Co-founder of Terra denies earning $100 million in illicit profits
Ex-Terra CEO, Shin Hyun-seong, testified before the prosecution on November 17 denying that he sold tokens when LUNA was nearing its highs Earlier this week, it was announced that ex-Terra CEO Shin Hyun-seong, or Daniel Shin, had been compelled to appear before South Korean prosecutors for unfairly profiting from the sale of LUNA [now LUNC] […]
Genesis halts withdrawals amid digital currency crash
Genesis is the most recent digital currency loan program to declare bankruptcy after Celsius Network, Voyager Digital, and others did so in early 2022. Genesis Global Capital has banned withdrawals, confirming rumors that surfaced earlier this week. Genesis stated in a series of tweets that its lending business was disrupted but not its trading or […]
Bahamas regulator directs FTX to transfer crypto to govt wallets
The Securities Commission of the Bahamas said it ordered FTX to transfer all digital assets to a government-controlled wallet for safekeeping. In the exercise of its powers as regulator acting under the authority of an Order made by the Supreme Court of The Bahamas, the Securities Commission of The Bahamas (‘the Commission’) directed the transfer […]
Temasek will reduce its $275 million investment in FTX to zero
Temasek, the national investment fund of Singapore, is getting ready to write off the entire $275 million it invested in FTX. Notably, throughout two funding rounds from October 2021 to January 2022, Temasek contributed $210 million for a minority stake of 1% in FTX International and invested $65 million for a minority stake of 1.5% […]
FTX endorsements lead to lawsuit against Tom Brady and others
According to the lawsuit, Bankman-Fried, the exchange, and the celebrities may have participated in a plan to mislead investors. Everyone in the cryptocurrency world is buzzing about the collapse of the FTX exchange. Not only have investors voiced their concerns, but authorities from all around the world have also noted the scandal as a turning […]