Bitcoin News and Finance: What You Need to Know

The troubled and now-bankrupt crypto exchange FTX is the subject of “an active and ongoing investigation,” Bahamian attorney general Ryan Pinder told the press on Sunday. Pinder also stressed that putting the blame on the Bahamas “because FTX is headquartered here would be a gross oversimplification of reality.” Bahamian Attorney General Says the ‘Bahamas Will Emerge, Held in Even Higher Esteem’ On Sunday, the attorney general of the Bahamas discussed the collapse of FTX Digital Markets, and he insisted that Bahamian authorities are investigating FTX. Ryan Pinder started his speech by contending that “the Bahamas is a place of laws, the rule of law, and the exercise of due process characterizes the integrity of our jurisdiction.” The attorney general declared that the Bahamas Securities Commission (BSC) is the main Bahamian agency in charge of dealing with the FTX situation. Pinder explained that while FTX was located in the Bahamas, the government understands that the aftermath h...

Mayor of New York City Eric Adams took a supportive, if somewhat veiled, stance on the partial crypto mining ban imposed in the state. A law signed by fellow Democrat and New York Governor Kathy Hochul temporarily limits the minting of digital currencies using fossil fuels. New York Mayor and Bitcoin Supporter Eric Adams to Seek Balance With Environmental Goals Cryptocurrency proponent and New York City Mayor Eric Adams has spoken in a supportive tone about the state’s two-year moratorium on certain crypto mining operations relying on carbon-based energy resources. The partial ban, which will prevent companies involved in proof-of-work (PoW) mining from expanding, renewing, or obtaining new permits, will be enforced with a law signed by Governor Kathy Hochul on Tuesday. Quoted by the New York Daily News, Adams insisted he is still focused on establishing New York as a hub for crypto. At the same time, he emphasized that a balance can be found between this goal and the efforts to r...

Alameda Research reportedly withdrew the most funds from FTX US, the U.S. arm of FTX, days before the crypto exchange filed for bankruptcy. The majority of the withdrawn cryptocurrencies were sent to wallets owned by FTX International, “suggesting that Alameda may have been operating to bridge between the two entities,” crypto intelligence firm Arkham said. Alameda’s Withdrawal Analysis From FTX US exchange Crypto intelligence firm Arkham shared an analysis Friday showing that Alameda Research withdrew the most funds from FTX US, the U.S. arm of FTX, days before the crypto exchange collapsed. Arkham tweeted: Arkham analyzed flows from FTX US in the final few days before the collapse, finding that Alameda withdrew the most funds, at $204M. Arkham added that it has identified eight different addresses where Alameda Research transferred the crypto assets it withdrew. The crypto intelligence firm noted that of the $204 million: $142.4M (69.8% of the total) was sent to wallets ow...

Billionaire Bill Ackman has warned that the crypto industry needs to self-police or it risks being shut down. He added that regulators need more resources to police the bad actors in the crypto space and will likely take years to catch up. Bill Ackman on Crypto Regulation and the Need for Industry to Self-Police Billionaire Bill Ackman shared his thoughts on a variety of crypto-related topics, including crypto regulation, in a series of tweets Saturday. Ackman is the CEO and portfolio manager of Pershing Square Capital Management, a registered investment adviser with the U.S. Securities and Exchange Commission (SEC). His current net worth is about $3.5 billion. Regarding cryptocurrency regulation, he said: “I am not sure we need new rules. Much of the fraud that is taking place is old-fashioned pump and dump schemes, and failures of custodians to protect customer assets.” The executive continued: “I suspect that existing anti-fraud and other laws already govern these violations. ...

The Central Bank of Nigeria governor, Godwin Emefiele, has said the newly designed naira banknotes are set to enhance the effectiveness of the organization’s monetary policy and bolster the financial inclusion cause. Forcing Currency Hoarders to Return to the Banking System According to the Nigerian central bank governor, Godwin Emefiele , the recently launched naira banknotes are expected to force currency dealers to return “hoarded currency [back] into the banking system.” In a speech delivered at the new naira banknotes unveiling ceremony, Emefiele claimed that the new banknotes could potentially enhance the effectiveness of the country’s monetary policy. Besides helping return the older banknotes into circulation, the CBN governor insisted the redesigned naira banknotes are likely to bolster the bank’s financial inclusion cause. Emefiele explained: We believe that this exercise would help in increasing financial inclusion, moving towards a more cashless economy, and ensuring...