Latest FTX Chief Executive Claims Crypto Exchange Can Reboot Operations
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Latest FTX Chief Executive Claims Crypto Exchange Can Reboot Operations
The new Chief Executive behind the FTX cryptocurrency exchange, John J. Ray III, claims that he is looking towards the possibility of reviving the bankrupt cryptocurrency exchange as he begins work towards returning money to the company’s customers as well as creditors.
Mr. Ray initially announced that he had set up a task force to explore the possibility of restarting FTX.com, which is the company's international exchange.
"Everything is on the table. If there is a path forward on that, then we will not only explore that, we'll do it," said Mr. Ray.
The original bankruptcy filing of FTX marked the largest of numerous failures within the blockchain space throughout the past year, which froze millions of user accounts and prevented them from accessing their accounts.
FTX, Celsius Network LLC, Voyager Digital Ltd., and BlockFi Inc. have all used the Chapter 11 process as a means of exploring ways through which they can restart the business and sell their platforms to stronger rivals.
Binance Users Will Not Have the Opportunity to Buy or Sell Crypto for Less Than $100,000 Through Swift, Beginning February 1
The announcement came through a January 21 email newsletter to Binance users. The cryptocurrency exchange has blamed the new decision on an unnamed banking partner and said that the bank was restricting access for all of its "crypto exchange clients."
Bloomberg also reported on January 21 that Binance’s unnamed banking partner was Signature Bank.
Beginning February 1, 2023, Binance users will be unable to buy or sell cryptocurrencies less than $100,000 through SWIFT.
Binance also said that this disruption would not affect its other services or Corporate Accounts. Additionally, exchange users are still able to continue purchasing crypto using their credit or debit cards and through other FIAT currencies. The exchange also announced that it was actively working towards finding an alternative.
Second-Largest Cryptocurrency Exchange by Trading Volume Okb Published the Third Monthly Proof of Reserves (PoR)
OKX published the Proof of Reserves (PoR) report for January, where it showcased that $7.5 billion is behind held by the exchange in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), which is the largest 100% clean asset reserves among major exchanges.
Additionally, there were new features included in the month's PoR, such as a detailed asset balance dashboard, which enabled users the ability to see how their total assets are calculated across products that are denominated in BTC, ETH, and USDT.
Assets are truly considered to be "clean" at the point in time when a third-party analysis determines they do not include an exchange's platform tokens and are made up of high market cap, traditional crypto assets. CryptoQuant is a blockchain analytics firm that monitors PoR across the industry and found that OKX’s assets are 100% clean.
Us Charges the Cryptocurrency Exchange Bitzlato With Laundering $700M, and Bankrupt Genesis Owes Top 50 Creditors $3.4 Billion
The U.S. Justice Department and Treasury Department have charged Bitzlato Ltd. with money laundering and have arrested the founder in Miami. Bitzlato is a Hong-Kong based platform that has shut down, and the founder, Anatoly Legkodymov, was taken into U.S. custody.
The goal here is to stop Bitzlato from catering to criminals tied to Russia, based on a press conference announcement by Deputy Attorney General Lisa Monaco. The Treasury's Financial Crimes Enforcement Network (FinCEN) formally labeled the company a "primary money-laundering concern."
Celsius’s Chapter 11 filing listed seven creditors owed at least $100 million. The biggest one is a $766 million claim related to customers of the Gemini cryptocurrency exchange who have money stuck with Genesis’s lending unit.
FTX-linked entities have ten claims of over $100 million. In fact, Genesis owes its top 50 creditors a total of $3.4 billion. Babel Finance, which is listed as the third-biggest named Genesis creditor at $150 million, is a crypto firm that was forced to freeze withdrawals in the middle of 2022 as numerous business failures ripped throughout the industry.
Nexo Has Agreed to Pay $45 Million in Penalties and Cease Unregistered Offerings of Crypto Asset Lending
The Securities and Exchange Commission has officially charged Nexo Capital Inc. with failing to register the offer as well as the sale of its retail crypto asset lending product, the Earn Interest Product (EIP).
Additionally, in order to settle the SEC charges, Nexo agreed to pay $22.5 million in the form of a penalty and cease its unregistered offer and sale of the EIP to U.S. investors. Nexo will also need to pay an additional $22.5 million in fines to settle other charges which are similar, but issued by state regulatory authorities.
Thanks for reading,
James