Business Financial News

18.05 / 16:45

business Blockchain Technology Law Investments Fraud Former CFO indicted for diverting $35M to cryptocurrency venture

Nevin Shetty, a former Chief Financial Officer (CFO) at a Seattle start-up company, was indicted on May 17 in the U.S. District Court in Seattle on charges of wire fraud.

18.05 / 15:15

business Microsoft Google Internet Open Source ChatGPT testing Is ChatGPT king? How top free AI chatbots fared during field testing

While OpenAI’s ChatGPT was the first artificial intelligence (AI)-powered chatbot to captivate the world after its public release in November 2022, a variety of competitors have entered the marketplace since then.

18.05 / 14:15

business regulation Europe European Union ChatGPT Italy sets aside millions for workers at risk of AI replacement

Italy’s back and forth with the emergence of artificial intelligence (AI) continues, after lawmakers in the country announced funds for those at risk of losing their jobs to automation.

18.05 / 11:33

business CBDC Ripple regulation HKMA e-HKD Ripple to demonstrate tokenization in HKMA e-HKD pilot program using new CBDC platform

Ripple will participate in the Hong Kong Monetary Authority’s (HKMA’s) digital Hong Kong dollar (e-HKD) central bank digital currency (CBDC) pilot program by showcasing a real estate asset tokenization solution. The company will reveal its new CBDC platform at the same time.

18.05 / 11:33

business Blockchain ETF Metaverse Meta Metaverse ETF ‘PUNK’ closing after betting against Meta’s vision

After 15 months and an approximate 30% loss, an exchange-traded fund (ETF) opposing Meta’s perspective on the metaverse is shutting down.

18.05 / 11:33

business regulation Banks Wells Fargo settlement Wells Fargo to pay $1B in shareholders lawsuit settlement

Financial services firm Wells Fargo has reached a settlement in a class-action lawsuit, agreeing to pay shareholders $1 billion. The lawsuit alleged that the bank had misled its shareholders about its efforts to resolve the 2016 fake accounts scandal.

18.05 / 09:37

business Scams Bitcoin Australian Australian ‘Big 4’ bank begins trial for cryptocurrency payment blocks

Westpac, one of Australia’s ’Big Four’ banks, is launching its first trial of scam protection measures designed to combat fraudulent activities related to cryptocurrencies.

18.05 / 08:09

business regulation Fraud FTX Deal Fried Sam FTX leadership sues Sam Bankman-Fried over $220M deal made prior to bankruptcy

FTX lawyers are suing former CEO Sam Bankman-Fried, co-founder Zixiao Wang, and former senior executive Nishad Singh over the $220 million acquisition of stock-clearing platform Embed, alleging lack of due diligence.

18.05 / 05:19

business Ripple regulation SEC Court Lawyer Ripple case: SEC Hinman docs could become public by June 6, lawyer suggests

Defense lawyer and former federal prosecutor, James K. Filan, expects the infamous Hinman Speech documents to be released to the public by June 6, citing a previous court order.

18.05 / 05:19

business Blockchain Hardware Wallet Hardware Ledger Cold Storage Q3 open GridPlus to open source wallet firmware in Q3 amid Ledger debacle

Amid fallout over Ledger’s controversial decision to allow private keys to be “recovered” from its devices, cold storage competitor GridPlus has announced that it will move to “open source” the firmware of its crypto wallets.

18.05 / 03:43

business FinTech Revolut Revolut launches business offering in Australia, seeks banking license

Crypto-friendly fintech firm Revolut has launched international payments-focused business accounts for clients in Australia, as it reportedly works to secure a banking license down under.

18.05 / 03:43

business Binance exchanges Dollar Suspends services Binance Australia suspends AUD fiat services, citing issues with third party

Cryptocurrency exchange Binance Australia has informed users it has suspended Australian dollar services as its local payment services provider has seemingly stopped support for the exchange.

17.05 / 21:35

business Binance FTX Bankruptcy approved Customers Voyager bankruptcy plan approved, customers may recover 35.7% of claims initially

Crypto brokerage Voyager’s bankruptcy plan was approved by the United States Bankruptcy Court for the Southern District of New York on May 17, according to a Reuters report. Judge Michael Wiles’ order approving the procedure was published by the court a day earlier.

17.05 / 19:57

business Blockchain Technology Law Investments Holdings Crypto Holdings South Korean prime minister calls for disclosure of crypto holdings by high-ranking officials

South Korean Prime Minister Han Deok-soo is calling for the disclosure and registration of cryptocurrency assets by high-ranking public officials, a local news outlet has reported.

17.05 / 18:33

business Blockchain Hackers hacks Funding Rewards BUG Bug Bounty LayerZero partners with Immunefi to launch $15M bug bounty

Cross-chain messaging protocol LayerZero and security platform Immunefi have teamed up to launch a $15 million bug bounty program.

17.05 / 17:21

business Blockchain Ripple Swiss acquires Ripple acquires Swiss blockchain custody firm Metaco for $250M

On May 17, Ripple, creator of the namesake payments network and XRP token, announced it had acquired Swiss digital asset custodian and tokenization provider Metaco for $250 million. With the acquisition, Ripple says it will expand its enterprise offering to custody, issue, and settle tokenized assets. The firm's developers wrote:

17.05 / 09:37

business ETF Bitcoin Futures SEC Futures Bitcoin valkyrie TradFi Valkyrie Leveraged Bitcoin Futures ETF gets inspiration from TradFi memes

In its latest futures-based exchange-traded funds (ETF) filing, Valkyrie is utilizing one of the popular memes from the financial Twitter community, known as "fintwit," to capture attention and interest.

17.05 / 08:47

business Technology Tesla robotics Bot Updates Tesla updates AI-trained robot army, takes new bots for a walk

Tesla has released new footage showcasing its Tesla Bots, which now appear to be capable of walking steadily, picking up items and recognizing objects. The video was presented by Tesla CEO Elon Musk at the company's shareholder meeting event.

17.05 / 07:13

business SVB Signature Bank collapses Senators Senators slam bank execs for blaming collapses on crypto, pocketing millions

A former Signature Bank executive has been slammed for seemingly trying to place the blame for his bank’s collapse on crypto while purportedly being able to pocket millions in bonuses and stock options.

17.05 / 05:35

business Microsoft Google Tesla CNBC Open Source elon ‘Is that legal?’ — Elon Musk chides OpenAI's for-profit pivot after $50M investment

Billionaire Elon Musk has queried whether it's legal for OpenAI — the firm behind ChatGPT — to become a for-profit business after he invested approximately $50 million into it.

17.05 / 04:21

business Blockchain Adoption Payments Smart Contracts DLT Financial Services TradFi Lobby Distributed ledger tech could save TradFi $100B a year: Lobby group

Around $100 billion a year or more could be saved if distributed ledger technology (DLT) was used in traditional markets, claims a new report from the Global Financial Markets Association (GFMA).

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