Sullivan & Cromwell LLP (S&C), a law firm headquartered in New York City, received $12 million from West Realm Shires Services Inc. on behalf of FTX for legal services. Defunct crypto exchange FTX paid a retainer of $12 million to bankruptcy lawyers as security for payment of its fees and expenses amid Chapter 11 bankruptcy...Continue Reading

The Bitcoin mining community took up massive loans during the 2021 bull market, negatively impacting their bottom lines during a subsequent bear market. The recent bankruptcy filing of Bitcoin (BTC) miner Core Scientific despite a $72M relief offer from creditors raised questions about the overall health of the bitcoin mining community amid a prolonged bear...Continue Reading

Judge Abrams’ withdrawal from the FTX case eradicates any conflict of interest in the FTX case because Andres continues to serve as a partner at Davis Polk & Wardwell, a law firm that advised FTX in 2021. The ongoing legal proceedings around former FTX CEO Sam Bankman-Fried (SBF) took a new turn as District Judge...Continue Reading

Here’s a list of the 12 individuals who had the most impact — for better or worse — on the crypto industry this past year. From an outside perspective, 2022 has been a rollercoaster ride for crypto. The market reached a total valuation of $3 trillion during the bull market of 2021, only to scale...Continue Reading

Aggressive interest rate hikes have wrought havoc on global markets. As a consequence, more countries may embrace Bitcoin in the year ahead. The chaos we’ve experienced in global markets this year — global geopolitical upheaval magnified by the confluence of broken supply chains, inflation and heavy national debt loads — seems to signal the beginning...Continue Reading

Congress passed a law in November 2021 that required the new crypto rules to be issued. A key set of crypto tax reporting rules is being delayed until further notice under a decision made by the United States Treasury Department. The rules were supposed to be effective in the 2023 tax filing year, in accordance...Continue Reading

The former CEO of AAX, Liang Haoming, and the founder of AAX, Thor Chan, were arrested on Dec. 23. Hong Kong police arrested two executives of the crypto exchange AAX accused of fraud and misleading the police, according to local media reports.  Weigao Capital CEO Liang Haoming and former AAX CEO Thor Chan were arrested...Continue Reading

Hackers have stolen over $2.5 billion through vulnerabilities on cross-chain bridges in the past two years. Security has been a critical challenge for decentralized finance (DeFi) and its evolution. Between 2020 and 2022, hackers stole over $2.5 billion through vulnerabilities on cross-chain bridges, Token Terminal data shows. Compared to other security breaches, this is a substantial...Continue Reading

The top 100 DeFi tokens had a volatile yet bearish week with nearly all the tokens trading in red on the weekly charts. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. Uniswap, one of the leading decentralized...Continue Reading

According to court documents, Caroline Ellison said she and SBF signed off on “materially misleading financial statements” for Alameda lenders — knowing it was illegal. Caroline Ellison, the former chief executive officer of Alameda Research, said as part of her plea deal that she was aware FTX funds had been made available for the venture...Continue Reading