The Securities and Exchange Commission (SEC) is going after some of the largest crypto companies, by filing charges against Gemini and Genesis. The federal government’s legal crackdown on crypto is expanding, as the SEC charged some of the biggest names in the industry of operating illegal lending services on Jan. 12. The SEC and the…
SEC Crackdown on Crypto Continues With Charges Filed Against Gemini and Genesis
Prominent Exchange and Token Issuer Crypto.com Slashing 20 Percent of Workforce
Crypto.com will be laying off about a fifth of its workforce in a second round of layoffs within six months, citing industry-wide issues, including FTX bankruptcy, in what looks like a trying period for the once-booming sector. Although the company “grew ambitiously at the start of 2022,” the “trajectory changed rapidly with a confluence of…
Sam Bankman-Fried Issues First Response to FTX Case: ‘I Didn’t Steal Funds’
January 13, 2023
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The founder and former CEO of FTX, Sam Bankman-Fried, promised that customers could get their money back in his first statement since his arrest in the Bahamas. “I didn’t steal funds, and I certainly didn’t stash billions away,” Bankman-Fried said in a Jan. 12th statement on his Substack blog, titled “FTX Pre-Mortem Overview.” “No funds were…
House Republicans to Set up Crypto Committee After Industry Turmoil
House Republicans announced the establishment of a new crypto subcommittee on Thursday that will focus on digital currency following the collapse of crypto exchange firm FTX last year. Rep. Patrick McHenry (R-N.C.), chairman of the House Financial Services Committee, unveiled the new Subcommittee on Digital Assets, Financial Technology, and Inclusion, along with other subcommittee appointments. The…
Coinbase to Cut a Fifth of Its Workforce in a Second Round of Layoffs
January 12, 2023
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Coinbase will be cutting a fifth of its workforce following an earlier staff reduction in June 2022 in an attempt to preserve its assets as the crypto industry faces a severe downturn. Some of the largest firms in Silicon Valley in general have been delivering a steady stream of job cut announcements in recent months….
Over 100 Parties Want to Buy Parts of FTX
January 9, 2023
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More than 100 interested parties want to buy part of the failed crypto exchange FTX. According to court documents reviewed by Business Insider, lawyers handling the FTX’s Chapter 11 bankruptcy case are planning to auction off four of the companies previously run by disgraced former CEO Sam Bankman-Fried. Bankman-Fried currently faces up to 115 years…
Coinbase Agrees to $100 Million Settlement With New York Regulators
January 7, 2023
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Coinbase has agreed to pay a $100 million settlement with New York state’s financial regulators. The crypto industry was hit with a wave of bad news in 2022, with the collapse of crypto exchange giant FTX, hedge fund Three Arrows Capital, along with the failure of several key lenders. The DFS accused Coinbase on Jan….
Bankrupt Cryptocurrency Platform Celsius Owns Rights to Most Customer Digital Assets: Judge
January 5, 2023
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A U.S. bankruptcy judge ruled on Jan. 4 that digital assets deposited into the cryptocurrency lending platform Celsius Network’s Earn program belong to the now-bankrupt company’s estate and not individual users. Celsius filed for Chapter 11 bankruptcy in July 2022 amid a liquidity crisis. At the time, the company had approximately 600,000 accounts that earned interest as part…
12 Events to Watch for in 2023
January 4, 2023
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The year 2022 was one of surprises: Russia’s invasion of Ukraine, persistent inflation fueled by energy costs, the collapse of FTX and crypto markets, the revelations of the so-called Twitter Files, and one of the worst equity markets in recent history, to name but a few. The year 2023 is poised to present some equally…
FTX’s Sam Bankman-Fried Enters Plea in Federal Fraud Case
FTX founder Sam Bankman-Fried pleaded not guilty in a federal court Tuesday to charges of fraud, conspiracy, campaign finance law violations, and money laundering. Bankman-Fried, 30, entered his plea via his lawyer before District Judge Lewis Kaplan in Manhattan federal court. During the hearing, Kaplan set a trial date for Oct. 2, 2023. A federal prosecutor, Danielle…
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