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News & Articles By Cassie B.
03/21/2023
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By Cassie B.
SAM THE SIPHON: Filings show former CEO Sam Bankman-Fried took $2.2 billion in customer funds for personal use
FTX Co-founder and former CEO Sam Bankman-Fried and five members of his inner circle reportedly pocketed more than $3.2 billion from parts of their crypto empire, including the hedge fund Alameda Research. Bankman-Fried and the other employees transferred the funds to their personal accounts using the label of “payments and loans.” This is according to […]
03/21/2023
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By Cassie B.
Cryptocurrency traders pull $3 billion from stablecoin USDC in just 3 days
Traders have pulled a total of $3 billion from the cryptocurrency stablecoin USD Coin in three days’ time in the wake of the failure of Silicon Valley Bank and the coin’s temporary loss of its dollar peg. USD Coin, or USDC, is a type of digital currency that is fully backed using U.S. dollar assets, […]
02/16/2023
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By Cassie B.
Recent regulatory crackdowns have crypto investors on edge
As regulators start to crack down on cryptocurrency, spooked investors are pulling back significantly amid a backdrop of great uncertainty. Until recently, regulators had not interfered much in the crypto industry. However, they have recently started cutting off access to services and products that are essential for the digital currency business. This week, regulators in […]
01/19/2023
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By Cassie B.
Was the FAA’s nationwide ground stop on flights last week the work of ransomware hackers?
When the Federal Aviation Administration (FAA) called for a full ground stop on all flights leaving the U.S. for a few hours last Wednesday due to a failure with the critical Notice To Air Missions (NOTAM) system, a damaged database file was cited as the problem. It sounds plausible enough; we increasingly rely on computer […]
12/31/2022
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By Cassie B.
FTX used $200 million of customer deposits to fund venture deals
FTX diverted $200 million worth of customer deposits to fund a pair of venture deals in a move that caught the attention of the Securities and Exchange Commission. In March, the cryptocurrency firm reportedly invested $100 million through its FTX Ventures unit in the fintech company Dave, which had just gone public a few months […]
12/30/2022
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By Cassie B.
Cryptocurrency firm Midas Investments closes platform following losses in wake of FTX collapse
The crypto firm Midas Investments, which was focused on DeFi yields, will be closing down its platform in the wake of considerable losses it experienced throughout the year. The news was announced by the investment firm’s CEO and founder, Trevor Levin, in a blog post. He noted that Midas’s DeFi portfolio sustained $50 million in […]
11/21/2022
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By Cassie B.
Crypto lender BlockFi pauses customer withdrawals as it considers bankruptcy and layoffs following FTX implosion
Crypto lender BlockFi has put customer withdrawals on hold as it explores its options for reducing its “significant exposure” in the fallout of cryptocurrency exchange FTX’s bankruptcy. This summer, BlockFi obtained a $250 million loan from FTX to help them stay afloat as crypto financial institutions such as Three Arrows Capital struggled during the market […]
11/18/2022
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By Cassie B.
US to extradite embattled FTX ex-CEO Sam Bankman-Fried from Bahamas
The founder of crypto exchange FTX, Sam Bankman-Fried, is expected to be extradited from the Bahamas back to the U.S. as $2 billion of clients’ money remains unaccounted for. This is according to a report from Bloomberg, which says that authorities in the U.S. and the Bahamas have been discussing extraditing him for questioning. Bankman-Fried […]
09/23/2022
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By Cassie B.
South Korea requests Interpol red notice in search for disgraced crypto developer Do Kwon
The co-founder of the stablecoin TerraUSD, Do Kwon, is officially a wanted man in his native South Korea. Last week, a court there issued an arrest warrant for him, and prosecutors say he’s wanted for violations of capital markets law. Kwon’s company, Terraform Labs, is behind the algorithmic stablecoin as well as its sister cryptocurrency, […]
09/09/2022
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By Cassie B.
$258 billion Dogecoin racketeering lawsuit filed against Elon Musk has expanded – massive crypto pump and dump scheme alleged
A high-profile racketeering lawsuit filed against Elon Musk accusing the Tesla CEO of running a pyramid scheme involving the cryptocurrency Dogecoin has now expanded. An amended complaint that was filed this week in a Manhattan federal court saw seven new investor plaintiffs added to the suit as well as six new defendants. The lawsuit maintains […]
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