Midas CEO Iakov Levin said that after the Terra, FTX and Celsius collapse, users withdrew more than 60% of their assets under management. Custodial CeDeFi investment platform Midas will close down its operations because of a $63.3 million deficit in its decentralized finance (DeFi) portfolio.  In an announcement, the company’s founder and CEO Iakov Levin...Continue Reading

The crypto community was not happy with the news that Big Short writer Michael Lewis met with the former FTX CEO. Members of the crypto community published their sentiments on social media in response to the former FTX CEO Sam Bankman-Fried’s reportedly meeting with Michael Lewis, the writer of the popular trading-focused film, The Big...Continue Reading

Customer class members don’t want to stand in line along the creditors of a failed crypto platform. While the government agencies are queuing to sue the FTX and its founder Sam Bankman-Fried, the group of former customers made an effort to get their money back first. A class lawsuit initiated by four individuals demands priority...Continue Reading

Argo Blockchain reduces its total debt by $41 million by selling its flagship Helios mining facility and getting a $35 million loan from Galaxy. Cryptocurrency mining firm Argo Blockchain has taken a difficult decision to sell its flagship mining facility Helios in order to survive the ongoing bear market. Argo Blockchain CEO Peter Wall officially...Continue Reading

The recent movement of funds from Alameda wallets just days after Sam Bankman Fried was released on bail raised many eyebrows about the timing. The crypto wallets associated with now-bankrupt trading firm Alameda Research, the sister company of FTX, were seen transferring out funds just days after the former CEO Sam Bankman Fried was released...Continue Reading

A traditional Chinese way of gifting money that’s gone virtual with the rise of digital payments has been introduced into the digital yuan wallet app. China’s wallet app for its digital yuan central bank digital currency (CBDC) introduced a feature for users to send money in an electronic version of traditional “red packets” to try...Continue Reading

The crypto exchange said it will deregister from Japan’s Financial Services Agency as a crypto asset exchange operator from Jan. 31. Global cryptocurrency exchange Kraken has decided to pull its operations in Japan for the second time, citing a strain on its resources amid a “weak crypto market.” In a Dec. 28 blog post, Kraken...Continue Reading

The latest court action now takes the number of V Global execs behind bars up to seven, as the CEO was previously sentenced to a 22-year prison term. Six executives involved in the $1.5 billion (2 trillion won) South Korean crypto exchange fraud V Global have received prison sentences of up to eight years —...Continue Reading

Defrost Finance had not publicly commented on the rug-pull accusations in the media until now. Defrost Finance, the decentralized trading platform that suffered a $12 million exploit in the days leading up to Christmas, has denied allegations that it had “rugged” its users as part of an elaborate “exit scam.” On Dec. 23, the platform...Continue Reading

An affidavit by the FTX founder revealed Alameda funded the purchase of Robinhood shares which were later used as collateral for Alameda to secure a loan from BlockFi. Sam Bankman-Fried, the disgraced founder of cryptocurrency exchange FTX, borrowed over $546 million from the exchange’s sister firm Alameda Research to fund his purchase of Robinhood shares....Continue Reading