Summary: FTX Founder Sam Bankman-Fried was subpoenaed along with other company execs like former Alameda CEO Caroline Ellison and ex-engineering chief Nishad Singh. Bankman-Fried’s father was also served a court notice over real estate properties in the Bahamas where the bankruptcy crypto exchange was domiciled. The served parties have until...
Summary: FTX attorneys argued that Turkish authorities would not work closely with U.S. courts and bankruptcy proceedings. Judge John T. Dorsey agreed with the fallen crypto exchange and ruled to exclude SBF’s Turkish division from the case. The judge made a second ruling approving the sale of some assets to...
Summary: Aave community member Marc Zeller proposed halting the BUSD lending market on Ethereum. Zeller argued that the Paxos-issued stablecoin was bound to decline in supply and inability to mint new tokens would affect peg arbitrage opportunities. The proposal was submitted shortly after U.S. regulators ordered Paxos to halt minting...
Summary: Paxos will wind down its relationship with Binance for the BUSD stablecoin. BUSD redemptions will continue till at least February 2024 but no new tokens will be minted following an order from the New York Department of Financial Services and an SEC lawsuit. Binance will also continue to support...
Summary: Paxos was ordered to stop minting Binance USD (BUSD) by the New York Department of Financial Services. The order coincided with the SEC’s plans to sue Paxos for selling unregistered securities in BUSD. CEO of the crypto exchange, Changpeng Zhao, noted that his company would review other projects to...
Fintech giant PayPal has reportedly paused working on its stablecoin due to the renewed regulatory crackdown on crypto firms. PayPal was working with Paxos, which is currently facing a probe by the NYDFS.
Summary: SEC Commissioner Hester Pierce disagreed with the regulator’s move to shut down Kraken’s staking service. Pierce noted that the decision was not a fair way of regulating the crypto industry and that digital asset staking models differ. Kraken was ordered to shut down its staking service for U.S. customers...
Tether's latest attestation report revealed that the USDT issuer's assets exceeded its liabilities. CTO Paolo Ardoino claimed that the firm made a profit of $700 million in the last quarter of 2022.
Summary: JP Morgan analysts expect the ratio of staked Ether to move towards the 60% average on other Proof-of-Stake blockchains. The bank added that yield returns could dip while the number of validators on Ethereum should increase to over 2 million. JP Morgan also sees liquid staking protocols like Lido...
Summary: Robinhood plans to buy back nearly $600 million worth of shares owned by the FTX Founder. Sam Bankman-Fried scooped the shares back in May 2022 through a holding company – Emergent Fidelity Technologies. The 55 million shares have been in contention since FTX filed bankruptcy last year and were...
Summary: The blockchain-powered sports fan token launched its own layer 1 decentralized network on Tuesday. Chiliz’s L1 chain is compatible with the Ethereum Virtual Machine program, allowing developers to broadcast smart contract codes on Ethereum’s blockchain. The protocol’s token CHZ pumped as high as 20% on the news. Blockchain sports...
