Venture capitalists battling with the difficulties of proper crypto firm due diligence should be looking at getting back to the basics — to "trust the chain," a crypto-focused venture fund executive argues. Speaking to Cointelegraph, John Lo, head of digital assets at Recharge Capital — a $6 billion fund with crypto and decentralized finance (DeFi) projects on its portfolio — said that FTX shook the "confidence in this industry." "There will be a lot of soul-searching," he said. According to Lo, due diligence has always been a problem in the venture space, even outside of crypto. He said the action …

The Nigerian government will reportedly soon pass a law that will recognize the usage of Bitcoin (BTC) and other cryptocurrencies as a means to keep up to date with “global practices.” The news was reported by Nigerian-based masthead Punch Newspapers on Dec. 18 following an interview with House of Representatives Committee on Capital Markets chairman Babangida Ibrahim. The report stated that if the Investments and Securities Act, 2007 (Amendment) Bill is signed into law it would allow the local Securities and Exchange Commission to “recognize cryptocurrency and other digital funds as capital for investment.” Ibrahim stressed the need for Nigeria …

Just when the global economy largely recovered from the crippling effects of the COVID-19 pandemic, geopolitical tensions and the resultant supply chain pressures have once again roiled financial markets across the world. Furthermore, inflation has once again reared its ugly head, forcing central banks across major economies to raise interest rates in an attempt to curtail runaway prices of essential commodities like food and fuel. Despite these efforts, developed economies like the United States and the United Kingdom continue to report inflation at multi-year highs, adding even more stress on household savings and negatively impacting consumer spending. Apart from the …

The rich get richer. According to the Wealth-X consulting company, in 2020, the number of ultra-high-net-worth individuals worth $5 million–$30 million in the world increased by 1.7% to 295,450 people; the combined net worth of this group increased by 2% to $35.5 trillion. Observing the investment preferences of rich individuals and institutional investors is instructive. They have access to exclusive information and analytics to inform their investment decisions, and their investments are often supported by an army of advisers, employees of family offices and wealth managers. Due to the instability in world politics and high inflation in many parts of …

Venture capital (VC) firms focused on Web3 projects and crypto businesses are accumulating billions of dollars worth of assets under management as more capital is injected into the sector. The assets under management figure for Web3 and crypto investment firm Paradigm has recently been revealed. Filings show that the firm has $13.2 billion in assets, a growth of 343% compared to the $2.98 billion reported in a filing in December 2020. The filings were reviewed by business journalist Eric Newcomer. Writing for his newsletter, he looked at recent applications with the U.S. Securities and Exchange Commission (SEC) for some of …

The world is becoming increasingly volatile and uncertain. The assertion that “inflation is the silent thief” is becoming less relevant. In 2021, inflation has turned into a rather loud and brazen robber. Now, inflation is at its highest in the last forty years, already exceeding 5% in Europe and reaching 7.5% in the United States. The conflict between Russia and Ukraine affects futures for gold, wheat, oil, palladium and other commodities. High inflation in the U.S. and Europe has already become a real threat to the capital of tens of thousands of private investors around the world. Last week at …

Bitcoin Capital AG released two new exchange-traded products on the SIX Swiss Exchange: the FiCAS Active Bitcoin ETP (BTCB) and FiCAS Active Ethereum ETP (ETHB), which are actively managed by FICAS AG. Institutional investors, professional, and private investors in Switzerland, Liechtenstein, and the European Union (excluding Hungary) can now invest in the new offerings via their bank or broker just as they would with other listed financial assets such as equities or bonds. "Our purpose is to grant investors safe and easy access to digital assets and are convinced that crypto assets will soon be part of the diversification strategy …

A 2022 trial date has been set for former NFL team owner and alleged “shadow banker” Reggie Fowler. Fowler is the accused operator of the shadow bank to the crypto sector, Crypto Capital, which was at the center of controversy in the court case against iFinex Inc — the parent company of crypto exchange Bitfinex and stablecoin issuer Tether. According to Wednesday court documents, United States District Judge Andrew Carter of the Southern District of New York has set a jury selection and trial date for Feb. 14, 2022, which is subject to change in light of future pandemic-related restrictions. …

The Office of the New York Attorney General, or OAG, has requested a deadline extension for iFinex Inc — the parent company of both crypto exchange Bitfinex and stablecoin issuer Tether — to produce the documents requested for their ongoing legal battle. On Dec. 9, 2020, the OAG wrote to Justice Joel Cohen to request the deadline be pushed back until Jan. 15, 2020 — presumably a typo and actually a request for the same date in 2021. The request followed a virtual hearing on Sep. 17, that concluded with the judge ordering a 90-day extension for iFinex to produce …

The attorneys representing Reggie Fowler — the accused operator of the notorious shadow-bank to the crypto sector, Crypto Capital — have filed a motion to withdraw as Fowler’s counsel. According to the motion, law firm Hogan Lovells’ James McGovern and Michael Hefter have discussed withdrawing from the ongoing case between the businessman and the United States government since Feb. 26, after Fowler rejected a nine-figure plea deal the prior month. Crypto Capital is accused of providing unlicensed money-transmitting services, committing bank fraud, and laundering funds on behalf of Columbian drug cartels. Crypto exchange Bitfinex and sister company Tether further claim …

The legal team for Reginald Fowler said the former minority owner of the Minnesota Vikings is open to a guilty plea regarding his involvement in Crypto Capital’s alleged shadow banking practices, provided forfeiture is not part of the deal. The company is a key player in the ongoing court case over Bitfinex’s failure to disclose the loss of $850 million in customer funds. The exchange claims the funds were deposited with Crypto Capital before being seized by government authorities in various countries. According to Law360, Fowler’s lawyers stated that a January plea deal with the U.S. government “blew up” because …

A New York Supreme Court has found that veteran cryptocurrency exchange Bitfinex and its related stablecoin company Tether (USDT) must face claims they concealed the loss of commingled corporate and client funds. The claims were brought by New York Attorney General Letitia James, who has accused firms associated with Bitfinex and several associated companies of hiding more than $850 million in lost funds. Bitfinex asserts that its funds were deposited with Crypto Capital — a Panamanian firm accused of providing shadow banking services to virtual currency exchanges — before being seized by government authorities in various countries. They are working …