The bankruptcy hearings for FTX have the potential to turn complex, so regulators in the Bahamas want to take over. In New York bankruptcy court on Tuesday, the exchange’s Bahamian subsidiary FTX Digital Markets Ltd. filed for chapter 15. Legal counsel for the insolvency, Bahamas-based Brian Simms, said in the
Shockwaves were felt across the cryptocurrency markets, Web3, and the dapp industry with the sudden demise of the FTX exchange and all of its associated entities. From business as usual to bankruptcies and fraud probes took less than a week. The whole Web 3.0 sector saw the effects of this
Recently, The Open Network “TON foundation” announced an update to their @wallet bot on Telegram. Following that, Global leading digital assets market maker and web3 investment firm DWF labs joined hands with the TON foundation. This collaboration would help DWF to enable support to The Open Network’s investment, token development,
After Genesis, a troubled crypto lending service halted client withdrawals on Wednesday, prominent cryptocurrency market maker B2C2 decided to help. Max Boonen, the founder of B2C2, tweeted minutes after the trading firm’s statement, “B2C2Group wishes to extend an offer to purchase loans from Genesis Trading’s book to alleviate the current
In order to give complete transparency regarding assets and attempts to repeg TerraUSD (UST), the nonprofit organization Luna Foundation Guard (LFG) that manages the UST algorithmic stablecoin issued a technical audit. LFG seeks to address all claims involving misused money, insiders, holdings cash in other wallets, and monies blocked. A
To recoup their losses, a group of investors filed a class action lawsuit against the defunct cryptocurrency exchange FTX, its founder Sam Bankman-Fried, and several celebrities, alleging that they participated in a “fraudulent scheme” to “take advantage of unsophisticated investors from across the country.” Defendants were accused of actively participating
The entire crypto industry is worrying for the ongoing crypto winter and the crash of the market. Investors community and users are suffering a lot for investing their savings in digital assets. As a matter of fact, Bitcoin is the top leading cryptocurrency which is emerging as legal tender in
In a FIFA World Cup™ full of firsts, Crypto.com, an Official Sponsor of the FIFA World Cup Qatar 2022™, has teamed up with the football media outlet COPA90 to undertake yet another world first: the challenge to have one person attend each and every FIFA World Cup™ game in Qatar, which has
A lawsuit was filed against cryptocurrency miner Core Scientific on Monday. Alleging that the company misled investors. By concealing a succession of negative financial situations in its presentations to investors this year. Mei Pang, the plaintiff, and a shareholder claims the business intentionally misled investors. This is between March 3
On Wednesday, interim CEO Derar Islim said that Genesis Global Trading’s lending division has temporarily halted withdrawals and new loan originations in the aftermath of FTX’s bankruptcy. Genesis Global Capital, the division in charge of servicing institutional clients, has $2.8 billion in outstanding loans as of the end of the
