The London High Court ruled that the Bitcoin.org owner, Cøbra, must reveal their identity to contest the legal costs demanded by Craig Wright in an ongoing court case. The presiding judge, Jason Rowley, says Cøbra can request anonymization. However, since Craig Wright is the claimant, that would not prevent him from learning Cøbra’s identity – … [Read more…]
Genesis Global Capital hired an investment firm named Moelis & Company to explore options, including a potential bankruptcy. Since FTX’s meltdown, Genesis has been trying to negotiate with creditors and raise funds to recover from its exposure to the now-defunct exchange. It also suspended depositors’ withdrawals and origination of new loans – which, in the … [Read more…]
The presiding judge in the FTX bankruptcy case, John Dorsey, approved FTX’s request to redact its creditors. A legal team representing FTX’s unsecured creditors supported FTX’s request, citing privacy reasons. The legal team for the unsecured creditors said that exposing their identities could discourage investors from participating in the bankruptcy process and harm their ability … [Read more…]
BlockFi is currently preparing to lay off employees and file for Chapter 11 bankruptcy as the fallout from FTX’s rapid collapse continues. Last week, it paused withdrawals and limited activity on its platform. BlockFi admitted “significant exposure” to FTX. However, it denied rumors that the majority of its digital asset holdings were on FTX. A … [Read more…]
FTX capped a rough week for crypto by filing for Chapter 11 bankruptcy in a United States court. Sam Bankman-Fried also stepped down as FTX’s CEO. The public drama this week started when Binance CEO Changpeng Zhao announced that it was going to dump its FTT holdings. FTT is FTX’s native token and could be … [Read more…]
A new regulatory filing with the U.S. Treasury Department Financial Crimes Enforcement Network (FinCEN) unveiled “Twitter Payments LLC,” a subsidiary of Twitter that will process payments. Twitter Payments LLC will be a money transmitter – essentially a third party that can relay money from a sender to a recipient. The application was filed on November … [Read more…]
Yesterday, Binance CEO Changpeng Zhao (“CZ”) announced a non-binding letter of intent to acquire FTX. Now he says the troubled FTX exchange is “beyond our control or ability to help” – meaning, the deal’s off. Binance confirmed in a tweet that it would not acquire FTX. FTX faced troubles that included an investigation by Texan … [Read more…]
The day after Binance CEO Changpeng Zhao (“CZ”) announced that the exchange was liquidating its FTT holdings, he announced that Binance signed a letter of intent to acquire FTX. Letters of intent are not binding contracts. However, they are often a first step in a merger or acquisition. Binance had been an early investor in … [Read more…]
When someone defrauds a Dark Web platform used to buy and sell illegal goods, is he a hero or a villain? According to the Department of Justice, such a thing is just villainous enough to justify making one of the biggest seizures of illicitly gained bitcoin ever. On November 9, 2021, it found 50,676 bitcoin, … [Read more…]
LBRY lost a case brought by the SEC in which the regulatory agency claimed that LBRY’s tokens were a security. LBRY says it will continue delivering its decentralized content platform — best known for hosting videos and schematics for a 3D-printed gun called “The Liberator” — and recover from losing the case. It says the … [Read more…]