Bitcoin News and Finance: What You Need to Know

A report shows Ukrainian Cyberpolice identified members of a group that defrauded people around the world through fake crypto investment offers. The criminal organization maintained offices and customer service centers with thousands of employees in a number of European countries. Cyberpolice Department Busts Ukrainian Arm of International Financial Fraud Scheme The cybercrime combatting unit of the National Police of Ukraine (NPU) has exposed five Ukrainian citizens accused of participating in a large-scale international scheme that lured victims with promises of high profits from fake investments in cryptocurrencies and securities. The entity behind the criminal undertaking had established representative offices and call centers across Europe, Ukrainian police officials revealed. The estimated annual losses resulting from its activities exceeded €200 million ($207 million), a press release detailed . The operation was carried out together with the NPU’s Main Investigative Depart

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

U.S. Treasury Secretary Janet Yellen and Indian Finance Minister Nirmala Sitharaman discussed crypto regulation during the ninth India-U.S. Economic and Financial Partnership meeting. They stressed the importance of international cooperation and setting high regulatory standards globally. US and India Discuss Issues Surrounding Crypto Indian Union Minister of Finance & Corporate Affairs Nirmala Sitharaman and U.S. Treasury Secretary Janet L. Yellen discussed cryptocurrency regulation Friday during the ninth meeting of the India-U.S. Economic and Financial Partnership. U.S. Federal Reserve Chairman Jerome Powell and Reserve Bank of India (RBI) Governor Shaktikanta Das also attended the meeting, which was held in New Delhi. It was Yellen’s first visit to India as treasury secretary. According to a joint statement issued by Yellen and Sitharaman at the conclusion of the meeting: The United States and India look forward to sustained engagement through the longstanding U.S.-India

Former U.S. Treasury Secretary Lawrence Summers has compared crypto exchange FTX to Enron, noting that the case is a classic fraud rather than the complexities of cryptocurrency regulation. He said the regulatory community ought to draw two lessons from the collapse of FTX. Larry Summers Compares FTX to Enron Former Treasury Secretary Lawrence Summers shared his view on the need for cryptocurrency regulation following the collapse of Sam Bankman-Fried’s FTX crypto empire in an interview with Bloomberg Television Friday. Summers served as the U.S. Secretary of the Treasury from 1999 to 2001. He is currently the Charles W. Eliot Professor at Harvard University. “A lot of people have compared this to Lehman. I would compare it to Enron,” he began, elaborating: The smartest guys in the room. Not just financial error but … whiffs of fraud. Stadium namings very early in a company’s history. Vast explosion of wealth that nobody quite understands where it comes from. Enron was an energ

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says he is not worried about the price of bitcoin dropping. “I am a bitcoin investor,” he said, adding that when the price of the cryptocurrency hits a new bottom, he gets excited. Robert Kiyosaki Isn’t Worried About Bitcoin’s Price The author of Rich Dad Poor Dad, Robert Kiyosaki, says he is not worried about the price of bitcoin as BTC fell below $17K amid the implosion of cryptocurrency exchange FTX. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted Friday: Bitcoin? Worried? No. I am a bitcoin investor as I am an investor in physical gold, silver, & real estate. I am not a trader or flipper. When bitcoin hits new bottom, $10 to $12 k? I will get excited, not worried. He ad

Tesla CEO and Twitter chief Elon Musk has informed Twitter employees that the company’s “economic picture ahead is dire.” Noting that “bankruptcy isn’t out of the question,” the billionaire stressed that “Without significant subscription revenue, there is a good chance Twitter will not survive the upcoming economic downturn.” Twitter Could Go Bankrupt, Says Elon Musk Elon Musk, the billionaire who bought Twitter for $44 billion about two weeks ago, sent his first email to all Twitter employees Wednesday informing them of the social media platform’s grim financial situation. “There is no way to sugarcoat the message,” Musk wrote, adding: Frankly, the economic picture ahead is dire. He proceeded to detail that the economic situation is worse for a company like Twitter which is highly dependent on advertising in a challenging economic climate. “70% of our advertising is brand, rather than specific performance, which makes us doubly vulnerable,” he stressed. Musk continued, “That

Bitso, one of the largest cryptocurrency exchanges in Latam, has launched a QR payments program geared towards travelers in Argentina. The service proposal seeks to ease the way in which travelers and tourists make payments in the country, using Bitso’s interoperable QR payment technology to avoid unnecessary and often confusing cash exchange transactions in the region, where there are multiple dollar exchange rates. Bitso Launches QR Payment Service for Travelers Bitso, one of the leading cryptocurrency exchanges in Latam, has launched a QR-based payments service that aims to allow travelers to pay with cryptocurrencies in Argentina. The service seeks to make the lives of tourists arriving in the country easier, by allowing them to pay for services and goods with cryptocurrencies at all merchants using the popular QR payments method. Bitso’s objective is to serve as an integral payment service, avoiding the hassle of exchanging foreign currency for cash in a country like Argentin

The European Commission is preparing to discuss with member states the adoption of a common tax regime for crypto assets, European officials have indicated. The talks with national treasuries are expected to start next year with the aim to end the differentiated tax treatment of cryptocurrencies across the bloc’s 27 jurisdictions. European Union to Consider Single Tax Regime for Crypto Income and Profits The executive body in Brussels, the European Commission, intends to soon launch talks with the financial ministries of the member states on whether establishing a Union-wide tax regime for crypto is warranted, a report by Politico revealed Thursday, quoting three EU officials. The discussions are set to begin in 2023, the sources told the publication. Their focus will be on sharing best practices as currently cryptocurrency wealth is subject to different taxes in each country. Commenting on the initiative, a spokesperson for the Commission elaborated: Difficulties in classifying,

Japan’s top financial regulator, the Financial Services Agency (FSA), has issued a business suspension order to FTX Japan, the Japanese subsidiary of FTX.com. The financial watchdog has also ordered the crypto exchange to submit a business improvement plan by Nov. 16. Japanese Regulator Takes Action Against FTX Japan Japan’s Financial Services Agency (FSA) announced Thursday that the Kanto Local Finance Bureau has taken action against FTX Japan, the Japanese subsidiary of Sam Bankman-Fried’s embattled crypto exchange FTX.com. Three orders have been issued against the crypto exchange: a business suspension order, an order to hold assets domestically, and a business improvement order. FTX Japan must suspend operations from Nov. 10 to Dec. 9 and the exchange cannot accept new assets from clients during that time. The regulator has also ordered the company to submit a business improvement plan by Nov. 16. The FSA announcement explains that FTX Japan’s decision to halt customer withdra

The White House and members of the U.S. Senate Banking Committee have called for proper cryptocurrency regulation following the collapse of crypto exchange FTX. “Without proper oversight of cryptocurrencies, they risk harming everyday Americans, and this is something that clearly we monitor and we see as an important issue,” said White House press secretary Karine Jean-Pierre. White House on Crypto Regulation Following the collapse of cryptocurrency exchange FTX, the White House and several U.S. lawmakers have called for stricter crypto regulation. White House press secretary Karine Jean-Pierre said at a press briefing Thursday in response to the FTX crisis: The administration has consistently maintained that without proper oversight of cryptocurrencies, they risk harming everyday Americans, and this is something that clearly we monitor and we see as an important issue. She added: “The most recent news further underscores these concerns and highlights why prudent regulation of

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has outlined two paths the agency is taking to regulate the crypto industry. Meanwhile, a U.S. congressman is investigating whether Gensler helped FTX CEO Sam Bankman-Fried and his bankrupt crypto exchange on legal loopholes to obtain a regulatory monopoly. SEC Chair Gensler on FTX’s Undoing The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, talked about crypto regulation and the undoing of cryptocurrency exchange FTX in an interview with CNBC Thursday. Without confirming whether the SEC is investigating FTX, the chairman explained that when crypto exchanges “mix together a bunch of customer money” without disclosure and “leverage borrowing against it,” investors get hurt. He was also asked about the watchdog going after Kim Kardashian which, on a relative basis, is a much smaller case than FTX. Gensler replied: Look, I think that investors need better protection in t

Lionel Messi, one of the biggest Argentine soccer superstars, has announced his participation as an investor and brand ambassador in Sorare, an NFT (non-fungible token) game. Sorare hopes that Messi’s presence will improve the way in which the company relates to users, setting new standards in this regard. The economic details of the deal were not disclosed. Lionel Messi Partners With NFT Game Sorare Lionel Messi, one of the biggest soccer superstars and current player on the PSG soccer club, is now a brand ambassador and investor in the NFT card trading game Sorare. The presence of the player is directed to grow Sorare’s brand and improve the quality of the interactions the brand has with its users. As part of this partnership, Sorare announced that Messi took a stake in the company, without disclosing the numbers behind this transaction. To Sorare, Messi’s partnership is a milestone for the company, which had previously seen interest from another Spanish soccer player, Gerard Piq

Law enforcement and judicial authorities from Russia and Turkey are joining forces in the fight against cybercrime, including the use of cryptocurrencies for illegal purposes. The collaboration has been agreed upon during a visit by Russia’s Prosecutor General to Ankara. Russia, Turkey Arrange Cooperation on Countering Crime Involving Digital Space and Assets The Prosecutor General of the Russian Federation Igor Krasnov and the Turkish Minister of Justice Bekir Bozdag have signed a new, two-year program for cooperation between their departments, the Tass news agency reported. The high-ranking officials met in the Turkish capital. One of the areas where the sides plan to coordinate efforts is the fight against cybercrime, including cases involving criminal use of cryptocurrencies and other virtual assets, the report revealed. After sealing the agreement, Krasnov highlighted Russian experience in the field: In Russia, the relevant judicial and investigative practice has been develo

U.S. Senator Elizabeth Warren says the implosion of crypto exchange FTX shows that the crypto industry needs “more aggressive enforcement.” She stressed: “I’m going to keep pushing SEC to enforce the law to protect consumers and financial stability.” However, many people pointed out that the Securities and Exchange Commission (SEC) has failed to provide clear crypto regulation, leading to U.S. investors using offshore exchanges like FTX. Senator Elizabeth Warren Wants Tougher Crypto Regulation Following the crisis at cryptocurrency exchange FTX, U.S. Senator Elizabeth Warren (D-MA) stressed that the crypto industry needs more aggressive regulation. She tweeted Wednesday: The collapse of one of the largest crypto platforms shows how much of the industry appears to be smoke and mirrors. We need more aggressive enforcement and I’m going to keep pushing SEC to enforce the law to protect consumers and financial stability. Many people on Twitter disagreed with the senator from Massach

Blockfi, a cryptocurrency lending platform, has announced that it is limiting the operations of its platform and pausing customer withdrawals. The company issued a letter where it states that this decision was caused by the “lack of clarity” on the current state of FTX, which had previously announced an investment of $250 million in the platform to bolster its balance sheet. Blockfi Limits Platform Activity, Pauses Customer Withdrawals Blockfi, one of the leading cryptocurrency lending platforms, announced on Nov. 10 at 8:16 p.m. (ET) it was limiting the activity on its platform and pausing customer withdrawals as a result of the liquidity crunch that FTX has been experiencing. The company cited the “lack of clarity” of the status of the exchange as the main reason behind this resolution. In an announcement , the company explained they found out about the FTX situation on Twitter, feeling “shocked and dismayed” by the development of this issue. Furthermore, the company declared th

On Thursday, at approximately 12:48 p.m. (ET), the embattled exchange FTX revealed that it has created a special facility with Tron. The deal allows holders of specific Tron-based coins to withdraw the tokens to external wallets on a 1:1 ratio. While coin market aggregation sites say tron tapped a high of $0.06 per token on Thursday, tron reached a high of $2.49 per coin against the U.S. dollar on FTX. Tron Exchange Rate Balloons on FTX After Special Facility Established The troubled crypto exchange FTX has been the center of a lot of confusion and speculation since the world’s largest crypto exchange Binance explained it would be dumping all of its ftx (FTT) tokens. Four days later, FTX International has effectively paused withdrawals and the community suspects the exchange is insolvent. However, on Nov. 10, 2022, Tron founder Justin Sun said his team was working around the clock to help alleviate the situation with FTX. Sun also remarked that he is taking steps to help FTX. T