Tag Archives: cryptocurrency

Yet Another Major Crypto Outfit Files For Bankruptcy

CNBC reports: Distressed crypto firm BlockFi has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of New Jersey following the implosion of putative acquirer FTX. In the filing, the company indicated that it had more than 100,000 creditors, with liabilities and assets ranging to $10 billion. In the filing, the company listed an outstanding …

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“GOAT” Statue Of Musk Arrives At Texas Tesla Factory

The Washington Post reports: Complete with what appear to be flames that shoot from the rocket, the statue was commissioned by the cryptocurrency company Elon GOAT Token. The company was delivering it to Tesla’s Gigafactory in Austin on Saturday, during what it dubbed “Goatsgiving.” Costing a total of $600,000, according to Elon GOAT Token, the Musk sculpture is a nod …

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NBA Team Sued For Promoting Collapsed Crypto Firm

Reuters reports: The Golden State Warriors were sued on Monday by an FTX customer who accused the reigning National Basketball Association champions of fraudulently promoting the now-bankrupt cryptocurrency exchange. Elliott Lam, a Canadian citizen and Hong Kong resident, filed his proposed class-action lawsuit in San Francisco federal court on behalf of “thousands, if not millions” of people outside the United …

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REPORT: Bankrupt Crypto Outfit Hacked For $400M

CoinDesk reports: The beleaguered crypto exchange FTX suffered a $400 million hack over the weekend, and at least one blockchain expert says the clues are point to a high-level insider who committed an amateur misstep that might have inadvertently revealed their identity. The attacker appears to have “had access to all the cold wallet storages which he exploited,” Dyma Budorin, …

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Bankrupt Crypto Exchange Now Under Criminal Probe

Reuters reports: The collapse of FTX is the subject of scrutiny from investigators in the Bahamas, who are looking at whether any “criminal misconduct occurred,” the Royal Bahamas Police said on Sunday. FTX filed for bankruptcy on Friday, one of the highest profile crypto blowups, after traders rushed to withdraw $6 billion from the platform in just 72 hours and …

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Reuters: Over $1B Missing At Bankrupt Crypto Outfit

Reuters reports: At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter. The exchange’s founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried’s trading company Alameda Research, the people told Reuters. A large portion of that total has since disappeared, they said. One …

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Major Cryptocurrency Exchange Files For Bankruptcy

CBS News reports: FTX Trading on Friday filed for Chapter 11 bankruptcy, capping a sudden and startling downfall for one of the world’s biggest cryptocurrency exchanges. Founder and CEO Sam Bankman-Fried also resigned from the company, which appointed John J. Ray III as its new chief executive. “The immediate relief of Chapter 11 is appropriate to provide the FTX Group …

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Feds: 40% Of Crypto Complaints Are Due To “Scams”

Just out via press release: Today, the Consumer Financial Protection Bureau (CFPB) released a new complaint bulletin that highlights complaints the CFPB received related to crypto-assets. Consumers most commonly reported being victimized by frauds, theft, account hacks, and scams. Consumers also had issues with executing transactions and transferring assets between exchanges. Many consumers had issues with accessing funds in their …

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$3 Billion In Cryptocurrency Stolen During “Hacktober”

Coin Telegraph reports: The month of October has broken all records for crypto exploits and the amount of digital loot pilfered — living up to its new moniker of “Hacktober” — according to the latest figures. On Oct. 31, blockchain security firm PeckShield tweeted some scary statistics for the month, reporting a total of $2.98 billion in stolen digital assets …

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$718M Hacked From Crypto Outfits So Far This Month

Bitcoin News reports: Data from blockchain analytics firm Chainalysis shows that October is “the biggest month in the biggest year ever for hacking activity.” The firm added that crypto hackers have grossed over $3 billion across 125 hacks so far this year. Chainalysis wrote: “After four hacks yesterday, October is now the biggest month in the biggest year ever for …

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Hackers Steal $570M From Cryptocurrency Exchange

Ars Technica reports: Hackers have stolen around $570 million in tokens from Binance, in a rare blow to the world’s biggest crypto exchange and another dent to the troubled digital assets industry struggling to regain trust after a collapse in prices. It comes at a time when digital assets are trying to recover from a credit crisis that wiped nearly …

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SEC Charges Kim Kardashian For Crypto Promotion

Via press release from the SEC: The Securities and Exchange Commission today announced charges against Kim Kardashian for touting on social media a crypto asset security offered and sold by EthereumMax without disclosing the payment she received for the promotion. Kardashian agreed to settle the charges, pay $1.26 million in penalties, disgorgement, and interest, and cooperate with the Commission’s ongoing …

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Hackers Steal $190 Million From Cryptocurrency Firm

Reuters reports: U.S. crypto firm Nomad has been hit by a $190 million theft, blockchain researchers said on Tuesday, the latest such heist to hit the digital asset sector this year. Nomad said in a tweet that it was “aware of the incident” and was currently investigating, without giving further details or the value of the theft. Blockchain bridges have …

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Cryptocurrency CEO Pleads Guilty In $21M Scheme

From the Justice Department: The CEO of Titanium Blockchain Infrastructure Services Inc. (TBIS) pleaded guilty Friday in the Central District of California for his role in a cryptocurrency fraud scheme involving TBIS’s initial coin offering (ICO) that raised approximately $21 million from investors in the United States and overseas. According to court documents, Michael Alan Stollery, 54, of Reseda, California, …

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Major Cryptocurrency Outfit Files For Bankruptcy

Reuters reports: U.S. crypto lender Celsius Network said on Wednesday it had filed for bankruptcy in New York, becoming the latest victim in the cryptocurrency sector of a dramatic plunge in token prices. New Jersey-based Celsius froze withdrawals last month, citing “extreme” market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. In …

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FBI Seeks “Crypto Queen” Behind $4 Billion Scam

Axios reports: The FBI has offered a $100,000 reward in its search for Ruja Ignatova, the so-called “Cryptoqueen” who allegedly helped defraud investors out of $4 billion with a cryptocurrency scam. Ignatova was added to the FBI’s list of the 10 most-wanted fugitives this week. The FBI is asking for any information about the alleged fraudster, who disappeared in 2017. …

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North Korea Likely Behind $100 Million Crypto Theft

Reuters reports: North Korean hackers are most likely behind an attack last week that stole as much as $100 million in cryptocurrency from a U.S. company, three digital investigative firms have concluded. The cryptoassets were stolen on June 23 from Horizon Bridge, a service operated by the Harmony blockchain that allows assets to be transferred to other blockchains. Since then, …

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Hacker Rips Off Cryptocurrency Startup For $100M

TechCrunch reports: A hacker has exploited a vulnerability to steal $100 million from Harmony’s Horizon Bridge, which allows users to transfer their crypto assets from one blockchain to another. Harmony, the U.S. crypto startup behind Horizon, said in a blog post on Friday that it was notified of a “malicious attack” on its proprietary Horizon blockchain bridge on Thursday. Blockchain …

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Cryptocurrencies Lose $400B In Value In One Week

Forbes reports: Bitcoin has crashed under $20,000 per bitcoin after a huge crypto market meltdown wiped away around $400 billion of value in just a week – with some traders’ worst fears materializing. Billionaire investor Jeff Gundlach warned he wouldn’t be surprised to see the bitcoin price fall further to hit $10,000. The brutal bitcoin and crypto crash was partly …

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Musk Sued For $258B For Alleged “Dogecoin Scheme”

The Hill reports: A cryptocurrency investor has sued Elon Musk for $258 billion, saying the Tesla co-founder ran a pyramid scheme via Dogecoin. The lawsuit filed by plaintiff Keith Johnson in New York, has accused Musk and his companies, Tesla and Space X, of running a “pyramid scheme” to inflate the price of the cryptocurrency. The lawsuit added that, “Defendants …

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