Only 7% of users who initially engage with Ethereum continue to use the platform after a year, according to recent data from Token Terminal. This suggests that the majority of users, approximately 93%, stop using Ethereum for token transfers and smart contract deployment within a year. The reasons behind this lack of user retention are […]
Hong Kong-based iFinex Inc., the parent company of cryptocurrency exchange Bitfinex, has proposed a $150 million share buyback in an effort to consolidate its private operations amidst increasing regulatory oversight in the cryptocurrency industry. The buyback offer, which remains open until October 24, aims to repurchase 15 million shares at $10 each, representing approximately 9% […]
A Brazilian congressional committee has recommended the indictment of Binance CEO Changpeng Zhao and three other executives following an investigation into financial pyramid schemes in Brazil. The committee’s 500-page report accuses Zhao and the executives of fraudulent management practices, operating without sufficient authorization, and offering securities trading without authorization. The report claims that Binance and […]
The North American Securities Administrators Association (NASAA) has filed a brief in support of the Securities and Exchange Commission (SEC) in its lawsuit against cryptocurrency exchange Coinbase. NASAA, a non-profit association representing securities regulators in the US, Canada, and Mexico, argues that the SEC’s position that certain crypto assets on Coinbase are securities and subject […]
The trial of Sam Bankman-Fried, the founder of FTX, has entered its second week, with key witnesses testifying against him in court. Caroline Ellison, Bankman-Fried’s ex-girlfriend and former head of Alameda Research, FTX’s trading arm, made serious allegations during her testimony. According to Ellison, FTX utilized customer funds to support Alameda, and she, Bankman-Fried, and […]
Alameda Research CEO Caroline Ellison’s testimony in the SBF trial has revealed shocking details about fraud and mismanagement within the company. Ellison admitted to committing fraud under the direction of Sam Bankman-Fried (SBF), the founder of FTX. She disclosed that SBF instructed her to divert billions of dollars from FTX customer funds to Alameda for […]
Former Alameda Research CEO Caroline Ellison testified in court, admitting to committing fraud alongside her ex-boyfriend, Sam Bankman-Fried. Ellison claimed that at Bankman-Fried’s direction, Alameda used over $10 billion of FTX customer funds to pay off its loans. She stated that Alameda received between $10 billion and $20 billion of FTX money in its bank […]
Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, is seeking to shed light on the involvement of lawyers in a legal battle involving his hedge fund arm, Alameda Research. Bankman-Fried’s attorneys are requesting permission to question FTX co-founder Gary Wang about the legal guidance he received when accepting loans from Alameda. Wang previously claimed that […]
Bitcoin’s potential for real-world use cases and increased adoption and utility lies in its connection to the Ethereum Virtual Machine (EVM), according to Willem Schroé, the founder of cross-chain infrastructure firm Botanix Labs. Schroé argues that Bitcoin needs to enter the EVM world to bridge the gap between mainstream adoption and the broader financial system. […]
Robert Linus, project lead at Bitcoin development group ZeroSync, has proposed a new system called BitVM that would allow developers to perform complex computations on the Bitcoin network. Unlike other proposals, BitVM does not require changes to Bitcoin’s code, which could cause controversy within the community. The system suggests verifying computations on Bitcoin while executing […]
