The former CEO of FTX, Sam “SBF” Bankman-Fried, has seemingly begun to embark on an apology tour to redeem his image a month after the sudden implosion of FTX, which revealed that the exchange had been improperly using customer and investor funds. OnNov. 30, Bankman-Fried made his first live public appearance since the collapse of
According to a recent report from the Financial Times (FT), Genesis Global Capital allegedly owes $900 million to Gemini customers. The exchange operated by Cameron and Tyler Winklevoss is attempting to recover the funds from Genesis, according to FT’s sources. Report Claims Genesis Owes the Winklevoss-Operated Exchange Gemini $900 Million FT reports that the centralized
The fall of the FTX crypto exchange forced many to reconsider their overall approach to investments — starting from self-custody to verifying the on-chain existence of funds. This shift in approach was driven primarily by the lack of trust crypto investors have in the entrepreneurs after being duped by FTX CEO and co-founder Sam Bankman-Fried
The leadership with the United States House Financial Services Committee have separately called on former FTX CEO Sam Bankman-Fried to appear in an investigative hearing scheduled for Dec. 13. In Dec. 2 posts on Twitter, House Financial Services Committee chair Maxine Waters, a Democrat, and ranking member Patrick McHenry, a Republican, requested SBF speak at
On Dec. 2, NFT Steez hosts Alyssa Expósito and Ray Salmond chatted with Victor Solomon to discuss his journey into bridging his in-real-life artwork into NFTs and how he cultivates the community and culture that surrounds it. Solomon’s work centers around basketball, not just the object, but the sport itself. For Solomon, the inspiration for
This week saw a positive recovery in some crypto assets, Ethereum included. It is gaining momentum and preparing for a bullish rally in the days to come. Although Ethereum is still below $1,300, some factors suggest a possible increase to $1,350 and $1,550. The crypto market has been filled with FUD (fear, uncertainty, and doubt)
On Dec. 2, the United States dollar index (DXY), an index that measures the dollar’s strength against a basket of top foreign currencies, reached 104.40 which was the lowest level seen in 5 months. To recap, the U.S. dollar’s weight against the basket of top foreign currencies grew by 19.6% in 2022 until late September
With the new announcement that Cardano is on its way to release an algorithmic stablecoin in 2023, various community members expressed concerns, comparing the project to TerraUSD (UST), which caused great losses within the crypto space in 2022. According to its developers, the stablecoin project Djed will be pegged to the United States dollar and
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The FTX contagion that started in the second week of November is still haunting various crypto protocols in the DeFi ecosystem. The latest to fall prey to the contagion
A judge with the Seoul Southern District Court has reportedly set aside arrest warrants for Terra co-founder Shin Hyun-seong along with those of 3 Terra investors and 4 developers. According to an Dec. 3 report from South Korea’s Yonhap News Agency, Judge Hong Jin-Pyo said there was little risk of Shin or the Terra associates
U.S. Senator John Boozman says bitcoin, although a cryptocurrency, is a commodity in the eyes of the federal courts and the Securities and Exchange Commission (SEC) chairman. He stressed that exchanges where commodities are traded, including bitcoin, must be regulated and the Commodity Futures Trading Commission (CFTC) is the right regulator for the crypto spot
Non-farm payrolls in the United States rose by 263,000 in November, exceeding economists’ expectations of an increase of 200,000. Analysts believe that the numbers remain hot and do not allow much scope for the Federal Reserve to slow down its aggressive rate hikes. This is contrary to Fed Chair Jerome Powell’s remarks delivered at the Brookings Institution
Bitcoin (BTC) is entering a prime “low-risk bottom” zone as sellers finally accept FTX losses. Data from on-chain analytics firm Glassnode shows that seller exhaustion is reaching ideal levels for a BTC price leg up. Bitcoin sellers face low BTC price volatility Almost one month after the FTX implosion began, Bitcoin investors have either capitulated
The multi-week ApeCoin (APE) market rally is nearing exhaustion owing to a mix of technical and fundamental factors. Fundamental — ApeCoin Staking launch In the past two weeks, APE’s price is up over 50% after bottoming at around $2.60. The APE/USD rebound came in line with similar recovery moves elsewhere in the crypto market. But,
Bitcoin (BTC) continued to hold key support on Dec. 2 as United States stocks fell on the Wall Street open. DXY weakness offers hope of “Santa rally” Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as bulls bought time between $16,800 and $17,000. Analysts had earmarked the former as a key level to retain,
The downfall of FTX and a number of other CeFi platforms in 2022 has reinforced a Bitcoin maximalist narrative, according to which most of the crypto ecosystem will eventually collapse due to its centralization. Jeff Booth, Bitcoin proponent and author of “The Price of Tomorrow”, believes centralized crypto platforms such as FTX and Celsius have
RBB Lab, a technology development firm based in the Republic of San Marino, has utilized nonfungible token (NFT) technology to issue a court summons to a former employee and a contractor. RBB Lab CEO Enrico Rubboli told Cointelegraph that it summoned the two individuals to the Judiciary of Italy on claims of attempted extortion and
Italy is planning to tighten regulations on digital currencies in 2023 by expanding its tax laws to include cryptocurrency trading, according to budget documentation released on Dec. 1. Included in its 2023 budget are plans to impose a 26% levy on profits larger than 2,000 euros ( $2,062) made on cryptocurrency trading, according to Bloomberg. Historically,
According to a new proposal dated Dec. 1, directed acrylic graph network Fantom seeks to implement an affiliate program for its decentralized application, or dApp, developers with network gas fees. To fund this venture, the Fantom community has proposed slashing the protocol’s current FTM token burn rate from 20% to 5%. In supporting the proposal,
Blockchain data analytics carried out by Nansen highlights the ever-growing amount of Ether (ETH) being staked across various staking solutions in the months following Ethereum’s shift to proof-of-stake (PoS) consensus. The highly anticipated Merge has been a boon for decentralized finance (DeFi) in general, and staking solutions have been in high demand since Ethereum’s shift