Bitcoin News and Finance: What You Need to Know

Manhattan District Attorney (DA)’s Office has frozen more than $1.3 million in cryptocurrency “during fraud investigations conducted over the past ten months.” The authority said: “We are returning that money to the victims of these schemes — while raising awareness to prevent future fraud.” $1.3 Million in Cryptocurrency Frozen Manhattan District Attorney (DA) Alvin Bragg announced Thursday that his office has “frozen more than $1.3 million in cryptocurrency during fraud investigations conducted over the past ten months.” Bragg detailed, “Using our blockchain analysis expertise, our investigators, prosecutors, and specialized cryptocurrency analysts were able to locate and freeze more than $1.3 million of stolen cryptocurrency in the past 10 months alone,” elaborating: While many of these cyberthieves are overseas and currently out of our reach, the cryptocurrency they stole is not. We are returning that money to the victims of these schemes — while raising awareness to prevent ...

Binance CEO Changpeng Zhao has compared the FTX collapse to the 2008 financial crisis. Warning of “cascading effects,” he stressed: “A lot of consumer confidence is shaken, and I think basically it sets us back a few years.” Binance’s CEO Discusses the Impact of FTX’s Collapse on the Crypto Industry The CEO of cryptocurrency exchange Binance, Changpeng Zhao (CZ), shared his thoughts on the potential impact that the collapse of FTX has on the crypto industry Friday at a conference in Indonesia. FTX filed for Chapter 11 bankruptcy Friday; Sam Bankman-Fried also stepped down as the CEO of the company. When the moderator at the conference compared the FTX fiasco to the 2008 financial crisis, Zhao commented: “I think that’s probably an accurate analogy.” The Binance chief added: With this type of event happening, it’s devastating for the industry. A lot of consumer confidence is shaken, and I think basically it sets us back a few years. In addition, CZ opined: “With FTX going down,...

The U.S. Securities and Exchange Commission (SEC) reportedly met with crypto exchange FTX and former CEO Sam Bankman-Fried several times before the crypto firm filed for bankruptcy. SEC Chairman Gary Gensler was rumored to be helping FTX with legal loopholes. However, a new report indicates a contradicting viewpoint. Gensler’s Meeting With Sam Bankman-Fried and FTX Following the bankruptcy filing of cryptocurrency exchange FTX, rumors have surfaced accusing the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, of helping former FTX CEO Sam Bankman-Fried and his bankrupt exchange with “ legal loopholes to obtain regulatory monopoly.” Some people have even speculated that the SEC boss was about to issue FTX a no-action letter . Gensler’s own calendar shows that he did meet with Bankman-Fried in March. According to an SEC meeting note, “members of the staff of Chair Gensler met with staff of IEX and FTX to discuss custody of digital asset securities by spe...

The CEO of investment management firm Ark Invest has warned that if the Federal Reserve does not pivot, the current economic setup will be similar to 1929 when the Great Depression started. Tesla CEO and Twitter chief Elon Musk agreed. The Fed, Inflation, and the Great Depression Ark Invest CEO Cathie Wood, who is also the investment management firm’s founder and CIO, shared her thoughts about inflation and how the Federal Reserve could push the global economy into a 1929-like depression in a series of tweets Saturday. She explained that the Federal Reserve raised interest rates “to squelch financial speculation” in 1929, followed by Congress passing the Smoot-Hawley Tariff Act in 1930, which put more than 50% tariffs on over 20,000 goods and pushed the global economy into the Great Depression. “If the Fed does not pivot, the setup will be more like 1929,” she warned. Tesla, Spacex, and Twitter boss Elon Musk concurred. Wood pointed out that “If inflation is unwinding, as we beli...

The founder and CEO of an Africa-focused payments firm, Elizabeth Rossiello, claimed on Nov. 11 that the beleaguered crypto exchange FTX had incorrectly included AZ Finance in its chapter 11 bankruptcy protection filing. The CEO insisted that her firm does not hold customer funds and is presently taking steps to correct the “erroneous court filings.” AZA Finance Does Not Hold Users’ Funds The founder and CEO of AZ Finance, Elizabeth Rossiello, has slammed the “erroneous inclusion” of her firm in FTX’s Nov. 11 chapter 11 bankruptcy filing. According to Rossiello, all AZA Finance entities are not affected by the collapsed crypto exchange’s bankruptcy. She said steps were being taken to correct what she described as erroneous court filing. As reported by Bitcoin.com News, FTX listed AZA Finance among the 134 entities that will be included in the bankruptcy process. Under the United States bankruptcy laws , an entity that fails to meet its obligation file for protection under 11 of th...

A string of organizations competing in various sports are pulling out of sponsorship deals with beleaguered cryptocurrency exchange FTX. The coin trading platform had pledged millions of dollars to building up brand recognition among sports fans before it went bankrupt. FTX Sign Being Dismantled as Miami Heat Seeks New Naming Rights Partner for Its Arena Scrapping one of FTX’s most expensive sponsorship arrangements, NBA’s Miami Heat and Miami-Dade County said on Friday they are terminating the agreement with the troubled crypto exchange and stated their intention to find a new naming rights partner for the basketball team’s arena. The reported $135-million, 19-year deal to rename the sports venue to FTX Arena was signed in June of last year. The news that Miami Heat is pulling out of the arrangement came after FTX announced a filing for Chapter 11 bankruptcy protection in the United States and the resignation of CEO Sam Bankman-Fried. View from my condo in Miami, they seem to ...

India’s Enforcement Directorate (ED) says that it has frozen 150.22 more bitcoins held at cryptocurrency exchange Binance. The freeze is part of an investigation into mobile gaming application E-nuggets, which was designed to defraud the public, the ED said. India Freezes More Bitcoins at Binance India’s Enforcement Directorate (ED) announced Friday that it has frozen 150.22 bitcoins under the country’s Prevention of Money Laundering Act (PMLA). The ED is the government of India’s law enforcement and economic intelligence agency. The case involves Aamir Khan, s/o Nesar Ahmed Khan, who launched a mobile gaming application called E-nuggets, which “was designed for the purpose of defrauding [the] public,” the ED described. The official ED Twitter account tweeted explaining that the agency investigated a crypto wallet and user ID at cryptocurrency exchange Binance, which led to the freezing of 150.22 BTC . The ED further detailed: It was revealed during investigation that multiple...