Page 17 - Crypto Trading

Crypto wrap: Macro indicators improve, market stable despite Fed rate hike

On December 15, after the US inflation of 7.1 per cent for November was announced, Bitcoin touched its five-week high of $18,400

CoinSwitch to foray into wealth tech, launches new logo, mobile app

CoinSwitch is expected to launch its new products by 2023 to become the first Indian crypto company to diversify into other asset classes

Senate crypto hearing yields big claims, possible regulation in US

Whether increased regulation would have prevented the spectacular collapse of cryptocurrency exchange FTX was fiercely debated at a hearing of the Senate's banking committee Wednesday. However, new legislation is potentially on the way. Sen. Elizabeth Warren announced at the hearing bipartisan legislation aimed at cracking down on cryptocurrencies being used in money laundering. The legislation, co-sponsored by Republican Sen. Roger Marshall of Kansas, would require cryptocurrency exchanges to verify customer identities like banks and other financial institutions do. Crypto has become the preferred tool for terrorists, for ransomware gangs, for drug dealers and for rogue states that want to launder money, said Warren, the Massachusetts Democrat, adding that crypto doesn't get a pass to help the world's worst criminals no matter how many television ads they run or how many political contributions they make. Republican Sen. Cynthia Lummis, of Wyoming, said she and Democratic Sen. ...

How a software change let Sam Bankman-Fried's FTX use client funds

That tweak in the code got the attention of the US Securities and Exchange Commission (SEC), and charged Bankman-Fried with fraud

GST Council's fitment panel clarifies tax levy on SUVs, UPI transactions

Defers the classification of crypto assets under GST regime

FTX CEO secretly gave $27 mn to crypto news site The Block, its CEO

Bankman-Fried also loaned McCaffery $16 million, some of which helped him purchase property in the Bahamas, where FTX is headquartered, according to Axios

Crypto wrap: Market stable even as FTX fallout claims one more victim

The total market cap has improved marginally from $855 billion last Friday to $859 billion on December 9

How two Pythagoras crypto hedge funds dodged the market collapse

Pythagoras Investment Management LLC has two funds that have been rare bright spots in a market that's been eviscerated by a number of scandals

Telegram's next step is to let users securely trade, store cryptos: CEO

He said that this can fix the wrongs caused by the excessive centralisation, "which let down hundreds of thousands of cryptocurrency users"

Indian crypto industry group writes to govt for 'strong regulations'

Bharat Web3 Association says collapse of USA's FTX highlights 'lacunae in corporate governance'

Cryptocurrency lender BlockFi goes bankrupt in aftermath of FTX downfall

BlockFi said in a statement that it will use the Chapter 11 process to "focus on recovering all obligations owed to BlockFi by its counterparties, including FTX and associated corporate entities"

Blocked 700 crypto accounts between April-Sep over irregularities: WazirX

The crypto exchange received 828 requests from law enforcement agencies, of which 764 were Indian and 64 were foreign

After FTX chaos, Indian crypto exchanges try to calm nervous investors

Cryptocurrency news: On Friday, the crypto market cap was at $826 billion, Bitcoin was trading at $16,451 and Ethereum at $1,180

Bankrupt crypto exchange FTX owes top creditors more than $3 billion

The failed cryptocurrency exchange FTX owes more than $3 billion to its largest creditors, the company disclosed in a court filing over the weekend. The list of the top 50 unsecured claims against FTX gives the public a first glance into the amount of money Sam Bankman-Fried's companies may owe his customers. The top claim was more than $226 million. The names, addresses and other information about the claims was redacted by the court. Bahamas-based FTX filed for bankruptcy on Nov. 11 after the exchange acknowledged that it had used customer funds to cover bad bets by Bankman-Fried's trading arm, Alameda Research. Since it went into bankruptcy, the lawyers tasked with sorting through the aftermath have described in court filings a company that little risk controls and would use company funds to pay for personal purchases of its employees. Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as

FTX fallout: Crypto markets on the back foot as investors pull funds

Investors continue to pull funds from digital-asset exchanges despite the latter's efforts to reassure markets about their stability.

Best of BS Opinion: Protecting data privacy, the FTX fraud, and more

Here is the best of Business Standard's opinion pieces for today

The FTX fraud and first principles

FTX, which was valued at $32 billion a few months ago and funded by the finest names of the global financial markets, suddenly declared bankruptcy on November 11

Crypto exchange FTX's bankruptcy filing reveals staggering mismanagement

FTX is a company that was valued at $32 billion just a couple of months ago

Crypto exchange doesn't see viable business in India, says Binance chief

"To be honest, I don't think India is a very crypto-friendly environment," Zhao was quoted as saying

New CEO of FTX John Ray III blasts its handling of financial information

The new CEO of the collapse cryptocurrency trading firm FTX, who oversaw Enron's bankruptcy, said he has never seen such a complete failure of corporate control. John Ray III, in a filing with the U.S. bankruptcy court for the district of Delaware, said there was a complete absence of trustworthy financial information." Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," Ray said. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented." Ray was named CEO of FTX less than a week ago when the company filed for bankruptcy protection and its CEO and founder Sam Bankman-Fried resigned.