USD Coin (USDC) issuer Circle plans to use "corporate resources" to cover the shortfall on its reserves following Silicon Valley Bank's shutdown, said the company in a statement on March 11. According to Circle, USDC liquidity operations will "resume as normal when banks open on Monday morning in the United States," BankCircleCorporatecoverFundsLiquidityMissingPlansSiliconValley Read More
Of the $219.5 million total balance FTX Digital held in banks, $21.5 million has been realized by the liquidators, and a further $54.5 million is pending transfer to them, the document said. Another $143.2 million held in U.S. accounts has been seized by the Department of Justice, and other funds BahamasClientcommingledCorporateFTXsFundsLiquidatorsUnit Read More
When most of the legacy stocks perform well, there is always a significant rub-off on the Dow Futures. The United States stock market is seeing a great deal of mixed activity with the futures tied to the Dow Jones Industrial Average (INDEXDJX: .DJI) soaring up by inching upward CorporateDigestDowEarningsFuturesGainsInkInvestorsResultSlight Read More
The New York Department of Financial Services, or NYDFS, has released guidelines on how licensed crypto firms should handle customer assets should they face “insolvency or similar proceeding”.In a Jan. 23 announcement, NYDFS superintendent Adrienne Harris said crypto firms and exchanges operating under a BitLicense — required in New York AdvisesBitcoinCommingleCorporateCryptocryptoexchangeEventExchangesFirmsFundsInsolvencyNYDFSUser Read More
On Ondo’s site, the OUSG fund invests in short-term government treasuries, earning 4.2% per annum; the OSTB invests in short-term bonds, earning 5.45% per annum; and OYHG invests in high-yield corporate bonds, paying out 8% per annum to depositors. Fees for these funds are currently listed at 0.15%.
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This year saw an influx of trademark applications filed by various companies looking to get in on the Web3 action. By November, a total of 4,999 trademark applications had been filed in the United States for cryptocurrencies and digital-related goods and services — according to United States Patent and Trademark AmericaCorporateFinallyLawyerNoticeTrademarkWeb3 Read More
Project founders will no longer be subject to hefty taxes which forced them abroad from next April onwards.
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The United States Trustee handling FTX’s bankruptcy proceedings has referred to the now-defunct exchange as the "fastest big corporate failure in American history," and is calling for an independent probe to look into its downfall. In a Dec. 1 motion, U.S. Trustee Andrew Vara noted that over the course of eight days BitcoincallsCorporatecryptoexchangeExchangesFailureFastestFTXHistoryProbeTrustee Read More
An expert review of FTX’s audited financial statements reveals a series of red flag related-party transactions that should have led to more scrutiny of the company’s operations.
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The new CEO of FTX, appointed after the crypto exchange filed for bankruptcy, has blasted the company under former CEO Sam Bankman-Fried. “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” he said BitcoinCaseCEOCorporatecryptoexchangedataExchangesFailureFeaturedFinancialFTXNewsPracticesUnacceptableUntrustworthyWorst Read More