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Just weeks before crypto lender Genesis filed for bankruptcy, three former employees of the company had secured millions of dollars for a new crypto hedge fund, according to correspondence viewed by CNBC. Gemini, a crypto exchange and major Genesis client, accused Ballensweig of falsely reassuring Gemini in July that Genesis was financially stable. The ex-Genesis employees teamed up with Adam Guren from hedge fund Hunting Hill, Ballensweig said. Hunting Hill is a $718 million hedge fund, which launched in 2010 and moved into digital asset investing in 2020 with a crypto opportunities fund. Neither Hunting Hill nor Bessemer immediately responded to a request for comment.

☆ ChatGPT-style A.I. replaced crypto as the hot tech topic for Davos crowd at 2023's WEF summit
▼ + stars: | 2023-01-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

Jonathan Raa | Nurphoto | Getty ImagesAttendees of the annual World Economic Forum couldn't get enough of a new development in the realm of artificial intelligence: generative AI. Most machine learning tools rely on existing information and identify patterns in the data to pick out trends or reach a preferred outcome. Generative AI tools like ChatGPT and Dall-E stand out from the crowd through their ability to take data inputs and create new content. This week at the WEF forum in Davos, Switzerland, generative AI virtually replaced crypto and so-called "Web3" as the hyped technology of choice for top business executives and policymakers. "Generative AI has a huge potential," said Hiroaki Kitano, CEO of Sony Computer Science Laboratories, on Tuesday's generative AI panel.

☆ The former FTX US president just raised money from Anthony Scaramucci and Coinbase Ventures for his new crypto startup
▼ + stars: | 2023-01-20 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

Former FTX US president Brett Harrison started a new crypto infrastructure trading startup called Architect. The firm raised $5 million in a pre-product financing round, with backing from Coinbase Ventures. After nearly four months since stepping down as president of FTX US, Brett Harrison has raised $5 million for his new crypto trading infrastructure startup. The company, called Architect, is building software that aims to make trading in crypto markets easier for large investors and institutions. He served as FTX US president for 17 months before he stepped down in late September of 2022.

☆ Anthony Scaramucci compared Sam Bankman-Fried to Bernie Madoff, and alluded to Dante's 'Inferno' as he discussed the FTX founder's downfall
▼ + stars: | 2023-01-17 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Anthony Scaramucci spoke about his relationship with Sam Bankman-Fried at a Davos crypto panel. Scaramucci alluded to the circles of hell in Dante's "Divine Comedy" and compared SBF to Bernie Madoff. FTX bought 30% of SkyBridge Capital for $45 million in September 2022. The Financial Times reported that SkyBridge Capital also bought $10 million of FTX's cryptocurrency, FTT, as part of the deal's requirements. "I made a mistake being involved with Sam," Scaramucci said.

☆ Hong Kong set to shortlist crypto tokens for retail trading
▼ + stars: | 2023-01-11 | by ( Georgina Lee | ) www.reuters.com time to read: +2 min

HONG KONG, Jan 11 (Reuters) - Hong Kong securities watchdog will propose a subset of tokens it would allow for retail investors' trading, its chief executive said on Wednesday, as it presses on with a new regulatory regime that will make the city more friendly to crypto startups. Hong Kong's move to allow retail trading in cryptocurrencies has come after months of turmoil in the sector, with the collapse of crypto exchange FTX the latest blow. The SFC will start accepting applications for VASP licences, in mid 2024, Leung said. The new crypto regime requires all trading platforms and exchanges to apply for a licence failing which would result in fines and jail terms,Industry sources have said they expected the consultation on retail trading to start within the first quarter. Leung said the tokenization of investment funds and bonds will also fall under the purview of the SFC.

☆ Regulators warn U.S. banks on crypto risks including 'fraud and scams’ after FTX collapse
▼ + stars: | 2023-01-03 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

U.S. banking regulators warned financial institutions on Tuesday that dealing with cryptocurrency exposes them to an array of risks, including scams and fraud. The comments come just weeks after the spectacular collapse of crypto exchange FTX. The regulators said the risks include: "fraud and scams among crypto-asset sector participants" and "contagion risk within the crypto-asset sector resulting from interconnections among certain crypto-asset participants." Now, about two months after the bankruptcy filing of FTX, the industry has been exposed as rife with poor risk management, interconnected risks and outright fraud. Traditional banks have largely sidestepped the crypto meltdown, unlike the 2008 financial crisis in which they played a central role.

☆ From a Deepfaked Elon Musk to RadioShack’s NSFW Tweets, CMO Today’s Twenty-Two Most-Read Stories of 2022
▼ + stars: | 2022-12-29 | by ( Nat Ives | ) www.wsj.com time to read: +7 min

Our report on deepfakes was the most-read CMO Today story in 2022. Prepare for what’s coming with this list of CMO Today’s most-read coverage in 2022, presented in order of popularity. How NSFW Tweets Plug Into RadioShack’s New Marketing StrategyAbel Czupor, who leads RadioShack’s newly edgy marketing. Newsletter Sign-up WSJ | CMO Today CMO Today delivers the most important news of the day for media and marketing professionals. Photo: KayakA hospitality empire decided to try its hand at ad sales, too.

☆ CSOP explains how its new crypto futures ETFs offer investors better exposure to bitcoin, ether
▼ + stars: | 2022-12-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCSOP explains how its new crypto futures ETFs offer investors better exposure to bitcoin, etherDing Chen of CSOP says cryptocurrency assets are associated with volatility, but its ETFs are regulated and listed on the Hong Kong Stock Exchange.

☆ New York Financial Regulator Issues Crypto Guidance for Banks
▼ + stars: | 2022-12-15 | by ( Mengqi Sun | ) www.wsj.com time to read: +4 min

New York’s financial regulator said banks looking to enter the cryptocurrency space need to first seek approval from the regulator. U.S. banks and foreign banks with branches in New York that are under NYDFS supervision should notify the agency at least 90 days before starting any new or significantly different crypto-related activities, according to the guidance. NYDFS is one of the first state financial regulators to issue such guidance for banks. PREVIEWNYDFS Superintendent Adrienne Harris said the guidance is needed as the traditional financial institutions continue to innovate and as the crypto market evolves over time. New York’s financial regulator, which oversees insurance companies and state-chartered banks, already plays an outsize role nationally in overseeing the financial services sector.

☆ Bahamian officials asked Sam Bankman-Fried to mint new crypto coins after FTX had filed for bankruptcy, lawyers claim
▼ + stars: | 2022-12-13 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Bahamian officials asked Sam Bankman-Fried to mint new crypto coins as FTX collapsed, US lawyers say. Bankman-Fried was arrested in the Bahamas on Monday after the US filed criminal charges. The court filing accused Bahamas officials of instructing Bankman-Fried and FTX cofounder Gary Wang to "mint a substantial amount of new tokens." FTX filed for Chapter 11 bankruptcy on November 11 and Bankman-Fried stepped down as CEO with immediate effect. Tensions between the US team and the Bahamian officials have been escalating in the court filings.

☆ Man behind the iPod launches new cryptocurrency wallet
▼ + stars: | 2022-12-06 | by ( Martin Coulter | ) www.reuters.com time to read: +2 min

LONDON, Dec 6 (Reuters) - Tony Fadell, a well-known Silicon Valley executive known as the father of the iPod, on Tuesday unveiled his latest project - a hardware wallet used to store cryptocurrency offline. Now Fadell has teamed up with Ledger, the French technology firm, to design a new offline cryptocurrency wallet. Previous models released by Ledger, such as the Nano S and Nano S, have been shaped like USB memory sticks. Fadell's new design, the Ledger Stax, is a credit-card sized device featuring a curved spine and electronic-ink display. The Ledger Stax will sell for $279 online from early 2023.

☆ Banker bonuses are set to be so bad even the firm's revenue drivers are going to get dinged
▼ + stars: | 2022-12-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

A man pauses outside of the New York Stock Exchange (NYSE) on January 15, 2016 in New York City. While they aren't internally announced and paid until early next year, firms are wrapping up discussions about the size of bonus pools that divisions will be able to disperse from. And for many firms, the pools are being resized from Olympic to kiddie. The Financial Times reported Friday that JPMorgan Chase, Citigroup, and Bank of America are considering cutting bonus pools within M&A and IPO teams by 30%. More on how crypto firms are hoping ads can quell trust concerns.

☆ FTX's former US president is reportedly raising money for a new crypto startup after the crypto exchange's collapse
▼ + stars: | 2022-12-03 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +2 min

Brett Harrison, FTX US's former president, is reportedly raising money for a new crypto startup. Harrison left FTX just weeks before it slid into bankruptcy amid allegations of misused customer funds. Harrison's attempt to raise money comes when many investors are weary of wading deeper into the crypto industry. Before working at FTX, Harrison worked at traditional trading firms, including Jane Street, where he once worked with Bankman-Fried, according to the report. Harrison's attempt to raise money for a crypto startup comes when many prominent investors have grown weary of wading deeper into the industry.

☆ Former FTX exec in talks with investors for new crypto startup - The Information
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

Dec 2 (Reuters) - Brett Harrison, the former president of collapsed crypto exchange FTX's U.S. arm, is trying to raise money for a new crypto startup, the Information reported on Friday, citing two people with knowledge of the matter. Harrison has told at least one venture capital firm he is aiming to raise $6 million at a valuation of $60 million for a firm focused on crypto trading software for big investors, the report added. This comes weeks after FTX filed for U.S. bankruptcy protection and its founder Sam Bankman-Fried resigned as chief executive, after rival exchange Binance walked away from a proposed acquisition. The collapse has rippled across the industry hobbling liquidity at other major players including crypto lenders BlockFi and Genesis. Many firms have since been bracing for a fallout as a sell-off in digital assets deepens and venture investors lose appetite for crypto firms.

☆ Senate banking chief urges U.S. Treasury to secure new crypto rules
▼ + stars: | 2022-11-30 | by ( Hannah Lang | ) www.reuters.com time to read: +1 min

[1/2] A representation of virtual currency Bitcoin and U.S. One Dollar banknotes are seen in front of a stock graph in this illustration taken January 8, 2021. Senator Sherrod Brown of Ohio also urged the Financial Stability Oversight Council (FSOC), a U.S. regulatory panel comprising top financial regulators, to find ways to enhance crypto asset disclosures and bolster market integrity. FTX filed for bankruptcy on Nov. 11 after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal, sending shock waves across the crypto market. In that report, regulators identified several gaps in the oversight of cryptocurrencies, including in the crypto spot market for tokens that are not securities. Reporting by Hannah Lang in Washington Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Insiders detail how Wall Street is preparing for a post-FTX world, from heightened scrutiny on crypto deals to rethinking hiring plans
▼ + stars: | 2022-11-22 | by ( Morgan Chittum | Bianca Chan | Carter Johnson | ) www.businessinsider.com time to read: +12 min

Most Wall Street firms have executed big crypto and blockchain initiatives. The ties between Wall Street, Main Street, and digital assets have never been tighter. Some traditional firms have chosen crypto custodians to do that for them, while others offer it themselves. Fidelity also has its own digital assets custody offering, and reportedly had plans to continue building out its digital-asset team as recently as late October. 121, which requires most SEC registrants to record the fair value of custodied digital assets as a liability.

Two years later, Bautista and hundreds of thousands of other FTX customers are in limbo, shocked and unsure what happens next. FTX has paused customer withdrawals, and there’s growing doubt that customers will be able to recover any of their assets. “It’s lost at this point.”Bautista, 34, got the FTX itch thanks in part to flashy advertising. FTX, boosted by celebrities like NFL giant Tom Brady and pumped up by Silicon Valley bigwigs, struck Bautista as the most reliable crypto platform on the market. The firm has started the process of filing for Chapter 11 bankruptcy, Bankman-Fried has resigned — and Bautista lost access to his crypto portfolio.

☆ Alameda, FTX executives knew crypto exchange was using customer funds - WSJ
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +1 min

Nov 12 (Reuters) - FTX-affiliated crypto trading firm Alameda Research's Chief Executive Officer Caroline Ellison and senior FTX officials knew that the crypto exchange had lent Alameda its customer funds to help meet liabilities, the Wall Street Journal reported on Saturday. Reuters reported Friday that FTX founder and former CEO Sam Bankman-Fried had secretly transferred $10 billion of customer funds from FTX to Alameda. Ellison told employees in a video meeting on Wednesday that she, Bankman-Fried, and two other executives, Nishad Singh and Gary Wang were aware of the decision to move customer funds to Alameda, the Journal said, citing people familiar with the matter. FTX filed for U.S. bankruptcy protection early Friday and Bankman-Fried resigned as chief executive. FTX and Alameda Research did not immediately respond to Reuters' requests for comment.

☆ Nvidia's new chip to address U.S. export rules to China should help blunt lost sales risk
▼ + stars: | 2022-11-08 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

We view the news as a step in the right direction toward mitigating lost sales in China. Lost revenue risk At the time when the new rules became known, Nvidia said it expected that as much as $400 million in sales in China were at risk in its fiscal third quarter. Though of course, future quarters could also be impacted as China has historically been a big market for the company. The last time it was a new crypto mining chip aimed at addressing a video gaming chip shortage. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Morning Bid: Midterms vigil and new crypto wobble
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike Dolan. Tuesday's U.S. mid-term elections held world markets in thrall and investors now assume policy gridlock will emerge as the winner. With a critical U.S. inflation reading due on Thursday, there was some attention on San Francisco Fed research showing credit across the economy is tighter than the Fed's policy rate suggests and financial conditions by September were more reflective of a 5.25% policy rate than the current 3.75%-4%. FTX token , the native token of crypto exchange FTX, plunged 20% amid a range of reports and speculation that dragged the whole crypto complex lower and saw drop 5%. FTX has come under pressure after the head of rival exchange Binance said on Sunday his firm would liquidate its holdings of the FTX token due to unspecified "recent revelations".

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEther tests $1,300 level, and new crypto trading service comes to Europe: 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, Sridhar Ramaswamy, the former head of Google's ad business, discusses his new Web3 search startup.

☆ Best Online Stock Trading Platforms of 2022
▼ + stars: | 2022-10-15 | by ( ) www.wsj.com time to read: +15 min

Luckily, the past few years has seen a profusion of online stock trading platforms. We spent hours comparing more than a dozen stock trading platforms looking for the most intuitive tools, in-depth research and access to guidance and other educational content. We considered all of this when making our picks for the Best Stock Trading Platforms of 2022. How we pickedTo pick Buy Side from WSJ’s best stock trading platforms, we reviewed offerings from more than a dozen companies. Morgan Stanley is the corporate parent of E*Trade, one of the stock trading platforms considered for this story.

☆ Crypto regulation laggards spur arbitrage risk - French central banker
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterFrancois Villeroy de Galhau, Governor of Banque de France, attends the Paris Europlace International Financial Forum in Paris, France, July 12, 2022. REUTERS/Benoit TessierPARIS, Sept 27 (Reuters) - Countries that are slow to build up regulations for crypto assets could create arbitrage risks that players operating globally could exploit, the head of France's central bank said on Tuesday. read moreBut crypto assets, such as cryptocurrencies like bitcoin, are largely still unregulated globally. "We should be extremely mindful to avoid adopting diverging or contradictory regulations, or regulating too late," Villeroy told a conference on digital finance in Paris. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Leigh Thomas.

The recording was provided by Tiffany Fong, who says she is one of the 500,000 Celsius customers with funds locked in the platform. In the recording, Celsius co-founder Nuke Goldstein outlines a compensation plan for customers who deposited assets in Celsius' "Earn" account, for which Celsius had promised yields as high as 17%. The tokens represent the ratio between what Celsius owes customers and what assets they have available. Celsius also intends to allow customers to redeem these tokens, according to Goldstein. He said the tokens can be redeemed on Celsius for a value likely less than what they are owed or on crypto platforms like Uniswap, allowing the market to determine the tokens' value.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin swings lower in volatile trading day, and Nasdaq preps new crypto service: 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, Bruno Ramos de Sousa, head of Global Expansion at Hashdex, discusses macro pressures facing the crypto industry.

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