Genesis, a bankrupt crypto lender, has successfully won a legal bid to prevent its parent company, Digital Currency Group (DCG), from selling or diminishing its ownership stake in the firm until the completion of Chapter 11 bankruptcy proceedings. This move by Genesis is aimed at securing vital tax benefits, which…
As bitcoin begins another ascent upwards, competition among existing crypto lenders will continue apace. That means more innovation in lending products and offerings, as new market entrants from traditional finance and crypto look to take a piece of this high-demand industry as well as risks. Much of the market turmoil…
After the courts permitted it to sell off FTX’s crypto assets, the financial services firm, which has recorded steep losses in recent months, is now eyeing other assets from FTX’s vast real estate and venture capital portfolio. The assets under review include an investment in OpenAI rival Anthropic. FTX Assets…
Jack Dorsey’s fintech company Block (SQ) has unveiled its self-custody bitcoin wallet Bitkey for pre-order in more than 95 countries. Bitkey consists of a mobile app, hardware device and a set of recovery tools, Block announced on Thursday. Bitkey includes a mobile app, hardware device, and a set of recovery…
About two years ago, crypto prices topped out. Bitcoin (BTC) almost got to $70,000. Then things got bad, then they got worse and then they got cataclysmic. BTC sank toward $15,000 in the aftermath of FTX’s blow-up. You probably remember! Prices have rebounded for most of 2023, but these felt…
Cristiano Ronaldo, the renowned football icon, has become the subject of a class-action lawsuit filed by the same two plaintiffs who previously sued Changpeng Zhao (CZ), the former CEO of Binance, for $1 billion. The Ronaldo suit, which also seeks a staggering $1 billion in damages, may raise questions, particularly…
Last week, the DoJ announced an enforcement action against Binance’s ex-CEO, Changpeng Zhao, for allegedly allowing Binance to be used to channel money for sanctioned entities and child abusers. The former crypto boss has pleaded guilty and will pay a $50 million fine and face sentencing in February. Binance Volume…
Binance founder and CEO Changpeng “CZ” Zhao is stepping down from his role at the crypto company and pleading guilty against charges put forth by the U.S. Department of Justice. Binance will also pay $4.3 billion as part of the settlement. Richard Teng, previously Binance’s Global Head of Regional Markets,…