Blockchain & crypto news from India
During the current crypto bull market, the value of the top cryptocurrency exchange insurance funds has increased by over $1 billion. To be specific, the balances of Bitcoin, BNB, Tether, and TrueUSD (TUSD) that make up Binance’s Secure Asset Fund for Users (SAFU) have exceeded $2.03 billion as of April 3. This marks a significant…
Ex crypto tycoon Sam-Bankman Fried has been given a prison sentence of 25 years in the United States Federal prison. He has been accused of embezzling $8 billion from clients of the FTX cryptocurrency exchange he established, which is now insolvent. At a Manhattan court hearing on Thursday, US District Judge Lewis Kaplan issued the…
Away from the hype and excitement around blockchain and new forms of money, a Foreign Policy article offers a sobering view of the new business world that has sprung around the hype around cryptocurrencies, tokens, DeFi, NFTs and digital assets. It turns out it is the same old finance and market practices that have found…
Wyre is a crypto payment venture founded in 2013, and is now reported to be struggling. The challenges appear to be related to the fallout of FTX collapse and the overall economy of the crypto world. A recent salvage attempt by transport company Bolt fell through in what could have been a $1.5 billion buyout….
“1.7 million people call Celsius their home for crypto”, says the homepage of Celsius Network. It is certainly the case that, just as crypto investors were dreaming of ‘moon’ and ‘lambo’, so were the crypto CEOs whom they trusted to “manage” their money. The latest in the FTX saga is that the US Justice Department…
Hit hard by the FTX collapse, Solana’s woes continue as two of its top NFT collections have decided to move to rival chains. Solana has been the second choice after the natural Ethereum for NFT projects, but things are taking a turn. DeGods (created by y00ts founder) and Magic Eden will soon bridge their way…
Not just crypto and blockchain ventures, but a news outlet too were “infected” with the Sam-Bankman-Fried money virus, who has recently been arrested in The Bahamas on December 12. The Block has become another entity to face the heat of FTX’s collapse, now being considered as one of the biggest or perhaps the biggest fraud…
Nobel prize winning economist Paul Krugman recently said to the media that the overhyped blockchain has proven to be “useless”. The shut down of TradeLens is only one of the events he cites to support his anti-crypto views that he has been sharing for a long time. In 2011, he had published an op-ed in…
The effects of FTX’s failure were far more severe than anticipated. The market was also impacted by the subsequent hack. The stolen cash were being relocated, albeit it’s still unclear what exactly happened during the hack. Huge sums of money from the $447 million in stolen money have been moving about over the last few…
The fallout of FTX debacle has sent out red alerts in the crypto trading world, and the stress now is on holding one’s own digital assets in wallets rather than keeping them on exchanges. Trading exchanges have gone a knee-jerk reaction, revealing their owned assets in what are called proof of reserves. Holding one’s crypto…