FTX assets: Lawyers located billions in cash and crypto located

Two months after FTX filed for bankruptcy, lawyers for the cryptocurrency exchange have begun to identify and put a value on its assets, as they determine how much they will be able to recover to repay lenders and customers who lost billions of dollars. In a court filing, lawyers from the New York firm of … Read more

Binance Says Its Crypto Stablecoin Didn’t Always Have Dollar Backing

The peg for the listed crypto token wore thin due to a “timing mismatch”, the exchange said Tuesday. Last year Terra’s UST stablecoin lost its peg, helping feed a massive selloff in crypto markets. Crypto giant Binance has admitted that it hasn’t always maintained the reserves needed to keep the price of its BUSD-linked stablecoin … Read more

AIIMS continues silence on media reports of ₹200-crore demand by hackers

Patients are seen waiting outside the AIIMS Pediatric Emergency ward, even as servers remained down for over six days. Hackers have allegedly demands a ransom of ₹200 crore in crypto currency from All India Institute of Medical Sciences, in Delhi on November 29, 2022. The services at the All India Institute of Medical Sciences (AIIMS) … Read more

Binance’s FTX Bail Out Follows a Twitter Spat Between the Founders

The CEO of Binance tweeted on Sunday the exchange would be liquidating all its FTT tokens due to “recent revelations.” On Monday, FTX head Bankman-Fried tweeted “a competitor is trying to go after us with false rumors.” Bankman-Fried announced on Tuesday his exchange FTX is to be acquired by Binance. Something is loading. Thanks for … Read more

Starbucks Is Changing Rewards: Web3 Updates

Starbucks CEO Howard Schultz said a new web3 initiative for rewards is coming. The changes will be revealed at Starbucks Investor Day in September. Other chains like McDonald’s, Wendy’s, and Chipotle have ventured into web3 via the metaverse. Something is loading. Starbucks is planning some changes to its iconic rewards program, the coffee chain announced … Read more

Cryptocurrencies a clear danger, says RBI governor Das

Terming cryptocurrencies a “clear danger”, Reserve Bank of India (RBI) governor Shaktikanta Das on Thursday said anything that derives value based on make-believe, without any underlying, is just speculation under a sophisticated name. “While technology has supported the reach of the financial sector and its benefits must be fully harnessed, its potential to disrupt financial … Read more

Why Web3, the Blockchain and Crypto Internet, Is Doomed to Fail

“Fortune favors the brave,” Matt Damon declared in a recent ad. Walking through computer-generated scenes of explorers and adventurers, Damon then told viewers how they could join the ranks of these brave people: by trading cryptocurrency on Crypto.com. The message from the Crypto.com ad — echoed by a slew of other crypto companies that paid … Read more

Joe Biden signs order on cryptocurrency as its use explodes in U.S.

President Joe Biden has signed an executive order on government oversight of cryptocurrency that urges the Federal Reserve to explore whether the central bank should create its own digital currency United States (U.S.) President Joe Biden on Wednesday signed an executive order on government oversight of cryptocurrency that urges the Federal Reserve to explore whether … Read more

BitConnect’s indicted founder Satish Kumbhani vanished, SEC says

BitConnect founder Satish Kumbhani, charged in the U.S. last week with a $2.4 billion Ponzi scheme, has vanished from his native India, officials told a New York judge. In September, before the criminal charges were filed, the U.S. Securities and Exchange Commission had sued Kumbhani, claiming he fraudulently raised more than $2 billion from investors … Read more