophic’ for Crypto Sector

Betting on Sam Bankman-Fried (SBF), the once-beloved posterboy and “white knight” of crypto was supposed to be safe. But recent events have shown that’s far from the truth. Following on the heels of the Terra ecosystem collapse, the Celsius inso...
Business
Nov. 09, 2022

Binance Walks Away From Deal to Acquire FTX

Binance has scrapped its letter of intent to buy FTX, according to a Binance spokesperson. "As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we h...
Business
Nov. 09, 2022

Why Is Crypto Tanking: The FTX-Binance Drama Explained

Binance, the largest crypto exchange in the world, announced yesterday that it would purchase FTX , its main competitor – marking one of the most shocking turns of events in the history of crypto to date. Whether or not the deal goes through – ...
Business
Nov. 09, 2022

Crypto.com Halts Solana USDC and USDT Deposits, Withdrawals

Cryptocurrency exchange platform Crypto.com has halted the flow of two top Solana ecosystem stablecoins, as the implosion of Sam Bankman-Fried’s FTX empire continues to wreak havoc across the wider crypto ecosystem. Citing “recent industry eve...
Business
Nov. 09, 2022

Who Still Has Exposure to FTX?

The crypto industry is in turmoil after insolvency issues drove major exchange FTX to accept a non-binding acquisition offer from rival Binance that might not go through. FTX suspended withdrawals on Tuesday, but some peers and major traders ...
Business
Nov. 09, 2022

Alameda Research, FTX Ventures Websites Go Dark

Two websites tied to the Bahamas-based crypto exchange FTX have gone dark in the wake of the latter’s liquidity crisis and the subsequent news that it plans to be acquired by rival exchange Binance. The website for FTX Ventures , the VC arm of ...
Business
Nov. 09, 2022

Most of FTX's Legal and Compliance Team Quit: Report

The majority of FTX's legal and compliance team quit Tuesday, Semafor reported, citing people familiar with the matter. That could create a headache as the cryptocurrency exchange deals with a liquidity crisis and potential regulatory scrutiny...
Business
Nov. 09, 2022

Ramp Raises $70M to Provide Crypto Payments Infrastructure

Ramp, a UK-based startup offering payment infrastructure to connect crypto and traditional finance, has raised $70 million in a Series B round co-led by Mubadala Capital, an arm of one of United Arab Emirates’ sovereign wealth funds, and Korelya ...
Business
Nov. 09, 2022

Meta Slashes Over 11,000 Jobs, 13% of Its Workforce

Facebook parent Meta Platforms (META) said on Wednesday that it has cut its workforce by 13%, letting go off of over 11,000 employees. The social media giant said the job cuts were across its Family of Apps (FoA) and Reality Labs segment. Fami...
Business
Nov. 09, 2022

Stablecoin Issuer Circle Plays Down FTX, Alameda Exposure

Circle, the firm behind stablecoin USDC, played down its exposure to crypto exchange FTX and trading firm Alameda Research, as the crypto market grapples with the fallout from FTX's fall from grace. Circle CEO Jeremy Allaire took to Twitter to e...
Business
Nov. 09, 2022

Cathie Wood’s ARK Loads Up on COIN Despite FTX Crisis

Cathie Wood is doubling down on Coinbase (COIN). In an email sent from ARK’s trading desk, the fund reported that it's increasing its stake in Coinbase across its three funds: ARK Innovation, ARK Next Generation Internet, and ARK Fintech Innovat...
Business
Nov. 08, 2022

FTX Exchange Halts All Crypto Withdrawals

Crypto exchange FTX has halted all non-fiat customer withdrawals, an FTX support employee confirmed in the company's official Telegram group Tuesday afternoon. "Any transfers besides fiat are halted," wrote the FTX Support employee. The halt h...
Business
Nov. 08, 2022

Japan Mobile-Phone Operator NTT Docomo to Invest $4B Into Web3

NTT Docomo, Japan's largest mobile-phone network, pledged to invest up to 600 billion yen ($4 billion) into Web3 infrastructure. The company will collaborate with Astar Foundation, the developer of the public blockchain Astar Network, and Accen...
Business
Nov. 08, 2022

FTX's Bitcoin Balance Plunges to Just One

Amid concerns about the health of FTX, investors have withdrawn bitcoin (BTC) en masse, bringing the crypto exchange's balance to essentially zero. Data from Coinglass showed a bitcoin balance at FTX of just one as of press time. That balance ...
Business
Nov. 08, 2022

Wintermute-Backed DEX Bebop Launches on Polygon

Bebop , a decentralized exchange (DEX) incubated by crypto trading firm Wintermute, has launched on Polygon. Compared to other DEXs, Bebop has the ability to trade a basket of tokens in a single transaction, a feature the project calls its sign...
Business
Nov. 07, 2022

Ethereum Apps Could Soon be Launching on Competitor Solana

Software startup Neon Labs will open its gateway for Ethereum-based crypto projects to access the competing Solana ecosystem before the year is out. Neon Labs will launch its “ethereum virtual machine” for Solana on December 12, CEO Marina Gurye...
Business
Nov. 07, 2022

US Attorney Announces $3.4B Crypto Seizure Related to Silk Road

Damian Williams, the United States Attorney for the Southern District of New York, has announced the seizure of $3.36 billion of bitcoin related to Silk Road, a darkweb marketplace. James Zhong pled guilty to committing wire fraud in 2012 aft...
Business
Nov. 07, 2022

Bernstein Says Polygon Blockchain Is the Web3 King

The Polygon blockchain has emerged as the leading gateway for moving Web2 consumers to Web3, Bernstein said in a research report Friday. The system has been chosen by Starbucks (SBUX), NuBank, Reddit, Draftkings (DKNG), Robinhood (HOOD) and Meta/...
Business
Nov. 07, 2022

USDC Issuer Circle to Add Solana Support for Euro Coin in 2023

Stablecoin issuer Circle has announced that the Solana blockchain will add support for Euro Coin (EUROC), a regulated and reserve-backed stablecoin pegged to the value of the euro. Circle, known for issuing the second-largest stablecoin, USD C...
Business
Nov. 05, 2022

Solana’s SOL Spikes 15% on a Suggestive Tweet From Google Cloud

The SOL native token for Solana surged about 15% after Google Cloud tagged the blockchain’s co-founder in a tweet that suggested an important disclosure was in the offing. “Hey @aeyakovenko,” the cloud-services giant tweeted Saturday, “Shoul...
Business
Nov. 04, 2022

Coinbase's Weak Third Quarter May Not be the Bottom: Wall Street

Coinbase Global (COIN) missed earnings estimates this week – with trading volume in Q3 lower by 71% from the fourth quarter of 2021 – but interest income from USDC was a bright spot. The company reported Q3 revenue of $576 million, down from $80...
Business
Nov. 04, 2022

Argentine Fintech Uala Launches Bitcoin, Ether Trading Feature

Uala, an Argentina-based fintech company, has enabled bitcoin ( BTC ) and ether ( ETH ) trading for its customers in that country. At first, the new service will be available to a few thousand users, Andres Rodriguez Ledermann, vice president of...
Business
Nov. 04, 2022

Crypto Firm Arca Closed Its Terra-Exposed Digital Yield Fund

Crypto hedge fund Arca shuttered its Digital Yield Fund less than a year after its launch due to the broader market downturn, a source close to the firm told CoinDesk. The fund had slightly over $20 million in assets under management at the time ...
Business
Nov. 04, 2022

Blockchain Startup Elrond Rebrands to Focus on Metaverse

Blockchain startup Elrond has rebranded itself MultiversX to reflect its pivot to metaverse exploration. Elrond will aim to build on its prior work as a layer 1 blockchain with a focus on scalability to advance Web3 technology in the form of met...
Business
Nov. 04, 2022

Terra's Do Kwon May Be in Europe: Report

South Korean prosecutors have indicated that the fugitive co-founder of Terraform Labs, Do Kwon, is in Europe, Bloomberg reported on Friday . Prosecutors also said they have obtained chat histories which point to price manipulation of the token...
Business
Nov. 04, 2022

Monkey Drainer Scammer Strikes Again, Steals $800K of NFTs

Notorious non-fungible token (NFT) scammer Monkey Drainer has stolen $800,000 worth of Crypto Punk and Otherside NFTs, according to blockchain sleuth ZachXBT . The hack was the second in as many weeks, with the prolific phishing scammer swindl...
Business
Nov. 04, 2022

Twitter Halts Work on Crypto Wallet: Report; Dogecoin Drops 4%

Social media platform Twitter has halted its plans to build a crypto wallet as part of ongoing changes kickstarted last week by its new owner, Elon Musk, the online publication Platformer wrote Thursday. "A recently revealed plan to build a c...
Business
Nov. 03, 2022

Circle Begins Putting Reserves Into New BlackRock Fund

Circle Internet Financial has begun moving the reserves for its USDC stablecoin into a dedicated fund set up by BlackRock and registered with the U.S. Securities and Exchange Commission, the company disclosed Thursday. The Circle Reserve Fund...
Business
Nov. 03, 2022

Santander UK Puts Limits on Payments to Crypto Exchanges

The U.K. unit of banking giant Banco Santander, Santander UK notified customers on Thursday of a $1,000 limit on individual transactions with crypto exchanges and a $3,000 limit on total monthly transactions. The new policy is to take effect b...
Business
Nov. 03, 2022

Coinbase Cuts Q3 Losses in Half to $545M

Crypto exchange Coinbase (COIN) cut its third quarter losses by 50% to $545 million from $1.1 billion in the second quarter, the company reported Thursday. But its transaction revenue continued to be significantly impacted by macroeconomic and cr...
Business
Nov. 03, 2022

Bitpanda Founders Set Up Own Venture Capital Firm: Report

The three founders of crypto exchange Bitpanda have set up their own venture capital firm, The Block reported Thursday. Eric Demuth, Paul Klanschek and Christian Trummer applied to set up Diamond Hand Ventures in May last year. Among its earl...