All articles tagged with #cryptocurrency exchange
DMM Bitcoin Co., a Japanese cryptocurrency exchange, reported the disappearance of digital assets worth 48.2 billion yen ($300 million) and suspended operations. This incident is the second-largest cryptocurrency loss in Japan, following the 58 billion yen stolen from Coincheck in 2018. Tokyo police are investigating the case.
Sam Bankman-Fried, founder of FTX, has filed an appeal against his 25-year prison sentence and fraud conviction related to misappropriating around $10 billion in customer money at the cryptocurrency exchange FTX and a related hedge fund, Alameda Research. The appeal will be heard by the 2nd Circuit U.S. Court of Appeals in Manhattan, but the odds of having the conviction overturned are low. Bankman-Fried's lawyer did not immediately respond to a request for comment. Four other top executives at FTX and Alameda previously pleaded guilty, and one of them is due to be sentenced soon.
The US has charged KuCoin, a major cryptocurrency exchange, with violating anti-money laundering laws by failing to vet customers and allowing billions of dollars in illicit funds to be transferred since its founding in 2017. The exchange's founders, Chinese nationals Chun Gan and Ke Tang, have also been charged with conspiracy. KuCoin has stated that it respects the laws and regulations of various countries and strictly adheres to compliance standards. Additionally, the US Commodity Futures Trading Commission has filed a civil lawsuit against KuCoin for failing to register its futures and swaps activities with the regulator.
The prominent global cryptocurrency exchange KuCoin and two of its founders have been criminally charged with operating an unlicensed money transmitting business and violating the Bank Secrecy Act by failing to maintain an adequate anti-money laundering program. The indictment alleges that KuCoin deliberately concealed the fact that substantial numbers of U.S. users were trading on its platform and failed to implement basic anti-money laundering policies, allowing the exchange to be used as a haven for illicit money laundering. The founders, CHUN GAN and KE TANG, remain at large, and the charges carry potential maximum sentences of up to 10 years in prison.
Binance announced that it will no longer support the deposit and withdrawal of the USDC stablecoin on the Tron blockchain network starting from April 5. This decision follows Circle's move to cease creating USDC tokens on the Tron blockchain. Despite this change, users can still trade USDC on Binance, and deposits and withdrawals via other supported networks will not be affected. Tron, whose founder Justin Sun faced legal action from the SEC last year, did not immediately respond to Reuters' request for comment.
Bitcoin experienced a sudden flash crash on BitMEX, plummeting to as low as $8,900, while remaining steady at around $67,400 on other exchanges. Speculation suggests a large sell order may have triggered the crash, prompting BitMEX to investigate potential misconduct by traders on its Bitcoin-USDT Spot market. The exchange temporarily blocked withdrawals for certain accounts involved in the investigation. Despite BitMEX's assurances that the incident had no impact on the spot and derivatives markets, Bitcoin's current trading price of $63,000 reflects a 7% slump in the last 24 hours, indicating a potential ripple effect in the cryptocurrency market.
Coinbase, a leading US-based cryptocurrency exchange, plans to raise $1 billion through senior convertible notes, targeting institutional investors, to repay existing debt and for general business purposes. The offering comes as Coinbase stock enjoys a two-year high and follows a similar strategy by MicroStrategy, a major Bitcoin investor. The move allows Coinbase to raise capital while delaying stock dilution and reflects the broader cryptocurrency market rally despite a slight dip in stock price following the announcement.
Gemini Trust, a cryptocurrency exchange, has agreed to return at least $1.1 billion to customers of its defunct lending program and pay a $37 million fine to the New York Department of Financial Services for "significant failures." The exchange will also face further action if it fails to fulfill its obligations. The settlement comes after the collapse of its lending partner, Genesis Global Capital, and amidst legal troubles, including a separate lawsuit filed by New York's attorney general.
Cryptocurrency exchange Gemini has agreed to return $1.1 billion to its users as part of a settlement with US regulators over allegations of misleading customers and violating rules. The agreement comes after an investigation by the New York Attorney General's office, which found that Gemini had engaged in misleading trading practices and failed to disclose certain fees to its customers.
Sam Bankman-Fried, co-founder of FTX Cryptocurrency Derivatives Exchange, is seeking a sentence of 63 to 78 months in prison for overseeing a financial fraud at his exchange and related hedge fund. His lawyers argue that he is full of regret and cite his neurodiversity, selflessness, and kindness, while disputing claims of causing billions of dollars in losses. They also highlight his vulnerability in prison due to his condition and compare his case to that of Michael Milken, seeking a second chance for Bankman-Fried to dedicate his post-prison life to charitable works.
FTX has abandoned plans to restart its crypto exchange and will instead liquidate its assets to repay customers in full following founder Sam Bankman-Fried's conviction on fraud charges. The company has recovered over $7 billion in assets and reached agreements with regulators to prioritize customer repayment before other claims. Despite objections from customers, a U.S. Bankruptcy Judge ruled that debts must be repaid based on their value at the time of the bankruptcy filing in November 2022, which may result in lower repayments due to cryptocurrency price increases.
FTX cryptocurrency exchange will not be rebooted due to lack of buyer interest, but plans to fully repay customers and unsecured creditors affected by its sudden shutdown in November 2022. The company's Chapter 11 plan involves recovering funds from associated companies and selling cryptocurrency holdings to fund repayments, with a goal to repay all "allowed" customers and creditors by February 2023. FTX's lawyer described difficulties in finding buyers and criticized the failed leadership of co-founder and former CEO Sam Bankman-Fried, who was convicted of federal fraud charges. The FTT cryptocurrency token briefly spiked in price but then rapidly plunged as holders sold off their tokens.
FTX has abandoned plans to restart its crypto exchange and will instead liquidate its assets to repay customers in full following founder Sam Bankman-Fried's conviction on fraud charges. The company has recovered over $7 billion in assets and reached agreements with regulators to prioritize customer repayment. Despite complaints about using November 2022 cryptocurrency prices for repayment calculations, a U.S. Bankruptcy Judge has approved this approach. FTX warns that customers should not expect quick repayment as the company still needs to verify legitimate claims.
FTX, the bankrupt cryptocurrency exchange, expects to fully repay its customers but has abandoned plans to restart the platform due to a lack of buyers. The native token of the exchange, FTT, surged more than 11% following the news. The exchange was run by Sam Bankman-Fried, who was found guilty of pilfering customers' money before its collapse in late 2022.
Shares of cryptocurrency exchange Coinbase (COIN) are on the rise after an upgrade from Oppenheimer, setting a price target of $160 per share. Bitcoin has rebounded above $41,000 following a dip, and Oppenheimer's upgrade of Coinbase cites stronger earnings and improving fundamentals as catalysts for the stock.