Tag Archives: social

Iris Energy – an Australian crypto mining company whose main purview is the operation of BTC mining sites in Canada running on renewable energy exclusively – has recently ceased mining in two subsidiaries. Nevertheless, the firm still maintains that its business continues to be profitable. Immediate Repayment of Loan Demanded The subsidiaries operating as Special Purpose Vehicles (SPVs) used Bitmain mining rigs financed by a $107.8 million loan from the New York Digital...

The fallout from FTX’s collapse has been devastating, and the market is poised for more losses. But according to a recent report by DappRadar, Web3 remains resilient. Centralized services are on the losing side. With the contagion unfolding, the decentralized finance (DeFi) sector, too, has been impacted. But the user activity in the sector appears to be returning to levels from the previous month. State of DeFi According to a recent Dapp Radar report shared with...

A new report from blockchain security firm CertiK revealed that a large group of professional “Know Your Customer (KYC)” actors are being employed by dubious blockchain developers and scammers to defraud crypto investors. KYC verification systems are used by crypto projects in the Web3 space to establish customer identity and qualify the source of funds. The process helps the platforms protect themselves from fraud, money laundering, and terrorist financing. Crypto Fraudsters...

Ethereum’s price is trading below $1,200 on Sunday, charting a decrease of around 3.5% in the past 24 hours. This happens as the FTX account drainer is swapping ETH for wrapped Bitcoin. Data from the popular security resource, PeckShield, revealed that the address that drained funds from FTX is swapping ether for BTC. The “FTX Account Drainer” dumped around $6 million worth of ETH (around 5K ETH) and bought 357 renBTC. Source: Twitter This is causing pressure on ETH’s spot...

In the wake of crypto exchange FTX’s collapse, which triggered a severe contagion across the industry, many shocking discoveries have been made about the company’s governance and management system. A detailed examination of the firm’s bankruptcy filing has shown that “FTX was a slush fund masquerading as a real business,” according to FOX reporter Genevieve Roch-Decter. FTX Approved Expenses with Emojis A part of the 30-page-long filing revealed that FTX Group did not have an...

Bitcoin has not made any decisive moves in days as the asset remains stuck below $17,000. This is expected to an extent today, given the unusually low trading volumes. As such, the alternative coins have stalled, too, with ETH struggling to sustain above $1,200. Bitcoin Flat Below $17K The past two weeks were highly different from one another. The previous one saw massive turbulence propelled by the collapse of once the third-largest cryptocurrency exchange FTX. Bitcoin...

The island country located in the Caribbean region – Saint Kitts and Nevis – plans to turn Bitcoin Cash (BCH) into an official payment method inside its borders by March next year. The announcement positively affected the asset’s price, which jumped above $100. The Prime Minister of Saint Kitts and Nevis – Terrance Micheal Drew – disclosed that the government is willing to engage with Bitcoin Cash mining and make the asset legal tender on local soil by March 2023. The leader...

The Albanian authorities will reportedly extradite the notorious Faruk Fatih Ozer (CEO of the distressed crypto exchange Thodex) to Türkiye. He escaped his homeland last year after allegedly defrauding the platform customers for nearly $2 billion. Justice to Be Served According to a recent coverage by BBC, the Albanian and Turkish authorities negotiated the deportation of Ozer, who has 15 days to appeal the decision. The 27-year-old and his troubled crypto platform Thodex...

The past year or so has not been kind to the primary cryptocurrency, following many industry and macroeconomic adversities. Even though the asset has lost roughly 80% of its value since the all-time high last November, some estimations show that it could drop further, perhaps to the four-digit territory. It was approximately a year ago when the industry was booming, led by the massive gains charted by the largest cryptocurrency. Perhaps fueled by the futures ETF launched in...

A new report by the Wall Street Journal claimed that the disgraced founder and former CEO of FTX took over 70% of the funds gathered from a funding round in October last year. He used the Binance buyback deal to justify his actions. CryptoPotato reported the fundraising round in October 2021 when FTX closed a $420.69 million Series B-1, bringing its total valuation to $25 billion at the time. Aside from the unusual and meme amount, the round saw the participation of exactly...