cryptocurrency
Once one of the largest cryptocurrency exchanges in the world before its monumental collapse two years ago, FTX said this week that nearly all of its customers will receive the money back that they are owed. FTX said in a court filing in the United States late on Tuesday that it owes about $11.2 billion (€10.4 billion) to its creditors. The exchange estimates that it has between $14.5 billion (€13.5 billion) and $16.3 billion (€15.1 billion) to distribute to them. How did we get to this point? Here is a timeline of what led up to this week's announcement after an implosion at FTX kicked off wh...
Euronews (English)
Fallen cryptocurrency exchange FTX says that nearly all of its customers will receive the money back that they are owed, two years after its spectacular implosion, and some will get more than that. FTX said in a court filing late on Tuesday that it owes about $11.2 billion (€10.4 billion) to its creditors. The exchange estimates that it has between $14.5 billion (€13.5 billion) and $16.3 billion (€15.1 billion) to distribute to them. The filing said that after paying claims in full, the plan provides for supplemental interest payments to creditors, to the extent that funds still remain. The in...
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A large chunk of the world's wealth today is locked in illiquid assets, therefore they are typically traded at a discount. According to a recent study by the Boston Consulting Group, "tokenisation" - using cryptocurrencies and blockchain technology promise to turn illiquid assets such properties into capital flows - and this market is expected to grow to $16 trillion (€14.85 trillion) by 2030. Although the use of these new digital tools has yet to be widely regulated in the US, new laws in Europe are set to take effect from 2025 which may lead to investors reconsidering the idea of tokenising ...
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Prosecutors in the United States on Tuesday are asking a judge to hand Changpeng Zhao, the founder of Binance, the world's largest cryptocurrency exchange, a three-year prison sentence for allowing rampant money laundering on the platform. Zhao pleaded guilty and stepped down as Binance CEO in November as the company agreed to pay $4.3 billion (€4 million) to settle related allegations. US officials said Zhao deliberately looked the other way as illicit actors conducted transactions that supported child sex abuse, the illegal drug trade, and terrorism. Binance CEO 'CZ' Changpeng Zhao steps dow...
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The fourth Bitcoin halving event is almost upon us with, if history is any indicator, the cryptocurrency likely to see a post-halving surge. Bitcoin halving is an event that takes place approximately every four years, which sees the number of bitcoins released as mining rewards decrease by 50%. Currently the Bitcoin reward is 6.25 BTC. However, after the fourth halving, the reward will fall to 3.125 BTC. As a result, the amount of Bitcoins in circulation becomes even scarcer, causing a surge in demand amongst investors. This is mainly because Bitcoin has a finite supply, with only a maximum of...
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Justin Sun is a Chinese-born Grenadian cryptocurrency executive, best known for launching TRON, a blockchain ecosystem alongside its own cryptocurrency, TRX token, in 2017. TRON and the TRX token’s success put Sun in a position to both acquire the company BitTorrent (now known as Rainberry) and spend a period as a representative for Grenada at the World Trade Organisation (WTO). Sun’s latest project sees him return to TRON, this time to launch a theme tune for the blockchain ecosystem. Not willing to put together a half-assed version of the anthem, Sun enlisted the help of German composer Hans...
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For some, it's a bubble, for others, it's a huge investment opportunity. Bitcoin went a lot further than many would have imagined in January 2009, but it has yet to show its full potential. The traditional financial industry has already adopted crypto technology in many ways, but the expectations are that crypto is going to be an option when people pay for their taxes as well as their coffee in a few years. While regulation is on its way in the EU, Bitcoin has already been introduced to pave the way in Switzerland. Which provided a higher yield in the last decade: Bitcoin or a house in London?...
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Sam Bankman-Fried, the fallen ‘Crypto-King’, as he was once known, was sentenced to 25-years in prison for defrauding customers and investors of his now-bankrupt crypto exchange FTX. Thursday’s ruling shows how the legal system is trying to clamp down on crypto scams. But while the sentencing serves as a warning to the industry, it is uncertain if it will be a watershed moment that cleans up crypto. Bankman-Fried was cherished in the industry and went from having his face on the cover of Fortune magazine in September 2022, as head of the world’s biggest crypto exchange, to being sat in a court...
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Crypto entrepreneur Sam Bankman-Fried has been sentenced to 25 years in prison for a massive fraud that unravelled with the collapse of FTX, once one of the world’s most popular platforms for exchanging digital currency. Bankman-Fried, 32, was convicted in November of fraud and conspiracy — a dramatic fall from a crest of success that included a Super Bowl advertisement and celebrity endorsements from stars like quarterback Tom Brady, basketball star Stephen Curry and comedian Larry David. US District Judge Lewis A. Kaplan imposed the sentence on Thursday in the same Manhattan courtroom where,...
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Bitcoin briefly soared above $67,000 (€61,544) on Thursday morning, before once again settling around $61,544 in the afternoon. This was a considerable rebound following Wednesday’s dampened sentiment. The rise was mainly due to the US Federal Reserve choosing to keep interest rates steady at their March FOMC meeting on Wednesday evening. Explaining the decision, the US Fed said, in a statement: "Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year,...
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