FTX sues Sam Bankman-Fried, seeking to claw back $240 million from Embed deal

FTX sues Sam Bankman-Fried, seeking to claw back $240 million from Embed deal

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…

Binance twice pauses bitcoin withdrawals due to ‘large volume’

Binance twice pauses bitcoin withdrawals due to ‘large volume’

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…

Tech layoffs roll on as Meta and Amazon make cuts

Tech layoffs roll on as Meta and Amazon make cuts

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…

Shaq has finally been served in FTX shareholders’ lawsuit

Shaq has finally been served in FTX shareholders’ lawsuit

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…

What happened to Silvergate Capital? And why does it matter?

What happened to Silvergate Capital? And why does it matter?

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…

Stablecoin USDC faces $3.3 billion exposure to Silicon Valley Bank

Stablecoin USDC faces $3.3 billion exposure to Silicon Valley Bank

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…

Coinbase says crypto markets have ‘improved,’ but rest of year is uncertain

Coinbase says crypto markets have ‘improved,’ but rest of year is uncertain

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,…

Just how bad were holiday sales? The world’s biggest retailers are about to tell us

Just how bad were holiday sales? The world’s biggest retailers are about to tell us

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,…

Galois Capital shuts down flagship crypto fund with $100 million stuck on FTX

Galois Capital shuts down flagship crypto fund with $100 million stuck on FTX

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…

Gary Gensler comments on crypto staking: ‘We’re technology neutral at the SEC, but we’re clearly very focused on American protection’

Gary Gensler comments on crypto staking: ‘We’re technology neutral at the SEC, but we’re clearly very focused on American protection’

“ 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…

Crypto industry fears a staking ban, and some are turning to bitcoin

Crypto industry fears a staking ban, and some are turning to bitcoin

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…

Regulating crypto staking would be a “terrible path” for retail traders says Coinbase CEO Brian Armstrong

Regulating crypto staking would be a “terrible path” for retail traders says Coinbase CEO Brian Armstrong

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’s two anonymous sponsors put up $700,000 to get him out of jail

Sam Bankman-Fried’s two anonymous sponsors put up $700,000 to get him out of jail

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…

Coinbase to close operations in Japan in February

Coinbase to close operations in Japan in February

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…

Former FTX US head denies participation in fraud involving the company

Former FTX US head denies participation in fraud involving the company

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 spikes above $21,000: is the crypto bear market over ?

Bitcoin spikes above $21,000: is the crypto bear market over ?

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…

Genesis, Winklevoss twins’ Gemini crypto venture charged by SEC with selling unregistered securities

Genesis, Winklevoss twins’ Gemini crypto venture charged by SEC with selling unregistered securities

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,…