Coinbase possesses $25 billion in Bitcoin, but the exchange only has about $200 million of the cryptocurrency in its wallets. Recently, blockchain intelligence platform Arkham discovered that cryptocurrency firm Coinbase had approximately 1 million Bitcoin stored in its wallets. At the current BTC market values, the coins are worth almost $25 billion. According to Arkham,

In an effort to reach investors in the United States, cryptocurrency asset manager CoinShares (CS) is launching a hedge fund division. An announcement made recently claims that the St. Helier, Jersey-based business seeks to offer institutional investors actively managed exposure to digital assets. CEO Jean-Marie Mognetti called the change “a natural progression” in light of

A report on the exchange reveals that the Japanese cryptocurrency exchange GMO will give select traders who had XRP in 2020 the songbird (SGB) tokens worth in Yen. As of December 12, 2020, users will receive the yen equivalent of 0.1511 SGB for each XRP stored. Songbird is a test blockchain for the Flare Network.

The Commodity Futures Trading Commission (CFTC) has rejected plans by prediction market Kalshi to allow customers to wager on which party will control each chamber of Congress. Following a submission from KalshiEx LLC in June 2023, the regulatory body declared the contracts to be “contrary to the public interest” and would include illegal gambling and

According to a press statement, insolvent miner Core Scientific (CORZQ) will buy 27,000 bitcoin (BTC) mining servers from Bitmain for $23.1 million in cash and $53.9 million in common stock.Last month, the acquisition was first promoted as a component of Core Scientific’s bankruptcy strategy.Anchorage Digital, a cryptocurrency corporation, was also touted as a potential investor in the business. The devices, which might raise Core Scientific’s hash rate by 4.1 exahashes, are anticipated to arrive in the fourth quarter of this year.The mining company declared bankruptcy in December of last year as a result of declining income and increased energy costs.A federal judge supervising the case said in May that the company hoped to come out of bankruptcy as soon as this month. “Core Scientific is an important contributor to the strength and stability of the Bitcoin Network, and we look forward to working closely with their team to help realize Bitcoin’s full potential” Bitmain CEO Max Hua said in the press release.

In order to recoup roughly $157.3 million, the bankrupt cryptocurrency exchange FTX has filed a lawsuit against former Salameda workers. Salameda is a Hong Kong-incorporated company connected to FTX that the company claims was run by Sam Bankman-Fried, the former CEO of the company.The complaint claims that Michael Burgess, Matthew Burgess, their mother Lesley Burgess, Kevin Nguyen, Darren Wong, and two corporations owned or controlled numerous firms that had accounts registered at FTX.com and FTX US, and that they fraudulently withdrew money in the days preceding FTX’s bankruptcy. The defendants benefited from withdrawals that constitute preferential transfers and “are avoidable under the Bankruptcy Code,” according to the petition, during the Preference Period, which is the 90 days prior to the bankruptcy filing on November 11, 2022.According to the petition, the defendants rushed to remove funds and took use of their relationships with FTX employees to guarantee they would be given preference over other clients. The FTX bankruptcy estate has attempted to recoup payments from linked parties previously.Bankman-Fried and his executives, his parents, FTX’s charity and life science divisions, as well as Bankman-Fried himself, have already been targeted.In addition, it is attempting to recover payments made to the similarly bankrupt Genesis Global Capital, which is controlled by CoinDesk’s parent company, Digital Currency Group.A bankruptcy lawyer claimed in January that FTX had recovered more than $5 billion in various assets.The bankruptcy team estimated that the corporation owes its clients $8.7 billion in June. Additionally, the petition claims that Matthew Burgess used other FTX workers to “push out” some pending withdrawal requests from one of Michael Burgess’ FTX US exchange accounts while falsely claiming ownership of the account, according to messages on the messaging service Slack.Just a few hours before FTX stopped accepting withdrawals on November 8, 2022, the transactions were finished.On or after November 7, more than $123 million of the total $157.3 million (based on pricing as of August 31, 2023) were withdrawn.The transfers were made “with the intent to hinder, delay or defraud FTX US’s present or future creditors,” the lawsuit stated. In order to be ready for his trial, which will begin on October 3, Bankman-Fried is now being held in custody.His effort to be released from prison before the proceedings began was rejected by an appeals court on Thursday.

Using a company jointly owned by bitcoin (BTC) miner and data cloud provider Northern Data Group (NB2), stablecoin issuer Tether announced that it is foraying into artificial intelligence (AI).Nvidia graphic processing units (GPU) were purchased by Damoon Designated Activity, in which Frankfurt-based Northern Data acquired a controlling stake in July, for over 400 million euros ($427 million), according to a press release from the German business. The chips will be made available through Northern Data’s cloud platform, Taiga Cloud, with plans to start granting users access at the end of the fourth quarter.The recent development shows Tether, the largest stablecoin corporation with $83 billion USDT in market capitalization, branching out beyond its core market.The company has invested in Bitcoin mining facilities in South America this year, as well as a payment processor in Georgia. Tether has been criticized within the cryptocurrency community for years because to its lack of transparency on its stablecoin reserves and questionable lending and investment practices.A publicly traded data company called Northern Data has shifted beyond cryptocurrency mining to offer computing capacity for AI-related data processing.Shares increased 2.7% on Thursday. “We are excited about this investment into Northern Data Group as it represents a fresh venture into new technological frontiers,” Paolo Ardoino, Tether’s chief technology officer, said in a statement. As far as Tether’s stablecoins’ underpinning reserves are concerned, the investment has no effect.

A Binance official said on Thursday that the Markets in Crypto Assets (MiCA) regulation of the European Union, which is slated to take effect in a few months, may result in the widespread delisting of stablecoins.There are still questions about how the historic law of the EU will affect decentralized and foreign issuers, and representatives of the European Banking Authority (EBA) have emphasized that there is no grace period for coins already in circulation.With the adoption of MiCA, which was concluded in June 2018, the EU will become the first significant region in the world with a full crypto regulatory framework, enabling exchanges and wallet providers to operate across the bloc with only a single license. The MiCA’s provisions on stablecoins, which are digital assets whose value is linked to other assets like fiat money or gold, will go into effect in June 2024, but the EBA and its sister organization, the European Securities and Markets Authority (ESMA), are currently consulting on the specifics. “We are heading to a delisting of all stablecoins in Europe on June 30,” given that no project has yet been approved, Marina Parthuisot, head of legal at Binance France, told an online public hearing hosted by the EBA. “This could have a significant impact on the market in Europe compared to the

After two years in charge of the NEAR Foundation, which oversees the NEAR protocol, CEO Marieke Flament has resigned.According to a blog post published on Thursday, Chris Donovan, the foundation’s chief counsel, will take her place.Up to the end of the year, Flament will continue to serve as Donovan’s strategic adviser.Flament will continue to serve on the council board for the charity. “When I joined two years ago, NEAR had around 50,000 users, and now we have over 2.5 million daily active users,” Flament said in an interview with CoinDesk. She added that Donovan is well-suited to the CEO role now given “the current regulatory landscape.” She added: “We are not the only ecosystem making a

Galaxy Digital (GLXY), a bitcoin financial services company with headquarters in New York, now has a CEO for Europe as it seeks to grow on the continent. Leon Marshall, who now serves as the company’s global head of sales, has been named as the organization’s first CEO for Europe. Along with his new position, Marshall

The analytics platform CoinScan said that it has raised $6.3 million in funding with the goal of giving cryptocurrency consumers information that may assist them avoid losses due to scams, hacks, and exploits. Shalom Meckenzie, the largest individual stakeholder in sports betting startup DraftKings (DKNG), Mor Weizer, the CEO of gaming software developer Playtech (PTEC),

According to records published by the National Tax Service on Wednesday, South Koreans own virtual assets worth a total of 131 trillion won ($99 billion) abroad. According to the tax service, that accounts for 70% of all reported foreign assets. A total of 1,432 people and businesses revealed they had cryptocurrency accounts abroad. According to

According to a Bloomberg article, Sam Bankman-Fried’s parents allegedly coordinated the “gifts” that Stanford University received from FTX, purportedly amounting to millions of dollars. Stanford University will be returning these apparently expensive “gifts,” the report states.Barbara Fried and Joseph Bankman are Stanford Law School professors.The FTX Group filed a lawsuit against Bankman and Fried on Monday for allegedly stealing millions, including $5.5 million in donations intended for Stanford University. “We have been in discussions with attorneys for the FTX debtors to recover these gifts and we will be returning the funds in their entirety,” a Stanford University spokesperson said, according to Bloomberg. “Stanford received gifts from the FTX Foundation and FTX-related companies largely for pandemic-related prevention and research.” All charges have been refuted by the parents, who have called them “completely false.”From behind bars, their son Sam Bankman-Fried, the founder and former CEO of the insolvent FTX cryptocurrency exchange, is getting ready for a trial that will take place the following month.After FTX sued the parents, their lawyers said in a joint statement, “This is a dangerous attempt to intimidate Joe and Barbara and undermine the jury process just days before the beginning of their child’s trial.” When asked for comment about the alleged decision made by Stanford University after U.S. business hours, representatives of Joshua Bankman and Barbara Fried did not provide any.

Daniele Sestagalli, the notorious inventor of Avalanche, has returned with a project whose name seems to inspire hopes among cryptocurrency traders about riches in an essentially flat market.An apparent rebranding of Sestagalli’s Popsicle Finance is the new product, which goes by the initials WAGMI, which stands for “we are gonna make it,” or another expression that indicates to prosper financially.Sestagalli’s most recent effort is focused on Popsicle’s ICE tokens.Starting on Wednesday, owners of ICE tokens can use a blockchain-based platform to exchange their tokens for WAGMI.Sestagalli stated that WAGMI currently has a $2 million market valuation while ICE tokens have increased by 70% over the last 24 hours. In July, it was revealed that WAGMI will be restarted as a platform that would operate across different blockchains and provide users with a range of decentralized financial (DeFi) tools and services.As of Wednesday, the details of the project were not disclosed in any technical documents that were open to the public. “I’m pretty confident to say that the token economics and the $WAGMI project is my best project ever,” Sestagalli said in a recent tweet. “Not going to lie but damn I’m happy about it whatever the market is made to grow and snowball.” The “frog nation” moniker Sestagalli used for his earlier Avalanche initiatives helped it develop a cult-like following during the 2021 bull run.Without a presale to venture investors, the majority of these ventures went live and made early backers several times their initial investment. The treasury-backed currency protocol Wonderland and the platform Abracadabra, which offers collateral based on users’ deposits of yield-bearing assets, are both former top Avalanche projects led by Sestagalli.According to data from CoinGecko, the three tokens linked to the two projects – SPELL, TIME, and MIM – had a combined market worth of more than $6 billion at their peak, making Sestagalli one of the most significant innovators in the cryptocurrency ecosystem at the time. The top capitalization of Popsicle Finance’s ICE, which allows users to profit from delivering liquidity to trading pairs, was $660 million.The project, however, hasn’t recovered fully since mid-2021 when it was hacked for $25 million.Due to a lack of advancement, a generally negative market climate, and a lack of interest in alternative currencies, these tokens have fallen more than 95% since then.

On Monday, a London High Court judge upheld an earlier decision stating that Bitcoin.org website owners, including the fictitious Cobra, must reveal their identities to avoid being charged expensive legal fees by self-declared Bitcoin inventor Craig Wright.In April 2021, Wright served Cobra with legal documents pertaining to the copyright of the whitepaper for Bitcoin, the popular cryptocurrency.The owners of the website for the Bitcoin.org payment network were accused of violating the author’s rights by posting the white paper, according to the Australian computer scientist who has long claimed to be its pseudonymous creator Satoshi Nakamoto.Wright asserted that he owned the copyright to the Bitcoin manifesto in his capacity as Satoshi. A judge commanded the removal of the white paper from the internet when Cobra failed to appear in court.Then, in November, a London High Court Judge decided that Cobra had to provide their identity in order to contest Wright’s request for 568,516.42 pounds ($704,500) in legal expenses. Justice Richard Smith of the London High Court dismissed Cobra’s appeal of the November ruling on Monday, stating that while there are a number of legitimate justifications for parties seeking anonymity, such as a threat to their lives, Cobra’s justifications appeared “not only unworkable but also risked undermining the very principles of natural justice” because they sought to remain anonymous “not only against the public at large, but against the Claimant [Wright] a party.” The struggle of Cobra to maintain anonymity may be understood by the fact that significant community members, developers, or influencers sometimes go by pseudonyms in the cryptosphere.While this is going on, Wright is suing people all over the world for the Bitcoin whitepaper and even for libel for claiming to be Satoshi.Wright’s attorneys reported on Monday that they are awaiting a decision regarding the following steps, including whether Cobra is now compelled to make full payment.Cobra’s legal counsel did not immediately reply to a request for comment.

According to the territory’s governor, John Lee, the freezing of cash on the Hong Kong-based cryptocurrency exchange JPEX demonstrates the need for stringent crypto licensing regulations.Six persons, including two social media influencers, were detained by Hong Kong police after more than a thousand complaints totaling $128 million were made regarding the trade, the South China Morning Post said on Monday. “This incident highlights the importance that when investors want to invest in virtual assets, then they must invest on platforms that are licensed” and regulated by the Hong Kong Securities and Futures Commission (SFC), Lee said according to remarks published on his website. “We will be doing more public education for investors to know

A new fund offering institutional investors exposure to bitcoin (BTC) has been launched by Laser Digital, a division of Japanese financial services major Nomura that specializes in digital assets.According to a Tuesday release by Laser Digital, the Bitcoin Adoption Fund will offer long-only exposure and will be the first of a variety of similar digital asset investment products. “Technology is a key driver of global economic growth and is transforming a large part of the economy from analogue to digital,” said Sebastien Guglietta, head of Laser Digital Asset Management. “Bitcoin is one of the enablers of this long-lasting transformational change and long-term exposure to Bitcoin offers a solution to investors to capture

A new $60 million fund named Oak Grove Ventures, which focuses on the convergence of Web3, artificial intelligence, and biotech, is being launched by alumni from some well-known names in the crypto and finance industries. Along with Shawn Shi, co-founder of Alchemy Pay, Sally Wang, formerly of Sino Global Capital (now Ryze Labs), Ethan Wang,

Citigroup (C), the largest bank in the United States, announced on Monday that it has begun offering institutional clients a tokenization service for cash management and trade finance that uses blockchain technology and smart contracts. According to the bank, the aim of the smart contracts is identical to that of bank guarantees and letters of

A cryptocurrency-focused investment business called Blockchain Capital has withstood the market’s slump to raise $580 million for two new funds. The funding is divided between $200 million for its opportunities fund and $380 million for its sixth early-stage fund, which will focus on late-stage investments beginning with Series B. This fund will invest in emerging