Author: Max Bauer
Tether Limited has announced it will vigorously defend itself against a lawsuit filed by Celsius Network Limited through the Blockchain Recovery Investment Consortium, LLC, in the United States Bankruptcy Court for the Southern District of New York. According to Tether, the lawsuit, initiated on August 9, 2024, is without merit and is an attempt to shift the financial burden of Celsius Network’s alleged mismanagement onto Tether. The dispute originates from a 2022 agreement in which Tether provided USD₮ to Celsius, with bitcoin (BTC) posted as collateral. When BTC prices fell in June 2022, the agreement required Celsius to post additional…
Blockchain investigator ZachXBT has alleged that suspected insiders reaped $3.8 million in profits through a pump-and-dump scheme involving the newly launched RTR token. According to ZachXBT’s social media posts, four blockchain addresses were identified as having benefitted from the scheme, with two addresses starting with 9G1ELG and GHoW2 evidently belonging to the same individual. These addresses received a combined total of 500 SOL in new funds within minutes of the token’s public launch. The RTR token was introduced on the evening of August 8, coinciding with significant speculation within the community that it was associated with a new project related…
The voting period for the FTX customer compensation plan is set to close at 4 p.m. on August 16, according to the Kroll voting interface. The voting process began in mid-July, when the FTX Unsecured Creditors Official Committee (UCC) announced that FTX debtors had started distributing ballots and soliciting feedback on the compensation plan through Kroll. Customers and creditors who hold fiat currency or cryptocurrencies other than FTT and have filed claims are eligible to participate in the vote. The UCC has strongly encouraged all eligible parties to cast their votes in favor of the plan, emphasizing its importance in…
Bitcoin has made a notable recovery, climbing back above the $61,000 mark after a period of volatility. As of the latest data, Bitcoin is currently quoted at $61,016, signaling a renewed upward momentum for the leading cryptocurrency. This rebound comes in the wake of significant market liquidations, with a total of $100.21 million liquidated in the past 24 hours. The liquidation data shows a clear dominance of short positions, with $60.53 million in long positions liquidated compared to $39.68 million in short positions. Breaking down the liquidation data further: The data highlights a trend where short positions have been more…
Franklin Templeton, a global asset management firm, has expanded its blockchain-based offerings by launching its Nasdaq-listed OnChain U.S. Government Money Fund (FOBXX) within the Arbitrum ecosystem. This move comes as tokenized funds based on real-world assets (RWAs) continue to attract significant interest from investors. On Thursday, Franklin Templeton announced that FOBXX is now accessible through digital wallets on the Arbitrum network. The launch is part of the company’s broader strategy to increase the fund’s availability to retail investors by integrating it into secure and high-activity blockchain networks. Roger Bayston, Franklin Templeton’s Head of Digital Assets, emphasized the importance of network…
Cryptocurrency exchange Coinbase announced that it has added the Across Protocol (ACX) to its listing roadmap. Across Protocol (ACX) is a decentralized bridge designed to facilitate the transfer of assets between different blockchain networks, particularly Layer 1 (L1) and Layer 2 (L2) solutions. It aims to provide a fast, secure, and cost-effective way for users to move assets across chains. Across Protocol is particularly focused on supporting Layer 2 networks, such as Optimism, Arbitrum, and others. ACX is currently listed on more obscure cryptocurrency exchanges such as Gateio, MEXC, but not Binance. ACX price experienced a significant surge following Coinbase’s…
Federal Reserve members Austan Goolsbee and Thomas Barkin offered their perspectives on the current state of the U.S. economy, with a particular focus on labor market conditions and the implications for monetary policy. Goolsbee: “The Fed Watches the Markets, But They Don’t Drive Policy” Austan Goolsbee, President of the Federal Reserve Bank of Chicago, emphasized the Federal Reserve’s cautious approach in monitoring economic indicators without letting market reactions dictate policy decisions. He noted that while the Fed is attuned to market movements, the real focus remains on underlying economic fundamentals. “The question is if the job market will hold, or…
The Commodity Futures Trading Commission (CFTC) has awarded over $1 million to a whistleblower who played a crucial role in aiding an investigation related to digital assets. The whistleblower provided significant information and assistance that directly led to the CFTC taking enforcement action in connection with the digital asset markets. “Identifying unlawful conduct in the digital asset marketplace is a major priority for the CFTC, especially as everyday Americans are increasingly victimized by digital asset scams,” stated Ian McGinley, Director of Enforcement at the CFTC. He highlighted that during the last fiscal year, nearly 50% of the CFTC’s cases involved…
The U.S. Federal Reserve announced on Thursday that it has taken enforcement action against Customers Bancorp (CUBI.N) due to “significant deficiencies” in the bank’s risk management and anti-money laundering (AML) practices. The Pennsylvania-based bank, which offers digital asset services and operates a tokenized instant payments platform, has come under scrutiny following a recent examination by the Federal Reserve. The news sent the bank’s stock plummeting, with shares dropping more than 20% in midday trading as investors reacted to the announcement. While the enforcement action does not include a financial penalty, it mandates that Customers Bancorp undertake a comprehensive overhaul of…
The Commodity Futures Trading Commission today announced the U.S. District Court for the Southern District of New York entered a consent order of permanent injunction and other equitable relief against FTX Trading Ltd. and Alameda Research LLC (together, FTX) and ordered FTX to pay $12.7 billion in monetary relief to FTX customers and victims of FTX’s fraud. The order requires FTX to pay $8.7 billion in restitution and $4 billion in disgorgement, which will be used to further compensate victims for losses suffered as a result of the massive fraudulent scheme orchestrated by Samuel Bankman-Fried, his now-bankrupt FTX group of…