Elon Musk. Source: a video screenshot, Elon Musk Zone / YouTube Elon Musk, CEO of Tesla and Twitter, has called on the Federal Reserve to cut interest rates to prevent a potential major recession as the US economy faces the possibility of a severe recession. In reply to a tweet that said a real economic...
Source: AdobeStock / Tom Cathie Wood, CEO of investment management firm ARK Invest, has acquired more shares of major cryptocurrency exchange Coinbase which has lost almost 90% of its value over the past year. The company purchased approximately $5.8 million worth of COIN stock on Thursday, split between the ARK Next Generation Internet (ARKW) and ARK Fintech...
Oki Matsumoto, CEO of Monex Monex Group, a financial services company based in Tokyo, has shown an interest in buying up the Japanese subsidiary of Sam Bankman-Fried’s defunct FTX crypto platform, according to Oki Matsumoto, the CEO of Monex. Talking to Bloomberg, Matsumoto said: “Generally speaking, we are naturally interested.” While he did not go...
According to court papers, Sam Bankman-Fried . The authorities claim that Sam Bankman-Fried siphoned billions of dollars in customer funds from FTX and used the money to make political contributions, finance trading at Alameda and buy luxury real estate in the Bahamas, where FTX was based. The two managers who voiced their concerns are not...
Source: AdobeStock / Sundry Photography Global payment giant PayPal held $604 million of cryptocurrencies for its customers by the end of 2022, with Bitcoin and Ethereum accounting for almost 90% of that figure. PayPal held $291 million in BTC, $250 million in ETH, and another $63 million in Litecoin and Bitcoin Cash as of December...
Image Source: Silvergate MicroStrategy has denied any meaningful exposure to Silvergate as crypto firms who dealt with the crypto bank are rushing for the exits amid concerns about its financial condition. In a recent tweet, business intelligence firm MicroStrategy clarified that their Bitcoin holdings, valued at $2.9 billion and comprising over 130,000 Bitcoin, are not...
Tether coin. Source: Adobe Amid struggles to maintain access to the global banking system, the companies behind Singapore-based USDT stablecoin issuer Tether used a mixture of fraudulent documents, obscured identities and shell companies, according to a new bombshell report by the Wall Street Journal. USDT’s value is pegged to the US dollar and backed 1:1...
Image source: Yahoo Finance Crypto-friendly bank Silvergate has been forced to return $9.85 million to BlockFi as part of the crypto lender’s ongoing bankruptcy proceedings. According to documents made available on the website of BlockFi’s restructuring advisor, the bankruptcy court overseeing BlockFi’s restructuring process ordered Silvergate to immediately release $9.85 million to the now-defunct crypto lender...
Silvergate. Source: Adobe Crypto-friendly US-based bank Silvergate Bank has begun the voluntary process of liquidation, according to a statement issued by the California Department of Financial Protection and Innovation (DFPI). The announcement of Silvergate Bank’s liquidation comes just a day after reports surfaced suggesting that the bank was discussing ways to avoid a shutdown with...
Image Source: News24 Global banking giant HSBC has acquired the UK subsidiary of now-collapsed lender Silicon Valley Bank for £1 ($1.21) after all-night talks between the government, regulators, and other prospective buyers. The deal excludes the assets and liabilities of SVB UK’s parent company. As of March 10, the UK arm of SVB had loans...