Cryptocurrency

Settlement Reached in Bankrupt FTX's Dispute Over Robinhood Shares

Wednesday. September 11 at 12:30 AM

1 min. read

Bankrupt cryptocurrency exchange FTX has finalized an agreement with Emergent Technologies, founded by Sam Bankman-Fried, regarding over $600 million worth of Robinhood shares. FTX will pay Emergent $14 million to cover administrative costs linked to withdrawing a petition for 55 million Robinhood shares and cash. This resolution also paves the way for Emergent to swiftly conclude its bankruptcy proceedings in Antigua. FTX stated that the deal will aid in recovering more funds for its creditors, avoiding additional legal expenses, and is a crucial step in its restructuring plan to maximize creditor value. The settlement, as outlined in a motion filed by FTX CEO John Ray III, was the result of fair negotiations devoid of collusion. Emergent had acquired approximately 56 million Robinhood shares valued at $600 million in May 2022 through an agreement with Bankman-Fried and Alameda Research.

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Massive Outages Hit Cryptocurrency-Friendly Messaging Platform Telegram

Thursday. October 3 at 8:00 PM

Telegram, a cryptocurrency-friendly messaging platform, is currently facing widespread outages. Users have reported difficulties in accessing content on the messenger. Downdetector data shows that hundreds of users encountered server connection issues starting at approximately 10:30 am UTC on Oct. 3. The main problems reported include issues with sending and receiving messages, as well as other connection problems within the app. Outage.Report indicated that Telegram has been down since 10:22 am, affecting users in countries such as Ukraine, Belarus, Poland, Kazakhstan, Russia, Netherlands, and Germany. This recent outage follows a smaller one detected on Oct. 2. Reddit posts also confirmed the outages, with users mentioning server connection problems. Despite previous significant outages, neither Telegram nor its CEO Pavel Durov have publicly addressed the current outages. French prosecutors have indicted Durov on charges related to illicit activity on the platform, while Telegram has been accused of disclosing criminals' IP addresses to authorities since 2018.

Cryptocurrency

Cryptocurrency Market Downturn Amid AI and Big Data Tokens

Thursday. October 3 at 6:00 PM

The cryptocurrency market saw a significant drop in value as AI and big data-related tokens lost $4.69 billion in market capitalization over three days. Starting at $38.82 billion on Sept. 30, the market decreased to $34.13 billion by Oct. 3, casting doubt on the expected 'UPtober' trend. Despite October typically being a positive month for traders, this year has been dubbed 'Octo-bear' instead. Leading tokens like Near Protocol, Bitensor, and Internet Computer experienced notable declines. This downward trend also impacted tokens like Render and Artificial Superintelligence Alliance. While the broader crypto market has been affected by geopolitical issues and regulatory challenges, AI tokens have still shown improvement compared to July. Although there is optimism for BTC in the long term, short-term volatility may be expected in October.

Cryptocurrency

Australian Police Seize $6.4M in Crypto from Ghost Mastermind

Thursday. October 3 at 4:00 PM

The Australian Federal Police (AFP) confiscated $6.4 million in cryptocurrency from the suspected leader of Ghost, an encrypted platform used by criminals. The 32-year-old man from New South Wales was arrested under Operation Kraken and charged with supporting a criminal organization. The AFP's success was attributed to an analytics specialist who uncovered the suspect's digital wallet seed phrase during a raid. The seized assets were moved to a secure AFP cryptocurrency storage under the Commonwealth Proceeds of Crime Act 2002. This marks the second seizure under Operation Kraken, following a previous $1.4 million confiscation. The crackdown on Ghost involved international cooperation, with Europol, FBI, and other agencies targeting the platform. The AFP's Operation Kraken led to 46 arrests, 93 search warrants, and the seizure of illicit firearms and cash. Most Ghost users were located in New South Wales, with others in different Australian regions.

Cryptocurrency

US Lawmakers Propose Strategic Bitcoin Reserve

Thursday. October 3 at 3:30 PM

US lawmakers, including Senator Cynthia Lummis, are backing a plan to establish a strategic Bitcoin reserve for the country. The proposal involves using federal funds to acquire one million BTC, positioning the US as a major holder of the cryptocurrency. Former President Donald Trump also expressed support for a national Bitcoin stockpile, aiming to make the US a crypto hub. The idea of a Bitcoin reserve is gaining bipartisan support, with figures like Representative Ro Khanna endorsing it. Khanna argues that holding BTC as a reserve asset could bring long-term benefits. The move to embrace digital assets is seen as a way to appeal to a growing demographic of BTC supporters. Overall, the push for a strategic Bitcoin reserve reflects a shift in political attitudes towards cryptocurrency in the US.

Cryptocurrency