FTX Modifies Liquidation Guidelines After U.S. Trustee’s Concerns
FTX has adjusted its crypto liquidation plan to remove the need for advanced public notice due to market concerns. Key Points In response to objections raised by the U.S. Trustee, bankrupt crypto exchange FTX has revised its proposed guidelines for liquidating its substantial crypto holdings. The changes were made ahead of the review of the initial plan, which involves the …
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FTX Lawyers Outrage Over Inadequate Prison Internet Access
FTX founder’s defense argues that subpar prison Wi-Fi is hampering trial preparation, underscoring the importance of reliable internet access in the justice system. Key Points Having poor internet connection is not just inconvenient — it could also impact the course of justice; that is what lawyers for FTX founder Samuel Bankman-Fried are arguing in a recent court filing. Former FTX …
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SEC Settles Charges Against Fintech Firm Linus Financial
The SEC settles charges against Linus Financial for selling an unregistered cryptocurrency lending product. Key Points The US Securities and Exchange Commission (SEC) made an announcement on Thursday regarding the settlement of charges against Linus Financial, a fintech firm based in Tennessee, over the sales of an unregistered cryptocurrency lending product. The SEC stated that it will not impose civil …
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Crypto Cynic Becomes Singapore’s New President
Singapore elects Tharman Shanmugaratnam as its new president, previously known for skepticism toward cryptocurrencies, now emphasizing “ultra clarity” and a balanced regulatory approach. Key Points Singapore recently elected Tharman Shanmugaratnam as its 9th president, succeeding Halimah Yacob. While Shanmugaratnam had previously referred to cryptocurrencies as “inherently purely speculative and slightly crazy,” the role of the President in Singapore is mostly …
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PBOC Official Stresses Importance of Digital Yuan
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Cary
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September 4, 2023
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Cryptonews, Crypto, News
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China’s Digital Currency Research Institute head highlights the need for digital yuan in all retail payments, and proposes unified QR code standards. Key Points The head of the Digital Currency Research Institute at the People’s Bank of China (PBOC), Changchun Mu, emphasized the necessity of making the digital yuan available for all retail payment scenarios at a trade forum in …
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Lympid Debuts a User-Centric Platform for Exploring and Earning in Web3
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Cary
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August 26, 2023
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Press release
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Location, August 19, 2023 — Lympid, a groundbreaking platform that simplifies access to interest-generating products in the world of Web3, is pleased to announce its plans to expand its product offering. With Lympid, users can earn up to 15% annually, converting from EURO to US Treasury Bills, Aave, liquid staking, and many more. With Lympid you access a marketplace that …
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South Korea Crack Down on Crypto Drug Trafficking
South Korean police arrest 312 individuals involved in a cryptocurrency-facilitated drug trafficking network operating on dark web platforms. Key Points South Korean police have intensified their efforts to combat drug trafficking facilitated by cryptocurrencies, resulting in the arrest of 312 individuals involved in a major narcotics bust. The arrests were made by the Seoul Metropolitan Police Agency’s Drug Crime Investigation, …
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Bittrex Agrees to Pay $24 Million Fine to SEC
Bittrex faces a $24 million fine for alleged unregistered securities exchange operation amid the SEC’s intensified crackdown on the crypto industry. Key Points The United States Securities and Exchange Commission (SEC) continues its enforcement action to bring the crypto industry into regulatory compliance. The latest target of the SEC is bankrupt crypto exchange Bittrex, which has agreed to pay a …
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Congresswoman Criticizes PayPal’s Launch of Stablecoin
Congresswoman Maxine Waters voices concerns over PayPal’s PYUSD stablecoin launch without federal regulatory approval, highlighting the need for oversight and stablecoin regulation. Key Points Democratic Congresswoman Maxine Waters (D-CA) has voiced her criticism of PayPal’s recent launch of its dollar-backed stablecoin, PYUSD. While acknowledging the groundbreaking move by the global payment firm, Waters expressed concerns regarding the lack of federal …
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Korean Prosecutors View XRP as a Positive Development
South Korean prosecutors’ pursuit of fraud charges against Do Kwon and Terraform Labs faces complications after the XRP trial verdict. Key Points The recent ruling in the XRP trial has raised concerns among South Korean prosecutors who are seeking to convict Do Kwon and Terraform Labs of fraud and securities violations. The ruling by a US court, which declared that …
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