Crypto news
FTX CEO says he is exploring rebooting the exchange: Report
John Ray, who took over as CEO of cryptocurrency exchange FTX prior to bankruptcy proceedings, has reportedly set up a task force to consider restarting FTX.com. According to a Jan. 19 report from the Wall Street Journal, Ray said everything was “on the table” when it came to the future of FTX.com, including a potential path forward with rebooting the exchange. FTX Trading, doing business as FTX.com, was one of roughly 130 companies under FTX Group that filed for Chapter 11 bankruptcy in November 2022. Ray reportedly was considering reviving the crypto exchange as part of efforts to make users whole. FTX reported on Jan. 17 that it had identified roughly $5.5 billion of liquid assets in its investigations, with more than $3 billion owed to its top 50 creditors. According to the FTX CEO, he...
Bitcoin Suisse explains why Swiss is a crypto pivot point: Davos 2023
Switzerland is a “pivot point” for crypto adoption in Europe and continues to be the “center point of the next stage of institutionalization,” said Dr. Dirk Klee, CEO of Bitcoin Suisse. Klee divulged why Switzerland is still the top spot for crypto in Europe and will continue to attract institutional investors in an exclusive Cointelegraph interview in Davos, Switzerland. We have boots on the ground in Davos! Our reporter @gazza_jenks speaks to Dr. Dirk Klee, CEO of @BitcoinSuisseAG about Switzerland and the adoption of cryptocurrency at the @wef. #CTWEF23 pic.twitter.com/ka00dvWpVz — Cointelegraph (@Cointelegraph) January 18, 2023 In discussion with Cointelegraph reporter Gareth Jenkinson, Klee explained: “A lot of trust has been destroyed and eroded in the last year and...
Metaverse not the endgame, but ‘ongoing digital transformation’: Davos 2023
The metaverse has been a buzzword inside and out of the Web3 world over the last year. Moreover, development in the metaverse is something that has remained strong relative to the overall turmoil of the decentralized space. It is also a hot topic at the 2023 World Economic Forum (WEF) in Davos, Switzerland. The WEF has been developing its own initiative, “Defining and Building the Metaverse,” with the participation of over 120 participants, for which it held a press conference on Jan. 18. The WEF panel highlighted the initiative’s first two papers, which cover interoperability, governance and the consumer’s role in the metaverse of the future. Huda Al Hashimi, one of the panelists and the deputy minister of cabinet affairs for strategic affairs in the United Arab Emirates, framed the...
FinCEN lists Binance among the top Bitcoin counterparties of Bitzlato
The United States Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department, has argued that Binance is linked to the illegal cryptocurrency platform Bitzlato. In an order published on Jan. 18, FinCEN stated that Binance cryptocurrency exchange was among the “top three receiving counterparties” of Bitzlato in terms of Bitcoin (BTC) transactions. According to the authority, Binance was among the biggest counterparties that received Bitcoin from Bitzlato between May 2018 and September 2022. Other such counterparties included Russia-connected darknet market Hydra and the alleged Russia-based Ponzi scheme known as “TheFiniko,” FinCEN noted. On the other hand, FinCEN did not mention Binance as the top three sending counterparties in the order. According to the document,...
Bitcoin crowd sentiment hit multi-month high as BTC price touches $21K
Bitcoin (BTC) price climbed to a four-month high above $21,000 in the third week of January, relishing trader’s hope. The market has seen the most substantial investor optimism since July due to the January BTC price rebound. According to data shared by crypto analytic firm Santiment, the trading crowd sentiment has touched its highest in six months and second highest bullish sentiment in the past 14 months. The data indicates that traders are treating Bitcoin’s price rebound as a signal of a possible bigger breakout in the near future. The term “crowd/investor sentiment” describes how investors generally feel about a specific asset or financial market. It refers to the mood or tenor of a market, or the psychology of its participants, as expressed by activity and changes ...
FTX profited from Sam Bankman-Fried’s inflated coins: Report
Sam Bankman-Fried, the former CEO of the FTX crypto exchange, used his influence in the crypto industry to inflate some coins prices through a coordinated strategy with FTX’s sister company, Alameda Research, a New York Times report claimed on Jan. 18. As a way to keep FTX and the companies under its umbrella profitable, Bankman-Fried allegedly approached developers behind projects, insisting that they make their trading debuts on the exchange’s platform. Following that, the report claimed, Alameda Research would buy some of these freshly listed coins to raise their value. Bankman-Fried thenallegedly relied on his popularity to advertise the projects and persuade the crypto community to invest in these “Samcoins.” As a result, Alameda appeared to be in a stronger position than it actually ...
Digital Dollar Project urges US to take action on CBDC development
The Digital Dollar Project (DDP) released a new version of its white paper “Exploring a U.S. CBDC” on Jan. 18. The project expanded the paper in order to examine central bank digital currency projects internationally, though its focus is still on the United States. The DDP introduced its “champion model” of an intermediated wholesale and retail CBDC in the first version of the paper in May 2020. Since that time, CBDC projects worldwide have increased from 35 to 114. The updated DDP paper retained the core tenets of the champion, such as those on privacy and monetary policy, and it discussed technological advancements of recent years. The new ideas in the report mainly revolved the authors’ warnings about the United States falling behind in CBDC research and leade...
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...
