The Bahamas government reportedly worked with former FTX CEO Sam Bankman-Fried to issue a new cryptocurrency controlled by local officials. Following the FTX collapse in November, Bahamas government officials reportedly asked Bankman-Fried to mint new digital assets worth “hundreds of millions of dollars,” lawyers for FTX said in a court filing, Bloomberg reported on Dec. 12. The authorities also reportedly asked the former FTX CEO to transfer the new tokens to the control of island officials. The report also suggests that Bahamas officials tried to help Bankman-Fried regain access to key computer systems of the now-defunct FTX trading platform. According …

The United States Securities and Exchange Commission (SEC) has filed charges against Sam Bankman-Fried, the former CEO of now-bankrupt crypto exchange FTX. The SEC has charged Bankman-Fried with violating the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The SEC’s complaint seeks injunctions against future securities law violation that prohibits Bankman-Fried from participating in the issuance, purchase, offer, or sale of any securities except for his own personal account. Related: SBF planned to blame everyone but himself, shows leaked Congress testimony SEC charged Bankman-Fried for orchestrating a scheme to defraud equity investors in …

Former FTX CEO Sam Bankman-Fried, also known as SBF, was arrested on Dec 12, a day before he was set to testify before Congress remotely. A copy of his testimony, obtained by Forbes, highlights that the disgraced CEO planned to blame the spectral downfall of his $32 billion empire on everyone but himself. SBF continued the same rhetoric about FTX.US, the sister company of the global cryptocurrency exchange, in his testimony. He claimed that the United States-based entity was still “fully solvent” despite it being a part of the Chapter 11 bankruptcy filed on Nov. 11. Bankman Fried wrote: “I …

The fundamental traits of blockchain technology, including decentralization, immutability, transparency and automation, have proven to be capable of several use cases for different businesses. However, due to the costs of creating and maintaining blockchain-powered applications, it can be difficult and expensive for enterprises to fully utilize its benefits. With the adoption of distributed ledgers, many projects have put efforts to lower the barriers to entry. VeChain is one such blockchain platform built to improve widespread use of blockchain technology. One of the most significant issues facing supply chain organizations is a lack of transparency, which blockchain aims to resolve by …

Thailand joins the growing list of countries that are seeking to revise their crypto regulation in the aftermath of the FTX collapse. And, as most of these countries do, it intends to tighten the guidelines for the industry and focus on investor protection. According to the report from the Bangkok Post, published on Dec. 13, the Thai Securities and Exchange Commission (SEC) is preparing more stringent regulations on digital assets “to mirror the global market.” To justify such a decision, the SEC representatives reportedly nodded on the failures of FTX, Three Arrows Capital, the TerraUSD, Celsius Network and the local …

Rumors continue to swirl suggesting the two-year legal battle between Ripple Labs and the United States Securities and Exchange Commission (SEC) may be coming to an end as early as this week, prompting the community to weigh in on the matter. Speculation about the potential settlement appears to have come from a Dec. 10 ask-me-anything (AMA) with Cardano founder Charles Hoskinson, who said he had heard rumors that the case would be settled on Dec. 15. In the days since, there's been plenty of commentary from the community — giving their two cents on what a settlement would mean for …

As of 2022, more than 30 million Brazillian citizens have no bank accounts, and no credit or debit cards. What’s wrong here? For roughly a decade, Brazil has been passing legislation aimed at changing the situation. However, the results have fallen short of expectations. To better understand the reason, let’s take a step back to look at a historical perspective. The Brazilian banking industry has always been extremely concentrated, historically due to the country’s macroeconomic volatility, the bank’s legacy technology and stringent oversight. At one point in time, the regulator needed some reliable “bulwarks” to build the local financial system …

Following the collapse of FTX and its bankruptcy filing on Nov. 11, $73 million worth of its political donations are currently at risk of being recalled to repay the failed exchange’s creditors, according to a report by Bloomberg. Speculators online allege that the former FTX CEO and his executives sought to influence industry regulations with their generous multi-million dollar donations to politicians and super-PACs. Sam Bankman-Fried, along with his executives Ryan Salame and Nishad Singh, are believed to have been among high paying donors to both the Republican and Democratic U.S. political parties. Many politicians who were at the receiving …

2022 was a near-unprecedented year of extremes and black swan events for the crypto market, and now that the year is about to wrap up, analysts are reflecting on the lessons learned and attempting to identify the trends which may point to bullish price action in 2023. The collapse of Terra Luna, Three Arrows Capital and FTX created a credit crunch, a severe reduction in capital inflows and an increased threat that additional major centralized exchanges could collapse. Despite the severity of the market downturn, a few positives have emerged. Data shows long-term hodlers and smaller-sized wallets are actively accumulating …

The consumer price index (CPI) data on Dec. 13 and the outcome of the Federal Reserve meeting on Dec. 14 could influence the United States stock markets and the cryptocurrency markets in the near term. Traders are likely to play it safe and not take large directional bets until the CPI print because any nasty surprise could produce a sharp knee-jerk reaction. Some analysts believe that Bitcoin (BTC) could fall further before it hits a bottom, but Arthur Hayes, the former CEO of crypto derivatives platform BitMEX, thinks that Bitcoin may have passed its worst phase for this cycle. While …

Bitcoin (BTC) failed to break above the $17,250 resistance on Dec. 11 and subsequently faced a 2.2% correction. More importantly, the last daily close above this level was over 30 days ago — reinforcing the thesis of size sellers near the $330 billion market capitalization mark. Curiously, this valuation level is slightly behind Palladium, the world's 23rd most valuable traded asset with a $342 billion capitalization. So from one side, Bitcoin bulls have some reasons to celebrate because the price recovered 10% from the $15,500 low on Nov. 21, but bears still have the upper hand on a larger time …

According to a new Twitter post by SushiSwap CEO Jared Grey, the decentralized exchange, or DEX, experienced a $30 million loss in the past 12 months on incentives for liquidity providers, or LPs. As explained by Grey, SushiSwap currently employs a token-based emission strategy to incentivize LPs, but the current rate is "unsustainable." "We commissioned Flipside to build dashboards to showcase these results; we'll make them available by EOY." Moving forward, Grey plans to rework SushiSwap's tokenomics so that LPs are no longer subsidized with emissions and redesign the entire model of bootstrapping liquidity on the exchange. " In Q1 …