Failed crypto exchange FTX is suing co-founder and former Chief Executive Sam Bankman-Fried and others, seeking to claw back about $240 million related to the company’s acquisition of stock-trading platform Embed. In a filing Wednesday in U.S. Bankruptcy Court in Delaware, FTX claimed Bankman-Fried and others — including FTX co-founders Zixiao Wang and Nishad Singh…
Crypto exchange Binance paused bitcoin withdrawals twice Sunday, saying the blockchain was congested by too many pending transactions. “We’ve temporarily closed #BTC withdrawals due to the large volume of pending transactions,” Binance said Sunday night on Twitter. “Our team is currently working on a fix and will reopen $BTC withdrawals as soon as possible. Rest…
Meta and Amazon are the latest big-name tech companies in the layoffs spotlight, joining Dropbox, Electronic Arts, Palantir Technologies, Twilio, Zoom, eBay, Okta, Splunk, PayPal, IBM, SAP, Spotify, Alphabet, Intel, Microsoft, Coinbase, Cisco, and Salesforce. More than 184,000 global technology-sector employees have been laid off since the start of 2023, according to data compiled by…
After months of allegedly dodging lawyers, Hall of Fame basketball star Shaquille O’Neal has finally been served in a shareholders’ lawsuit against bankrupt crypto platform FTX. “Plaintiffs in the billion $ FTX class action case just served @SHAQ outside his house,” the Moskowitz Law Firm said in a tweet Sunday. “His home video cameras recorded…
Silvergate Capital SI, -11.27% served as one of the main banks for the crypto industry, prior to its collapse earlier this week. The news came just a week after the firm delayed its annual report to the U.S. Securities and Exchange Commission, causing shares of the Silvergate Capital to slump. Here’s an overview of the…
Crypto exchange Coinbase said Friday it is temporarily suspending the conversion between stablecoin USDC and USD over the weekend, after the stablecoin’s creator Circle said about $3.3 billion, or more than 8% of over $40 billion USDC reserves, are held at Silicon Valley Bank, which collapsed on Friday. USDC USDCUSD, -8.68%, which is co-supported by…
In our aging society, a frequent topic of conversation is how to help older people who have lost some of their physical or mental abilities. It is easy to advise someone to obtain power of attorney for a parent or other loved one, but it can be a challenge to actually make use of a…
Coinbase Global Inc. on Tuesday reported fourth-quarter results that beat estimates, and said the crypto market had “improved” so far in the first quarter but that the rest of the year remains cloudy. The crypto-trading platform reported a fourth-quarter net loss of $557 million, or $2.46 a share, compared with a profit of $840 million,…
The nation’s retailers limped into last year’s holiday season with too much stuff that people didn’t want. We’re about to find out how much of it they were able to get rid of, and how much an avalanche of markdowns hurt profits. Results from the likes of Walmart Inc. WMT, +1.50%, Home Depot Inc. HD,…
Crypto hedge fund Galois Capital will close its flagship $200 million fund with half of its assets still stuck on the fallen crypto exchange FTX. The firm confirmed the shutdown on Twitter on Monday after the Financial Times reported the fund was closing. The fund suffered from the FTX blow-up last November, admitting that it…
If you tuned into the Super Bowl in 2022, you would’ve seen Larry David in an ad for crypto exchange FTX, in which he played a crypto skeptic who wasn’t sure that the platform would ever take off. As it turns out, he was right. In November, FTX filed for bankruptcy and former chief executive…
“ We’re technology neutral at the SEC, but we’re clearly very focused on American protection…330 million Americans are our clients. ” — Gary Gensler, Chair of the U.S. Securities and Exchange Commission U.S. Securities and Exchange Commission Chair, Gary Gensler, defended his agency’s move against crypto exchange Kraken on CNBC’s Squawk Box Friday morning, saying…
Some crypto-industry participants are worried that a charge brought by the U.S. Securities and Exchange Commission against crypto exchange Kraken may lead to a ban on digital-asset staking. On Thursday, the SEC charged Kraken with failing to register its staking program as securities. Kraken has ended its staking program in the U.S. and agreed to pay…
A U.S. Securities and Exchange Commission ban on crypto staking would be a “terrible path” for the industry, Brian Armstrong, chief executive and co-founder of crypto exchange Coinbase COIN, -7.55%, believes. In a series of Tweets on Wednesday night, Armstrong suggested that he’d been hearing rumors that regulators would like to get rid of crypto…
Sam Bankman-Fried was released on bond after two anonymous individuals put up a total of $700,000, according to court filings. Bankman-Fried, the disgraced former crypto mogul whose FTX exchange declared bankruptcy in November, has been under house arrest in his parents’ $4 million Palo Alto, Calif., home since last month. He was released from federal custody in…
Last year the price of bitcoin plunged 64%. The price was down 19% from Nov. 1 through the end of the year. That action followed CoinDesk’s Nov. 2 report about the “unusually close” relationship between FTX and Alameda Research. Both companies were co-founded by Sam Bankman-Fried and FTX filed for bankruptcy on Nov. 11. But…
Crypto exchange Coinbase COIN, +8.32% has announced it will cease operations in Japan, citing unstable “market conditions” in a blog post on Wednesday. Customers in Japan will have until Feb. 16 to withdraw fiat deposits and crypto holdings. After that date, all remaining crypto holdings on the exchange in the country will be converted into…
Brett Harrison, former head of the U.S. arm of FTX, distanced himself from the crypto exchange co-founded by Sam Bankman-Fried, which filed for bankruptcy back in November. Harrison, who resigned as FTX US’s president in September, wrote about his experience with the company in a 49-part Twitter thread published Tuesday. Harrison had rarely made any…
Bitcoin, the largest cryptocurrency by market capitalization, has spiked above the the $21,000 mark on Saturday. The move has encouraged crypto investors who have been shaken by the collapse of several high-profile crypto companies, including cryptocurrency exchange FTX. This is the first time since Nov. 8, 2022, that Bitcoin BTCUSD, +5.02% has crossed $20,000 and…
U.S. securities regulators on Thursday charged Genesis Global Capital and crypto exchange Gemini Trust Co. with offering and selling of unregistered securities to retail investors, bypassing disclosures and other requirements aimed at protecting market participants. Genesis and Gemini raised billions of dollars’ worth of crypto assets from hundreds of thousands of investors through unregistered offers,…