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☆ A Hong Kong-based crypto exchange used deepfakes of Elon Musk to claim the billionaire was its lead developer
▼ + stars: | 2024-05-12 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

The Hong Kong Securities and Futures Commission issued a warning last week about deepfake scams. Related storiesAs the technology behind artificial intelligence advances, scammers are increasingly using deepfakes to dupe their victims into handing over cash. The group in Hong Kong claimed to provide a cryptocurrency trading service using underlying artificial intelligence. But Hong Kong authorities said they suspect it is a front for "virtual asset related fraudulent activities." The Hong Kong Police Force did not return a request for comment from BI.

Persons: —, Elon, Elon Musk Organizations: Service, Facebook, The Hong Kong Securities, Futures Commission, Business, Yahoo, Authorities, Hong, Crypto News, Hong Kong Police Force Locations: The, Hong Kong, South Korean

☆ Email startup Beehiiv just raised $33 million to build a big ad business and differentiate itself from rival Substack
▼ + stars: | 2024-05-02 | by ( Lauren Johnson | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The firm closed a $33 million round of Series B funding, with the bulk of the money going toward building out its advertising business, CEO Tyler Denk told Business Insider. With the new round of funding, Beehiiv hopes to make $5 million from ads in 2024, he said. AdvertisementBeehiiv acquired the email ad platform Swapstack and launched its ad network that places ads in newsletters during the third quarter of 2023. Beehiiv's Denk said that Beehiiv has a "difference in philosophy" on ads than Substack does.

Persons: —, Tyler Denk, Beehiiv, Denk, Boston Globe Media's, Beehiiv's cofounders, Substack, Jesse Singal, Beehiiv's Denk Organizations: Service, Business, NEA, Sapphire, Lightspeed Venture Partners, Boston Globe, Morning, Netflix

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBinance's Changpeng Zhao to step down as part of $4.3 billion DOJ settlement: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Kevin Worth, CEO of CoinDesk, discusses Bullish's acquisition of the crypto news outlet.

Persons: Zhao, explainers, Kevin Worth Organizations: CNBC Crypto, CNBC

☆ What is Binance, why is it in so much trouble, and what does it mean for crypto?
▼ + stars: | 2023-11-21 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

Not only is Binance the world’s biggest crypto exchange, it is orders of magnitude larger than its rivals. Up until recently, Binance boasted nearly 60% of the market share for crypto spot trading. The Seychelles-based OKX is second in market share at 5.44% and the US exchange Coinbase is third at 5.37%, according to crypto news site CoinDesk. Today, Binance takes responsibility for this past chapter.”It’s a common refrain among crypto firms who find themselves under scrutiny. “What this plea deal does is give Binance as a chance to live another day,” Yadav said.

Persons: Changpeng Zhao —, Binance, Zhao, “, ” Zhao, FTX, “ Binance, ”, Robert Le, Yesha Yadav, ” Yadav Organizations: New, New York CNN, Justice Department, Binance Holdings, Bloomberg, Getty, CZ, PitchBook, Investors, Vanderbilt University, Binance Locations: New York, Binance, Seychelles

☆ Company Led by Former NYSE President Buys Crypto News Site CoinDesk
▼ + stars: | 2023-11-20 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Tom Farley’s crypto exchange, Bullish, bought 100% of CoinDesk in an all-cash deal. Photo: Simon Dawson/Bloomberg NewsA company run by former New York Stock Exchange President Tom Farley said on Monday that it has acquired crypto-focused media company CoinDesk. Bullish, the crypto exchange run by Farley, bought 100% of CoinDesk in an all-cash deal. Financial terms of the deal weren’t disclosed. Digital Currency Group, the parent company of CoinDesk, acquired the media company in 2016 for $500,000.

Persons: Tom Farley’s, Simon Dawson, Tom Farley, Farley Organizations: Bloomberg, New York Stock Exchange, Digital Currency Group

☆ Barry Silbert's crypto empire continues to spiral as ex-NYSE president buys news site CoinDesk
▼ + stars: | 2023-11-20 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +1 min

After months on the market, crypto news site CoinDesk has finally been acquired by a business that's run by the former president of the New York Stock Exchange. Bullish, a digital asset exchange led by ex-NYSE chief Tom Farley, has purchased CoinDesk from Barry Silbert's Digital Currency Group. It's the latest sign that Silbert's crypto empire, which had vaulted its founder into the billionaire ranks, continues to fall apart. In July, however, a $125 million purchase agreement from a consortium of investors fell through. In August, CoinDesk reportedly laid off around 16% of its staff.

Persons: CoinDesk, Tom Farley, Barry, Farley, Bullish, Silbert, Michael Casey Organizations: New York Stock Exchange, ex, NYSE, Barry Silbert's Digital Currency, Wall Street Journal, Lazard, CNBC

☆ Crypto exchange Bullish buys news website CoinDesk
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: 1 min

Nov 20 (Reuters) - Cryptocurrency exchange Bullish said on Monday it has acquired crypto news website CoinDesk from Barry Silbert's Digital Currency Group (DCG). Financial terms of the deal, which was first reported by the Wall Street Journal, weren't disclosed. CoinDesk, which was launched in 2013 and bought by DCG three years later, will continue to be led by Kevin Worth and operate as an independent subsidiary within Bullish, the firm said. CoinDesk also announced the appointment of Matt Murray, former editor-in-chief of the WSJ, to serve as chair of its editorial committee tasked with ensuring journalistic independence. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Bullish, Barry, weren't, Kevin Worth, CoinDesk, Matt Murray, Manya Saini, Shailesh Organizations: Barry Silbert's Digital Currency Group, Wall Street, Thomson Locations: Bullish, Bengaluru

☆ Starbursts, smuggled coffee and Martin Shkreli: How CNBC reported the Sam Bankman-Fried trial
▼ + stars: | 2023-11-04 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +13 min

Artist: Elizabeth WilliamsJust before 8 p.m. on Thursday, 12 jurors found Sam Bankman-Fried guilty of all seven counts against him. (CNBC put out a note requesting access ahead of the trial — an email which was ultimately ignored.) Every exit to file a report included another breakneck trip through security, in a sort of run, rinse, repeat cycle — security, courtroom, exit, photographer's car to file, back up through security, over and over again. CNBC correspondent MacKenzie Sigalos reporting on the Sam Bankman-Fried trial from outside the SDNY courthouse at 500 Pearl Street in downtown Manhattan. Around 8:02 p.m., Bankman-Fried, speechless, began to walk to a room just adjacent to the main court.

Persons: Sam Bankman, Elizabeth Williams, Fried, MacKenzie Sigalos, Dan Mangan, Martin Shkreli, Andrew Ross Sorkin, Michael Lewis, Lewis, Indiana Jones, Ben McKenzie, McKenzie, Damian Williams, They'd, Danielle Sassoon, Jane Rosenberg, Joe Bankman, Barbara Fried, Joseph Bankman, Brendan Mcdermid, gaunt, Kaplan, Bankman, Mark Cohen, Judge Kaplan, blankly, Christian Everdell, Cohen Organizations: Alameda Research, Southern, of, CNBC, Auburn University totebag, Capitalism, U.S, Federal Court Locations: of New York, San Francisco, Vegas, Georgia, Manhattan, Indiana, New York City, U.S

☆ A timeline of Sam Bankman-Fried trial: Key moments leading up to FTX founder's conviction
▼ + stars: | 2023-11-03 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +5 min

Indicted FTX founder Sam Bankman-Fried leaves the United States Courthouse in New York City, U.S., July 26, 2023. MAY 2019Bankman-Fried and former Google employee Gary Wang found FTX as a new platform to trade crypto tokens and derivatives. Bankman-Fried debuts on the Forbes billionaires list, which estimates his net worth at $22.5 billion. Alameda gives crypto lender Voyager Digital a $200 million credit facility, and FTX gives lender BlockFi a $250 million loan. In a post-arrest blog post, Bankman-Fried denies stealing funds and blames FTX's collapse on a broader downturn in crypto markets.

Persons: Sam Bankman, Fried, Amr Alfiky, Gary Wang, Larry David, CoinDesk, Binance, FTX, Changpeng Zhao, David, Tom Brady, Wang, Caroline Ellison, District Judge Lewis Kaplan, Nishad Singh, Kaplan revokes, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: United, REUTERS, Massachusetts Institute of Technology, Jane Street Capital, Alameda Research, Google, Forbes, Alameda, NFL, DEC, U.S, District, New York Times, Metropolitan Detention Center, Thomson Locations: New York City, U.S, Alameda, Bahamas, Manhattan, United States, Palo Alto , California, New York

When 2023 began, a single bitcoin could be had for less than $17,000 after losing more than 75% of its value. Now, bitcoin is getting another boost on the prospects of creating a much larger pool of investors. IShares Bitcoin Trust appeared to be temporarily removed Tuesday, but was back online as of Wednesday. Still, the most recent surge bitcoin goes beyond single developments or participants, Kaiko research analyst Riyad Carey notes — crediting “more of a broad market rally" around spot bitcoin ETF prospects. Despite the recent excitement around bitcoin, crypto is still a risky bet.

Persons: Bitcoin, hasn't, Edward Moya, IShares Bitcoin, iShares, Moya, Riyad Carey, “, —, “ We’re, it’s, ”, it's, ” Moya, bitcoin Organizations: Federal Reserve, Industry, Columbia, Securities and Exchange Commission, Grayscale's, SEC, Depository Trust, Clearing Corporation, Associated Press Locations: Silicon, bitcoin, cryptocurrencies

☆ 'I'd been suicidal for days': Sam Bankman-Fried lieutenant testifies about immense pressure to keep FTX crypto scam going — before it all crashed
▼ + stars: | 2023-10-17 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +13 min

He testified at the Sam Bankman-Fried trial that he was 'suicidal' over the crypto scam. AdvertisementAdvertisement"I've always been intimidated by Sam," Singh testified Monday. Before the September 2022 realization that Alameda was taking FTX customer money, Singh had participated in fraudulent activity in other ways. When he returned, the FTX CEO told Singh that he believed he could get $5 billion more in investments, Singh testified. As the chaos continued to roil FTX, Bankman-Fried, Ellison, and other executives pointed fingers at each other while employees and customers demanded answers, Singh said.

Persons: Nishad Singh, Sam Bankman, —, Singh, Gary Wang, Caroline Ellison, Wang, Fried, unsurprised, Ellison —, Ellison, FTX wouldn't, he'd, Gabe Bankman, Adam Yedidia, Singh —, Ryan Salame —, Singh's, Sam, FTX, Mary Altaffer, Anthony Scaramucci, Seth Wenig, Salame —, funneling, Coindesk, FTX —, Binance, Jane Rosenberg Bankman, Bankman, I'd, roil Organizations: Service, Alameda Research, Bankman, Alameda, AP, Democratic, Prosecutors, REUTERS Locations: Alameda, FTX, Bahamas, Manhattan, New York, Bankman

But bitcoin fell sharply after a Fox Business reporter said on the social media platform X that BlackRock denied the report. loadingBlackRock later confirmed to Reuters that "the iShares Bitcoin ETP application is still under review by the SEC." "Crypto markets have just shown how sensitive they are to any potential good news, with their premature rally today on rumors of the approval of a spot bitcoin ETF," said Ben Laidler, global markets strategist at eToro. Crypto markets have been awaiting news on several pending spot bitcoin ETF applications, which, if approved, are widely expected to drive investment in the sector. The SEC has denied all spot bitcoin ETF applications on the grounds applicants have not shown they can protect investors from market manipulation.

Persons: Dado Ruvic, bitcoin, Ben Laidler, Joseph Edwards, Lucas Kiely, Tom Wilson, Elizabeth Howcroft, Hannah Lang, Suzanne McGee, Tommy Reggiori Wilkes, Sharon Singleton, Josie Kao Organizations: REUTERS, BlackRock, U.S . Securities, Exchange Commission, Fox Business, Reuters, SEC, Securities, Columbia, Thomson Locations: WASHINGTON, London, Washington

"Assets were not fine, because FTX did not have enough assets for customer withdrawals." On Friday, Wang testified that on Nov. 6, 2022, FTX executive Nishad Singh knocked on his door and told him customers were trying to withdraw their money faster than FTX could process the transactions. He said no other FTX users had those special privileges, which the exchange did not disclose to its investors or customers. After FTX declared bankruptcy on Nov. 11, 2022, Wang testified that at Bankman-Fried's direction, he turned over some remaining FTX customer assets to the Bahamas, where FTX was based. Wang said Bankman-Fried said liquidators and regulators there were more amenable to letting him stay in charge of FTX.

Persons: Sam Bankman, Fried, Nicolas Roos, Gary Wang, Jane Rosenberg, FTX, Wang, FTX's, Nishad Singh, CoinDesk, Bankman, WANG, District Judge Lewis Kaplan, Christian Everdell, Caroline Ellison, Alameda's, Mark Cohen, Sam, Jody Godoy, Luc Cohen, David Gregorio, Nick Zieminski, Matthew Lewis Organizations: U.S, Federal Court, REUTERS, Alameda Research, Washington , D.C, District, Bankman, Thomson Locations: FTX, New York City, U.S, Manhattan, Washington ,, Alameda, Bahamas, Fried, United States, New York

☆ Sam Bankman-Fried’s trial has started. Here’s what you need to know
▼ + stars: | 2023-10-03 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —The trial of Sam Bankman-Fried, a onetime crypto billionaire who stands accused of orchestrating a multibillion-dollar fraud, kicked off Tuesday in federal court in Manhattan. Here are the key things to know about the case, and what we might see over the next several weeks at the trial. Prosecutors opted in June to sever five other charges that were brought after Bankman-Fried’s extradition from the Bahamas, where FTX was based. Sam Bankman-Fried leaving the Bahamas on December 21, 2022, being extradited to the US to face charges. He was arrested in December in the Bahamas on charges including fraud and conspiracy and extradited to the United States in January.

Persons: Sam Bankman, Judge Lewis Kaplan, ”, “, ” Kaplan, SFB, SBF, Caroline Ellison, Bernie Madoff, FTX, Tom Brady, Larry David, Fried, Bankman, Ellison, Howard Fischer, Moses Singer, Fischer, Lewis Kaplan, he’s Organizations: New, New York CNN, Prosecutors, Alameda Research, Super, Royal Bahamas Police Force, Investors, Bankman, Coindesk, Alameda, New York Times, Securities and Exchange, Enron, Metropolitan Detention Locations: New York, Manhattan, FTX, Bahamas, Miami, Alameda, United States, Brooklyn

REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsOct 3 (Reuters) - Sam Bankman-Fried's fraud trial, which is set to kick off on Tuesday, marks the culmination of a yearlong legal saga stemming from the dramatic collapse of the FTX cryptocurrency exchange he founded. Below is a timeline of key events leading up to the 31-year-old former billionaire's trial. MAY 2019Bankman-Fried and former Google employee Gary Wang found FTX as a new platform to trade crypto tokens and derivatives. Alameda gives crypto lender Voyager Digital a $200 million credit facility, and FTX gives lender BlockFi a $250 million loan. In a post-arrest blog post, Bankman-Fried denies stealing funds and blames FTX's collapse on a broader downturn in crypto markets.

Persons: Sam Bankman, Eduardo Munoz, Gary Wang, Larry David, Fried, CoinDesk, Binance, FTX, Changpeng Zhao, David, Tom Brady, Wang, Caroline Ellison, District Judge Lewis Kaplan, Nishad Singh, Kaplan revokes, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: REUTERS, Massachusetts Institute of Technology, Jane Street Capital, Alameda Research, Google, Forbes, Alameda, NFL, DEC, U.S, District, New York Times, Metropolitan Detention Center, Thomson Locations: New York, U.S, Alameda, Bahamas, Manhattan, United States, Palo Alto , California

☆ Sam Bankman-Fried’s fraud trial is about to start. Here’s what you need to know
▼ + stars: | 2023-10-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

This week, he will stand trial in what federal prosecutors have called one of the biggest frauds in US history. The 31-year-old Bankman-Fried, known as SBF, has pleaded not guilty to seven counts of fraud and conspiracy in connection with the collapse of FTX, his crypto-trading platform. Here are the key things to know about the case, and what we might see over the next several weeks at the trial. SBF faces seven counts, including wire fraud and securities fraud. FTX founder Sam Bankman-Fried was a crypto celebrity until November last year, when his business empire collapsed.

Persons: Sam Bankman, Fried, SBF, FTX, Tom Brady, Larry David, Amr Alfiky, Bankman, Caroline Ellison, Ellison, “, ”, Howard Fischer, Moses Singer, Fischer, Lewis Kaplan, he’s Organizations: New, New York CNN, Prosecutors, Alameda Research, Super, Reuters, Investors, Bankman, Coindesk, Alameda, New York Times, Securities and Exchange, Enron, Metropolitan Detention Locations: New York, Bahamas, FTX, Miami, Alameda, United States, Manhattan, Brooklyn

☆ Sam Bankman-Fried's trial to test dueling explanations for FTX’s collapse
▼ + stars: | 2023-09-26 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +6 min

He plastered FTX's logo on a basketball arena in Miami and on MLB baseball umpires' uniforms. Prosecutors say Bankman-Fried directed Wang to change FTX's computer code to allow Alameda to borrow unlimited sums of money, a privilege other exchange users lacked. Bankman-Fried's defense lawyers have indicated in court papers that they plan to challenge the credibility of all three witnesses. "The question is, when did Bankman-Fried know that there wouldn't be enough money?" Reporting by Luc Cohen in New York; Editing by Amy Stevens and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, Fried, Jane Street, FTX, Damian Williams, Forbes, Bankman, It's, Mark Kasten, Buchanan Ingersoll, Rooney, Caroline Ellison, Gary Wang, Nishad Singh, Wang, Singh, Ellison, District Judge Lewis Kaplan, Paul Tuchmann, Wiggin, Dana, Luc Cohen, Amy Stevens, Daniel Wallis Organizations: REUTERS, U.S, Wall, Alameda Research, MLB, Prosecutors, Attorney, Bankman, Alameda, District, New York Times, Thomson Locations: New York, U.S, Manhattan, Miami, Alameda, Bahamas

☆ Mark Cuban lost nearly $900,000 to crypto hackers—how investors can avoid similar scams
▼ + stars: | 2023-09-21 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Tech billionaire Mark Cuban recently lost nearly $900,000 worth of crypto to a scam that could happen to any crypto owner. On Friday, apparent hackers drained Cuban's digital wallet of around $870,000 worth of various types of cryptocurrencies, including various stablecoins, SuperRare and Ethereum Name Service tokens, according to crypto news outlet DL News. However, Cuban says he believes he downloaded a fraudulent version of the popular app that he found in a Google search, according to DL News. That's one reason financial experts advise against putting more money into crypto than you're willing to potentially lose. Before the hackers made off with more of Cubans digital funds, he says he was able to transfer his remaining virtual assets to Coinbase, per DL News.

Persons: Mark Cuban, Kenny Estes, they're Organizations: Tech, Cuban, CNBC Locations: MetaMask

In a complaint filed in Manhattan bankruptcy court, Genesis is seeking to recoup $500 million that DCG borrowed under four loans. In a statement on Wednesday, DCG said it expects to file a settlement with the bankruptcy court soon. Genesis filed for Chapter 11 protection from creditors in January, two months after halting withdrawals. The cases are Genesis Global Capital LLC v. Digital Currency Group Inc, U.S. Bankruptcy Court, Southern District of New York, No. 23-ap-01168; and Genesis Global Capital LLC v. DCG International Investments Ltd in the same court, No.

Persons: Dado Ruvic, Genesis, DCG, Barry Silbert, Jonathan Stempel, Stephen Coates Organizations: REUTERS, Group, Genesis Global Capital, Digital Currency Group International, Arrows Capital, Alameda Research, Genesis Global, LLC, Digital Currency Group Inc, Bankruptcy, Southern District of, DCG, Investments Ltd, Thomson Locations: Manhattan, Southern District, Southern District of New York, New York

☆ Genesis, DCG reach in-principle deal with creditors - court filing
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

Aug 29 (Reuters) - Genesis Global and its parent company Digital Currency Group have reached an in-principle agreement with Genesis' creditors to resolve claims brought during the crypto lender's bankruptcy, a court filing showed on Tuesday. The deal includes a payment of about $630 million in unsecured loans due in May 2023 and a $1.1 billion unsecured promissory note due in 2032, along with some other potential claims. Genesis filed for bankruptcy in January owing at least $3.4 billion to creditors and reached an agreement in principle on a restructuring plan, supported by Digital Currency Group, and its primary creditors, including Gemini, in February. DCG, owned by Barry Silbert, owns a portfolio of crypto companies in addition to Genesis, including crypto news and events site CoinDesk and New York-based Grayscale, a major digital asset manager. Reporting by Lavanya Ahire in Bengaluru; Additional reporting by Akanksha Khushi; Editing by Rashmi Aich and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Genesis, Barry Silbert, Lavanya, Akanksha Khushi, Rashmi Aich, Sohini Organizations: Genesis, Digital Currency Group, Gemini, Thomson Locations: U.S, York, DCG, New York, Bengaluru

☆ Crypto Is Dead? Or Is That Just ‘Fud’?
▼ + stars: | 2023-08-25 | by ( ) www.nytimes.com time to read: 1 min

FUD is an abbreviation for “fear, uncertainty and doubt” — the whirlwind of anti-crypto news, data and online chatter that evangelists deride as propaganda spread by enemies of the new financial order. The term predates crypto: For decades, corporate experts have used it to refer to disinformation spread by a business to hurt a competitor. In recent years, though, it’s become a staple of the crypto lexicon. Among blockchain believers, ignoring FUD is a badge of honor, a sign of ironclad commitment to the crypto cause.

Persons: ”, deride, it’s

☆ Crypto firm DCG appoints M&A specialist Mark Shifke as CFO
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - Digital Currency Group said on Monday it had appointed Mark Shifke, a former JPMorgan Chase (JPM.N) and Goldman Sachs executive, as its chief financial officer. Shifke has almost four decades of experience in the financial industry, specializing in mergers and acquisitions, the company said in a statement. The appointment comes at a time when DCG is facing legal battles with cryptocurrency exchange Gemini, the largest creditor of DCG's bankrupt crypto lending firm Genesis. DCG owns a portfolio of crypto companies in addition to Genesis, including crypto news and events site CoinDesk and New York-based Grayscale, a major digital asset manager. "Mark brings deep finance and fintech experience, strategic vision, and overall presence as a leader to the role," DCG founder and CEO Barry Silbert said.

Persons: Mark Shifke, JPMorgan Chase, Goldman Sachs, Shifke, DCG, Barry Silbert, Jaiveer Singh, Vinay Dwivedi Organizations: Currency, JPMorgan, Thomson Locations: New York, Bengaluru

☆ Crypto firm Circle to cut workforce, focus on core activities
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

July 12 (Reuters) - Circle said on Wednesday it has reduced staff and ended investments in non-core activities as the stablecoin issuer seeks to shore up its balance sheet. Coinbase Global (COIN.O), Chainalysis and Gemini all announced layoff plans earlier in the year after more than a trillion dollars were wiped out from the sector in 2022. "Circle is redoubling its focus on core business activities and execution," the company said in an email to Reuters, adding that it was continuing to hire in "key areas of focus." Crypto news portal CoinDesk reported about the developments at Circle earlier in the day. Reporting by Pritam Biswas in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Pritam Biswas, Vinay Dwivedi Organizations: Coinbase, Gemini, Reuters, Thomson Locations: Bengaluru

The lending unit of crypto firm Genesis filed for bankruptcy in January after the collapse of key counterparties including FTX caused it to freeze customer redemptions in November. Its largest creditor is Gemini, founded by billionaire identical twins Cameron and Tyler Winklevoss who are also former U.S. Olympic rowers. A bankruptcy court appointed a mediator in April to help Genesis, DCG and its creditors agree on a restructuring plan, but the parties have yet to reach a deal despite several extensions. Under the offer, DCG would retain the proceeds from the sale of Genesis' lending unit. If Silbert and DCG do not agree, Gemini will sue Silbert and DCG, and file a motion to place DCG in default and demand immediate debt repayments, Winklevoss said.

Persons: Cameron, Tyler Winklevoss, Gemini, Barry Silbert, Cameron Winklevoss, Winklevoss, DCG, Mark Zuckerberg, Silbert, ” Winklevoss, Hannah Lang, Dietrich Knauth, Michelle Price, Matthew Lewis Organizations: Digital Currency Group, Gemini, U.S, Olympic, Reuters, Genesis, Meta, Facebook, Thomson Locations: Connecticut, Washington

☆ FTX managed to get $400 million in funding after Sam Bankman-Fried and an attorney invented a 'sham' agreement to explain close ties with Alameda, new CEO says
▼ + stars: | 2023-06-27 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried and an FTX attorney created a false document to explain close relations with Alameda, its CEO said. The false agreement was then shown to investors as part of FTX's $400 million Series C fundraising, the CEO said. FTX managed to raise $400 million in funding while showing false documents to investors, according to the crypto exchange's new CEO. This is a particularly interesting detail because the crypto exchange's implosion last November was provoked by the apparent commingling of funds between FTX and Alameda. for the benefit of the FTX customers,'" the document says.

Persons: Sam Bankman, FTX, John J Ray III, Fried, Ray Organizations: Morning, Alameda Locations: Alameda, FTX's, Delaware, FTX

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