Virtual Currency
SEC Charges Crypto Companies With Offering Unregistered Securities
The Securities and Exchange Commission on Thursday charged the cryptocurrency lender Genesis Global Capital and the cryptocurrency exchange Gemini Trust with offering unregistered securities through a program that promised investors high interest on deposits. The S.E.C. said that Genesis, a subsidiary of Digital Currency Group, and Gemini, which is run by Tyler and Cameron Winklevoss, […]
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Sam Bankman-Fried Responds to Fraud Charges: ‘I Didn’t Steal Funds’
Sam Bankman-Fried, the disgraced cryptocurrency executive, on Thursday made his first detailed response to the criminal charges filed against him last month, arguing that the millions of customers of his collapsed exchange, FTX, could still get their money back. In a statement published on Substack, Mr. Bankman-Fried said that “very substantial recovery remains potentially available.” […]
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Sam Bankman-Fried Arrested in the Bahamas After US Prosecutors File Charges
Follow our live coverage of the arrest of FTX founder Sam Bankman-Fried. Sam Bankman-Fried, the disgraced founder of the collapsed cryptocurrency exchange FTX, was arrested in the Bahamas on Monday after U.S. prosecutors filed criminal charges. “S.B.F.’s arrest followed receipt of formal notification from the United States that it has filed criminal charges against S.B.F. […]
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The Humbling of Coinbase
The bloat was especially severe on Coinbase’s customer-service team. New staff members often felt that they didn’t have enough to do. “I got maybe four phone calls a day for a while,” said David Visini, a customer-service employee who was laid off. “It was dead, dead, dead.” Ms. Choi, the chief operating officer, acknowledged that […]
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The Crypto Market Crashed. They’re Still Buying Bitcoin.
“If you call out someone’s risks they’re taking, and they’re otherwise healthy, you can be accused of creating a run on the bank or being a troll,” said Michael Saylor, the chief executive of MicroStrategy, a software company that has built up a large Bitcoin reserve. “It’s kind of hard to explain this theoretically before […]
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Kraken, a U.S. Crypto Exchange, Is Suspected of Violating Sanctions
Kraken, one of the world’s largest cryptocurrency exchanges, is under federal investigation, suspected of violating U.S. sanctions by allowing users in Iran and elsewhere to buy and sell digital tokens, according to five people affiliated with the company or with knowledge of the inquiry. The Treasury Department’s Office of Foreign Assets Control has been investigating […]
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Cryptomining Capacity in U.S. Rivals Energy Use of Houston, Findings Show
Seven of the largest Bitcoin mining companies in the United States are set up to use nearly as much electricity as the homes in Houston, according to data disclosed Friday as part of an investigation by congressional Democrats who say miners should be required to report their energy use. The United States has seen an […]
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How Wall Street Escaped the Crypto Meltdown
Only a small subset of Goldman’s clients qualified to buy investments linked to crypto through the bank, said Mary Athridge, a Goldman Sachs spokeswoman. Clients had to go through a “live training” session and attest to having received warnings from Goldman about the riskiness of the assets. Only then were they allowed to put money […]
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Crypto Crash Widens Divide Between Rich and Amateur Traders
ENGLEWOOD, Colo. — The cryptocurrency market was in ruins. But Tyler and Cameron Winklevoss were jamming. The billionaire twins, best known for their supporting role in the creation of Facebook, twirled and shimmied across the stage with their new cover band, Mars Junction, at a concert venue outside Denver last week, the latest stop on […]
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