A Brazilian congressional committee has recommended local law enforcement move to indict Binance CEO Changpeng “CZ” and three other Binance executives following a probe into financial pyramid schemes in Brazil. On Oct. 10 the committee released a 500-page final report accusing Zhao and local Binance executives Daniel Mangabeira, Guilherme Haddad Nazar and Thiago Carvalho of…
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Hong Kong’s police force has raised the alarm after 11 Hong Kong-based Binance customers were targeted in a wave of phishing scams sent through text messages. Hong Kong police warned users of the scam in an Oct. 9 post to its Facebook page dubbed “CyberDefender.” “Recently, fraudsters posing as Binance sent text messages claiming that…
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The hacker responsible for stealing over $400 million from FTX and FTX US in November could be using the hype around Sam Bankman-Fried’s fraud trial to further obfuscate the funds, says CertiK’s director of security operations Hugh Brooks. Only days before the start of Bankman-Fried’s criminal trial, the FTX hacker, known as “FTX Drainer,” began moving…
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Crypto exchange FTX used hidden Python code to misrepresent the value of its insurance fund — a pool of funds meant to prevent user losses during huge liquidation events — according to testimony from FTX co-founder Gary Wang. In a damning new testimony on Oct. 6, FTX’s former chief technology officer, Gary Wang, said that…
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Sam Bankman-Fried was “very resistant” to having investors join the board of directors at FTX, claims Matthew Huang, the co-founder and managing partner of crypto investment firm Paradigm. Paradigm and a number of venture capital firms including Sequoia, Temasek and BlackRock were burned by their funding of the now-bankrupt crypto exchange with all facing scrutiny…
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The relatively lackluster performance of nine new Ethereum futures exchange traded funds (ETFs) has prompted analysts at K33 Research to urge a “rotate back” into Bitcoin (BTC). In an Oct. 3 market report, analysts Anders Helseth and Vetle Lunde said that it’s “time to pull the brakes on ETH and rotate back into BTC,” with…
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Crypto lawyers are seemingly divided over the significance of a recent court order from Judge Analisa Torres, which denied the United States Securities and Exchange Commission’s (SEC) plan to file an interlocutory appeal against Ripple. While many lawyers and commentators chalked the decision up as a substantive win for Ripple in its case against the…
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District court judge Analisa Torres has rejected the United States Securities and Exchange Commission’s (SEC) motion to appeal its loss against Ripple Labs, the company responsible for issuing the XRP (XRP) token. In an Oct. 3 court order, Judge Torres denied the SEC’s motion, claiming that regulator failed to meet its burden to show that…
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Crypto-friendly Silvergate Bank ultimately collapsed this year due to over-dependence on risky crypto deposits and nepotism that led to ineffective management, according to inspectors at the Federal Reserve. In a Sept. 27 executive summary of its review into the collapse of Silvergate Bank, the Federal Reserve Board’s Office of Inspector General pointed the finger at…
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Effective altruism was used to justify “increasingly risky and ridiculous” actions at crypto exchange FTX prior to its ultimate collapse in November 2022, says a former software engineer at Alameda Research. Speaking to Cointelegraph just days before FTX founder Sam Bankman-Fried’s Oct. 3 trial, Aditya Baradwaj shared how the ideology played a role in the…
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