U.S. judge believes Celsius Network owns the majority of consumer cryptocurrency deposits
The majority of Celsius Network’s customers would be last in queue for reimbursement in the crypto lender’s bankruptcy, according to a U.S. bankruptcy judge’s ruling on Wednesday that Celsius Network controls the majority of the cryptocurrency that users placed into its online platform.About 600,000 accounts that included assets worth $4.2 billion before Celsius filed bankruptcy…
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Yen reaches 6-month peak as Asia shares consider China fears
As investors assessed the short-term costs of the coronavirus illnesses in China against the long-term advantages of a full reopening of the second-largest economy in the world, Asian equities recovered from recent losses on Tuesday.After falling more than 1.0% in tumultuous early trade, MSCI’s broadest index of Asia-Pacific equities outside of Japan (.MIAPJ0000PUS) eked out…
Binance withdrawals reached $1.9 billion in a day
In the past day, Binance has seen transactions of $1.9 billion, according to blockchain data company Nansen. On Tuesday, the largest cryptocurrency exchange in the world said that it had “temporarily suspended” withdrawals of the well-sought USDC stablecoin.Users and regulators are closely monitoring how cryptocurrency exchanges like Binance and its newly-bankrupt erstwhile rival FTX handle…
Bankman-FTX Fried and co. purchased $300 million worth of property in the Bahamas
In the past two years, at least 19 homes worth close to $121 million have been purchased in the Bahamas by Sam Bankman-FTX, Fried’s parents, and senior officials of the defunct cryptocurrency exchange, according to official property records.Meanwhile, attorneys for FTX claimed on Tuesday that FTX was managed as a “fief” of Bankman-Fried and that…
FTX founder’s comments present a dilemma for his attorneys
Legal experts claimed that the creator of FTX, Sam Bankman-Fried, who is facing increasing legal repercussions for the failure of his crypto exchange, may have jeopardized his defence by speaking out recently.In tweets and meetings with the media, Bankman-Fried has criticized government regulations and attempted to explain why FTX crashed. Such statements, according to lawyers,…
Bitcoin trader Genesis halts withdrawals; Bankman-Fried & stars are charged
Genesis Global Capital, a cryptocurrency broker, announced on Wednesday that it has suspended redemptions and fresh loan originations at its financing division as the latest indication of the industry’s reaction to the collapse of major crypto exchange FTX last week.In one of the most publicized cryptocurrency meltdowns, FTX filed for bankruptcy shelter on Friday after…
Competitor exchanges work to soothe investors as regulators monitor FTX
Following the collapse of cryptocurrency exchange FTX last week, pressure on bitcoin and other digital currencies persisted on Monday, despite efforts by other exchanges to reassure uneasy investors of their own soundness.In a YouTube Livestream address, Kris Marszalek, the CEO of Singapore-based cryptocurrency exchange Crypto.com, denied rumours that the business might be in difficulty and…
Client funds totalling at minimum $1 billion are missing from FTX
Two persons with knowledge of the situation unveiled that the defunct crypto exchange FTX has lost at least $1 billion in customer assets.The sources claimed Sam Bankman-Fried, the creator of the exchange, secretly transferred $10 billion in customer funds from FTX to Fried’s Bankman-trading firm Alameda Research.They said that a significant portion of that amount…
Poll says if inflation declines, the Fed must stop raising interest rates by 75 bps
On Nov. 2, the U.S. Federal Reserve will raise interest rates by 75 basis points for the fourth time in a row, according to economists surveyed. They suggested that the central bank should continue raising rates until inflation is roughly half its current level. There are now greater risks of recession as a result of…
Wall Street rises as data; RBA action raises expectations of Fed easing
The S&P 500 index (.SPX) had its largest one-day gain in two years on Tuesday as lower U.S. economic data as well as Australia’s relatively small interest rate move fueled expectations for a more gradual Federal Reserve tightening.Although there is still a healthy labour market, the number of job postings in the United States decreased…