Coindesk Financial News

The battle between Coinbase and the U.S. Securities and Exchange Commission (SEC) continues to intensify as regulators push back against the crypto exchange's attempts to have a securities law violation lawsuit dismissed.

Sam Bankman-Fried, the former CEO of the failed cryptocurrency exchange FTX, will go on trial next week in the Southern District of New York, facing seven charges of fraud and conspiracy.

Now-bankrupt crypto custodian Prime Trust has notified employees of potential layoffs affecting 62 individuals within the next two months, according to Nevada's Department of Employment, Training & Rehabilitation.

Stablecoin issuer Circle has announced the official launch of USDC, the second largest stablecoin by market cap, in the Polkadot Asset Hub parachain. 

The once-prominent crypto project IOTA is planning a resurgence with a series of initiatives aimed at boosting network development and token value.

In the ever-evolving landscape of cryptocurrency, Bitcoin continues to hold its ground, currently trading at $25,952, reflecting a noteworthy 3% increase on this Wednesday.

NEW YORK (Reuters) — Digital Currency Group was sued on Wednesday by its bankrupt Genesis Global Capital cryptocurrency lending unit, as both sides negotiate DCG's repayment on more than $610 million of loans that matured in May.

A judge has denied a request by defense lawyers to release disgraced former FTX CEO Sam Bankman-Fried from jail to help him prepare for the upcoming court case.

Genesis Global and its parent company Digital Currency Group have reached an in-principle agreement with Genesis' creditors to resolve claims brought during the crypto lender's bankruptcy, a court filing showed on Tuesday. The plan could lead to a recovery of about 70%-90% in US dollar equivalent for unsecured creditors and about 65%-90% recovery on an in-kind basis depending on the denomination of the digital assets, according to the filing in the US bankruptcy court in the Southern District Of New York. The deal includes a payment of about $630 million in unsecured loans due in May 2023 and a $1.1 billion unsecured promissory note due in 2032, along with some other potential claims. Genesis filed for bankruptcy in January owing at least $3.4 billion to creditors and reached an agreement in principle on a restructuring plan, supported by Digital Currency Group, and its primary creditors, including Gemini, in February.DCG, owned by Barry Silbert, owns a portfolio of crypto companies in addition to Genesis, including crypto news and events site CoinDesk and New York-based Grayscale, a major digital asset manager.

The FTX bankruptcy saga has taken an alarming turn as daily legal expenses surge to a staggering $1.5 million, with creditors now sounding the alarm.

The UK’s data regulator Information Commissioner's Office is planning to conduct “further enquiries” on the OpenAI’s crypto project – Worldcoin.

CoinDesk for about $125 million. CoinDesk is currently owned by crypto conglomerate Digital Currency Group (DCG), which acquired it in 2016. According to the Wall Street Journal, a group led by blockchain investors Matthew Roszak of Tally Capital and Peter Vessenes of Capital6 are «nearing a $125 million deal for CoinDesk». CoinDesk did not immediately comment on the report.

The current live Bitcoin price stands at $29,864, reflecting a 24-hour trading volume of $11.2 billion and a less than 1% increase in the last 24 hours. 

Societe Generale has become the first company in France to obtain a license for crypto services, as a growing number of mainstream financial companies embrace crypto globally this year. Societe Generale's crypto unit, Forge, is licensed as of Tuesday to offer services, including crypto custody, trading and sales, according to the website of France's AMF market regulator.

Blockchain layer 1 network 5ire, which secured series A funding last year valuing the company at $1.5 billion, is now bidding farewell to one of its co-founders.

The former President of the now defunct FTX.US is starting another crypto trading platform – and he plans to imbue it with artificial intelligence (AI).

Prices of bitcoin and ether—the two largest cryptocurrencies by market capitalization—are usually closely correlated, but that's changing after Ethereum's Shanghai Upgrade, and it could affect investments and risk management for cryptocurrency investors.

A culprit in the infamous 2020 Twitter hack who phished thousands of dollars in Bitcoin from Twitter users has been sentenced to five years in prison for his crime, as well as for a separate SIM swapping scheme. 

Source: AdobeStock / prima91

Tether has reaffirmed its commitment to transparency and announced its completion of reporting obligations to the New York Attorney General's Office. Under the terms of its 2021 settlement, Tether fulfilled its quarterly reporting requirements for a period of two years. There have been no indications of incomplete disclosures or inadequate reserves during this time, cementing Tether's position as a reliable stablecoin. Furthermore, Tether proudly boasts its largest market cap in history, highlighting its strengthened position within the market.

The U.S. Securities and Exchange Commission (SEC) is likely to extend its enforcement crackdown to both decentralized finance (DeFi) and stablecoins, wrote Berenberg in a research report published on Tuesday.