Day: 2 December 2022

Daniel Shin, a co-founder of Terraform Labs, appeared in court on Friday to address whether or not he should be detained for allegedly making illicit profits prior to the dramatic collapse of the Terra-LUNA ecosystem.  Shin is accused of concealing pre-issued LUNA tokens from investors and pocketing 140 billion Won ...

Zipmex, a South Asian crypto exchange, has secured a creditor protection extension until April 2, 2023, according to a newsletter on the company's website. The Singapore High Court granted the request and rescheduled any further hearings for December 21, 2022.  Zipmex is one of many exchanges that have suspended withdrawals ...

Fusion Digital Assets, a wholesale exchange for crypto assets run by the TP ICAP group, has been registered with the UK Financial Conduct Authority (FCA). The traditional financial giant has decided to break into the world of cryptocurrency and digital assets. In doing so, it set up an exchange for ...

Nigeria's finance ministry is currently drafting a "Finance Bill 2022" that includes taxes on digital assets, cable undertakings, lottery, and gaming businesses. This was disclosed during a virtual National Executive Council (NEC) meeting presided over by Vice President Yemi Osinbajo. The minister of finance, Zainab Ahmed, briefed the council on ...

In an interview with Bloomberg, Sam Bankman-Fried (SBF) admitted that he had allowed Alameda Research to violate FTX margin restrictions.  He admitted that a post-LUNA crash meeting had taken place during which they discussed what to do about Alameda's debt. It did not appear to be a crisis at the ...

Many cryptocurrency exchanges have adopted Proof-of-Reserves (PoR) to demonstrate transparency and reassure concerned users about the safety of their assets.  Crypto analyst Martin Hiesboeck, however, maintains that PoR can be easily manipulated or misrepresented.  He argued that PoRs are insufficient for verifying an exchange's reserves because they do not "account ...

The United States Trustee overseeing FTX's bankruptcy proceedings has called for an independent investigation into the exchange's collapse. U.S. Trustee Andrew Vara stated in a December 1 motion that within eight days in November, debtors suffered a virtually unprecedented decline in value, going from a market high of $32 billion ...

Ankr Protocol confirmed today via their Twitter handle that its aBNB token had been exploited. According to data from BscScan, a blockchain explorer, the hacker minted over $4 billion of Ankr-wrapped BNB ($aBNBc). The firm is working with exchanges to halt all trading activities. Ankr also stated that underlying assets ...

The cryptocurrency market is currently in a recovery phase. The majority of the major tokens are bullish by a significant margin. This is the first streak of bullish price action since the FTX scandal in November.  XRP, the native token of Ripple, is not left behind in this respect. According ...