Authorities in Egypt have detained 29 people who are accused of running an online cryptocurrency scam, state media reported on Sunday (March 5). Those detained include 13 foreigners. The cryptocurrency scam reportedly duped thousands of investors.

According to the report, the nexus pocketted about USD 620,000 by duping its victims. Egypt is already battling economic crisis amid rapid inflation.

The group ran the online platform "HoggPool" which promised its clients "financial gains after having lured them by fraudulent means", said a statement released by the prosecution service late Saturday.

The scheme promised large profits from crypto-currency mining and trading services, for fees charged at an attractive foreign exchange rate.

"They sold people a computer tool: you paid 4,000 Egyptian pounds for it, and you earned 30,000 pounds. You paid 100,000 and you earned a million," said TV talk show presenter Amr Adib.

Launched in August, HoggPool abruptly ceased operations in February and vanished with the money, the state-run daily Al-Ahram reported.

Authorities said the network was planning to launch a new platform called "Riot" when they were arrested.

(With inputs from agencies)

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Authorities in Egypt have detained 29 people who are accused of running an online cryptocurrency scam, state media reported on Sunday (March 5). Those detained include 13 foreigners.

Authorities in Egypt have detained 29 people who are accused of running an online cryptocurrency scam, state media reported on Sunday (March 5). Those detained include 13 foreigners. The cryptocurrency scam reportedly duped thousands of investors. According to the report, the nexus pocketted about USD 620,000 by duping its victims. Egypt is already battling economic crisis amid rapid inflation. The group ran the online platform "HoggPool" which promised its clients "financial gains after having lured them by fraudulent means", said a statement released by the prosecution service late Saturday. The scheme promised large profits from crypto-currency mining and trading services, for fees charged at an attractive foreign exchange rate. "They sold people a computer tool: you paid 4,000 Egyptian pounds for it, and you earned 30,000 pounds. You paid 100,000 and you earned a million," said TV talk show presenter Amr Adib. Launched in August, HoggPool abruptly ceased operations in February and vanished with the money, the state-run daily Al-Ahram reported. Authorities said the network was planning to launch a new platform called "Riot" when they were arrested. (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 ×

Egypt: Twenty-nine detained for alleged crypto scam

Phoenix Community Capital, a cryptocurrency investment firm in the United Kingdom that had links to two all-party parliamentary groups (APPGs), seems to have disappeared. The development has left several investors worried about losing tens of thousands of pounds in investment. Valued at around £665 million ($800 million) at one point, it was launched as an investment scheme and a cryptocurrency project at the start of 2022. It has also cast doubts about the roles of APPGs in the parliament, British news platform the Guardian reported, further pointing out that this is a typical case of a firm trying to gain credibility by associating itself with APPGs and parliamentarians.

While it was the sponsor for one of the APPGs, the firm's co-founder Luke Sullivan was reported to have spoken for the second APPG at an event. A former Premier League footballer is among investors who bear the loss with the disappearance. The firm was last active on Twitter in September 2022.

Despite warnings of the risks involved, the UK registered around 2 million crypto investors in 2021. Financial Conduct Authority (FCA)&nbsp;said at the time that the country registered a rise of 400,000 users compared to 2020. Even as the government is taking steady steps to regulate cryptocurrency, members of parliament have been among those who have been targeted.

Also watch | Gravitas: Cryptocurrency: New tool for money laundering

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Earlier this month, the UK government revealed elaborate plans in this regard. “We remain steadfast in our commitment to grow the economy and enable technological change and innovation – and this includes cryptoasset technology," Economic Secretary to the Treasury Andrew Griffith said. “But we must also protect consumers who are embracing this new technology - ensuring robust, transparent, and fair standards.”

Also read| <a href="wionews.com/business-economy/uk-cryptocurrency-atms-used-to-exchange-traditional-currency-with-bitcoins-busted-in-leeds-562108">UK: Cryptocurrency ATMs, used to exchange traditional currency with Bitcoins, busted in Leeds</a>

As part of the measures, the UK government said, it would seek to regulate a broad suite of cryptoasset activities, consistent with its approach to traditional finance. "These proposals will place responsibility on crypto trading venues for defining the detailed content requirements for admission and disclosure documents – ensuring crypto exchanges have fair and robust standards," it underlined in an official release.

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Phoenix Community Capital, a cryptocurrency investment firm in the United Kingdom that had links to two all-party parliamentary groups (APPGs), seems to have disappeared.

Phoenix Community Capital, a cryptocurrency investment firm in the United Kingdom that had links to two all-party parliamentary groups (APPGs), seems to have disappeared. The development has left several investors worried about losing tens of thousands of pounds in investment. Valued at around £665 million ($800 million) at one point, it was launched as an investment scheme and a cryptocurrency project at the start of 2022. It has also cast doubts about the roles of APPGs in the parliament, British news platform the Guardian reported, further pointing out that this is a typical case of a firm trying to gain credibility by associating itself with APPGs and parliamentarians. While it was the sponsor for one of the APPGs, the firm's co-founder Luke Sullivan was reported to have spoken for the second APPG at an event. A former Premier League footballer is among investors who bear the loss with the disappearance. The firm was last active on Twitter in September 2022. Despite warnings of the risks involved, the UK registered around 2 million crypto investors in 2021. Financial Conduct Authority (FCA) said at the time that the country registered a rise of 400,000 users compared to 2020. Even as the government is taking steady steps to regulate cryptocurrency, members of parliament have been among those who have been targeted. Also watch | Gravitas: Cryptocurrency: New tool for money laundering × Earlier this month, the UK government revealed elaborate plans in this regard. “We remain steadfast in our commitment to grow the economy and enable technological change and innovation – and this includes cryptoasset technology," Economic Secretary to the Treasury Andrew Griffith said. “But we must also protect consumers who are embracing this new technology - ensuring robust, transparent, and fair standards.” Also read| UK: Cryptocurrency ATMs, used to exchange traditional currency with Bitcoins, busted in Leeds As part of the measures, the UK government said, it would seek to regulate a broad suite of cryptoasset activities, consistent with its approach to traditional finance. "These proposals will place responsibility on crypto trading venues for defining the detailed content requirements for admission and disclosure documents – ensuring crypto exchanges have fair and robust standards," it underlined in an official release. 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.

UK cryptocurrency firm, with links to parliamentarians, seems to have disappeared

India’s push to regulate cryptocurrencies gained support from both the International Monetary Fund (IMF) and the United States (US) on Saturday as finance chiefs of the bloc wrap up two-days of talks.&nbsp;

India has earlier said that t wants a collective global effort to deal with problems caused by cryptocurrencies such as bitcoin, and the finance ministry said it had held a seminar for G20 member states to discuss how to come up with a common framework. &nbsp;

U.S. Treasury Secretary Janet Yellen while talking to Reuters said, it was 'critical'&nbsp;to put in place a strong regulatory framework but added that the United States had not suggested any outright bans. &nbsp;

"We haven't suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework," Yellen said. "We're working with other governments." &nbsp;

Earlier, IMF Managing Director Kristalina Georgieva,&nbsp;after co-chairing a meeting with Indian Finance Minister Nirmala Sitharaman, told reporters that banning crypto should be an option. &nbsp;

Indian Prime Minister Narendra Modi's government has for several years debated drafting a law to regulate or even ban cryptocurrencies but has not made a final decision. The Reserve Bank of India has said that cryptocurrencies should be banned as they are akin to a Ponzi scheme. &nbsp;

Earlier on Thursday, the IMF laid out a nine-point action plan for how countries should treat crypto assets, with point number one a plea not to give cryptocurrencies legal tender status. 
 
Such efforts have become a priority for authorities, the fund said, after the collapse of a number of crypto exchanges and assets over the last couple of years, adding that doing nothing was now "untenable".

(With inputs from agencies)

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India’s push to regulate cryptocurrencies gained support from both the International Monetary Fund (IMF) and the United States (US) on Saturday as finance chiefs of the bloc wrap up two-days of talks.

India’s push to regulate cryptocurrencies gained support from both the International Monetary Fund (IMF) and the United States (US) on Saturday as finance chiefs of the bloc wrap up two-days of talks. India has earlier said that t wants a collective global effort to deal with problems caused by cryptocurrencies such as bitcoin, and the finance ministry said it had held a seminar for G20 member states to discuss how to come up with a common framework. U.S. Treasury Secretary Janet Yellen while talking to Reuters said, it was 'critical' to put in place a strong regulatory framework but added that the United States had not suggested any outright bans. "We haven't suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework," Yellen said. "We're working with other governments." Earlier, IMF Managing Director Kristalina Georgieva, after co-chairing a meeting with Indian Finance Minister Nirmala Sitharaman, told reporters that banning crypto should be an option. Indian Prime Minister Narendra Modi's government has for several years debated drafting a law to regulate or even ban cryptocurrencies but has not made a final decision. The Reserve Bank of India has said that cryptocurrencies should be banned as they are akin to a Ponzi scheme. Earlier on Thursday, the IMF laid out a nine-point action plan for how countries should treat crypto assets, with point number one a plea not to give cryptocurrencies legal tender status. Such efforts have become a priority for authorities, the fund said, after the collapse of a number of crypto exchanges and assets over the last couple of years, adding that doing nothing was now "untenable". (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

India’s push to regulate cryptocurrencies gets support from IMF, US at G20

USA's Security and Exchange Commission said on Thursday (February 17) that it had charged crypto entrepreneur Do Kwon and his firm Terraform Labs, "with orchestrating a multi-billion dollar crypto asset securities fraud."

The collapse of Terraform Labs last year wiped out about $40 billion of investors' money and shook global crypto markets.

South Korean prosecutors previously asked Interpol to issue a red notice for Kwon, saying he refused to cooperate with their probe into the crash.

On Thursday, the SEC alleged that from 2018 to 2022, Terraform and Kwon "raised billions of dollars from investors by offering and selling an inter-connected suite of crypto asset securities, many in unregistered transactions."

This included TerraUSD, a stablecoin said to maintain its peg to the US dollar by being interchangeable for another of the defendants' crypto asset securities, Luna.

The SEC complaint also said that Terraform and Kwon "repeatedly misled and deceived investors" that a popular Korean mobile payment app had used the Terra blockchain to settle transactions that would accrue value to Luna, according to a statement.

"As alleged in our complaint, the Terraform ecosystem was neither decentralized, nor finance," said Gurbir Grewal, director of the SEC's enforcement division.

"It was simply a fraud propped up by a so-called algorithmic 'stablecoin' -- the price of which was controlled by the defendants, not any code," he added.

Kwon's Terra/Luna system disintegrated in May last year, with the price of both tokens plummeting to near zero. The fallout hit the wider crypto market.&nbsp;

(With inputs from agencies)

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USA's Security and Exchange Commission said on Thursday (February 17) that it had charged crypto entrepreneur Do Kwon and his firm Terraform Labs, "with orchestrating a multi-billion dollar crypto asset securities fraud.

USA's Security and Exchange Commission said on Thursday (February 17) that it had charged crypto entrepreneur Do Kwon and his firm Terraform Labs, "with orchestrating a multi-billion dollar crypto asset securities fraud." The collapse of Terraform Labs last year wiped out about $40 billion of investors' money and shook global crypto markets. South Korean prosecutors previously asked Interpol to issue a red notice for Kwon, saying he refused to cooperate with their probe into the crash. On Thursday, the SEC alleged that from 2018 to 2022, Terraform and Kwon "raised billions of dollars from investors by offering and selling an inter-connected suite of crypto asset securities, many in unregistered transactions." This included TerraUSD, a stablecoin said to maintain its peg to the US dollar by being interchangeable for another of the defendants' crypto asset securities, Luna. The SEC complaint also said that Terraform and Kwon "repeatedly misled and deceived investors" that a popular Korean mobile payment app had used the Terra blockchain to settle transactions that would accrue value to Luna, according to a statement. "As alleged in our complaint, the Terraform ecosystem was neither decentralized, nor finance," said Gurbir Grewal, director of the SEC's enforcement division. "It was simply a fraud propped up by a so-called algorithmic 'stablecoin' -- the price of which was controlled by the defendants, not any code," he added. Kwon's Terra/Luna system disintegrated in May last year, with the price of both tokens plummeting to near zero. The fallout hit the wider crypto market. (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 ×

US charges wanted crypto entrepreneur Do Kwon with fraud

The rogue nation of North Korea stole more cryptocurrency assets in 2022 than any other year, a recent report by United Nations has revealed. Most of the money stolen was used to support its ballistic missile and weapons of mass destruction programmes.

The rogue nation of North Korea stole more cryptocurrency assets in 2022 than any other year, a recent report by United Nations has revealed. Most of the money stolen was used to support its ballistic missile and weapons of mass destruction programmes. The report asserted North Korea-linked hackers stole virtual assets worth $630 million while its cyber currency heist stood at a whopping $1 billion. "(North Korea) used increasingly sophisticated cyber techniques both to gain access to digital networks involved in cyber finance and to steal information of potential value, including to its weapons programmes," read the UN report. "A higher value of cryptocurrency assets was stolen by DPRK actors in 2022 than in any previous year," added the report which was submitted to the 15-member North Korea sanctions committee. Gravitas Plus: How does North Korea finance its missile tests? × Ostracised by most countries across the globe, North Korea is a pariah state where the authoritarian regime of Kim Jong Un uses almost all the revenue for its missile programmes instead of public welfare. However, with no major avenue available to bring in the money, stealing cryptocurrency and virtual assets has emerged as a promising option over the years. Earlier this year, the Federal Bureau of Investigation (FBI) informed that North Korean actors were behind the $100 million heist at crypto firm Harmony's Horizon bridge that took place in June 2022. Read more: North Korea behind crypto heist that happened in June last year: FBI In December 2022, South Korean intelligence agencies said North Korean hackers had stolen an estimated $1.2 billion in bitcoin and other virtual assets over the previous five years, with more than half of it happening in the said calendar year. Despite the hefty sanctions imposed by several countries as well as the UN, North Korea's missile programme has continued unabated. Last year, the country fired a record number of ballistic missiles, comfortably overtaking its combined tally of four and eight missiles tested in 2020 and 2021 respectively. N Korea broke all records when it fired as many as 23 missiles in a single day. (With inputs from agencies) WATCH WION LIVE HERE:

North Korea stole record crypto assets and currencies in 2022: UN report

The White House will review regulations for cryptocurrency brokers that would compel them to report customer transactions to the IRS for scrutiny. Will that weigh on crypto markets and investors who've already been ruled by a deep sell-off and rising bankruptcies over the last year is a question.

Crypto brokers to report transactions to IRS, final rule to define the law

US | Rules on Crypto transactions: Will it push investors away?

With the number one cryptocurrency, Bitcoin, clocking at 26% increase in Ether, rising by about 29%. The value of the overall global cryptocurrency market is now again over one Trillion dollars after the big crypto crash last year.

Cryptoverse looks at good start to the year, Bitcoin jumps 26% in January

The Crypto exchange FTX has reported that digital assets worth $415 million were stolen by hackers. FTX has claimed that it has recovered about $5 billion in terms of crypto assets and is still significantly short of the amount it owes to the international and the US customers.

FTX says Cryptos worth $415 million stolen, founder Sam Bankman-Fried says FTX is solvent

Bitcoin, the world's biggest and best-known cryptocurrency rose 4.6 per cent to cross USD 20,000 mark for the first time in over two months on Saturday (January 14). Bitcoin rose to attain value of USD 20,853 at 01:01 GMT on Saturday. It added USD 922 to previous value at which it closed.

The cryptocurrency is up 26.4% from the year's low of $16,496 on January 1.

Ether, the cryptocurrency linked to Ethereum blockchain network, rose by 5.91 per cent and attained the value of USD 1,536.9

It added USD 85.90 to its previous close.&nbsp;

Cryptocurrencies, not very far in past, were considered an ideal investment. But volatility in recent years has shaken investor confidence.

Recent collapse of crypto exchange FTX has sent scare further. The crypto industry as a whole, is going through a certain phase.

Crypto.com said on Friday that it would lay off about 20% of its workforce

The Singapore-based company's announcement comes amid concerns about reserves and solvency across the sector, and only a few days after rival exchanges Coinbase Global Inc and Huobi announced their plans to lay off about 20% of their staff. A source told Reuters last week that Genesis, too, had cut jobs, equating to 30% of its workforce.

The layoffs at Crypto.com would be its second in about six months, after it reduced jobs in July last year to weather the macro economic downturn amid rising interest rates.

(With inputs from agencies)

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Bitcoin, the world's biggest and best-known cryptocurrency rose 4.6 per cent to cross USD 20,000 mark for the first time in over two months on Saturday (January 14).

Bitcoin, the world's biggest and best-known cryptocurrency rose 4.6 per cent to cross USD 20,000 mark for the first time in over two months on Saturday (January 14). Bitcoin rose to attain value of USD 20,853 at 01:01 GMT on Saturday. It added USD 922 to previous value at which it closed. The cryptocurrency is up 26.4% from the year's low of $16,496 on January 1. Ether, the cryptocurrency linked to Ethereum blockchain network, rose by 5.91 per cent and attained the value of USD 1,536.9 It added USD 85.90 to its previous close. Cryptocurrencies, not very far in past, were considered an ideal investment. But volatility in recent years has shaken investor confidence. Recent collapse of crypto exchange FTX has sent scare further. The crypto industry as a whole, is going through a certain phase. Crypto.com said on Friday that it would lay off about 20% of its workforce The Singapore-based company's announcement comes amid concerns about reserves and solvency across the sector, and only a few days after rival exchanges Coinbase Global Inc and Huobi announced their plans to lay off about 20% of their staff. A source told Reuters last week that Genesis, too, had cut jobs, equating to 30% of its workforce. The layoffs at Crypto.com would be its second in about six months, after it reduced jobs in July last year to weather the macro economic downturn amid rising interest rates. (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 ×

Bitcoin crosses $20,000 mark for first time in over two months

According to the reports, Illicit use of cryptocurrencies hit a record $20.1 billion last year as transactions involving companies targeted by U.S. sanctions skyrocketed. Watch this video to know more.

World Business Watch: Crypto crime hits record $20 billion in 2022, says report

US regulators issued a warning to the banks over the risk associated with the cryptocurrency market, following the spectacular collapse of crypto exchange platform FTX.&nbsp;They asked the financial institutions to be watchful of any potential fraud, legal uncertainty, and misleading disclosures by digital asset firms. In a joint statement on Tuesday, the US Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency said they were closely monitoring the crypto activities of banking organisations.

“The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector,” the statement said.

Among the risks highlighted by the regulators include “fraud and scams among crypto-asset sector participants” and “contagion risk within the crypto-asset sector resulting from interconnections among certain crypto-asset participants.”

The regulators added that they were still assessing how banks could adopt crypto while adhering to their various mandates for consumer protection and anti-money laundering.

<h2>FTX founder Sam Bankman-Fried pleads not guilty in US court; October 2 set as tentative trial date</h2>

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“Based on the agencies’ current understanding and experience to date, the agencies believe that issuing or holding as principal crypto-assets that are issued, stored, or transferred on an open, public, and/or decentralised network, or similar system is highly likely to be inconsistent with safe and sound banking practices,” the watchdog said.

The US regulators have been on the toes ever since FTX filed for bankruptcy in November.

FTX's former chief executive Sam Bankman-Fried on Friday denied charges that he defrauded customers and investors.

In a US court, he pleaded not guilty and claimed that he took customer deposits at FTX to fund his other firm, Alameda Research, buy property and make political donations.

Two of Bankman-Fried's closest colleagues have already pleaded guilty and are cooperating with the investigation.

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US regulators issued a warning to the banks over the risk associated with the cryptocurrency market, following the spectacular collapse of crypto exchange platform FTX.

US regulators issued a warning to the banks over the risk associated with the cryptocurrency market, following the spectacular collapse of crypto exchange platform FTX. They asked the financial institutions to be watchful of any potential fraud, legal uncertainty, and misleading disclosures by digital asset firms. In a joint statement on Tuesday, the US Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency said they were closely monitoring the crypto activities of banking organisations. “The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector,” the statement said. Among the risks highlighted by the regulators include “fraud and scams among crypto-asset sector participants” and “contagion risk within the crypto-asset sector resulting from interconnections among certain crypto-asset participants.” The regulators added that they were still assessing how banks could adopt crypto while adhering to their various mandates for consumer protection and anti-money laundering. FTX founder Sam Bankman-Fried pleads not guilty in US court; October 2 set as tentative trial date “Based on the agencies’ current understanding and experience to date, the agencies believe that issuing or holding as principal crypto-assets that are issued, stored, or transferred on an open, public, and/or decentralised network, or similar system is highly likely to be inconsistent with safe and sound banking practices,” the watchdog said. The US regulators have been on the toes ever since FTX filed for bankruptcy in November. FTX's former chief executive Sam Bankman-Fried on Friday denied charges that he defrauded customers and investors. In a US court, he pleaded not guilty and claimed that he took customer deposits at FTX to fund his other firm, Alameda Research, buy property and make political donations. Two of Bankman-Fried's closest colleagues have already pleaded guilty and are cooperating with the investigation. WATCH WION LIVE HERE:

US regulators warn banks over cryptocurrency risks after FTX collapse

In this special edition of Tech It Out, we tell you about controversies and scandals that dominated the tech industry in 2022 and how India made great strides in key science and tech areas.

2022 in tech: Crypto collapse to Twitter-Musk saga | Tech It Out Rewind

Australia’s financial intelligence agency has found that Russian paramilitary groups are seeking cryptocurrency donations on social media. Have Australians been funding Russian troops and terrorist organisations like Al-Qaeda using cryptocurrency? Priyanka Sharma tells you more.

Gravitas: Cryptocurrency: New tool for money laundering

Amid the Russia-Ukraine conflict, the Russian paramilitary forces are summoning cryptocurrency donations to buy weaponry, armour, and drones warned Australian intelligence agency Austrac. Officials at the Australian Transaction Reports and Analysis Centre referred to cryptocurrency as a ‘standard part of money laundering tool kit’.

John Moss, the agency’s head executive and head of intelligence, claimed that cryptocurrency has become mainstream, The Guardian reported. "It is no more a niche option for criminal activity," he said.&nbsp;

As Moss expressed his concern over the donations made by Australians to terrorist groups, he mentioned that conventional money laundering methods have shifted to digital currency. The prime reason behind the switch is to send money offshore.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/un-to-roll-out-aid-in-cryptocurrency-for-displaced-ukrainians-543691">UN to roll out aid in cryptocurrency for displaced Ukrainians</a>

Moss states that 'cryptocurrency' is an easy-to-use fundraiser, especially when combined with social media. However, Michael Tink, Austrac's national manager of intelligence operations, believes that contemporary fundraising via digital currency is not wide-ranging.&nbsp;

Australians have sent&nbsp;digital money to organised terror groups like al-Qaeda and ISIL (Islamic State of Iraq and The Levant), according to Austrac.&nbsp;"This is organisational support for travel, training, salaries of fighters, and uniforms," mentioned Tink.&nbsp;

WATCH | Sam Bankman-Fried charged with 'epic fraud', next court hearing on January 3, 2023

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Earlier in 2022, UK's Financial Conduct Authority (FCA) shut down all the bitcoin ATMs. However, unlike the UK, Australia has a rapidly growing number of regulated crypto ATMs. Moss raised concerns over their illegal usage and the increase in the number of fraud cases.&nbsp;

The finance agency has regulated crypto-exchange providers for money laundering and counter-terrorism financing objectives. However, Tink claims that the case is not the same everywhere. "It is not difficult to cash out crypto-currencies and fly under the radar in parts of Eastern Europe," said Tink.&nbsp;

Furthermore, the senior official at Austrac believes that the crooks are at high risk due to the money laundering cycle's placement stage. He hailed the sector for the quality of suspicious activities and referred to crypto exchanges in Australia as 'first in the line of defence'.&nbsp;

(With inputs from agencies)

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&nbsp;

Amid the Russia-Ukraine conflict, the Russian paramilitary forces are summoning cryptocurrency donations to buy weaponry, armour, and drones warned Australian intelligence agency Austrac.

Amid the Russia-Ukraine conflict, the Russian paramilitary forces are summoning cryptocurrency donations to buy weaponry, armour, and drones warned Australian intelligence agency Austrac. Officials at the Australian Transaction Reports and Analysis Centre referred to cryptocurrency as a ‘standard part of money laundering tool kit’. John Moss, the agency’s head executive and head of intelligence, claimed that cryptocurrency has become mainstream, The Guardian reported. "It is no more a niche option for criminal activity," he said. As Moss expressed his concern over the donations made by Australians to terrorist groups, he mentioned that conventional money laundering methods have shifted to digital currency. The prime reason behind the switch is to send money offshore. ALSO READ | UN to roll out aid in cryptocurrency for displaced Ukrainians Moss states that 'cryptocurrency' is an easy-to-use fundraiser, especially when combined with social media. However, Michael Tink, Austrac's national manager of intelligence operations, believes that contemporary fundraising via digital currency is not wide-ranging. Australians have sent digital money to organised terror groups like al-Qaeda and ISIL (Islamic State of Iraq and The Levant), according to Austrac. "This is organisational support for travel, training, salaries of fighters, and uniforms," mentioned Tink. WATCH | Sam Bankman-Fried charged with 'epic fraud', next court hearing on January 3, 2023 Earlier in 2022, UK's Financial Conduct Authority (FCA) shut down all the bitcoin ATMs. However, unlike the UK, Australia has a rapidly growing number of regulated crypto ATMs. Moss raised concerns over their illegal usage and the increase in the number of fraud cases. The finance agency has regulated crypto-exchange providers for money laundering and counter-terrorism financing objectives. However, Tink claims that the case is not the same everywhere. "It is not difficult to cash out crypto-currencies and fly under the radar in parts of Eastern Europe," said Tink. Furthermore, the senior official at Austrac believes that the crooks are at high risk due to the money laundering cycle's placement stage. He hailed the sector for the quality of suspicious activities and referred to crypto exchanges in Australia as 'first in the line of defence'. (With inputs from agencies) WATCH WION LIVE HERE

Cryptocurrency being used for money laundering and terror funding: Australia’s intel agency

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

Sam Bankman-Fried founder of the collapsed cryptocurrency exchange FTX reportedly landed in New York. He was extradited from the Bahamas over the charges of fraud in relation to his firm.

FTX founder Sam Bankman-Fried to appear in U.S federal court over the charges of fraud

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

US Democratic Party is planning on returning a $1.1 million of donations made by imprisoned cryptocurrency tycoon Sam Bankman-Fried. Three different Democrat committees responsible for managing house and senate election campaigns have now set aside these funds to be returned.

US: Democrats to return $1.1 mn donations received from FTX founder Sam Bankman-Fried

Donald Trump Digital Trading Card collection is sold out within hours of its rollout. In total, 45,000 NFTs (Non-Fungible Tokens) were released on the Polygon blockchain, each priced at $99. This means that a total of $4.45 million have been raised from Trump NFT sales.

Earlier this week, Donald Trump teased a "major announcement" on his Truth Social account. Many wondered if this major announcement was going to be about his presidential run. But the news turned out to be a signature Donald Trump moment of surprise: a Trump-themed NFT collection.

"My official Donald Trump Digital Trading Card collection is here!" he posted on Thursday. &nbsp;In past, Trump has described the NFT sales art as "very much like a baseball card, but hopefully much more exciting".&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/trump-unveils-nfts-showing-himself-as-cowboy-astronaut-and-more-543518">Trump unveils NFTs showing himself as cowboy, astronaut and more</a>

According to OpenSea data, all Trump Digital Trading Cards were sold out within 12 hours.

After buying a Trump NFT, a buyer enters&nbsp;into a contest to win a number of prizes, including a one-on-one meeting with Donald Trump. Those who purchase over 45 of the cards automatically get to meet the former president at a gala dinner in Florida. So far, 202 people have more than 45 of the NFTs in their digital wallet, according to Dune data cited by CNET.

Where will money from Trump's NFT sale go?

NFT INT, the company behind the collection, claims on its website that the money raised won't be used in Trump's 2024 presidential campaign. It further adds that NFT INT is not owned by Donald Trump or any of his organisations. Trump has only licensed his name and image for the project.

What are NFTs?

NFTs, or nonfungible tokens, are tokens on a blockchain that prove ownership of a digital asset. They are to digital goods what a deed is to a house. The first NFT collections date back to 2017, but the market exploded last year as a powerful wave of speculation drove prices up to stunning levels.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/i-will-very-very-very-probably-do-it-again-donald-trump-plans-to-run-for-presidency-in-2024-531118">'I will very, very, very probably do it again,' Donald Trump plans to run for presidency in 2024</a>

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The most famous collection, The Bored Ape Yacht Club, launched at around $250 and peaked in price earlier this year at $400,000 a pop.&nbsp;

However, the global economic uncertainty and astronomical crash in the cryptocurrency market have thrown the NFT excitement off the ground.&nbsp;

Trading volume on OpenSea, the biggest market for such wares, hit $250 million last month, compared with $2.5 billion in May.&nbsp;

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Donald Trump Digital Trading Card collection is sold out within hours of its rollout. In total, 45,000 NFTs (Non-Fungible Tokens) were released on the Polygon blockchain, each priced at $99.

Donald Trump Digital Trading Card collection is sold out within hours of its rollout. In total, 45,000 NFTs (Non-Fungible Tokens) were released on the Polygon blockchain, each priced at $99. This means that a total of $4.45 million have been raised from Trump NFT sales. Earlier this week, Donald Trump teased a "major announcement" on his Truth Social account. Many wondered if this major announcement was going to be about his presidential run. But the news turned out to be a signature Donald Trump moment of surprise: a Trump-themed NFT collection. "My official Donald Trump Digital Trading Card collection is here!" he posted on Thursday. In past, Trump has described the NFT sales art as "very much like a baseball card, but hopefully much more exciting". ALSO READ | Trump unveils NFTs showing himself as cowboy, astronaut and more According to OpenSea data, all Trump Digital Trading Cards were sold out within 12 hours. After buying a Trump NFT, a buyer enters into a contest to win a number of prizes, including a one-on-one meeting with Donald Trump. Those who purchase over 45 of the cards automatically get to meet the former president at a gala dinner in Florida. So far, 202 people have more than 45 of the NFTs in their digital wallet, according to Dune data cited by CNET. Where will money from Trump's NFT sale go? NFT INT, the company behind the collection, claims on its website that the money raised won't be used in Trump's 2024 presidential campaign. It further adds that NFT INT is not owned by Donald Trump or any of his organisations. Trump has only licensed his name and image for the project. What are NFTs? NFTs, or nonfungible tokens, are tokens on a blockchain that prove ownership of a digital asset. They are to digital goods what a deed is to a house. The first NFT collections date back to 2017, but the market exploded last year as a powerful wave of speculation drove prices up to stunning levels. WATCH | 'I will very, very, very probably do it again,' Donald Trump plans to run for presidency in 2024 × The most famous collection, The Bored Ape Yacht Club, launched at around $250 and peaked in price earlier this year at $400,000 a pop. However, the global economic uncertainty and astronomical crash in the cryptocurrency market have thrown the NFT excitement off the ground. Trading volume on OpenSea, the biggest market for such wares, hit $250 million last month, compared with $2.5 billion in May. 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.

Donald Trump NFTs a wild hit, sold-out within hours of rollout

The United Nations on Thursday said that it will begin aiding Internally Displaced Persons (IDPs) and other war-affected people in Ukraine with cryptocurrency. The aid initiative with crypto-based facilitation is a "first-of-its-kind blockchain payment solution" for digital cash distribution anywhere in the world.&nbsp;

How will cryptocurrency be distributed to IDPs?

The UN High Commissioner for Refugees (UNHCR) will transfer USD Coin (USDC), a cryptocurrency pinned to the US dollar and considered a stablecoin, to displaced Ukrainian people.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/binance-braces-for-challenging-period-after-record-19bn-outflows-542921">Binance braces for 'challenging period' after record $1.9bn outflows</a>

The transfer will be received by displaced individuals in their 'Vibrant' digital wallet. The recipients will then be able to exchange it for cash at about 4500 MoneyGram locations in war-affected Ukraine and elsewhere in the world.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/charities-use-cryptocurrency-to-send-aid-to-venezuela-220620">Charities use cryptocurrency to send aid to Venezuela</a>

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The project will be run by UNHCR in collaboration with the UN International Computing Centre (UNICC), the technology solutions provider of the United Nations.&nbsp;

Which Ukrainian cities will receive cryptocurrency aid?

As of present, the UN will distribute aid via USD coin cryptocurrency in Kyiv, Lviv, and Vinnytsia cities. It will then expand to other towns and cities in Ukraine.

When will cryptocurrency aid be distributed in Ukraine?

The UN said that it has extensively tested the cryptocurrency aid solution extensively tested over the last six months and is "expected to be expanded to reach more war-affected people inside Ukraine as well as refugees from Ukraine in early 2023", according to an official statement.&nbsp;

Will crypto-based aid be expanded elsewhere too?

The United Nations in an official statement depicted the USD Coin cryptocurrency transfer to Ukrainians displaced by war as a "pilot phase" of the crypto-based aid project. "The pilot phase of the project is designed specifically for Ukraine but can be adapted worldwide," the statement by United Nations High Commissioner for Refugees (UNHCR) said.&nbsp;

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The United Nations on Thursday said that it will begin aiding Internally Displaced Persons (IDPs) and other war-affected people in Ukraine with cryptocurrency. The aid initiative with crypto-based facilitation is a "first-of-its-kind blockchain payment solution" for digital cash distribution anywhere in the world.

The United Nations on Thursday said that it will begin aiding Internally Displaced Persons (IDPs) and other war-affected people in Ukraine with cryptocurrency. The aid initiative with crypto-based facilitation is a "first-of-its-kind blockchain payment solution" for digital cash distribution anywhere in the world. How will cryptocurrency be distributed to IDPs? The UN High Commissioner for Refugees (UNHCR) will transfer USD Coin (USDC), a cryptocurrency pinned to the US dollar and considered a stablecoin, to displaced Ukrainian people. ALSO READ | Binance braces for 'challenging period' after record $1.9bn outflows The transfer will be received by displaced individuals in their 'Vibrant' digital wallet. The recipients will then be able to exchange it for cash at about 4500 MoneyGram locations in war-affected Ukraine and elsewhere in the world. WATCH | Charities use cryptocurrency to send aid to Venezuela × The project will be run by UNHCR in collaboration with the UN International Computing Centre (UNICC), the technology solutions provider of the United Nations. Which Ukrainian cities will receive cryptocurrency aid? As of present, the UN will distribute aid via USD coin cryptocurrency in Kyiv, Lviv, and Vinnytsia cities. It will then expand to other towns and cities in Ukraine. When will cryptocurrency aid be distributed in Ukraine? The UN said that it has extensively tested the cryptocurrency aid solution extensively tested over the last six months and is "expected to be expanded to reach more war-affected people inside Ukraine as well as refugees from Ukraine in early 2023", according to an official statement. Will crypto-based aid be expanded elsewhere too? The United Nations in an official statement depicted the USD Coin cryptocurrency transfer to Ukrainians displaced by war as a "pilot phase" of the crypto-based aid project. "The pilot phase of the project is designed specifically for Ukraine but can be adapted worldwide," the statement by United Nations High Commissioner for Refugees (UNHCR) said. 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.

UN to roll out aid in cryptocurrency for displaced Ukrainians

US prosecutors on Tuesday accused Sam Bankman-Fried, the founder of crypto currency exchange FTX, of fraud and violating campaign finance laws and a judge in the Bahamas denied him bail.

Former FTX founder Sam Bankman-Fried denied bail in Bahamas court

Binance has registered $1.9 billion withdrawals in the last 24 hours. It's world's biggest crypto exchange and has temporarily paused withdrawals of USDC stable coins. Binance, whose dominance of crypto was cemented by fall of FTX last week tweeted the proof of reserves.

World Business Watch: Binance withdrawals hit $1.9 bn in 24 hours

Sam Bankman-Fried the disgraced cryotocurrency tycoon and former CEO of now-defunct crypto platform FTX was arrested on Monday (December 12) in the Bahamas at the request of the United States.

The arrest was made on the eve of Bankman-Fried's scheduled appearance at a US Congress hearing. He was to testify under oath about the spectacular fall of his crypto exchange.

Bankman-Fried had in recent weeks multiplied media appearances offering his version of his company's sudden failure, usually by video link from the Bahamas where his company is headquartered.

"Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the US Government, based on a sealed indictment filed by the southern district of New York," said a tweeted statement from Damian Williams, lead prosecutor for the district.

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&nbsp;

"We expect to move to unseal the indictment in the morning and will have more to say at that time," he added. 
&nbsp; 
After reaching a valuation of $32 billion, FTX's implosion was swift following a November 2 report on ties between FTX and Alameda, a trading company also controlled by Bankman-Fried.

The report brough to light that Alameda's balance sheet was heavily built on FTT, a cryptocurrency created by FTX that had no independent value.

Reeling from customer withdrawals and short some $8 billion, FTX and some 100 related entities filed for bankruptcy protection on November 11, inviting scrutiny from regulators, prosecutors and furious clients who had believed the hype about cryptocurrency.&nbsp;

Among the revelations, FTX is suspected of fraud for propping up Alameda with billions of dollars in customer funds that are now likely lost forever.

(With inputs from agencies)

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&nbsp;

Sam Bankman-Fried the disgraced cryotocurrency tycoon and former CEO of now-defunct crypto platform FTX was arrested on Monday (December 12) in the Bahamas at the request of the United States.

Sam Bankman-Fried the disgraced cryotocurrency tycoon and former CEO of now-defunct crypto platform FTX was arrested on Monday (December 12) in the Bahamas at the request of the United States. The arrest was made on the eve of Bankman-Fried's scheduled appearance at a US Congress hearing. He was to testify under oath about the spectacular fall of his crypto exchange. Bankman-Fried had in recent weeks multiplied media appearances offering his version of his company's sudden failure, usually by video link from the Bahamas where his company is headquartered. "Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the US Government, based on a sealed indictment filed by the southern district of New York," said a tweeted statement from Damian Williams, lead prosecutor for the district. × "We expect to move to unseal the indictment in the morning and will have more to say at that time," he added. After reaching a valuation of $32 billion, FTX's implosion was swift following a November 2 report on ties between FTX and Alameda, a trading company also controlled by Bankman-Fried. The report brough to light that Alameda's balance sheet was heavily built on FTT, a cryptocurrency created by FTX that had no independent value. Reeling from customer withdrawals and short some $8 billion, FTX and some 100 related entities filed for bankruptcy protection on November 11, inviting scrutiny from regulators, prosecutors and furious clients who had believed the hype about cryptocurrency. Among the revelations, FTX is suspected of fraud for propping up Alameda with billions of dollars in customer funds that are now likely lost forever. (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 ×

Sam Bankman-Fried, ex-CEO of now-defunct crypto exchange FTX, arrested in Bahamas

FTX founder Sam Bankman-Fried was arrested in the Bahamas at the behest of US prosecutors on Monday, the day before he was due to testify before Congress about the abrupt failure last month of one of the world’s largest cryptocurrency exchanges.

Former FTX founder Sam Bankman-Fried arrested in Bahamas after US files charges

According to an investigation conducted by a South Korean intelligence department, Terra co-founder Do Kwon is now in Serbia. Watch full video to know more.

Crypto fugitive Do Kwon is in Serbia, says South Korean intelligence department

The European Central Bank (ECB) on Wednesday (December 1) opined that Bitcoin shouldn't be legitimised as it is being artificially propped up. The bank also said that Bitcoin was more akin to gambling. Bitcoin and other cryptocurrencies have been variously presented as an alternative form of money and a shield from the inflationary policies pursued by major central banks such as the ECB in recent years.

But a 75 per cent fall was seen in the value of Bitcoin over last one year. This raised questions about volatility. Additionally, collapse of cryptocurrency exchange FTX this month has given fresh ammo to critics.

The value of Bitcoin peaked at nearly US$69,000 in November 2021 before falling to around US$17,000 by mid-June 2022, where it is still hovering now.

In an unusually scathing language, the ECB said in its blog that though Bitcoin appeared stable lately, it was "an artificially induced last gasp before the road to irrelevance".

"Big bitcoin investors have the strongest incentives to keep the euphoria going," authors Ulrich Bindseil and Juergen Schaaf wrote. "At the end of 2020, isolated companies began to promote bitcoin at corporate expense. Some venture capital firms are also still investing heavily."

The authors said VC investments in the crypto and blockchain industry totalled $17.9 billion as of mid-July but did not provide evidence of price manipulation.

Regulators all over the world are drafting rules for the crypto world, a complex ecosystem that ranges from stablecoins supposedly backed by conventional currencies to forms of lending that happen on the blockchain, or distributed ledger, that underpins those coins.

The ECB blog said regulation could be "misunderstood for approval".

"Since Bitcoin appears to be neither suitable as a payment system nor as a form of investment, it should be treated as neither in regulatory terms and thus should not be legitimised," Bindseil and Schaaf said.

(With inputs from agencies)

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&nbsp;

The European Central Bank (ECB) on Wednesday (December 1) opined that Bitcoin shouldn't be legitimised as it is being artificially propped up. The bank also said that Bitcoin was more akin to gambling.

The European Central Bank (ECB) on Wednesday (December 1) opined that Bitcoin shouldn't be legitimised as it is being artificially propped up. The bank also said that Bitcoin was more akin to gambling. Bitcoin and other cryptocurrencies have been variously presented as an alternative form of money and a shield from the inflationary policies pursued by major central banks such as the ECB in recent years. But a 75 per cent fall was seen in the value of Bitcoin over last one year. This raised questions about volatility. Additionally, collapse of cryptocurrency exchange FTX this month has given fresh ammo to critics. The value of Bitcoin peaked at nearly US$69,000 in November 2021 before falling to around US$17,000 by mid-June 2022, where it is still hovering now. In an unusually scathing language, the ECB said in its blog that though Bitcoin appeared stable lately, it was "an artificially induced last gasp before the road to irrelevance". "Big bitcoin investors have the strongest incentives to keep the euphoria going," authors Ulrich Bindseil and Juergen Schaaf wrote. "At the end of 2020, isolated companies began to promote bitcoin at corporate expense. Some venture capital firms are also still investing heavily." The authors said VC investments in the crypto and blockchain industry totalled $17.9 billion as of mid-July but did not provide evidence of price manipulation. Regulators all over the world are drafting rules for the crypto world, a complex ecosystem that ranges from stablecoins supposedly backed by conventional currencies to forms of lending that happen on the blockchain, or distributed ledger, that underpins those coins. The ECB blog said regulation could be "misunderstood for approval". "Since Bitcoin appears to be neither suitable as a payment system nor as a form of investment, it should be treated as neither in regulatory terms and thus should not be legitimised," Bindseil and Schaaf said. (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 ×

Don't legitimise Bitcoin, it is being artificially propped up, warns ECB in scathing tone

The attorneys for FTX have made some startling revelations at the US bankruptcy court hearing on how the crypto exchange was run by its former boss Sam Bankman-Fried, the collapse of crypto exchanges left an estimated 1 million creditors facing losses to the tunes of billions of dollars.

FTX: Startling revelations by lawyers in court; Attorneys say, 'Was run as Personal Feifdom'

Reports suggest that crypto exchange FTX was on the radar of federal prosecutors long before its recent collapse.

According to a Bloomberg article that quotes persons familiar with the situation, Federal prosecutors from the US Office for the Southern District of New York were already looking into FTX's "massive exchange operations" as part of a larger investigation into cryptocurrency platforms with US and foreign subsidiaries.

Watch |&nbsp;The FTX bankruptcy scandal: Crypto exchange launches review of its global assets

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Bloomberg reports that the US attorney's office in Manhattan is known for handling complicated financial crime cases, many of which involve cryptocurrencies.

The sudden collapse of FTX, one of the biggest cryptocurrency exchanges in the world, will&nbsp;be the subject of a hearing on December 1st, announced the US&nbsp;Senate Agriculture Committee on Thursday.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/report-reveals-how-ftx-founder-sam-bankman-fried-begged-for-a-rescue-but-failed-to-save-his-company-534778">Report reveals how FTX founder Sam Bankman-Fried begged for a rescue but failed to save his company</a>

Debbie Stabenow, chair of the Committee, also urged Congress to approve the bipartisan Digital Commodities Consumer Protection Act. She claimed that it "would have prohibited the misconduct and risky behaviour undertaken by FTX."

On November 11 FTX filed for protection from its millions of creditors under the US Bankruptcy law.&nbsp;

The declaration of bankruptcy left an estimated one million customers and other investors facing enormous losses worth billions of Dollars. As recently as last month, FTX was considered the world's second-largest cryptocurrency platform, which was at one point valued at $32 billion.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/ftx-bankruptcy-filing-claims-a-severe-liquidity-crisis-more-than-100000-creditors-534517">FTX bankruptcy filing claims 'severe liquidity crisis', more than 100,000 creditors</a>

As a result of the firm's failure, there is a liquidity crisis that has spread throughout the cryptocurrency sector and caused a sharp decline in the price of bitcoin and other digital assets.

Reuters reports that as per the bankruptcy filing, the cryptocurrency exchange owes fifty of its biggest creditors $3.1 billion, $1.45 billion of which is owed to the top ten creditors.

(With inputs from agencies)

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Reports suggest that crypto exchange FTX was on the radar of federal prosecutors long before its recent collapse. According to a Bloomberg article that quotes persons familiar with the situation, Federal prosecutors from the US Office for the Southern District of New York were already looking into FTX's "massive exchange operations" as part of a larger investigation into cryptocurrency platforms with US and foreign subsidiaries.

Reports suggest that crypto exchange FTX was on the radar of federal prosecutors long before its recent collapse. According to a Bloomberg article that quotes persons familiar with the situation, Federal prosecutors from the US Office for the Southern District of New York were already looking into FTX's "massive exchange operations" as part of a larger investigation into cryptocurrency platforms with US and foreign subsidiaries. Watch | The FTX bankruptcy scandal: Crypto exchange launches review of its global assets Bloomberg reports that the US attorney's office in Manhattan is known for handling complicated financial crime cases, many of which involve cryptocurrencies. The sudden collapse of FTX, one of the biggest cryptocurrency exchanges in the world, will be the subject of a hearing on December 1st, announced the US Senate Agriculture Committee on Thursday. Also read | Report reveals how FTX founder Sam Bankman-Fried begged for a rescue but failed to save his company Debbie Stabenow, chair of the Committee, also urged Congress to approve the bipartisan Digital Commodities Consumer Protection Act. She claimed that it "would have prohibited the misconduct and risky behaviour undertaken by FTX." On November 11 FTX filed for protection from its millions of creditors under the US Bankruptcy law. The declaration of bankruptcy left an estimated one million customers and other investors facing enormous losses worth billions of Dollars. As recently as last month, FTX was considered the world's second-largest cryptocurrency platform, which was at one point valued at $32 billion. Also read | FTX bankruptcy filing claims 'severe liquidity crisis', more than 100,000 creditors As a result of the firm's failure, there is a liquidity crisis that has spread throughout the cryptocurrency sector and caused a sharp decline in the price of bitcoin and other digital assets. Reuters reports that as per the bankruptcy filing, the cryptocurrency exchange owes fifty of its biggest creditors $3.1 billion, $1.45 billion of which is owed to the top ten creditors. (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.

FTX was under the federal radar long before its collapse: Report

The recent collapse of crypto-exchange FTX has left the finance world shocked. Reports suggest that as the company stood on the threshhold of bankruptcy with panicked customers withdrawing billions from the platform, a frantic Sam Bankman-Fried "worked the phone" calling up once interested investors, engaged in a futile bid to raise $7 billion in emergency funds; money that could've saved his company.

Citing three people in the know Reuters reports that apparently, the FTX founder spent the whole of a Sunday this month, calling some of the world's biggest investors including Sequoia Capital, Apollo Global Management Inc and TPG Inc.

Watch&nbsp;|&nbsp;<a href="https://www.wionews.com/videos/wion-business-news-ftxs-sam-bankman-fried-questioned-by-bahamas-police-533929" target="_blank">WION Business News | FTX's Sam Bankman-Fried questioned by Bahamas Police</a>

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Of these, Sequoia just months back was lining up amid other investors, looking to pump money into Bankman-Fried's empire. But when the FTX founder made the frantic call, shocked at the amount of money needed the investing firm backed down.&nbsp;

Quoting sources Reuters also says that Apollo on the other hand asked for more information but backed down later.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/ftx-bankruptcy-filing-claims-a-severe-liquidity-crisis-more-than-100000-creditors-534517">FTX bankruptcy filing claims 'severe liquidity crisis', more than 100,000 creditors</a>

In the end the calls came to naught, the rescue attempt failed, and the FTX had to file for bankruptcy on November 11, which as per the filing with US bankruptcy court affected close to one million people who are now facing millions in losses.

The collapse of FTX reverbated across the crypto world, leading to plummeting costs of bitcoin and other digital assets. The sudden demise of the rising star of the cryptocurrency market valued at $32 billion at the beginning of 2022 has also spurred inquiries from financial and other regulators all over the world.&nbsp; 
&nbsp;

(With inputs from agencies)

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The recent collapse of crypto-exchange FTX has left the finance world shocked. Reports suggest that as the company stood on the threshhold of bankruptcy with panicked customers withdrawing billions from the platform, a frantic Sam Bankman-Fried "worked the phone" calling up once interested investors, engaged in a futile bid to raise $7 billion in emergency funds; money that could've saved his company.

The recent collapse of crypto-exchange FTX has left the finance world shocked. Reports suggest that as the company stood on the threshhold of bankruptcy with panicked customers withdrawing billions from the platform, a frantic Sam Bankman-Fried "worked the phone" calling up once interested investors, engaged in a futile bid to raise $7 billion in emergency funds; money that could've saved his company. Citing three people in the know Reuters reports that apparently, the FTX founder spent the whole of a Sunday this month, calling some of the world's biggest investors including Sequoia Capital, Apollo Global Management Inc and TPG Inc. Watch | WION Business News | FTX's Sam Bankman-Fried questioned by Bahamas Police Of these, Sequoia just months back was lining up amid other investors, looking to pump money into Bankman-Fried's empire. But when the FTX founder made the frantic call, shocked at the amount of money needed the investing firm backed down. Quoting sources Reuters also says that Apollo on the other hand asked for more information but backed down later. Also read | FTX bankruptcy filing claims 'severe liquidity crisis', more than 100,000 creditors In the end the calls came to naught, the rescue attempt failed, and the FTX had to file for bankruptcy on November 11, which as per the filing with US bankruptcy court affected close to one million people who are now facing millions in losses. The collapse of FTX reverbated across the crypto world, leading to plummeting costs of bitcoin and other digital assets. The sudden demise of the rising star of the cryptocurrency market valued at $32 billion at the beginning of 2022 has also spurred inquiries from financial and other regulators all over the world. (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.

Report reveals how FTX founder Sam Bankman-Fried begged for a rescue but failed to save his company

The collapsed-crypto exchange FTX in its bankruptcy filing indicated a "severe liquidity crisis," claiming that it may have more than 1 million creditors.

"FTX faced a severe liquidity crisis that necessitated the filing of these cases on an emergency basis last Friday," said the court filing, as per Reuters.

Watch&nbsp;| <a href="https://www.wionews.com/videos/wion-business-news-ftxs-sam-bankman-fried-questioned-by-bahamas-police-533929" target="_blank">WION Business News | FTX's Sam Bankman-Fried questioned by Bahamas Police</a>

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According to FTX's submissions to the US bankruptcy court which were published on Monday, the company has appointed five new independent directors at each of its major companies, including Alameda Research, and is in contact with financial regulators.

The company which was among the world's largest crypto exchanges&nbsp;filed for bankruptcy on Friday after a rescue deal by Binance, its rival, fell through and panicked traders took out $6 billion for it.

Also read |&nbsp;<a href="https://www.wionews.com/world/usa-sec-cftc-and-doj-launch-investigation-into-ftxs-collapse-534284">USA: SEC, CFTC and DoJ launch investigation into FTX's collapse</a>

More than 100,000 creditors are involved in FTX's bankruptcy procedures, and that number might rise beyond one million, the filing said.&nbsp;

The figure came to light after FTX asked several FTX Group companies to submit a single, consolidated list of important debtors rather than several individual lists.

Also read |&nbsp;<a href="https://www.wionews.com/world/ftx-says-making-every-effort-to-secure-all-assets-following-reports-of-unauthorised-transfers-worth-millions-533674">FTX says making ‘every effort to secure all assets’ after unauthorised transfers worth millions</a>

Furthermore, the documents showed that FTX had responded to a cyber attack on November 11 after claiming on Saturday that it had discovered "unauthorised transactions" on its platform.&nbsp;

The sudden demise of FTX, a rising star in the cryptocurrency market that was valued at $32 billion at the beginning of this year has, spurred inquiries from financial and other regulators all over the world. The US Federal Reserve and Congress urged for more regulatory scrutiny of cryptocurrency finance on Monday.

(With inputs from agencies)

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The collapsed-crypto exchange FTX in its bankruptcy filing indicated a "severe liquidity crisis," claiming that it may have more than 1 million creditors. "FTX faced a severe liquidity crisis that necessitated the filing of these cases on an emergency basis last Friday," said the court filing, as per Reuters.

The collapsed-crypto exchange FTX in its bankruptcy filing indicated a "severe liquidity crisis," claiming that it may have more than 1 million creditors. "FTX faced a severe liquidity crisis that necessitated the filing of these cases on an emergency basis last Friday," said the court filing, as per Reuters. Watch | WION Business News | FTX's Sam Bankman-Fried questioned by Bahamas Police According to FTX's submissions to the US bankruptcy court which were published on Monday, the company has appointed five new independent directors at each of its major companies, including Alameda Research, and is in contact with financial regulators. The company which was among the world's largest crypto exchanges filed for bankruptcy on Friday after a rescue deal by Binance, its rival, fell through and panicked traders took out $6 billion for it. Also read | USA: SEC, CFTC and DoJ launch investigation into FTX's collapse More than 100,000 creditors are involved in FTX's bankruptcy procedures, and that number might rise beyond one million, the filing said. The figure came to light after FTX asked several FTX Group companies to submit a single, consolidated list of important debtors rather than several individual lists. Also read | FTX says making ‘every effort to secure all assets’ after unauthorised transfers worth millions Furthermore, the documents showed that FTX had responded to a cyber attack on November 11 after claiming on Saturday that it had discovered "unauthorised transactions" on its platform. The sudden demise of FTX, a rising star in the cryptocurrency market that was valued at $32 billion at the beginning of this year has, spurred inquiries from financial and other regulators all over the world. The US Federal Reserve and Congress urged for more regulatory scrutiny of cryptocurrency finance on Monday. (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.

FTX bankruptcy filing claims 'severe liquidity crisis', more than 100,000 creditors

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