Crypto
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SBF says Sullivan & Cromwell contradicted itself with insolvency claims
Law firm Sullivan & Cromwell contradicted itself when it stated that shuttered crypto exchange FTX US is insolvent, former CEO Sam Bankman-Fried claimed in a Jan. 17 blog post that was shared on Twitter. FTX US is solvent, as it always as been.https://t.co/XjcyYFsoU0 pic.twitter.com/kn9Wm9wxjl — SBF (@SBF_FTX) January 18, 2023 The law firm was hired by FTX Group to handle the bankruptcy proceedings of several of its subsidiaries, including FTX International, Alameda Research and FTX US. However, Bankman-Fried has stated on several occasions that he believes FTX US is solvent and should not have declared bankruptcy. In a statement filed with the United States Bankruptcy Court for the District of Delaware on Jan. 17, Sullivan and Cromwell reiterated its claim that FTX US is not solvent, ...
ConsenSys slashes headcount 11% as chief economist reveals formula for adoption
ConsenSys, the parent company behind MetaMask, is letting go of 11% of its workforce, with CEO Joseph Lubin blaming “uncertain market conditions” brought on by recent collapses. In a blog post from ConsenSys CEO Joseph Lubin on Jan. 18, the blockchain firm CEO said “poorly behaved” centralized finance (CeFi) actors have cast a “broad pall on our ecosystem that we will all need to work through.” Lubin said the decision will impact 96 employees and is part of plans to focus its resources on its core businesses. Today we need to make the extremely difficult decision to streamline some of ConsenSys’ teams to adjust to challenging and uncertain market conditions.https://t.co/Svuk9yYj6J 1/10 — Joseph Lubin (@ethereumJoseph) January 18, 2023 Speaking to Cointelegraph a few days before the layoffs...
Bitcoin sees new 4-month high as US PPI, retail data posts ‘big misses’
Bitcoin (BTC) set yet another multi-month high before the Jan. 18 Wall Street open as United States macroeconomic data fell far wide of expectations. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView U.S. PPI numbers fall wide of the mark Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $21,646 on Bitstamp. A subsequent correction saw the pair moving around $21,400 at the time of writing, with U.S. stocks reacting to surprise data surrounding economic activity in December. Specifically, the Producer Price Index (PPI) showed cost rises cooling faster than consensus predicted, with retail sales also declining beyond estimates. “PPI comes in at 6.2%, while expectation was 6.8%. Core PPI comes in at 5.5%, while expectation was 5.7%,” Cointelegraph contribu...
Deal Box launches $125M blockchain and Web 3 venture fund
According to a press release published on Jan. 18, U.S.-based capital markets advisory and token offering platform Deal Box has launched a new $125 million venture capital arm dedicated to blockchain and Web 3.0 startups. The fund, dubbed Deal Box Ventures, will invest in companies categorized in the emerging growth, real estate, fintech, funtech, and social impact fields. Commenting on today’s development, Thomas Carter, founder and chairman of Deal Box, said: “Deal Box Ventures is an important milestone in our journey to invest in the most promising and disruptive blockchain startups, providing them with the tools and funding ecosystem they need to be successful by simplifying and reimagining traditional financing models.” As part of initial Web 3.0 investments, D...
US authorities seize crypto website Bitzlato as part of international enforcement action
The United States Department of Justice is expected to announce a “major international cryptocurrency enforcement action.” According to a Jan. 18 announcement, U.S. Deputy Attorney General Lisa Monaco will lead a press conference in which the Justice Department will announce a major enforcement action — now believed to be against the crypto firm Bitzlato. The U.S. Treasury Department is also expected to announce a similar enforcement action. Other speakers at the event will include Assistant Attorney General Kenneth Polite of the Department of Justice’s criminal division, U.S. Attorney Breon Peace of the Eastern District of New York, FBI Associate Deputy Director Brian Turner, and Deputy Treasury Secretary Wally Adeyemo. This story is developing and will be updated. [flexi-common-too...
FTX fallout: SBF trial could set precedent for the crypto industry
After the collapse of major cryptocurrency exchange FTX in November 2022, former CEO Sam “SBF” Bankman-Fried was arrested by Bahaman authorities on Dec. 12. Just a day later, the United States Securities and Exchange Commission and Commodity Futures Trading Commission filed charges against him for allegedly defrauding investors and violating securities laws. On Dec. 22, Bankman-Fried was granted bail on a $250 million bond paid by his parents against the equity in their house. The bail order added that he would require “strict pretrial supervision,” including mental health treatment and evaluation. The former CEO faces eight criminal counts in the United States, which could result in 115 years in prison if convicted. Bankman-Fried had been under house arrest at his parent’s home in Califor...
Digital Currency Group halts dividends in an effort to preserve liquidity
Venture capital firm Digital Currency Group (DCG) has told shareholders it is halting its quarterly dividend payments until further notice as it attempts to preserve liquidity. According to the letter sent to shareholders on Jan. 17, the firm is focused on “strengthening our balance sheet by reducing operating expenses and preserving liquidity.” DCG said it was also considering selling some of the assets within its portfolio. Its financial issues are derived from the woes of a subsidiary, crypto broker Genesis Global Trading, which reportedly owes creditors more than $3 billion. Customers are currently unable to withdraw funds from Genesis after it halted withdrawals on Nov. 16, which has prompted Cameron Winklevoss — on behalf of his exchange Gemini and its users with fund...
Davos 2023: Education is key to driving sustainability in blockchain and beyond
The World Economic Forum (WEF) in Davos, Switzerland, brings together global leaders and thinkers across various industries to hone in on global issues each year. As the world of crypto and blockchain continues to push into the mainstream, it has become a topic of discussion at the legacy event. Cointelegraph editor-in-chief Kristina Lucrezia Cornèr moderated a panel on Jan. 17, which touched on sustainability efforts in the blockchain industry. Even though not all panelists come from the same background, they unanimously highlighted education and learning as the key to driving sustainability in emerging technologies during “The emergence of Breakthrough Technologies” panel. The panel’s focus viewed sustainability in the blockchain industry through two lenses. One is ...
Dogecoin carbon emissions down by 25% following Elon Musk collaboration
Research shows that Dogecoin (DOGE) was the only memecoin in 2022 to proactively reduce its carbon footprint — a key metric for mainstream adoption — by 25% in one year, thanks to the intervention of developers and Tesla CEO Elon Musk. One of the main reasons why Musk backtracked on accepting Bitcoin (BTC) payments for Tesla was high carbon emissions. At the time, he believed that Dogecoin — “even though it was created as a silly joke” — was better suited for transactions. Working with Doge devs to improve system transaction efficiency. Potentially promising. — Elon Musk (@elonmusk) May 13, 2021 Owing to proactive efforts from Musk and the members of the Dogecoin ecosystem, Dogecoin saw a 25% decrease in its annual CO2 emissions. With 1,423 tons of emissions released in 2021, Dogecoi...
CFTC commissioner calls for global industry standards in crypto regulation
Caroline Pham, the Commodity Futures Trading Commission (CFTC) commissioner, has recently called on regulators to provide clearer guidance on crypto assets in 2023. In an interview with Bloomberg, Pham mentioned that discussions with global players over crypto regulations are ongoing. The government official said many foreign discussions are currently happening about global industry standards for crypto regulation. According to Pham, she has had more than 75 meetings with various parties to discuss topics concerning crypto regulation. The CFTC commissioner highlighted that “very advanced discussions” were happening outside of the United States about what kind of standards could be applied globally. When asked about the recent issues that highlighted flaws within the space, such ...
WEF publishes new in-depth guide to DAOs to air issues, encourage development
The World Economic Forum (WEF) released a “toolkit” for decentralized autonomous organizations (DAOs) on Jan. 17. More than 100 experts contributed to the document’s attempt to provide “a starting point for DAOs to develop effective operational, governance and legal strategies.” The 37-page so-called toolkit is explanatory in nature, with concise but encyclopedic entries on DAOs and related topics. It described the toolkit as “a set of adaptable resources for key stakeholders to help realize the full potential of this emerging form.” DAOs have “the potential to address many of the shortcomings of the traditional firm while also realizing more equitable governance and operations,” according to the document. The World Economic Forum has published a toolkit on DAOs pic.twitter.com/i...
FTX: It took ‘Herculean investigative effort’ to identify $5.5B in liquid assets
The debtors behind FTX have identified $5.5 billion in liquid assets but reported a “substantial shortfall of digital assets” at the bankrupt crypto exchange and its U.S. arm. In a Jan. 17 announcement, FTX said it had identified $1.7 billion in cash, $3.5 billion in crypto assets and $0.3 billion in securities following the firm filing for Chapter 11 bankruptcy in November. The debtors added that they had identified roughly $1.6 billion in digital assets associated with FTX.com — including roughly $426 million being held by the Securities Commission of the Bahamas — and $181 million connected to FTX US. “We are making important progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information,” said FTX ...
