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...
Image Source: BBC Consumer-focused UK bank NatWest is putting a limit on the amount of money customers can transfer to cryptocurrency exchanges in a move that shows deteriorating relationships between digital asset firms and financial institutions. Users of the bank will be limited to payments of 1,000 British pounds ($1,218) per day and 5,000 British...
(Reuters) -Fintech giant Ant Group has outbid billionaire Ken Griffin\'s Citadel Securities for Credit Suisse\'s investment bank venture in China, Bloomberg News reported on Sunday, adding it was unclear whether the Chinese company\'s offer would succeed. Alibaba (NYSE:BABA) Group affiliate Ant Group\'s bid to build a securities business in China using Credit Suisse\'s operations would...
-- Shares of Chinese electric vehicle maker BYD Co Ltd (SZ:002594) rose on Monday after its Chairman and CEO Wang Chuanfu proposed the firm double the size of a planned share buyback. BYD’s Hong Kong shares (HK:1211) rose 1.9%, while the EV maker’s Shenzhen-listed shares rose 2%. BYD’s CEO suggested doubling the amount of A-shares...