Tag: Crypto market

Crypto Exchange Bybit to Cut 30% of Jobs in ‘Deepening Bear Market’
5Dec By adminNo Comments
Technology

Crypto Exchange Bybit to Cut 30% of Jobs in ‘Deepening Bear Market’

[ad_1] Cryptocurrency exchange Bybit is planning to cut its workforce by 30% amid a continued bear market in the asset class, co-founder and Chief Executive Officer Ben Zhou said. Cryptocurrency exchange Bybit is planning to cut its workforce by 30% amid a continued bear market in the asset class, co-founder and Chief Executive Officer Ben Zhou said. The moves are part of an ongoing reorganization aimed at refocusing efforts, and reductions will be across the board, Zhou said Sunday, adding the priority is to ensure business operations are unaffected and client assets remain safe. He cited crypto prices trending lower and the struggles of companies such as bankrupt crypto lender BlockFi and embattled crypto brokerage Genesis as signals “to tell us that we are entering into an eve...
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FTX’s LedgerX Up for Sale as Restructuring Process Picks Up
4Dec By adminNo Comments
Technology

FTX’s LedgerX Up for Sale as Restructuring Process Picks Up

[ad_1] LedgerX, one of the few solvent pieces of Sam Bankman-Fried’s crumbled FTX empire, is for sale and attracting interest. LedgerX, one of the few solvent pieces of Sam Bankman-Fried's crumbled FTX empire, is for sale and attracting interest from would-be buyers including crypto giants Blockchain.com and Gemini, according to people familiar with the matter. The unit, which is registered with the US Commodity Futures Trading Commission as a derivatives exchange, was a cornerstone of Bankman-Fried's efforts in Washington. It's also considered one of the most valuable assets associated with FTX after more than 100 other entities filed for bankruptcy. New FTX Chief Executive Officer John J. Ray III and restructuring advisers have been poring over the company's books in search of ...
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Alameda Bet Big on Crypto Miner Genesis Before Sector Implosion
4Dec By adminNo Comments
Technology

Alameda Bet Big on Crypto Miner Genesis Before Sector Implosion

[ad_1] One of the bigger questions surrounding the collapse of Sam Bankman-Fried’s crypto empire is what venture investments his trading firm Alameda poured billions of dollars in. One of the bigger questions surrounding the collapse of Sam Bankman-Fried's crypto empire is what venture investments his trading firm Alameda Research poured billions of dollars in.It appears his largest bet was on the Bitcoin mining company Genesis Digital Assets during the height of the crypto gold rush. Alameda continued to pour money into the firm even as the price of Bitcoin tumbled and soaring energy costs wreaked havoc across the industry. Alameda has invested a total of about $1.15 billion in Genesis Digital, valuing the company at $5.5 billion in an April fund-raising round, according to an intern...
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U.S. authorities asking FTX investors for information on firm and Sam Bankman-Fried
3Dec By adminNo Comments
Technology

U.S. authorities asking FTX investors for information on firm and Sam Bankman-Fried

[ad_1] U.S. authorities are asking crypto investors and trading firms who worked closely with FTX to hand over information on the company and its key figures. U.S. authorities are asking crypto investors and trading firms who worked closely with FTX to hand over information on the company and its key figures including Sam Bankman-Fried and Caroline Ellison, Bloomberg News reported on Thursday. The U.S. Attorney's Office for the Southern District of New York recently sent out a series of requests, asking recipients to hand over information on a list of FTX employees and associates, the report said, citing people familiar with the case. Attorneys from the U.S. Securities and Exchange Commission's enforcement division also sent similar requests for information to companies that inve...
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Crypto Scammer in ‘Geniuses’ Hack Gets 18 Months in Prison
2Dec By adminNo Comments
Technology

Crypto Scammer in ‘Geniuses’ Hack Gets 18 Months in Prison

[ad_1] By day Nicholas Truglia led a lonely life from his luxury Manhattan apartment, playing video games and working out. By day Nicholas Truglia led a lonely life from his luxury Manhattan apartment, playing video games and working out. By night he went clubbing and boasted of having more money than anyone else in the room, according to court filings. Now Truglia, 25, is to serve 18 months in prison after a federal judge on Thursday sentenced him for his role in a scheme to hack a blockchain consultant's phone and stealing $22 million in cryptocurrency. Truglia has already served 12 months of the term. He was facing 51 to 63 months under sentencing guidelines. During the sentencing hearing it emerged that he has $53 million in assets, including crypto, art and jewelry, and has ...
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Binance Probes a Crypto Exploit That All But Wiped Out a Token on Ankr Service
2Dec By adminNo Comments
Technology

Binance Probes a Crypto Exploit That All But Wiped Out a Token on Ankr Service

[ad_1] This year’s long list of crypto security exploits targeting decentralized finance has another unwelcome entry. This year's long list of crypto security exploits targeting decentralized finance has another unwelcome entry. Binance, the largest digital-asset exchange, said Friday it's helping to probe an attack on a token offered by the Ankr protocol. The token, aBNBc, is now almost worthless after trading at about $300 a day ago. The aBNBc token had derived its value in part from a link to Binance Coin and was intended to give holders of the latter ways of earning returns. About $123 million of assets are deposited on the Ankr protocol, according to its website. Ankr said it was working with exchanges to stop trading of the affected coin. Blockchain security specialist P...
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Crypto Exchange Zipmex To Get $100 Million Venture Capital Buyout
2Dec By adminNo Comments
Technology

Crypto Exchange Zipmex To Get $100 Million Venture Capital Buyout

[ad_1] Embattled Asian cryptocurrency exchange Zipmex Asia Pte. is poised to be acquired by a venture capital fund for about $100 million in digital coins and cash. Embattled Asian cryptocurrency exchange Zipmex Asia Pte. is poised to be acquired by a venture capital fund for about $100 million in digital coins and cash, one of the first rescues in Asia since a wave of defaults ripped through the sector. V Ventures, a subsidiary of Thoresen Thai Agencies Pcl, is offering $30 million in cash and the remainder in crypto tokens, said a person familiar with the matter. A share sale agreement detailing the deal terms was presented, according to a court hearing on Friday in Singapore, which did not identify the buyer. The fund is set to acquire about 90% in Zipmex, the person said, ask...
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Binance buys Japanese crypto exchange Sakura
30Nov By adminNo Comments
Technology

Binance buys Japanese crypto exchange Sakura

[ad_1] Binance on Wednesday announced its first licence in East Asia with the acquisition of Japan's officially regulated Sakura Exchange BitCoin. The world's largest cryptocurrency platform Binance on Wednesday announced its first licence in East Asia with the acquisition of Japan's officially regulated Sakura Exchange BitCoin. Binance has been in the spotlight since the dramatic collapse of rival platform FTX this month. Changpeng Zhao, the Chinese-Canadian head of Binance, pledged last week to release an audit into his firm while rejecting claims he sparked the demise of FTX. The terms of Binance's 100-percent purchase of the Tokyo-based Sakura Exchange BitCoin were not disclosed in a joint statement on Wednesday. But Binance said it "aims to support a responsible global en...
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Bitcoin Drops as Tremors From China Unrest Spook Global Markets
28Nov By adminNo Comments
Technology

Bitcoin Drops as Tremors From China Unrest Spook Global Markets

[ad_1] Cryptocurrencies slid Monday amid a bout of investor anxiety in global markets sparked by protests in China against Covid restrictions. Cryptocurrencies slid Monday amid a bout of investor anxiety in global markets sparked by protests in China against Covid restrictions. Bitcoin, the largest token, at one point shed 3.2% and was trading at about $16,170 as of 12:40 p.m. in Tokyo. Second-ranked Ether fell about 4%, while the likes of Solana, Avalanche and Dogecoin suffered even sharper losses. The nerves stoked by China come during a period of vulnerability for crypto markets, which are on edge over the contagion spreading from the fall of Sam Bankman-Fried's FTX exchange and sister trading house Alameda Research. Crypto watchers also pointed to worries about wrapped Ethe...
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Bitwise files for Bitcoin futures ETF despite crypto ‘Dark Days’
26Nov By adminNo Comments
Technology

Bitwise files for Bitcoin futures ETF despite crypto ‘Dark Days’

[ad_1] Historic turmoil in cryptocurrency markets sparked by FTX’s implosion hasn’t stopped one funds issuer from moving forward on a new investment product tied to Bitcoin. Historic turmoil in cryptocurrency markets sparked by FTX's implosion hasn't stopped one funds issuer from moving forward on a new investment product tied to Bitcoin.Bitwise on Wednesday filed an application to launch the Bitcoin Strategy Optimum Yield ETF, which would trade under the ticker BITC. The fund would offer managed exposure to Bitcoin futures contracts traded on the CME, and investments in short-term debt securities, according to the filing. It would not hold the token directly as the US Securities and Exchange Commission has yet to approve such a product. The filing did not specify how much the fund wo...
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