Cryptocurrency exchange Bittrex INC filed for bankruptcy protection three weeks after the US securities and exchange commission accused it of operating an unregistered securities exchange.

Crypto Chaos: Bittrex files for bankruptcy

Israel has seized around 190 crypto accounts at crypto exchange Binance since 2021, including two it said were linked to Islamic State and dozens of others it said were owned by Palestinian firms connected to the Islamist Hamas group, documents released by the country's counter-terror authorities show.

Israel's National Bureau for Counter Terror Financing (NBCTF) on Jan. 12 confiscated two Binance accounts and their contents, one of the documents on the NBCTF's website showed. The seizure was to "thwart the activity" of Islamic State and "impair its ability to further its goals," the NBCTF said on its website.

The NBCTF document, which has not been previously reported, did not give any details on the value of the crypto seized, nor how the accounts were connected to Islamic State.

Binance, the world's largest crypto exchange by trading volumes, did not respond to Reuters' calls and emails seeking comment.

Israel's defence ministry, which is responsible for the NBCTF, did not immediately respond to a Reuters request for comment.

Under Israeli law, the country's defence minister can order the seizure and confiscation of assets that the ministry deems related to terrorism.

Regulators globally have long called for tighter controls on crypto exchanges to prevent illegal activities, from money laundering to the financing of terrorism. The seizures by Israel's NBCTF highlight how governments are targeting crypto companies in their efforts to prevent illegal activity.

Binance, founded in 2017 by CEO Changpeng Zhao, says on its website it reviews information requests from governments and law enforcement agencies on a case-by-case basis, disclosing information as legally required.

Binance has also said it checks users for connections to terrorism and has "continued to invest tremendous resources to enhance its compliance program," it told U.S. senators in March in response to their requests for information on Binance's regulatory compliance and finances.

<h2>MILITANT GROUP</h2>

Islamic State emerged in Syria after Iraq's civil war. At its 2014 peak, it controlled a third of Iraq and Syria, before being beaten back. Now forced underground, Islamic State militants continue to wage insurgent attacks.

The U.S. Treasury said in a report last year that Islamic State had received crypto donations it later converted to cash, accessing funds via crypto trading platforms. The Treasury did not specify which platforms and declined to comment for this article.

The owner of the two Islamic State-linked Binance accounts seized by Israel was a 28-year old Palestinian called Osama Abuobayda, the NBCTF document shows. Abuoyada did not respond to requests for comment via email addresses and a phone number listed in the NBCTF document.

In a series of investigations last year, Reuters reported that Binance intentionally kept weak anti-money laundering controls. Since 2017, Binance has processed over $10 billion in payments for criminals and companies seeking to evade U.S. sanctions, Reuters reported. Binance disputed the articles, calling the illicit-fund calculations inaccurate and the descriptions of its compliance controls "outdated."

Two men suspected by Germany of assisting an Islamist gunman who killed four people in Vienna in 2020 used Binance, a letter from German police to the company said. Islamic State later claimed responsibility for the attack.

Binance shared information with the police on the clients, its legal representatives said last year. Reuters could not independently establish this.

<h2>MONEY EXCHANGERS</h2>

Nearly all of the 189 Binance accounts seized by Israel since Dec. 2021 were owned by three Palestinian currency exchange firms, the NBCTF documents showed.

The three are designated by Israel as "terrorist organizations," according to a list on the NBCTF's website, for their alleged involvement in the transfer of funds by Hamas, which runs the Palestinian territory of Gaza.

Last month, the NBCTF said in a document it had seized crypto worth over 500,000 shekels ($137,870) from over 80 Binance accounts belonging to the three Gaza-based companies, Al Mutahadun For Exchange, Dubai Company for Exchange and Al Wefaq Co. For Exchange.

The accounts were the property of "terrorist organizations" or used for a "severe terror crime," the document said, without elaborating. Local media outlets in Israel previously reported the April seizures.

A person with direct knowledge of Al Mutahadun said it did not work "at all" with crypto or cooperate with Hamas. "We are a money exchange company. Israeli allegations are all lies and are foundless," the person said.

Al Mutahadun was designated as a "terrorist organisation" in May 2021 by Israel, the NBCTF list shows.

Al Wefaq and Dubai Co. did not respond to Reuters' requests for comment via email and WhatsApp.

Binance did not respond to Reuters' questions on the accounts owned by the three currency exchange companies.

Hamas does not have any connection with the money exchange companies, spokesperson Hazem Qassem said. The allegations of links to the companies were an attempt by Israel to "justify its economic war against Gaza and its people," Qassem said.

Hamas's armed wing said last week it would stop receiving funds in bitcoin after an increase in "hostile" activity against donors.

Binance, its CEO Zhao and its former compliance chief Samuel Lim are facing civil charges from the U.S. Commodity Futures Trading Commission (CFTC) for "wilful evasion" of U.S. commodities laws.

Zhao has called the charges an "incomplete recitation of the facts."

In its complaint, the CFTC said Lim received information in 2019 on Hamas' transactions at Binance. Lim told a colleague that "terrorists" usually send small sums of funds, as "large sums constitute money laundering," according to the CFTC complaint.

Lim has not publicly responded to the charges. He did not respond to messages sent via Telegram seeking comment for this article.

&nbsp;

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Israel has seized around 190 crypto accounts at crypto exchange Binance since 2021, including two it said were linked to Islamic State and dozens of others it said were owned by Palestinian firms connected to the Islamist Hamas group, documents released by the country's counter-terror authorities show.

Israel has seized around 190 crypto accounts at crypto exchange Binance since 2021, including two it said were linked to Islamic State and dozens of others it said were owned by Palestinian firms connected to the Islamist Hamas group, documents released by the country's counter-terror authorities show. Israel's National Bureau for Counter Terror Financing (NBCTF) on Jan. 12 confiscated two Binance accounts and their contents, one of the documents on the NBCTF's website showed. The seizure was to "thwart the activity" of Islamic State and "impair its ability to further its goals," the NBCTF said on its website. The NBCTF document, which has not been previously reported, did not give any details on the value of the crypto seized, nor how the accounts were connected to Islamic State. Binance, the world's largest crypto exchange by trading volumes, did not respond to Reuters' calls and emails seeking comment. Israel's defence ministry, which is responsible for the NBCTF, did not immediately respond to a Reuters request for comment. Under Israeli law, the country's defence minister can order the seizure and confiscation of assets that the ministry deems related to terrorism. Regulators globally have long called for tighter controls on crypto exchanges to prevent illegal activities, from money laundering to the financing of terrorism. The seizures by Israel's NBCTF highlight how governments are targeting crypto companies in their efforts to prevent illegal activity. Binance, founded in 2017 by CEO Changpeng Zhao, says on its website it reviews information requests from governments and law enforcement agencies on a case-by-case basis, disclosing information as legally required. Binance has also said it checks users for connections to terrorism and has "continued to invest tremendous resources to enhance its compliance program," it told U.S. senators in March in response to their requests for information on Binance's regulatory compliance and finances. MILITANT GROUP Islamic State emerged in Syria after Iraq's civil war. At its 2014 peak, it controlled a third of Iraq and Syria, before being beaten back. Now forced underground, Islamic State militants continue to wage insurgent attacks. The U.S. Treasury said in a report last year that Islamic State had received crypto donations it later converted to cash, accessing funds via crypto trading platforms. The Treasury did not specify which platforms and declined to comment for this article. The owner of the two Islamic State-linked Binance accounts seized by Israel was a 28-year old Palestinian called Osama Abuobayda, the NBCTF document shows. Abuoyada did not respond to requests for comment via email addresses and a phone number listed in the NBCTF document. In a series of investigations last year, Reuters reported that Binance intentionally kept weak anti-money laundering controls. Since 2017, Binance has processed over $10 billion in payments for criminals and companies seeking to evade U.S. sanctions, Reuters reported. Binance disputed the articles, calling the illicit-fund calculations inaccurate and the descriptions of its compliance controls "outdated." Two men suspected by Germany of assisting an Islamist gunman who killed four people in Vienna in 2020 used Binance, a letter from German police to the company said. Islamic State later claimed responsibility for the attack. Binance shared information with the police on the clients, its legal representatives said last year. Reuters could not independently establish this. MONEY EXCHANGERS Nearly all of the 189 Binance accounts seized by Israel since Dec. 2021 were owned by three Palestinian currency exchange firms, the NBCTF documents showed. The three are designated by Israel as "terrorist organizations," according to a list on the NBCTF's website, for their alleged involvement in the transfer of funds by Hamas, which runs the Palestinian territory of Gaza. Last month, the NBCTF said in a document it had seized crypto worth over 500,000 shekels ($137,870) from over 80 Binance accounts belonging to the three Gaza-based companies, Al Mutahadun For Exchange, Dubai Company for Exchange and Al Wefaq Co. For Exchange. The accounts were the property of "terrorist organizations" or used for a "severe terror crime," the document said, without elaborating. Local media outlets in Israel previously reported the April seizures. A person with direct knowledge of Al Mutahadun said it did not work "at all" with crypto or cooperate with Hamas. "We are a money exchange company. Israeli allegations are all lies and are foundless," the person said. Al Mutahadun was designated as a "terrorist organisation" in May 2021 by Israel, the NBCTF list shows. Al Wefaq and Dubai Co. did not respond to Reuters' requests for comment via email and WhatsApp. Binance did not respond to Reuters' questions on the accounts owned by the three currency exchange companies. Hamas does not have any connection with the money exchange companies, spokesperson Hazem Qassem said. The allegations of links to the companies were an attempt by Israel to "justify its economic war against Gaza and its people," Qassem said. Hamas's armed wing said last week it would stop receiving funds in bitcoin after an increase in "hostile" activity against donors. Binance, its CEO Zhao and its former compliance chief Samuel Lim are facing civil charges from the U.S. Commodity Futures Trading Commission (CFTC) for "wilful evasion" of U.S. commodities laws. Zhao has called the charges an "incomplete recitation of the facts." In its complaint, the CFTC said Lim received information in 2019 on Hamas' transactions at Binance. Lim told a colleague that "terrorists" usually send small sums of funds, as "large sums constitute money laundering," according to the CFTC complaint. Lim has not publicly responded to the charges. He did not respond to messages sent via Telegram seeking comment for this article. WATCH WION LIVE HERE

Israel seized Binance crypto accounts to 'thwart' Islamic State, document shows

Bhutan is one of the most isolated and self-sustainable economies of the world but now it seems to be getting an image-makeover. Bhutan could soon be the land of Bitcoin and could possibly attract several crypto millionaires. For more, watch the video.

Bhutan admits it mined Bitcoins since 2017

While the world of crypto currencies continues to puzzle many, the kind of impact it has had on the financial systems across the world is noteworthy. But mysteries seem to be a running theme and given its origins, it is spot on. Over a decade ago, the world witnessed a cryptic milestone when Satoshi Nakamoto developed Bitcoin, the world’s first cryptocurrency. But who is this mastermind? No one knows for sure.

<h3>What do we know about Satoshi Nakamoto?</h3>

Nakamoto is said to be a pseudonym for the person or people who helped create Bitcoin&nbsp;but the real identity of who he, she or they might be,&nbsp;continues to remain one of the biggest mysteries of the 21st century. The mysterious individual or group was the author of a 2008 white paper which outlined the theory and operating structure of the Bitcoin payment system.&nbsp;

Nakamoto’s identity continues to remain shrouded in mystery due to the lack of personal or background details about the person who would only communicate via email. One of the biggest indications that Nakamoto created Bitcoin was the famous white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”.&nbsp;

The elusive mastermind behind the now largest cryptocurrency in the world was said to be working on the first version of the software back in 2007. Around two years later, Nakamoto created the first-ever online message board post which was dedicated to cryptocurrency, on the P2P Foundation forum.&nbsp;

“I’ve developed a new open source P2P e-cash system called Bitcoin. It’s completely decentralised, with no central server or trusted parties, because everything is based on crypto proof instead of trust. Give it a try, or take a look at the screenshots and design paper,” said Nakamoto, on the forum, as per Forbes.&nbsp;

However, in 2010, his involvement with Bitcoin ended but the cryptocurrency did not. As of 2021, at least one million Bitcoin miners were verifying the data that make up the Bitcoin blockchain and the cryptocurrency continues to remain one of the world’s largest by market cap.&nbsp;

<h3>What did Nakamoto do?</h3>

It is worth noting that while the idea of digital currency was not new at the time, as reports suggest, there had been few attempts to create it. However, Nakamoto managed to solve a fundamental problem with digital currency, duplication. Unlike tangible currency like coins or paper money which could only be present at one place at a time, cryptocurrency could be duplicated which is also known as “double-spending”.&nbsp;

Since digital currency does not exist in physical space, the transaction of said currency would not be in a single person’s possession. As a result, digital currency could be spent more than once. In order to overcome this issue, Nakamoto created a blockchain system of verification.&nbsp;

Initially, one of the solutions to circumvent this problem would be third-party intermediaries like banks which would verify if the currency has already been used by its holder. However, given the additional costs and the risk of fraud of the trust-based model, Nakamoto decided to remove the human factor altogether and proposed a decentralised approach for transactions using ledgers.

This is where the blockchain comes into play. This system adds timestamps to transaction information, and cryptographic techniques are used to encrypt the data which cannot be changed and must be validated. Subsequently, the network is required to verify the authenticity of the transactions based on a majority consensus mechanism called proof-of-work.

<h3>Is Nakamoto a real person?</h3>

We know so little about the so-called father of cryptocurrency that many have questioned if Satoshi Nakamoto really does exist. However, given what is known about the mastermind behind this system, there seems to be at least one person, if not people behind it. Case in point, somebody would have to write a source code for Bitcoin, publish the white paper which began it all, send emails and even create a forum to talk about the cryptocurrency.&nbsp;

<h3>About his disappearance&nbsp;</h3>

Several reports have quoted Nakamoto’s last email written on 24 April 2011 which was a short statement to another developer where the creator of Bitcoin said “I’ve moved on to other things” and that the project was in “good hands”. In December 2010 following the creation and initial implementation of Bitcoin, the creator seemingly vanished from the public eye.&nbsp;

It was in 2014 when a final forum post credited to Nakamoto simply said, “I am not Dorian Nakamoto.” This came after a Newsweek magazine article published in March of that year claimed that a 64-year-old Japanese-American physicist was the creator of Bitcoin.&nbsp;

The report said, “The trail followed by Newsweek led to a 64-year-old Japanese-American man whose name really is Satoshi Nakamoto”. Although it could be said that Nakamoto did not necessarily ‘disappear’ considering his identity was never revealed and anonymity would likely be his only choice to avoid public scrutiny.&nbsp;

<h3>Is Elon Musk Satoshi Nakamoto?</h3>

There have been speculations about Tesla and SpaceX founder Elon Musk being Satoshi Nakamoto after a former intern for Musk’s SpaceX company Sahil Gupta, in a blog post on the website Medium suggested so. He cited the billionaire’s knowledge and interests which could have led him to develop a cryptocurrency like Bitcoin.

However, Musk has since denied this claim. In 2021, during a podcast by AI researcher Lex Fridman, the Tesla CEO said that he believes that the person behind the Nakamoto pseudonym is none other than cryptographic expert Nick Szabo.&nbsp;

“He seems to be the one more responsible for the ideas behind Bitcoin than anyone else. He claims not to be Nakamoto, but I'm not sure that's neither here nor there,” said Musk, as quoted by CNBC. However, Szabo had also previously denied this claim.&nbsp; 
 
 
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While the world of crypto currencies continues to puzzle many, the kind of impact it has had on the financial systems across the world is noteworthy. But mysteries seem to be a running theme and given its origins, it is spot on.

While the world of crypto currencies continues to puzzle many, the kind of impact it has had on the financial systems across the world is noteworthy. But mysteries seem to be a running theme and given its origins, it is spot on. Over a decade ago, the world witnessed a cryptic milestone when Satoshi Nakamoto developed Bitcoin, the world’s first cryptocurrency. But who is this mastermind? No one knows for sure. What do we know about Satoshi Nakamoto? Nakamoto is said to be a pseudonym for the person or people who helped create Bitcoin but the real identity of who he, she or they might be, continues to remain one of the biggest mysteries of the 21st century. The mysterious individual or group was the author of a 2008 white paper which outlined the theory and operating structure of the Bitcoin payment system. Nakamoto’s identity continues to remain shrouded in mystery due to the lack of personal or background details about the person who would only communicate via email. One of the biggest indications that Nakamoto created Bitcoin was the famous white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”. The elusive mastermind behind the now largest cryptocurrency in the world was said to be working on the first version of the software back in 2007. Around two years later, Nakamoto created the first-ever online message board post which was dedicated to cryptocurrency, on the P2P Foundation forum. “I’ve developed a new open source P2P e-cash system called Bitcoin. It’s completely decentralised, with no central server or trusted parties, because everything is based on crypto proof instead of trust. Give it a try, or take a look at the screenshots and design paper,” said Nakamoto, on the forum, as per Forbes. However, in 2010, his involvement with Bitcoin ended but the cryptocurrency did not. As of 2021, at least one million Bitcoin miners were verifying the data that make up the Bitcoin blockchain and the cryptocurrency continues to remain one of the world’s largest by market cap. What did Nakamoto do? It is worth noting that while the idea of digital currency was not new at the time, as reports suggest, there had been few attempts to create it. However, Nakamoto managed to solve a fundamental problem with digital currency, duplication. Unlike tangible currency like coins or paper money which could only be present at one place at a time, cryptocurrency could be duplicated which is also known as “double-spending”. Since digital currency does not exist in physical space, the transaction of said currency would not be in a single person’s possession. As a result, digital currency could be spent more than once. In order to overcome this issue, Nakamoto created a blockchain system of verification. Initially, one of the solutions to circumvent this problem would be third-party intermediaries like banks which would verify if the currency has already been used by its holder. However, given the additional costs and the risk of fraud of the trust-based model, Nakamoto decided to remove the human factor altogether and proposed a decentralised approach for transactions using ledgers. This is where the blockchain comes into play. This system adds timestamps to transaction information, and cryptographic techniques are used to encrypt the data which cannot be changed and must be validated. Subsequently, the network is required to verify the authenticity of the transactions based on a majority consensus mechanism called proof-of-work. Is Nakamoto a real person? We know so little about the so-called father of cryptocurrency that many have questioned if Satoshi Nakamoto really does exist. However, given what is known about the mastermind behind this system, there seems to be at least one person, if not people behind it. Case in point, somebody would have to write a source code for Bitcoin, publish the white paper which began it all, send emails and even create a forum to talk about the cryptocurrency. About his disappearance Several reports have quoted Nakamoto’s last email written on 24 April 2011 which was a short statement to another developer where the creator of Bitcoin said “I’ve moved on to other things” and that the project was in “good hands”. In December 2010 following the creation and initial implementation of Bitcoin, the creator seemingly vanished from the public eye. It was in 2014 when a final forum post credited to Nakamoto simply said, “I am not Dorian Nakamoto.” This came after a Newsweek magazine article published in March of that year claimed that a 64-year-old Japanese-American physicist was the creator of Bitcoin. The report said, “The trail followed by Newsweek led to a 64-year-old Japanese-American man whose name really is Satoshi Nakamoto”. Although it could be said that Nakamoto did not necessarily ‘disappear’ considering his identity was never revealed and anonymity would likely be his only choice to avoid public scrutiny. Is Elon Musk Satoshi Nakamoto? There have been speculations about Tesla and SpaceX founder Elon Musk being Satoshi Nakamoto after a former intern for Musk’s SpaceX company Sahil Gupta, in a blog post on the website Medium suggested so. He cited the billionaire’s knowledge and interests which could have led him to develop a cryptocurrency like Bitcoin. However, Musk has since denied this claim. In 2021, during a podcast by AI researcher Lex Fridman, the Tesla CEO said that he believes that the person behind the Nakamoto pseudonym is none other than cryptographic expert Nick Szabo. “He seems to be the one more responsible for the ideas behind Bitcoin than anyone else. He claims not to be Nakamoto, but I'm not sure that's neither here nor there,” said Musk, as quoted by CNBC. However, Szabo had also previously denied this claim. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Explained | Mystery surrounding the identity of Bitcoin founder. Who is Satoshi Nakamoto?

India warned for stronger regulations for crypto assets and has sought the cooperation of G20 countries to develop a common global framework.

India seeks G20 cooperation on crypto assets

Once known as the king of crypto, American entrepreneur, investor and now - an "alleged" fraudster. Sam Bankman-Fried. You all would know about the rise and collapse of FTX. But how deep does this fraud run? And how deep is the damage, really? We untangle this for you in this episode.

FTX collapse: How deep does the damage run? | Untangled

Binance.US, the United States arm of the cryptocurrency exchange Binance will delist two digital tokens from its trading platform on April 18.

Binance said that it has decided to delist digital tokens Tron (TRX) and Spell (SPELL) as part of a periodic review.

As per media reports, Tron fell over five percent against the US dollar after the announcement, while the Spell token fell over four percent on Wednesday.

Binance said that changes in the trading volume and liquidity, volatility in token’s risk profile, or evidence of fraud are some of the factors that are considered before delisting a token from its trading platform.

The decision to delist Tron comes just days after the US Securities and Exchange Commission charged Tron founder Justin Sun with fraud. According to the US regulator, Sun distributed billions of crypto assets known as Tronix (TRX) and BitTorrent (BTT) to artificially inflate trading volume.

However, Sun has downplayed the delisting of his token, arguing that Tron's trading volume on the trading platform in the United States is only a small fraction of its total trade volume. "Tron's current trading volume is $400 million," Reuters quoted him as saying.&nbsp;

It is however unclear why Spell has been delisted from Binance.US.&nbsp;

Binance.US, the United States arm of the cryptocurrency exchange Binance will delist two digital tokens from its trading platform on April 18. Binance said that it has decided to delist digital tokens Tron (TRX) and Spell (SPELL) as part of a periodic review.

Binance.US, the United States arm of the cryptocurrency exchange Binance will delist two digital tokens from its trading platform on April 18. Binance said that it has decided to delist digital tokens Tron (TRX) and Spell (SPELL) as part of a periodic review. As per media reports, Tron fell over five percent against the US dollar after the announcement, while the Spell token fell over four percent on Wednesday. Binance said that changes in the trading volume and liquidity, volatility in token’s risk profile, or evidence of fraud are some of the factors that are considered before delisting a token from its trading platform. The decision to delist Tron comes just days after the US Securities and Exchange Commission charged Tron founder Justin Sun with fraud. According to the US regulator, Sun distributed billions of crypto assets known as Tronix (TRX) and BitTorrent (BTT) to artificially inflate trading volume. However, Sun has downplayed the delisting of his token, arguing that Tron's trading volume on the trading platform in the United States is only a small fraction of its total trade volume. "Tron's current trading volume is $400 million," Reuters quoted him as saying. It is however unclear why Spell has been delisted from Binance.US.

US arm of Binance to delist Tron, Spell tokens

Popular cryptocurrency Dogecoin fell by nearly 9% on Thursday after Twitter reverted to its iconic blue bird logo.

The fall in price is a mere reflection of how Elon Musk has used the crypto token as a joke.

Earlier, Twitter had replaced its blue bird logo with the Shiba Inu face, which is the logo of the Dogecoin crypto token.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
<a href="https://t.co/wmN5WxUhfQ">pic.twitter.com/wmN5WxUhfQ</a>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1642962756906418176?ref_src=twsrc%5Etfw">April 3, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The unusual logo change led to Dogecoin rising by about 30 per cent. &nbsp;

Twitter users could see the unusual logo change on the website for a few days.

But the old logo has now been restored.

The logo alteration to Dogecoin came just days after Musk sought the dismissal of a $258 billion lawsuit, which accused him of manipulating and driving the crypto token's price by over 36,000 per cent. &nbsp;

ALSO READ | <a href="https://www.wionews.com/world/heres-why-elon-musk-replaced-twitters-blue-bird-with-doge-meme-578791">Here's why Elon Musk replaced Twitter's blue bird with ‘Doge’ meme</a>

<h2>What's Dogecoin?</h2>

Dogecoin began as a joke in 2013 but is now the eighth-most valuable cryptocurrency in the world, as per some estimates.&nbsp;

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
As promised <a href="https://t.co/Jc1TnAqxAV">pic.twitter.com/Jc1TnAqxAV</a>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1642976364080041984?ref_src=twsrc%5Etfw">April 3, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Dogecoin is a meme coin, a category of cryptocurrency which depicts popular animated memes. &nbsp;

Musk, who bought Twitter in 2022 for $44 billion, has been touting Dogecoin for many years.

His electric vehicle company, Tesla, announced in 2021 that it would take Dogecoins for some merchandise.

<h2>Why the flip-flop with the logo?</h2>

The question is, why exactly did Musk decide to change the Twitter logo to a dogecoin?

Musk may have been trying to shift attention away from the lawsuit against him by investors in Dogecoin, even though there is no clarification on this matter.

The argument he meant to illustrate by altering the logo to Doge was that his tweets about the Doge are not an attempt to mislead anyone and should not be taken seriously at any one point in time.

WATCH | Elon Musk's belated April Fool's Day gag? Twitter logo changed to Dogecoin

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This is precisely what his lawyers said in court while terming the case as a "fanciful work of fiction" over the Twitter owner's "innocuous and often silly tweets."

The purpose of modifying the logo may likely have been to simply demonstrate to the court that the defendant's acts about Dogecoin are, in fact, comical and in no way serious.

You can&nbsp;now write for wionews.com&nbsp;and be a part of the community. Share your stories and opinions with us&nbsp;<a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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Popular cryptocurrency Dogecoin fell by nearly 9% on Thursday after Twitter reverted to its iconic blue bird logo. The fall in price is a mere reflection of how Elon Musk has used the crypto token as a joke.

Popular cryptocurrency Dogecoin fell by nearly 9% on Thursday after Twitter reverted to its iconic blue bird logo. The fall in price is a mere reflection of how Elon Musk has used the crypto token as a joke. Earlier, Twitter had replaced its blue bird logo with the Shiba Inu face, which is the logo of the Dogecoin crypto token. pic.twitter.com/wmN5WxUhfQ — Elon Musk (@elonmusk) April 3, 2023 × The unusual logo change led to Dogecoin rising by about 30 per cent. Twitter users could see the unusual logo change on the website for a few days. But the old logo has now been restored. The logo alteration to Dogecoin came just days after Musk sought the dismissal of a $258 billion lawsuit, which accused him of manipulating and driving the crypto token's price by over 36,000 per cent. ALSO READ | Here's why Elon Musk replaced Twitter's blue bird with ‘Doge’ meme What's Dogecoin? Dogecoin began as a joke in 2013 but is now the eighth-most valuable cryptocurrency in the world, as per some estimates. As promised pic.twitter.com/Jc1TnAqxAV — Elon Musk (@elonmusk) April 3, 2023 × Dogecoin is a meme coin, a category of cryptocurrency which depicts popular animated memes. Musk, who bought Twitter in 2022 for $44 billion, has been touting Dogecoin for many years. His electric vehicle company, Tesla, announced in 2021 that it would take Dogecoins for some merchandise. Why the flip-flop with the logo? The question is, why exactly did Musk decide to change the Twitter logo to a dogecoin? Musk may have been trying to shift attention away from the lawsuit against him by investors in Dogecoin, even though there is no clarification on this matter. The argument he meant to illustrate by altering the logo to Doge was that his tweets about the Doge are not an attempt to mislead anyone and should not be taken seriously at any one point in time. WATCH | Elon Musk's belated April Fool's Day gag? Twitter logo changed to Dogecoin This is precisely what his lawyers said in court while terming the case as a "fanciful work of fiction" over the Twitter owner's "innocuous and often silly tweets." The purpose of modifying the logo may likely have been to simply demonstrate to the court that the defendant's acts about Dogecoin are, in fact, comical and in no way serious. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Dogecoin drops after Twitter switches logo back to iconic blue bird

A federal judge on Monday temporarily stopped bankrupt Voyager Digital from completing a proposed $1.3 billion sale to crypto exchange Binance.US, allowing the US government more time to pursue appeals that challenge the legality of the deal.

The US Attorney's Office for the Southern District of New York and the Office of the US Trustee, the Department of Justice's (DOJ) bankruptcy watchdog, filed appeals in early March over a bankruptcy court's approval of the sale.

They argued that the protections could rubber stamp crypto tokens that might be unregistered securities, as well as transactions that could be illegal under US securities laws.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/australian-lending-firm-latitude-financial-says-data-of-14-million-customers-stolen-in-cyberattack-576192">Australian lending firm Latitude Financial says data of 14 million customers stolen in cyberattack</a>

US District Judge Jennifer Rearden in Manhattan ruled Monday that the sale should be put on hold, overruling Voyager's argument that a delay could cause Binance.US to back out of the deal entirely.

Binance.US and Voyager did not immediately respond to requests for comment late on Monday.

Voyager, which filed for bankruptcy in July, said in court filings last week that the DOJ appeals should not be allowed to keep the company and its customers "in limbo" during a legal process of uncertain duration.

Binance.US has agreed to pay $20 million in cash to Voyager, and take on crypto assets deposited by Voyager customers. Those assets, valued at $1.3 billion in February, account for the bulk of the deal's valuation, according to Voyager.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/saudi-national-bank-chair-steps-down-post-credit-suisse-collapse-576137">Saudi National Bank chair steps down post Credit Suisse collapse</a>

The international Binance crypto exchange was sued on Monday in a separate legal action by the US&nbsp;Commodity Futures Trading Commission (CFTC), which filed a lawsuit alleging that Binance.com operated an "illegal" exchange and a "sham" compliance program.

Binance.US maintains publicly that it is entirely independent of Binance.com, operating as the "US partner" to the world's biggest crypto exchange.

The CFTC disputed that in its lawsuit, alleging that Binance personnel "dictated Binance.US's corporate strategy, launch and early operations" and that it has an ongoing relationship with BAM Trading, a company controlled by Binance CEO and founder Changpeng Zhao.

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A federal judge on Monday temporarily stopped bankrupt Voyager Digital from completing a proposed $1.3 billion sale to crypto exchange Binance.US, allowing the US government more time to pursue appeals that challenge the legality of the deal.

A federal judge on Monday temporarily stopped bankrupt Voyager Digital from completing a proposed $1.3 billion sale to crypto exchange Binance.US, allowing the US government more time to pursue appeals that challenge the legality of the deal. The US Attorney's Office for the Southern District of New York and the Office of the US Trustee, the Department of Justice's (DOJ) bankruptcy watchdog, filed appeals in early March over a bankruptcy court's approval of the sale. They argued that the protections could rubber stamp crypto tokens that might be unregistered securities, as well as transactions that could be illegal under US securities laws. Also read | Australian lending firm Latitude Financial says data of 14 million customers stolen in cyberattack US District Judge Jennifer Rearden in Manhattan ruled Monday that the sale should be put on hold, overruling Voyager's argument that a delay could cause Binance.US to back out of the deal entirely. Binance.US and Voyager did not immediately respond to requests for comment late on Monday. Voyager, which filed for bankruptcy in July, said in court filings last week that the DOJ appeals should not be allowed to keep the company and its customers "in limbo" during a legal process of uncertain duration. Binance.US has agreed to pay $20 million in cash to Voyager, and take on crypto assets deposited by Voyager customers. Those assets, valued at $1.3 billion in February, account for the bulk of the deal's valuation, according to Voyager. Also read | Saudi National Bank chair steps down post Credit Suisse collapse The international Binance crypto exchange was sued on Monday in a separate legal action by the US Commodity Futures Trading Commission (CFTC), which filed a lawsuit alleging that Binance.com operated an "illegal" exchange and a "sham" compliance program. Binance.US maintains publicly that it is entirely independent of Binance.com, operating as the "US partner" to the world's biggest crypto exchange. The CFTC disputed that in its lawsuit, alleging that Binance personnel "dictated Binance.US's corporate strategy, launch and early operations" and that it has an ongoing relationship with BAM Trading, a company controlled by Binance CEO and founder Changpeng Zhao. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Judge halts Voyager Digital's $1.3 billion sale to Binance.US

Kwon Do-hyeong or Do Kwon, the South Korean responsible for the $40bn collapse of the cryptocurrencies terraUSD and Luna, has been arrested in Montenegro, Interpol said on Friday.

The 31-year-old was arrested earlier on Thursday along with another South Korean citizen after his fingerprints matched the official records.

&nbsp;“The person is suspected of being one of the most wanted fugitives, South Korean national Do Kwon, a co-founder and CEO of the Singapore-based Terraform Labs,” Interior Minister Filip Adzic wrote on Twitter.

The minister added that he was travelling under a false name with fake documents. Authorities were waiting for official confirmation of the man's identity, he said.

Both men were intercepted while attempting to board a flight to Dubai using “falsified travel documents from Costa Rica, which was established also by Interpol checks”, the ministry said in a statement.

Kwon&nbsp;was the co-founder and CEO of Terraform Labs – the firm behind the Terra ecosystem coins LUNA and LUNC.&nbsp;In May 2022, both coins lost their value within days, wiping about $40 billion of the investor's wealth and setting off panic across the crypto sector.&nbsp;His Terraform Labs is based in Singapore.

The South Korean fugitive was wanted in the US and in his country. However, whether he will be tried in Korea or US is yet to be determined as Montenegro does not have extradition treaties with either country.

An arrest warrant for Kwon was issued last September by South Korean authorities, who said that his company Terraform Labs violated capital market rules.

Earlier this year, the US regulators accused Kwon and his company of "orchestrating a multi-billion dollar crypto asset securities fraud". He has also been separately charged with fraud by the prosecutors.

Kwon has previously denied he was in hiding but never revealed his location.

(With inputs from agencies)

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Kwon Do-hyeong or Do Kwon, the South Korean responsible for the $40bn collapse of the cryptocurrencies terraUSD and Luna, has been arrested in Montenegro, Interpol said on Friday.

Kwon Do-hyeong or Do Kwon, the South Korean responsible for the $40bn collapse of the cryptocurrencies terraUSD and Luna, has been arrested in Montenegro, Interpol said on Friday. The 31-year-old was arrested earlier on Thursday along with another South Korean citizen after his fingerprints matched the official records. “The person is suspected of being one of the most wanted fugitives, South Korean national Do Kwon, a co-founder and CEO of the Singapore-based Terraform Labs,” Interior Minister Filip Adzic wrote on Twitter. The minister added that he was travelling under a false name with fake documents. Authorities were waiting for official confirmation of the man's identity, he said. Both men were intercepted while attempting to board a flight to Dubai using “falsified travel documents from Costa Rica, which was established also by Interpol checks”, the ministry said in a statement. Kwon was the co-founder and CEO of Terraform Labs – the firm behind the Terra ecosystem coins LUNA and LUNC. In May 2022, both coins lost their value within days, wiping about $40 billion of the investor's wealth and setting off panic across the crypto sector. His Terraform Labs is based in Singapore. The South Korean fugitive was wanted in the US and in his country. However, whether he will be tried in Korea or US is yet to be determined as Montenegro does not have extradition treaties with either country. An arrest warrant for Kwon was issued last September by South Korean authorities, who said that his company Terraform Labs violated capital market rules. Earlier this year, the US regulators accused Kwon and his company of "orchestrating a multi-billion dollar crypto asset securities fraud". He has also been separately charged with fraud by the prosecutors. Kwon has previously denied he was in hiding but never revealed his location. (With inputs from agencies) WATCH WION LIVE HERE

Do Kwon: Fugitive S Korean behind $40bn crypto collapse arrested in Montenegro

The US&nbsp;Securities and Exchange Commission (SEC) has threatened to sue&nbsp;Coinbase&nbsp; Global&nbsp;Inc over some of the crypto exchange's products, turning up the heat on the largely unregulated sector.

Shares of&nbsp;Coinbase&nbsp;dropped nearly 13 per cent&nbsp;to $67.33 in extended trading after the company said on Wednesday that the regulator had issued it a Wells notice — a formal declaration that SEC staff intend to recommend an enforcement action.

The potential enforcement actions would be tied to aspects of&nbsp;Coinbase's spot market as well as its Earn, Prime, and Wallet products, the company said.

The SEC has been ratcheting up efforts to crack down on the crypto industry since the implosion of FTX last year, and staking services such as&nbsp;Coinbase's Earn are under increased scrutiny for not being registered.

Staking is a process in which cryptocurrency holders volunteer to take part in validating transactions on the blockchain. These products often offer customers eye-popping yields.

Last month, Kraken agreed to shut down its US&nbsp;cryptocurrency staking service and pay $30 million in penalties to settle SEC charges that it failed to register the programme.

Earlier in the day, the SEC charged Chinese cryptocurrency entrepreneur Justin Sun with fraud and accused eight celebrities including actress Lindsay Lohan of illegally promoting his crypto assets.

Coinbase&nbsp;said its services continued to operate as usual after the notice was issued.

A Wells notice does not always result in charges or signal that the recipient has violated any law. 
 
(With inputs from agencies)

 
 
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The US Securities and Exchange Commission (SEC) has threatened to sue Coinbase Global Inc over some of the crypto exchange's products, turning up the heat on the largely unregulated sector.

The US Securities and Exchange Commission (SEC) has threatened to sue Coinbase Global Inc over some of the crypto exchange's products, turning up the heat on the largely unregulated sector. Shares of Coinbase dropped nearly 13 per cent to $67.33 in extended trading after the company said on Wednesday that the regulator had issued it a Wells notice — a formal declaration that SEC staff intend to recommend an enforcement action. The potential enforcement actions would be tied to aspects of Coinbase's spot market as well as its Earn, Prime, and Wallet products, the company said. The SEC has been ratcheting up efforts to crack down on the crypto industry since the implosion of FTX last year, and staking services such as Coinbase's Earn are under increased scrutiny for not being registered. Staking is a process in which cryptocurrency holders volunteer to take part in validating transactions on the blockchain. These products often offer customers eye-popping yields. Last month, Kraken agreed to shut down its US cryptocurrency staking service and pay $30 million in penalties to settle SEC charges that it failed to register the programme. Earlier in the day, the SEC charged Chinese cryptocurrency entrepreneur Justin Sun with fraud and accused eight celebrities including actress Lindsay Lohan of illegally promoting his crypto assets. Coinbase said its services continued to operate as usual after the notice was issued. A Wells notice does not always result in charges or signal that the recipient has violated any law. (With inputs from agencies) WATCH WION LIVE HERE:

US SEC threatens to sue Coinbase over some crypto products, serves notice for action

In what experts say is the biggest crypto scam to date, thousands of people are believed to have lost their savings after investing in a cryptocurrency trading app called iEarn Bot.&nbsp;

Roxana (real name changed), a Romanian who requested anonymity said she lost hundreds of euros using iEarn Bot. Clients like her were persuaded that the company's artificial intelligence software would manage their money. Moreover, the company promised substantial returns upon investments.&nbsp;

"I invested in a bot for one month," she told BBC. "You could see in the app how many dollars the app was creating: there were graphics showing how the investment was progressing.

"It looked quite professional until, at some point, they announced maintenance."&nbsp;

Also Read | <a href="https://www.wionews.com/world/lack-of-love-and-hugs-cause-drug-overdose-deaths-in-america-mexicos-president-573336">'Lack of love and hugs' cause drug overdose deaths in America: Mexico's President</a>

"Some people started to say 'I cannot withdraw... what is happening'," Roxana said. "I made the request to withdraw and the money just disappeared. The portfolio became zero - but I was never credited on my wallet with any money."

During a BBC investigation, the company's credentials turned out to be extremely fictitious. It pretends to be a US-based business whose founder is a man who has reported them to the police authorities because he has never heard of them.

Not only that, but guess who the company's strategic partners are? The Massachusetts Institute of Technology, Huawei, and Qualcomm are on the list but they are not affiliated with the business and have no knowledge of it.

Also Read | <a href="https://www.wionews.com/world/pretext-of-iraq-war-just-an-excuse-tony-blair-denounces-putins-ukraine-invasion-573321">Pretext of Iraq war just an ‘excuse’: Tony Blair denounces Putin’s Ukraine invasion</a>

The business doesn't have any contact information on its website and its Facebook page, which is run out of Vietnam and Cambodia, was promoting weight-loss items until the end of 2021.

The European Center for Law Education and Research's Silvia Tabusca, a Romanian expert on organised crime, started researching iEarn Bot after learning that many people in other nations had also lost money in the scam.

"From what we have seen, the number of investors is quite high," she says. "In Indonesia, for example, they [iEarn Bot] claim they had 800,000 customers."

Watch | <a href="https://www.wionews.com/videos/nawaz-sharif-wants-me-jailed-so-i-cant-take-part-in-elections-says-imran-khan-573332">'Nawaz Sharif wants me jailed so I can't take part in elections,' says Imran Khan</a>

The company laid a strong focus on encouraging investors to sign up new users for the app. "The way people in this company operate is more similar to a Ponzi scheme than an actual business," says Tabusca.

Cryptocurrency trading has grown in popularity. Users are frequently promised significant gains over little periods of time. Nonetheless, law enforcement officials issue warnings about increased fraud and urge investors to exercise caution before putting their money online.&nbsp;

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In what experts say is the biggest crypto scam to date, thousands of people are believed to have lost their savings after investing in a cryptocurrency trading app called iEarn Bot.

In what experts say is the biggest crypto scam to date, thousands of people are believed to have lost their savings after investing in a cryptocurrency trading app called iEarn Bot. Roxana (real name changed), a Romanian who requested anonymity said she lost hundreds of euros using iEarn Bot. Clients like her were persuaded that the company's artificial intelligence software would manage their money. Moreover, the company promised substantial returns upon investments. "I invested in a bot for one month," she told BBC. "You could see in the app how many dollars the app was creating: there were graphics showing how the investment was progressing. "It looked quite professional until, at some point, they announced maintenance." Also Read | 'Lack of love and hugs' cause drug overdose deaths in America: Mexico's President "Some people started to say 'I cannot withdraw... what is happening'," Roxana said. "I made the request to withdraw and the money just disappeared. The portfolio became zero - but I was never credited on my wallet with any money." During a BBC investigation, the company's credentials turned out to be extremely fictitious. It pretends to be a US-based business whose founder is a man who has reported them to the police authorities because he has never heard of them. Not only that, but guess who the company's strategic partners are? The Massachusetts Institute of Technology, Huawei, and Qualcomm are on the list but they are not affiliated with the business and have no knowledge of it. Also Read | Pretext of Iraq war just an ‘excuse’: Tony Blair denounces Putin’s Ukraine invasion The business doesn't have any contact information on its website and its Facebook page, which is run out of Vietnam and Cambodia, was promoting weight-loss items until the end of 2021. The European Center for Law Education and Research's Silvia Tabusca, a Romanian expert on organised crime, started researching iEarn Bot after learning that many people in other nations had also lost money in the scam. "From what we have seen, the number of investors is quite high," she says. "In Indonesia, for example, they [iEarn Bot] claim they had 800,000 customers." Watch | 'Nawaz Sharif wants me jailed so I can't take part in elections,' says Imran Khan The company laid a strong focus on encouraging investors to sign up new users for the app. "The way people in this company operate is more similar to a Ponzi scheme than an actual business," says Tabusca. Cryptocurrency trading has grown in popularity. Users are frequently promised significant gains over little periods of time. Nonetheless, law enforcement officials issue warnings about increased fraud and urge investors to exercise caution before putting their money online. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Thousands conned in biggest crypto scam to date: Report

Euler, a British company that specialises in lending to crypto projects, has lost about USD 200 million to hackers, said a security firm. This is the biggest such attacks in months.

The security firm PeckShield pointed out the apparent hack to British lender Euler on Twitter, posting details of transactions it said showed losses of $197 million.

The China-based firm wrote a message to British lender Euler on Twitter saying: "Hi @eulerfinance: you may want to take a look". 
PeckShield said the flurry of transactions by hackers seem to have exploited a flaw in Euler's system.

Euler said it was "aware" and "currently working with security professionals and law enforcement."

"We will release further information as soon as we have it," the lender said on Twitter.

Molly White, a blogger who chronicles hacks and scams has said that the cyber attack on Euler is the most substantial this year.

White ranked the incident at number eight on the all-time list of biggest thefts -- though it is dwarfed by the crypto sector's biggest scams, some of which have run into billions of dollars.

The industry was flying high early last year, with the market in cryptocurrencies and digital tokens apparently worth hundreds of millions of dollars.

Crypto companies were taking out TV adverts, sponsoring sports teams and touting their technology as world-changing as they sought new investors among the general public.

But the sector has been shredded by a severe economic downturn, rampant criminality, crackdowns from regulators and the collapse of high-profile companies.

(With inputs from agencies)

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Euler, a British company that specialises in lending to crypto projects, has lost about USD 200 million to hackers, said a security firm. This is the biggest such attacks in months.

Euler, a British company that specialises in lending to crypto projects, has lost about USD 200 million to hackers, said a security firm. This is the biggest such attacks in months. The security firm PeckShield pointed out the apparent hack to British lender Euler on Twitter, posting details of transactions it said showed losses of $197 million. The China-based firm wrote a message to British lender Euler on Twitter saying: "Hi @eulerfinance: you may want to take a look". PeckShield said the flurry of transactions by hackers seem to have exploited a flaw in Euler's system. Euler said it was "aware" and "currently working with security professionals and law enforcement." "We will release further information as soon as we have it," the lender said on Twitter. Molly White, a blogger who chronicles hacks and scams has said that the cyber attack on Euler is the most substantial this year. White ranked the incident at number eight on the all-time list of biggest thefts -- though it is dwarfed by the crypto sector's biggest scams, some of which have run into billions of dollars. The industry was flying high early last year, with the market in cryptocurrencies and digital tokens apparently worth hundreds of millions of dollars. Crypto companies were taking out TV adverts, sponsoring sports teams and touting their technology as world-changing as they sought new investors among the general public. But the sector has been shredded by a severe economic downturn, rampant criminality, crackdowns from regulators and the collapse of high-profile companies. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

UK: Crypto lender loses USD 200 million to hackers

The COVID-19&nbsp;pandemic and the unrest in the bitcoin market have led to a trading frenzy in digital currencies. Luxury rehab centres are already proliferating everywhere, promising to treat "crypto addiction." The majority of the rehab facilities the BBC has discovered appear to be of the upscale variety and include care for eating disorders, alcoholism, and other addictions &nbsp;The BBC visited three treatment facilities and two addiction clinics, both of which reported receiving hundreds of inquiries on Crypto addiction over the previous two years.

However, addiction experts question if cryptocurrency trading calls for such a costly intervention.

<h2>The need for treatment for cryptocurrency addiction</h2>

Dr&nbsp;Anna Lembke, a psychiatry professor at Stanford University and chief of the Stanford Addiction Medicine Dual Diagnosis Clinic, who spoke to the BBC said, "It is a biopsychosocial disease, thus a biopsychosocial solution is required, which may entail medication, individual and group therapy, changing one's surroundings and habits, or introducing healthy alternative activities, according to the findings."

Like other addictions, treatment for crypto addiction should begin with abstinence and managing withdrawal symptoms - which could include anxiety, irritability, and insomnia, Dr&nbsp;Lembke said. "No crypto trading or viewing for at least four weeks, which gives the brain a chance to reset reward pathways. The [withdrawal] symptoms are usually time-limited and can be managed with emotional support and reassurance that they will eventually go away."

Also read |&nbsp;North Korea behind crypto heist that happened in June last year: FBI

In the long run, treatment would also include healthier options for monetary investment, she added.

However, she also&nbsp;asserted that occasionally the cost is not justified.&nbsp;

"They are making money off desperate people," says Lia Nower, director at the Centre for Gambling Studies in Rutgers School of Social Work, who spoke to the BBC.&nbsp;"Whether you're 'addicted' to trading crypto, betting on sports, or playing the lottery, your symptoms and treatment will be largely the same."

"Crypto trading has an air of being legitimate, whilst gambling is more talked about as being potentially problematic," said Jan Geber, chief executive at Zurich-based rehab centre Paracelsus Recovery, who spoke to the BBC.&nbsp;

<h2>The signs of crypto addiction&nbsp;</h2>

Those who are addicted to crypto trading start to increasingly turn to it as a source of "excitement and pleasure in their lives", said Aaron Sternlicht, who spoke to BBC and who runs New York-based Family Addiction Specialist with his wife, Lin.

Also watch |&nbsp;US | Rules on Crypto transactions: Will it push investors away?

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He claims red flags include lying, stealing, debt, trouble unwinding or falling asleep, constant attention to cryptocurrency values, and trading at the expense of friendships, possibilities for a profession, and educational opportunities.

Cryptocurrency addicts often need help setting boundaries, such as trading time limits and stop-loss orders, which advise the cancellation of a position when it reaches a certain price in order to shield investors from disproportionate losses.

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The COVID-19 pandemic and the unrest in the bitcoin market have led to a trading frenzy in digital currencies. Luxury rehab centres are already proliferating everywhere, promising to treat "crypto addiction.

The COVID-19 pandemic and the unrest in the bitcoin market have led to a trading frenzy in digital currencies. Luxury rehab centres are already proliferating everywhere, promising to treat "crypto addiction." The majority of the rehab facilities the BBC has discovered appear to be of the upscale variety and include care for eating disorders, alcoholism, and other addictions The BBC visited three treatment facilities and two addiction clinics, both of which reported receiving hundreds of inquiries on Crypto addiction over the previous two years. However, addiction experts question if cryptocurrency trading calls for such a costly intervention. The need for treatment for cryptocurrency addiction Dr Anna Lembke, a psychiatry professor at Stanford University and chief of the Stanford Addiction Medicine Dual Diagnosis Clinic, who spoke to the BBC said, "It is a biopsychosocial disease, thus a biopsychosocial solution is required, which may entail medication, individual and group therapy, changing one's surroundings and habits, or introducing healthy alternative activities, according to the findings." Like other addictions, treatment for crypto addiction should begin with abstinence and managing withdrawal symptoms - which could include anxiety, irritability, and insomnia, Dr Lembke said. "No crypto trading or viewing for at least four weeks, which gives the brain a chance to reset reward pathways. The [withdrawal] symptoms are usually time-limited and can be managed with emotional support and reassurance that they will eventually go away." Also read | North Korea behind crypto heist that happened in June last year: FBI In the long run, treatment would also include healthier options for monetary investment, she added. However, she also asserted that occasionally the cost is not justified. "They are making money off desperate people," says Lia Nower, director at the Centre for Gambling Studies in Rutgers School of Social Work, who spoke to the BBC. "Whether you're 'addicted' to trading crypto, betting on sports, or playing the lottery, your symptoms and treatment will be largely the same." "Crypto trading has an air of being legitimate, whilst gambling is more talked about as being potentially problematic," said Jan Geber, chief executive at Zurich-based rehab centre Paracelsus Recovery, who spoke to the BBC. The signs of crypto addiction Those who are addicted to crypto trading start to increasingly turn to it as a source of "excitement and pleasure in their lives", said Aaron Sternlicht, who spoke to BBC and who runs New York-based Family Addiction Specialist with his wife, Lin. Also watch | US | Rules on Crypto transactions: Will it push investors away? He claims red flags include lying, stealing, debt, trouble unwinding or falling asleep, constant attention to cryptocurrency values, and trading at the expense of friendships, possibilities for a profession, and educational opportunities. Cryptocurrency addicts often need help setting boundaries, such as trading time limits and stop-loss orders, which advise the cancellation of a position when it reaches a certain price in order to shield investors from disproportionate losses. WATCH WION LIVE HERE:

Treatment for 'crypto addiction': Upscale rehab centres now offer therapy

A recent study by Recap shows that London is now the world’s leading crypto hub. Watch this video to know more.

London is the world’s leading crypto hub

Bitcoin is poised for its best month in a decade with a 40% rise in January. Does that mean that the so-called crypto winter is waning? For now, the threat looming over the crypto industry has retreated broadly.

World Business Watch: Bitcoin poised for its best month since 2013

Following the footsteps of embattled FTX and BlockFi, another cryptocurrency lender Genesis Global Holdco LLC, and two of its subsidiaries have filed for bankruptcy in New York court, indicating how the crypto fall has created a ripple effect in the market.

Genesis Global Holdco, Genesis Global Capital, and Genesis Asia Pacific, filed voluntary petitions under the bankruptcy code for with the Southern District of New York court.

It, however, added that Genesis' derivatives and spot trading, broker-dealer, and custody businesses were not part of the bankruptcy process, and would continue their client trading operations.

Genesis’ lending unit said it had both assets and liabilities in the range of $1 billion to $10 billion, and more than 100,000 creditors in its filing.

In a statement, Genesis Global Holdco said that it is mulling to push for a potential sale or equitisation transaction to pay creditors, claiming that it had $150 million in cash to support the restructuring.

<h2>FTX says Cryptos worth $415 million stolen, founder Sam Bankman-Fried says FTX is solvent</h2>

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On January 12, the US Securities and Exchange Commission (SEC) charged Genesis with illegally selling securities to investors through the Earn program.

Genesis brokered digital assets for financial institutions such as hedge funds and asset managers and had almost&nbsp;$3 billion in total active loans&nbsp;at the end of the third quarter, down from $11.1 billion a year earlier, according to its website.

<h2>Threat to Sam Bankman-Fried's life?</h2>

Meanwhile, FTX founder Sam Bankman-Fried's lawyers have claimed a security threat against the 30-year-old billionaire, after a car drove into a metal barricade outside the crypto trader’s home in California.

The billionaire’s lawyers in its filing in Manhattan federal court said that three men got out of the car and told a security officer guarding his home, "You won't be able to keep us out."

The men, who have not been identified, then got back in the car and drove away.

The lawyers, however, did not specify when the incident took place, describing it only as recent.

Their brought up the incident in the court in response to a major push from the media organisations to make public the names of two people who helped guarantee Bankman-Fried's bond alongside his parents.

<h2>FTX founder wants to start a new business</h2>

Bankman-Fried told BBC from the Bahamas that he would “give anything” to start a new business to help his customers who lost their investments.

“I’m going to be thinking about how we can help the world, and if users haven’t gotten much back, I’m going to be thinking about what I can do for them,” Bankman-Fried told the BBC.

“And I think at the very least I have a duty to&nbsp;FTX&nbsp;users to do right by them as best as I can.”

(With inputs from agencies)

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Following the footsteps of embattled FTX and BlockFi, another cryptocurrency lender Genesis Global Holdco LLC, and two of its subsidiaries have filed for bankruptcy in New York court, indicating how the crypto fall has created a ripple effect in the market.

Following the footsteps of embattled FTX and BlockFi, another cryptocurrency lender Genesis Global Holdco LLC, and two of its subsidiaries have filed for bankruptcy in New York court, indicating how the crypto fall has created a ripple effect in the market. Genesis Global Holdco, Genesis Global Capital, and Genesis Asia Pacific, filed voluntary petitions under the bankruptcy code for with the Southern District of New York court. It, however, added that Genesis' derivatives and spot trading, broker-dealer, and custody businesses were not part of the bankruptcy process, and would continue their client trading operations. Genesis’ lending unit said it had both assets and liabilities in the range of $1 billion to $10 billion, and more than 100,000 creditors in its filing. In a statement, Genesis Global Holdco said that it is mulling to push for a potential sale or equitisation transaction to pay creditors, claiming that it had $150 million in cash to support the restructuring. FTX says Cryptos worth $415 million stolen, founder Sam Bankman-Fried says FTX is solvent On January 12, the US Securities and Exchange Commission (SEC) charged Genesis with illegally selling securities to investors through the Earn program. Genesis brokered digital assets for financial institutions such as hedge funds and asset managers and had almost $3 billion in total active loans at the end of the third quarter, down from $11.1 billion a year earlier, according to its website. Threat to Sam Bankman-Fried's life? Meanwhile, FTX founder Sam Bankman-Fried's lawyers have claimed a security threat against the 30-year-old billionaire, after a car drove into a metal barricade outside the crypto trader’s home in California. The billionaire’s lawyers in its filing in Manhattan federal court said that three men got out of the car and told a security officer guarding his home, "You won't be able to keep us out." The men, who have not been identified, then got back in the car and drove away. The lawyers, however, did not specify when the incident took place, describing it only as recent. Their brought up the incident in the court in response to a major push from the media organisations to make public the names of two people who helped guarantee Bankman-Fried's bond alongside his parents. FTX founder wants to start a new business Bankman-Fried told BBC from the Bahamas that he would “give anything” to start a new business to help his customers who lost their investments. “I’m going to be thinking about how we can help the world, and if users haven’t gotten much back, I’m going to be thinking about what I can do for them,” Bankman-Fried told the BBC. “And I think at the very least I have a duty to FTX users to do right by them as best as I can.” (With inputs from agencies) WATCH WION LIVE HERE:

Another crypto firm Genesis files for bankruptcy

India's central bank chief has warned that the next financial crisis will possibly come from private cryptocurrencies. Adding that he also holds the view that cryptocurrencies should be banned or prohibited.

World Business Watch: Next financial crisis may come from private cryptocurrencies, says CBI chief

Crypto is at a crossroads after facing an unfortunate year. Crashes, contagion and collapses came in such quick succession that investors are now on the verge of asking some serious existential questions.

World Business Watch: Cryptocurrency faces an existential threat

Former FTX Chief Executive Sam Bankman-Fried may no more fight against extradition from Bahamas to the United States. The 30-year-old former cryptocurrency mogul will appear in a Bahamas court on Monday where he is expected to reverse his decision to contest extradition to the United States, where he faces fraud charges on at least a dozen counts, a person familiar with the matter was cited as saying by Reuters.

It was not immediately clear what prompted Bankman-Fried to change his mind and decide not to contest extradition.

ALSO READ -&nbsp;<a href="https://www.wionews.com/business-economy/how-a-secret-software-change-allowed-ftx-to-use-client-money-542963">How a secret software code change allowed FTX to (mis)use client money</a>

Bankman-Fried was indicted in a United States federal court in New York on Tuesday. The court in Manhattan charged him of engaging in a scheme to defraud FTX customers by using billions of dollars in stolen deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC.

What does it mean?

Bankman-Fried’s decision to consent to extradition would pave the way for him to appear in U.S. court to face wire fraud, money laundering and campaign finance charges.

Where will Bankman-Fried be kept?

According to defence lawyer Zachary Margulis-Ohnuma, once Bankman-Fried arrives in the United States, he will be kept at the Metropolitan Detention Center in New York’s Brooklyn.&nbsp;

Prosecutors will likely argue that Bankman-Fried is a flight risk and should remain in custody because of the large sums of money involved in the case and the unclear location of those funds.

WATCH -&nbsp;<a href="https://www.wionews.com/videos/the-ftx-bankruptcy-scandal-crypto-exchange-launches-review-of-its-global-assets-535923">The FTX bankruptcy scandal: Crypto exchange launches review of its global assets</a>

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"The missing money gives prosecutors strong arguments that he is a flight risk," said former federal prosecutor and white-collar defense attorney Michael Weinstein. "I expect that if a judge grants pretrial release, they would impose very restrictive and onerous conditions."

Bankman-Fried has acknowledged “risk management failings” at FTX but has said he does not believe he has criminal liability.

Bankman-Fried amassed a fortune valued at over $20 billion as he rode a cryptocurrency boom to build FTX into one of the world's largest exchanges. His arrest last Monday in the Bahamas, where he lives and where FTX is based, came just a month after the exchange collapsed amid a flurry of customer withdrawals. 
 
FTX filed for bankruptcy on Nov. 11, the same day Bankman-Fried stepped down as CEO.&nbsp;

(With inputs from agencies)

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Former FTX Chief Executive Sam Bankman-Fried may no more fight against extradition from Bahamas to the United States. The 30-year-old former cryptocurrency mogul will appear in a Bahamas court on Monday where he is expected to reverse his decision to contest extradition to the United States, where he faces fraud charges on at least a dozen counts, a person familiar with the matter was cited as saying by Reuters.

Former FTX Chief Executive Sam Bankman-Fried may no more fight against extradition from Bahamas to the United States. The 30-year-old former cryptocurrency mogul will appear in a Bahamas court on Monday where he is expected to reverse his decision to contest extradition to the United States, where he faces fraud charges on at least a dozen counts, a person familiar with the matter was cited as saying by Reuters. It was not immediately clear what prompted Bankman-Fried to change his mind and decide not to contest extradition. ALSO READ - How a secret software code change allowed FTX to (mis)use client money Bankman-Fried was indicted in a United States federal court in New York on Tuesday. The court in Manhattan charged him of engaging in a scheme to defraud FTX customers by using billions of dollars in stolen deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC. What does it mean? Bankman-Fried’s decision to consent to extradition would pave the way for him to appear in U.S. court to face wire fraud, money laundering and campaign finance charges. Where will Bankman-Fried be kept? According to defence lawyer Zachary Margulis-Ohnuma, once Bankman-Fried arrives in the United States, he will be kept at the Metropolitan Detention Center in New York’s Brooklyn. Prosecutors will likely argue that Bankman-Fried is a flight risk and should remain in custody because of the large sums of money involved in the case and the unclear location of those funds. WATCH - The FTX bankruptcy scandal: Crypto exchange launches review of its global assets × "The missing money gives prosecutors strong arguments that he is a flight risk," said former federal prosecutor and white-collar defense attorney Michael Weinstein. "I expect that if a judge grants pretrial release, they would impose very restrictive and onerous conditions." Bankman-Fried has acknowledged “risk management failings” at FTX but has said he does not believe he has criminal liability. Bankman-Fried amassed a fortune valued at over $20 billion as he rode a cryptocurrency boom to build FTX into one of the world's largest exchanges. His arrest last Monday in the Bahamas, where he lives and where FTX is based, came just a month after the exchange collapsed amid a flurry of customer withdrawals. FTX filed for bankruptcy on Nov. 11, the same day Bankman-Fried stepped down as CEO. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Bahamas to Brooklyn: FTX founder Sam Bankman-Fried to surrender Monday for US extradition

A pair of Hong Kong ETFs investing in Bitcoin and Ether futures raised $79 million as the city pushes ahead with a plan to become a crypto hub even as the sector reels from the FTX collapse.

World Business Watch: Hong Kong crypto ETFs raise $79mn despite FTX fallout

Sam Bankman-Fried, former CEO of now collapsed cryptocurrency exchange FTX, has made another application for bail before The Bahamas Supreme Court after his previous application before a magistrate was rejected. The news of his second bail application was reported by Reuters citing unnamed source.

Bankman-Fried is currently in a detention center in The Bahamas. His previous application for bail was rejected by Chief Magistrate JoyAnn Ferguson-Pratt. The former crypto mogul is awaiting a hearing on his extradition to the US where he has been already charged for committing fraud.

Bankman-Fried made second bail application on Thursday (December 15).&nbsp;

Bahamas broadcaster Eyewitness News on Thursday reported that the Supreme Court would hear the bail application on Jan. 17, without citing sources.

US prosecutors say Bankman-Fried engaged in a scheme to defraud FTX's customers by misappropriating their deposits to pay for expenses and debts and to make investments on behalf of his crypto hedge fund, Alameda Research LLC.

Bankman-Fried amassed a fortune valued over $20 billion as he rode a cryptocurrency boom to build FTX into one of the world's largest exchanges before it abruptly collapsed this year.

(With inputs from agencies)

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Sam Bankman-Fried, former CEO of now collapsed cryptocurrency exchange FTX, has made another application for bail before The Bahamas Supreme Court after his previous application before a magistrate was rejected.

Sam Bankman-Fried, former CEO of now collapsed cryptocurrency exchange FTX, has made another application for bail before The Bahamas Supreme Court after his previous application before a magistrate was rejected. The news of his second bail application was reported by Reuters citing unnamed source. Bankman-Fried is currently in a detention center in The Bahamas. His previous application for bail was rejected by Chief Magistrate JoyAnn Ferguson-Pratt. The former crypto mogul is awaiting a hearing on his extradition to the US where he has been already charged for committing fraud. Bankman-Fried made second bail application on Thursday (December 15). Bahamas broadcaster Eyewitness News on Thursday reported that the Supreme Court would hear the bail application on Jan. 17, without citing sources. US prosecutors say Bankman-Fried engaged in a scheme to defraud FTX's customers by misappropriating their deposits to pay for expenses and debts and to make investments on behalf of his crypto hedge fund, Alameda Research LLC. Bankman-Fried amassed a fortune valued over $20 billion as he rode a cryptocurrency boom to build FTX into one of the world's largest exchanges before it abruptly collapsed this year. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Ex-CEO of FTX Sam Bankman-Fried applies for bail again after losing first bid: Report

The US securities regulator has asked the trading companies to disclose to the investors any potential impacts from turmoil in cryptocurrency trading.&nbsp;In its new guideline released on Thursday, the Securities and Exchange Commission (SEC) has told the companies selling securities that they may have to share with their investors whether the firms have any financially material exposures to counterparties that have filed for bankruptcy.

"Companies may have disclosure obligations under the federal securities laws related to the direct or indirect impact that these events and collateral events have had or may have on their business," the SEC said in a sample letter, reports Reuters news agency.

The guidelines further state that the public firms should also inform their investors of any risks arising out of disruptions in crypto asset markets, depreciated stock prices, loss of customer demand and risk of legal proceedings.

The SEC’s corporate finance division urged the companies to adopt these recommendations as they prepare documents “that may not typically be subject to review by the division before their use.”

The latest missive by the SEC comes in the wake of the FTX saga, where the crypto firm filed for bankruptcy after loaning customer funds to a risky trading company that was founded by FTX’s former CEO Sam Bankman-Fried.

It is estimated that more than 100,000 customers were affected by the exchange’s failure.

On Wednesday, SEC chief Gary Gensler brushed aside criticisms that the agency failed to act against the crypto firms misusing customer funds.

Gensler said that the SEC would clamp down on the firms if they fail to comply with existing rules.

(With inputs from agencies)

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The US securities regulator has asked the trading companies to disclose to the investors any potential impacts from turmoil in cryptocurrency trading. In its new guideline released on Thursday, the Securities and Exchange Commission (SEC) has told the companies selling securities that they may have to share with their investors whether the firms have any financially material exposures to counterparties that have filed for bankruptcy.

The US securities regulator has asked the trading companies to disclose to the investors any potential impacts from turmoil in cryptocurrency trading. In its new guideline released on Thursday, the Securities and Exchange Commission (SEC) has told the companies selling securities that they may have to share with their investors whether the firms have any financially material exposures to counterparties that have filed for bankruptcy. "Companies may have disclosure obligations under the federal securities laws related to the direct or indirect impact that these events and collateral events have had or may have on their business," the SEC said in a sample letter, reports Reuters news agency. The guidelines further state that the public firms should also inform their investors of any risks arising out of disruptions in crypto asset markets, depreciated stock prices, loss of customer demand and risk of legal proceedings. The SEC’s corporate finance division urged the companies to adopt these recommendations as they prepare documents “that may not typically be subject to review by the division before their use.” The latest missive by the SEC comes in the wake of the FTX saga, where the crypto firm filed for bankruptcy after loaning customer funds to a risky trading company that was founded by FTX’s former CEO Sam Bankman-Fried. It is estimated that more than 100,000 customers were affected by the exchange’s failure. On Wednesday, SEC chief Gary Gensler brushed aside criticisms that the agency failed to act against the crypto firms misusing customer funds. Gensler said that the SEC would clamp down on the firms if they fail to comply with existing rules. (With inputs from agencies) WATCH WION LIVE HERE:

US securities regulator issues new guidelines for firms, makes cryptocurrency risk disclosure must

The Reserve Bank of India just made e-Rupee available to a select group of people recently. E-rupee is a digital currency, but not a cryptocurrency. Confused? Watch this video to know more.

Explained | What is E-Rupee and how does it work?

Ever since the crypto meltdown 2022 – luxury watches have faced a drastic decline in prices on the secondary market. If you’ve ever wanted to own a Rolex or any other luxury watch, the time is now!

Best time to buy a Rolex

After one of the world's largest crypto exchanges, FTX collapsed earlier this month, Brazil's lower house of Congress approved a bill that aims to boost oversight of the country's cryptocurrency sector.

Brazil wants a law on crypto regulations after FTX collapsed earlier this month

Crypto lender BlockFi, on Monday, filed for bankruptcy citing the exposure and subsequent downfall of one of crypto’s high-profile collapses in recent years, the FTX exchange. Earlier this month, amid reports of corporate missteps and suspicious management, FTX &nbsp;filed for bankruptcy which has since rattled the crypto industry.&nbsp;

The New Jersey-based BlockFi, founded nearly five years ago, filed for Chapter 11 bankruptcy protection after the crypto prices plummeted. In the filing, Zac Prince, founder and chief executive of BlockFi, said that its “significant exposure” to FTX led to a liquidity crisis.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/photos/all-you-need-to-know-about-the-world-of-crypto-lending-489635">All you need to know about the world of crypto lending</a>

This comes days after, the founder of the FTX exchange, Sam Bankman-Fried, said that traders pulled $6 billion from the platform within three days while Binance, a rival exchange platform, declined to sign a rescue deal. Additionally, BlockFi blamed its liquidity crisis on its exposure to FTX via loans to Alameda, a crypto trading firm affiliated with FTX.&nbsp;

BlockFi claims that its cryptocurrencies were&nbsp;held on FTX’s platform and are now trapped there. The financial entanglement between the two platforms began in June when FTX was seen as a safety net given its credibility in the market, the exchange platform then extended a $400 million credit line to BlockFi which its founder Prince at the time said would bolster “our balance sheets.”&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/the-ftx-bankruptcy-scandal-crypto-exchange-launches-review-of-its-global-assets-535923">The FTX bankruptcy scandal: Crypto exchange launches review of its global assets</a>

In the court filings, BlockFi said that it subsequently borrowed $275 million from a subsidiary of FTX. However, amid reports of corporate missteps and the subsequent collapse of FTX, BlockFi began to struggle too. Earlier this month, BlockFi also announced it has halted withdrawal citing “significant exposure” to FTX and its sister hedge fund Alameda.&nbsp;

After filing for bankruptcy BlockFi also filed a lawsuit against FTX demanding that Bankman-Fried turnover collateral BlockFi claims that it is owed and sought to recover shares in Robinhood Markets Inc which was pledged as collateral before the two platforms went under.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/ftx-was-under-the-federal-radar-long-before-its-collapse-report-536246">FTX was under the federal radar long before its collapse: Report</a>

BlockFi has also listed its assets and liabilities as being somewhere between $1 billion to $10 billion, in its bankruptcy court filings and that it owes money to more than 100,000 creditors. The crypto lender also said that it has a little over $250 million cash on hand for restructuring and is currently working on reducing costs by announcing layoffs for 300 of its 850 employees as of last year.

Bitfront: Another crypto exchange hit?&nbsp;

Another US-based&nbsp;crypto exchange platform,&nbsp;Bitfront, backed by&nbsp;Line Corp, a Japanese social media firm said that it has recently suspended new&nbsp;sign-ups and credit card payments as of November 28. The company based in California, released a statement on its website that they are shutting down "BITFRONT in order to continue growing the LINE blockchain ecosystem and LINK token economy."

Bitfront said that it will suspend withdrawals by the end of March, next year, while interest for deposits made between December 5 and 11 will be paid by December 13, this year. However, they clarified that the decision is not related to the ongoing investigations into&nbsp;certain crypto exchanges alleged of "misconduct" seemingly referring to FTX.&nbsp;

(With inputs from agencies)&nbsp;

&nbsp;

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Crypto lender BlockFi, on Monday, filed for bankruptcy citing the exposure and subsequent downfall of one of crypto’s high-profile collapses in recent years, the FTX exchange.

Crypto lender BlockFi, on Monday, filed for bankruptcy citing the exposure and subsequent downfall of one of crypto’s high-profile collapses in recent years, the FTX exchange. Earlier this month, amid reports of corporate missteps and suspicious management, FTX filed for bankruptcy which has since rattled the crypto industry. The New Jersey-based BlockFi, founded nearly five years ago, filed for Chapter 11 bankruptcy protection after the crypto prices plummeted. In the filing, Zac Prince, founder and chief executive of BlockFi, said that its “significant exposure” to FTX led to a liquidity crisis. ALSO READ | All you need to know about the world of crypto lending This comes days after, the founder of the FTX exchange, Sam Bankman-Fried, said that traders pulled $6 billion from the platform within three days while Binance, a rival exchange platform, declined to sign a rescue deal. Additionally, BlockFi blamed its liquidity crisis on its exposure to FTX via loans to Alameda, a crypto trading firm affiliated with FTX. BlockFi claims that its cryptocurrencies were held on FTX’s platform and are now trapped there. The financial entanglement between the two platforms began in June when FTX was seen as a safety net given its credibility in the market, the exchange platform then extended a $400 million credit line to BlockFi which its founder Prince at the time said would bolster “our balance sheets.” ALSO WATCH | The FTX bankruptcy scandal: Crypto exchange launches review of its global assets In the court filings, BlockFi said that it subsequently borrowed $275 million from a subsidiary of FTX. However, amid reports of corporate missteps and the subsequent collapse of FTX, BlockFi began to struggle too. Earlier this month, BlockFi also announced it has halted withdrawal citing “significant exposure” to FTX and its sister hedge fund Alameda. After filing for bankruptcy BlockFi also filed a lawsuit against FTX demanding that Bankman-Fried turnover collateral BlockFi claims that it is owed and sought to recover shares in Robinhood Markets Inc which was pledged as collateral before the two platforms went under. ALSO READ | FTX was under the federal radar long before its collapse: Report BlockFi has also listed its assets and liabilities as being somewhere between $1 billion to $10 billion, in its bankruptcy court filings and that it owes money to more than 100,000 creditors. The crypto lender also said that it has a little over $250 million cash on hand for restructuring and is currently working on reducing costs by announcing layoffs for 300 of its 850 employees as of last year. Bitfront: Another crypto exchange hit? Another US-based crypto exchange platform, Bitfront, backed by Line Corp, a Japanese social media firm said that it has recently suspended new sign-ups and credit card payments as of November 28. The company based in California, released a statement on its website that they are shutting down "BITFRONT in order to continue growing the LINE blockchain ecosystem and LINK token economy." Bitfront said that it will suspend withdrawals by the end of March, next year, while interest for deposits made between December 5 and 11 will be paid by December 13, this year. However, they clarified that the decision is not related to the ongoing investigations into certain crypto exchanges alleged of "misconduct" seemingly referring to FTX. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Cryptocurrency lender BlockFi files for bankruptcy; FTX fallout rattles crypto industry

Vitalik is not happy with Singapore's crypto regulations. Singapore is planning to clamp down on retail crypto assets. Watch this report.

World Business Watch | Singapore's crypto regulations: Vitalik not happy with Singapore rules

Collapsed crypto exchange FTX said on Saturday that it has started a strategic evaluation of its worldwide assets and is putting some businesses up for sale or reorganisation. Together with around 101 associated companies, FTX also requested judicial intervention to permit the functioning of a new worldwide cash management system and payment to its essential suppliers. In one of the most publicised cryptocurrency meltdowns, the exchange and its affiliates filed for bankruptcy in Delaware on November 11. As a result, an estimated million clients and other investors are expected to suffer total losses in billions of dollars.

In a court document filed on Saturday, FTX requested authorisation to pay its crucial vendors up to $17.5 million in prepetition claims and up to $9.3 million in interim orders.

The exchange said that if the requested judicial injunction is not granted, it will cause "immediate and irreparable damage" to its operations.

Also read |&nbsp;<a href="https://www.wionews.com/entertainment/hollywood/news-how-ftx-bought-its-way-to-become-the-most-regulated-crypto-exchange-535241">How FTX bought its way to become the 'most regulated' crypto exchange</a>

"Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises," FTX's new Chief Executive Officer John Ray said.

In order to assist with the selling process, the business, subject to court approval, has named Perella Weinberg Partners LP as its main investment bank.

Also WATCH |&nbsp;Twitter faces questions on security breach; agency to probe unfair business practices

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"I respectfully ask all of our employees, vendors, customers, regulators and government stakeholders to be patient with us as we put in place the arrangements that corporate governance failures at FTX prevented us from putting in place prior to filing our chapter 11 cases," Ray said.

(With inputs from agencies)

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Collapsed crypto exchange FTX said on Saturday that it has started a strategic evaluation of its worldwide assets and is putting some businesses up for sale or reorganisation.

Collapsed crypto exchange FTX said on Saturday that it has started a strategic evaluation of its worldwide assets and is putting some businesses up for sale or reorganisation. Together with around 101 associated companies, FTX also requested judicial intervention to permit the functioning of a new worldwide cash management system and payment to its essential suppliers. In one of the most publicised cryptocurrency meltdowns, the exchange and its affiliates filed for bankruptcy in Delaware on November 11. As a result, an estimated million clients and other investors are expected to suffer total losses in billions of dollars. In a court document filed on Saturday, FTX requested authorisation to pay its crucial vendors up to $17.5 million in prepetition claims and up to $9.3 million in interim orders. The exchange said that if the requested judicial injunction is not granted, it will cause "immediate and irreparable damage" to its operations. Also read | How FTX bought its way to become the 'most regulated' crypto exchange "Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises," FTX's new Chief Executive Officer John Ray said. In order to assist with the selling process, the business, subject to court approval, has named Perella Weinberg Partners LP as its main investment bank. Also WATCH | Twitter faces questions on security breach; agency to probe unfair business practices "I respectfully ask all of our employees, vendors, customers, regulators and government stakeholders to be patient with us as we put in place the arrangements that corporate governance failures at FTX prevented us from putting in place prior to filing our chapter 11 cases," Ray said. (With inputs from agencies) WATCH WION LIVE HERE:

FTX conducts strategic assessment; requests judicial relief to pay important vendors

Sam Bankman-Fried started this week firmly in the realm of billionaires, but after the collapse of his crypto exchange, FTX, he may find himself out of the club in a matter of days. Priyanka Sharma brings you the details

WION Fineprint | Crypto CEO Sam Bankman-Fried loses billions overnight

Crypto giant Binance announced on Tuesday that it has signed an agreement to acquire the non-United States unit of its rival – FTX. The cryptocurrency market has been going through a major crisis for the past year and this deal will aid FTX in managing its current “liquidity crunch”. The deal, which was signed between Binance CEO Changpeng Zhao and FTX CEO Sam Bankman-Fried, ended up causing panic among the FTX investors as over $6 billion was withdrawn in the past few days.

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FTX was one of the major crypto exchanges in the world but the dramatic fall in the market meant that they required Binance to rescue them from a major crunch. The deal also directly impacted the FTX crypto token which fell under $6 – a 11 per cent drop since the announcement was made.

In a shot message to the investors, Bankman-Fried said that the decision was taken as "protecting shareholders is our highest priority" but added that the full details were "still being hashed out."

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The announcement also came as a surprise for several people as FTX had earlier pledged support to struggling crypto exchanges. In May this year, FTX acquired a 7.6 per cent stake in Robinhood Markets Inc and said that they will be looking to take advantage of the dip in the crypto market.

It came as a bigger surprise that it was Binance that agreed to save FTX from their troubles. Binance invested in FTX back in 2019 but decided to withdraw in 2021. By that time, FTX had already become a competitor for Binance and the friction between Zhao and Bankman-Fried was well-known.

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Crypto giant Binance announced on Tuesday that it has signed an agreement to acquire the non-United States unit of its rival – FTX. The cryptocurrency market has been going through a major crisis for the past year and this deal will aid FTX in managing its current “liquidity crunch”.

Crypto giant Binance announced on Tuesday that it has signed an agreement to acquire the non-United States unit of its rival – FTX. The cryptocurrency market has been going through a major crisis for the past year and this deal will aid FTX in managing its current “liquidity crunch”. The deal, which was signed between Binance CEO Changpeng Zhao and FTX CEO Sam Bankman-Fried, ended up causing panic among the FTX investors as over $6 billion was withdrawn in the past few days. Also read | Trump threatens DeSantis, warns him not to run for US president FTX was one of the major crypto exchanges in the world but the dramatic fall in the market meant that they required Binance to rescue them from a major crunch. The deal also directly impacted the FTX crypto token which fell under $6 – a 11 per cent drop since the announcement was made. In a shot message to the investors, Bankman-Fried said that the decision was taken as "protecting shareholders is our highest priority" but added that the full details were "still being hashed out." Also read | US midterms LIVE | 'Bloodbath!!!': Trump's son tweets as Republicans surge The announcement also came as a surprise for several people as FTX had earlier pledged support to struggling crypto exchanges. In May this year, FTX acquired a 7.6 per cent stake in Robinhood Markets Inc and said that they will be looking to take advantage of the dip in the crypto market. It came as a bigger surprise that it was Binance that agreed to save FTX from their troubles. Binance invested in FTX back in 2019 but decided to withdraw in 2021. By that time, FTX had already become a competitor for Binance and the friction between Zhao and Bankman-Fried was well-known.

Crypto giant Binance rescues rival FTX facing major crunch after dramatic fall in market

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