The once-prominent FTX exchange recently made headlines for emptying its FTT treasury account, transferring a staggering amount of assets to a new wallet address on April 18. According to Arkham Intelligence’s dashboard, the transferred assets included 195.87 million FTT tokens valued at approximately $247 million, 1,938 ETH valued at around $6 million, and 6.36 million
Exchanges
Binance, one of the leading cryptocurrency exchanges, recently announced the conversion of its Secure Asset Fund for Users (SAFU) into Circle’s USD Coin (USDC) stablecoin. This move has significant implications for the exchange and its users, highlighting a shift towards greater reliability and stability. The completion of the SAFU fund conversion to USDC signifies a
The recent analysis conducted by crypto exchange Bybit has highlighted a concerning trend in the Bitcoin market. According to the report, there is a potential shortage of Bitcoin on exchanges by the end of 2024 if the current demand levels persist. The report predicts that reserves could be entirely depleted within the next nine months
US Senators Elizabeth Warren and Charles Grassley have formally requested a detailed accounting of all interactions between Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam and disgraced crypto mogul Sam Bankman-Fried (SBF). The formal request was made in an April 12 letter and aims to shed light on potential regulatory failures following Bankman-Fried’s recent 25-year
The Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury recently commended crypto exchange Coinbase for its crucial role in aiding major criminal investigations. Through a letter addressed to Coinbase CEO Brian Armstrong, FinCEN emphasized the digital currency exchange’s commitment to compliance and reporting practices that have been instrumental in supporting law
Recently, a Nigerian High Court in Abuja made a significant decision to remand the detained Binance executive, Tigran Gambaryan, in prison. This decision came after the postponement of his bail hearing. Gambaryan, who is a US citizen, pleaded not guilty to money laundering charges and will not be released until his bail hearing on April
FTX creditors have expressed strong disapproval towards the decision made by the bankrupt crypto exchange to sell its Solana holdings at a significant discount to crypto venture firms. Selling 30 million SOL at a rate of $64 each to VC firms like Pantera Capital and Galaxy Trading, which is a 62% markdown from the current
The recent court hearing involving crypto exchange Binance in Nigeria on April 4 raised eyebrows due to the absence of legal representation. Instead, only the compliance chief, Tigran Gambaryan, was present, who has been detained by the Nigerian government since February. Despite expectations for the case to move forward, the Nigerian High Court decided to
KuCoin has recently faced legal challenges with US authorities, leading to a significant decline in user assets on the exchange. The latest proof-of-reserve certificate revealed that users’ Bitcoin holdings decreased by 25.4% to 12,114 BTC in March, with Ethereum balances plummeting by approximately 22% to around 112,000 ETH. Similarly, the amount of Tether’s USDT held
Coinbase CFO Alesia Haas recently expressed her belief that Ethereum (ETH) should not be classified as a security. In an interview with Fortune, she highlighted that both the SEC and the CFTC have previously stated the same opinion. Haas attributed the uncertainty surrounding Ethereum’s classification to the absence of clear regulatory guidelines for cryptocurrencies in
