Crypto Guides, Knowledge & Insights

Bankman-Fried Apologizes to FTX Employees, Details Amount of Leverage in Internal Letter

FTX founder and former CEO Sam Bankman-Fried “froze up in the face of pressure” as his company failed, he wrote in a new letter to former employees.　　Bankman-Fried stated in the letter, which was shared internally on FTXs company Slack and obtained by CoinDesk, that he was “deeply sorry about what happened” and what it meant for the companys employees. He did not respond to allegations that FTX diverted customer and corporate funds to support Bankman-Alameda Frieds Research, revelations that Alameda was exempt from FTXs normal liquidation process, or statements that Alameda had loaned funds to FTX officials, including himself.　　“I didnt intend for any of this to happen, and I would give anything to be able to go back in time and redo things. You were like family to me ”He stated. “Ive lost that, and our old house is now a monitor warehouse. Theres no one left to talk to when I turn around.”　　“In the face of pressure, leaks, and the Binance [letter of intent to purchase FTX], I froze up and said nothing,” he explained.　　Bankman-Fried resigned as CEO of FTX on November 11, just before the company declared bankruptcy. He is not a current employee of the company, according

2022-11-23Deep Dive

The first US DAO to take on the SEC without counsel

In the 2021 file it made to the SEC, the Decentralized Autonomous Organization (DAO) registered its native, interdependent tokens. These tokens included the governance token Locke and the stablecoin Ducat. Although this is the case, the regulatory authority has begun the legal steps required to request a halt order, claiming a wide range of registration-related issues. 　　Additionally, American CryptoFed has declared that it will file a lawsuit to extend the date for submitting its reply to the SECs decision initiating administrative proceedings.　　As a result of this event, it will then have a period of twenty days to prepare a reply to the SECs request to halt American CryptoFeds registration. 　　The DAO outlines how the Locke and Ducat toks, which are components of the DAOs envisioned financial system with a Wyoming headquarters, interact in its file dated September 2021. On this document, September 2021 is depicted.　　The targeted recipient of these currencies are the DAO participants, which may include governmental bodies, private companies, financial institutions, cryptocurrency exchanges, and other kinds of organizations. American CryptoFed would become a reporting entity and be compelled to meet its obligations to make regular reports to the regulating agency if it were to file with the Securities

2022-11-22Deep Dive

Bitcoin Declines as the Crypto Market Again Crashes

The majority of the day was spent trading in the red on cryptocurrency exchanges for the most part. 　　Given that recent trading volume has been calm at approximately $16,700, it is clear that bitcoin traders have maintained their protective stance from the prior week. This is a drop of 1.4% in the previous twenty-four hours. Approximately $1,200 was the most recent price of ether on the market, a decrease of 3.7%. In the past day, the value of CEL and UNI, two more well-known cryptocurrencies, fell by more than 5%. The FTX FTT coin was trading at $1.66 as of the time of this writing, down about 4%. This is a sharp decline from the years early near-$36 high.　　　　Derar Islim, the interim CEO of Genesis, revealed on a teleconference with clients that the company is looking into a number of options for the loan sector, one of which is finding a new source of capital. The following week, he promised, Genesis would give clients more details about the plan. According to information on the firm website, Genesis Global Capital catered to institutional clients and had a total of $2.8 billion in outstanding loans as of the end of the third

2022-11-22Deep Dive

Bitpanda's Local Unit Obtains German Crypto License

Bitpanda, an Austrian exchange, announced Tuesday that it has obtained a crypto license in Germany through its local unit.　　Bitpanda Asset Management GmbH can independently offer crypto custody as well as proprietary trading for crypto assets for German residents, according to a press release from the German Federal Financial Supervisory Authority (BaFin).　　“Bitpanda will also be able to maintain an order book and directly market services for crypto assets, allowing them to provide a secure and regulated environment for German customers to invest in a wide range of cryptocurrencies,” the company said.　　Regulators around the world are keeping a close eye on the crypto industry as it recovers from the collapse of crypto exchange giant FTX. Germany is a member of the European Union, which recently completed its comprehensive framework for supervising cryptocurrency issuers and service providers seeking to operate in any of the trade blocs 27 member states.　　Since FTX declared bankruptcy in the United States, Stefan Berger, the German lawmaker in charge of shepherding the draft legislation through the European Parliament, has stated that the EUs Markets in Crypto Assets (MiCA) should be the global standard for cryptocurrency regulation.　　Go to: https://www.wikifx.com/en/newsdetail/202211162704900135.html？source=emily for more information.　　However, MiCA will not go into effect until at

2022-11-22Deep Dive

Genesis fails to raise funds as FTX contagion weighs on DCG-owned company

Genesis, a cryptocurrency brokerage, has failed to raise funds and may face bankruptcy if it does not receive further investment, according to Bloomberg on November 21.　　Following the suspension of withdrawals from its loan product last week, the corporation is said to be seeking a $1 billion liquidity injection into the business.　　Fears of a Genesis bankruptcy have already spread to its parent business, Digital Currency Group. Genesis accounts for a sizable portion of its holdings, along with Grayscale, which has also been criticized for failing to give verification of reserves.　　According to a statement provided to Bloomberg,　　“We have no immediate plans to declare bankruptcy... Our goal is to address the current issue amicably, without the necessity for bankruptcy. Genesis continues to have productive discussions with creditors.”　　The failure of new funds to materialize adds to Genesis ongoing story of seeking investment. WikiBIT reported on November 17 that it had been struggling to find new investors since the demise of FTX. On the other hand, a Genesis spokesperson told the Wall Street Journal on November 17 that the brokerage was having “very positive conversations.”　　According to Genesis CEO Michael Moro, “we mitigated our losses with a large counterparty who failed to meet a margin call

2022-11-22Deep Dive

For Celsius bankruptcy claimants, a deadline has been set by a US court.

It is recommended that anyone planning to file a claim against the former lender of digital assets do so before the deadline, which is specified in a formal document. 　　Those who desire to do so must submit proof of their claim by January 3, 2023, at 5:00 p.m. East Coast Time. This covers people, corporations, partnerships, joint ventures, and trusts. 　　In addition to providing comprehensive information on the claims filing procedure, Celsius started a thread on Twitter to notify its previous clients of the recent legal deadline extension.　　The verdict was reached not long after the independent examiner investigating into the Celsius case accused the company of using “insufficient” accountancy and operational controls in the way it handled customer funds. 　　Prosecutors have been closely monitoring Celsiuss actions at all times. 　　　　Customers claimed that the defunct cryptocurrency lender exploited the capital of newbies to cover current yields and enable withdrawals, which led to the judge overseeing the case issuing a court decision on November 1. The decision mandated an investigation into whether Celsius might have been a Ponzi scheme.　　On December 5 of this year, the next planned session, the case is slated to resume in court. The most latest events in the

2022-11-21Deep Dive

The co-founder of Terra had $104 million in unjustified earnings seized by South Korea.

Officials in South Korea are still working to provide resolution for the victims of Terraform Labs involvement in the years first crypto catastrophe. South Korean officials are still trying to aid Terraform Labs victims, despite the crypto exchange FTX diverting attention from other fallen ecosystems. 　　South Korean regulators impounded approximately $104.4 million (140 billion won) belonging to co-founder Shin Hyun-seong approximately 6 months after the Terra (LUNA) blockchain was legally shut down on the basis that he might have gained illegal gains.　　After the Seoul Southern District Court granted the prosecutions plea, the properties of Shin, which are expected to cost more than 104 million dollars, have been temporarily frozen. The charge related to Shins purported involvement in the sale of pre-issued Terra tokens to unwary investors.　　The division bench has reportedly put a moratorium on the reportedly stolen funds until more thorough investigations can be made, according to claims from a local news source. Based on the allegation of profiting from unauthorized LUNA sales, this decision was made.　　The CEO of Luna, Shin Hyun-seong, did not sell the business at a profit or amass wealth via any illegal means, as has been suggested in several media reports. Cointelegraph first used the Shins

2022-11-21Deep Dive

Disney brings back Bob Iger as CEO: Here’s the crypto connection

Bob Iger, a supporter of the metaverse, has announced a surprise return to his former role as CEO of Disney, succeeding now-former CEO Bob Chapek.　　While Iger is best known as the CEO of the global entertainment conglomerate for 15 years, the Disney executive rose to prominence in the crypto community after becoming a director, adviser, and investor in Genies, a digital avatar platform powered by Dapper Labs Flow blockchain.　　“I am thrilled to join the Genies Board of Directors to assist Akash Nigam and company in empowering humans to create themobile apps of Web3: avatar ecosystems,” Iger said at the time.　　On December 28, Iger was still an executive and board chairman at Disney when the company filed for a metaverse-related patent.　　The patent was for a “virtual-world simulator in a real-world venue,” which would allow visitors to Disney theme parks to use mobile phones to generate and project personalized 3D effects onto nearby physical spaces, such as walls and other objects, according to the filing.　　Disney, on the other hand, stated at the time that there were “no current plans” to use the “virtual-world simulator” patent, and the company has yet to announce any products related to the patent.　　However, according to the Hollywood

2022-11-21Deep Dive

FTX forewarns exchanges to freeze stolen funds to prevent hacker cashing out

On Nov. 20, FTX announced that exchanges should be on the lookout for unauthorized fund transfers from FTX Global and related debtors on Nov. 11.　　The transfers were made via intermediary wallets, and FTX advised exchanges to take all necessary steps to ensure that the unauthorized funds were seized and returned to the bankruptcy estate.　　Prior to the FTX announcement, Chainalysis, a blockchain data platform, tweeted a thread explaining that funds stolen from FTX were on the move and that exchanges should be prepared to freeze them if the hacker decides to cash out.　　According to Chainalysis, reports that FTXs stolen funds were sent to the Securities Commission of The Bahamas (SCB) were false. The Chainalysis team confirmed that some of the funds had been stolen, but others were sent to regulators.　　For more information, please download WikiBIT App to get more crypto news!!　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!　　Scan this QR Code to get FTX informations! Hurry Up!　　

2022-11-21Deep Dive

Google set to remove all unlicensed Nigerian loan apps from the play store by January 2023

By: Damian Okonkwo　　Given the rising abuse of users privacy common with the loan apps in Nigeria and other African countries, the giant tech company - Google has announced its new policy to remove all unlicensed Nigerian loan apps from its downloader app known as the play store. This new policy is expected to take effect from January 31, 2023.　　According to the report from Google, all loan apps hitherto registered with the play store will need to be approved by the Federal Competition and Consumer Protection Commission (FCCPC), as all loan apps without authorization from this body will be removed from the play store. This new policy is not restricted to Nigeria only but is also will be applicable to few other countries where the practice is common today for loan apps to register with the play store without obtaining full authorization from the relevant financial regulators. Other countries listed were: Kenya, India, Philippine, and Indonesia.　　This policy, however, is applicable to loan apps offering loans directly to customers as well as those that connects users to a third-party lender.　　Google had given enough time for all such unregistered apps on the platform to immediately update their legal status by registering with FCCPC

2022-11-21Deep Dive

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