NEW YORK, Feb 28, 2024 (AFP) – The account balances of some customers of cryptocurrency trading platform Coinbase fell to zero on Wednesday, the company confirmed, as it moved to assure them that their assets were still there. Dozens of accounts had posted on social media sites including X earlier in the day, with screenshots that appeared to show their Coinbase account balance had fallen to zero. “We are aware that some users may see […]
Tag: crypto
Wanted crypto boss Do Kwon’s Terraform files for US bankruptcy
SINGAPORE, Jan 22, 2024 (AFP) – South Korean entrepreneur Do Kwon’s Terraform Labs, whose cryptocurrencies crashed dramatically in 2022, is seeking bankruptcy protection in the United States, according to court documents filed Sunday. The collapse of the Singapore-based firm’s TerraUSD and Luna wiped out around $40 billion in investments and caused wider losses in the global crypto market estimated at more than $400 billion. Kwon, who co-founded Terraform in 2018, was arrested last year in […]
No second trial for crypto fraudster Bankman-Fried
NEW YORK, Dec 30, 2023 (AFP) – A federal prosecutor in New York has decided against pursuing a second trial, this one over corruption and illegal political donations, against former crypto mogul Sam Bankman-Fried. The founder and CEO of the FTX cryptocurrency exchange platform, Bankman-Fried had been charged earlier with misappropriating billions of dollars of his clients’ funds without their consent. He was found guilty in early November of seven counts including fraud, conspiracy and […]
Bitcoin soars past $40,000 on optimism for US trading approval
Bitcoin on Monday rose past $40,000 for the first time since May last year, boosted by hopes that the United States will soon allow broader trading of the world’s biggest cryptocurrency. The digital asset has skyrocketed this year, gaining nearly 150 percent, with expectations growing that US regulators will allow the creation of exchange-traded funds (ETFs). These would track the price of bitcoin and allow the public to invest in the currency without directly purchasing […]
Trial of disgraced crypto star Bankman-Fried begins
By Thomas URBAIN NEW YORK, Oct 3, 2023 (AFP) – The trial of Sam Bankman-Fried, former CEO of one of cryptocurrency’s biggest exchanges, began Tuesday with a jury set to determine if he committed massive fraud by stealing billions of dollars from clients. The 31-year-old — once one of the most respected figures in crypto — now faces decades in prison and could see his name stand alongside Bernie Madoff and Elizabeth Holmes as the […]
FTX founder Sam Bankman-Fried jailed after bail revoked
NEW YORK, Aug 11, 2023 (AFP) – A US federal judge on Friday ordered FTX founder Sam Bankman-Fried back to prison less than two months before his trial on fraud charges, revoking the disgraced cryptocurrency tycoon’s bail over alleged attempts to tamper with witnesses. Bankman-Fried, 31, has pleaded not guilty to charges of wire fraud and conspiracy to commit money laundering, as well as election finance violations, in connection with the spectacular collapse of his […]
Kenya suspends Worldcoin crypto over privacy concerns
Kenya on Wednesday suspended the Worldcoin crypto project that relies on an eye scan to verify a user’s identity, citing concerns about data protection. Worldcoin, set up by OpenAI chief executive Sam Altman, began operating in June in Germany and provides users with a private digital identity — a “World ID” — after they get their eye’s unique iris pattern scanned. The project, according to its founders, aims to solve one of the main challenges […]
Crypto exchange Binance suspends US deposits after govt suit
WASHINGTON, June 9, 2023 (AFP) – The world’s largest cryptocurrency exchange Binance said late Thursday it was halting US dollar deposits and encouraged clients to withdraw their dollars by early next week, following charges leveled by the government. The US Securities and Exchange Commission on Monday charged the crypto giant with securities law violations that it said amounted to “an extensive web of deception” and “calculated evasion of the law.” Binance is alleged to have […]
Hong Kong launches retail-friendly rules for crypto exchanges
HONG KONG, June 1, 2023 (AFP) – Hong Kong rolled out new rules on Thursday allowing licensed cryptocurrency exchanges to service retail customers, bucking the global trend of tightening rules after last year’s market crash. The Chinese finance hub is racing regulators around the world to lay down ground rules for crypto after high-profile failures like trading platform FTX, which led the United States to crack down on a sector worth more than $1 trillion. […]
Do Kwon: S. Korea’s crypto ‘genius’ turned disgraced fugitive
Seoul, South Korea | AFP | Saturday 3/25/2023 by Claire LEE Once hailed as a genius, South Korean entrepreneur Do Kwon — now facing multiple criminal charges over his failed cryptocurrency — was a brash industry figure whose fame disintegrated into global notoriety. After months on the run, the 31-year-old, whose full name is Kwon Do-hyung, was arrested Thursday in Montenegro after being caught trying to catch a flight using fake Costa Rican travel documents. […]
Crypto firm Binance endures wild weeks in wake of FTX collapse
PARIS, France (AFP) – Even by the extreme standards of cryptocurrency trading, the past few weeks have been a wild ride for Binance, the world’s biggest exchange for crypto assets. After the collapse of its rival FTX in a hail of allegations of fraud and criminality last month, trust in the entire sector has crumbled. Customers pulled more than $3 billion from Binance in a single day last week as part of a three-day frenzy that […]
In Niagara Falls, bitcoin mining brings a new roar to town
Niagara Falls, United States | AFP | by Daxia ROJAS In the US border town of Niagara Falls, residents accustomed to the soothing roar of the famous waterfalls recently discovered a much less pleasant sound: the “haunting hum” of bitcoin mining farms. “I get four hours of sleep, maybe, because of that constant noise,” said Elizabeth Lundy, an 80-year-old retired hairdresser. “I can hear the noise even through the storm windows.” On a sunny […]
