Tag Archives: AA News

Bankrupt Bitcoin miner Core Scientific may be about to forfeit nearly all corporate equity in order to pay off its debt.  Owners of the company’s convertible notes are seeking a 97% acquisition of the firm in return for up to $75 million of debtor-in-possession financing.  Core Scientific’s Restructuring Plan As announced by the mining firm on Wednesday, the Ad Hoc Noteholder Group intends to provide $56 million to Core Scientific, with the remaining $19 million coming from...

Ray Youssef – founder and CEO of peer-to-peer crypto marketplace Paxful – announced on Wednesday that Ethereum will soon be booted from its marketplace.  The CEO argued that the second largest cryptocurrency is working against his company’s mission to free humanity from “economic apartheid.” Paxful’s Problems With Ethereum Per a tweet from Youssef, ETH will no longer be tradeable on Paxful as of December 22nd, 2022.  “Revenue is nice, but integrity trumps all,” he wrote in an...

The Aussie cryptocurrency exchange – Swyftx – and the investment platform – Superhero – have reportedly abandoned the previously planned $1 billion merger deal. Some of the main reasons are the enhanced control over crypto firms in Australia and the diminishing interest in digital assets following the spectacular collapse of FTX. Swyftx Takes Another Punch As reported by The Australian Financial Review, Swyftx will sell Superhero back to its founders – John Winters and Wayne...

In a market outlook report published on Dec. 20, Coinbase Institutional stated that the crypto winter will extend well into 2023, especially for altcoins. Company analysts expect digital asset selection will transition towards “higher quality names” like Bitcoin and Ethereum. This is based on several factors, such as sustainable tokenomics, the maturity of respective ecosystems, and relative market liquidity. They were not confident that altcoins would see much momentum next...

The Advertising Standards Authority (ASA) – UK’s advertising regulator – banned an NFT promotion by Crypto.com on December 21. According to the press release, ASA flagged a paid-for Facebook advertisement for the crypto platform, citing failure to illustrate the risk of investing in NFTs as well as clarify details with regard to fees. This isn’t the first complaint against an advertisement by the exchange. In fact, the regulator banned two adverts from the platform following...

Elon Musk said he will appoint a new Chief Executive Officer of the social media giant as soon as he finds “someone foolish enough” to fill the position.  The entrepreneur previously launched a poll asking users whether he should step down as Twitter’s CEO. Over 57% of the participants answered “yes.” Vox Populi, Vox Dei It looks like Twitter will have a new CEO in the future after over 10 million people (out of the 17.5 million participants) supported the option in Elon...

Jo Johnson – the brother of the UK’s former PM, Boris Johnson – reportedly resigned from his advisory role in Bifinity (a payments technology company launched by Binance).  The world’s largest cryptocurrency platform has had several brushes with British regulators over the past few years. Despite the tension, the company aims to become a registered entity in the Kingdom sometime next year. Johnson’s Departure According to recent coverage by The Telegraph, Boris Johnson’s...

Negative press surrounding bankrupt crypto exchange FTX has inspired the Democratic Senate Majority PAC to return $3 million in political donations from the company’s executives.  Those donations include $2 million from FTX’s ex-head of engineering, Nishad Singh, and $1 million from disgraced former boss Sam Bankman-Fried (SBF).  Returning Tainted Money As reported by CNBC, a spokesperson for the PAC said the PAC decided to return the funds following “serious allegations...

The South Korean court has reportedly frozen 120 billion won (over $93 million) in assets belonging to executives of blockchain consultancy firm Kernel Labs.  The entity is speculated to have had a hand in Terra’s collapse earlier this year while its CEO – Kim Hyun-Joong – served as Vice President of Engineering at Terraform Labs.  The Latest Efforts According to a local report, the Korean Authorities froze around $93 million owned by bosses of Terraform Labs’ affiliate...

Coinbase founder and CEO Brian Armstrong, for one, believes that ideal crypto regulations should start with centralized actors since most of the damage to the consumers has been done by these entities. In a recently released “realistic blueprint,” Armstrong highlighted the need to pursue legislation early instead of waiting for something comprehensive and perfect. Regulations should initially focus on centralized actors in crypto, such as – stablecoin issuers, exchanges, and...