Digital Financial News

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The digital Yuan wallet was launched early 2022, and as of June last year was downloaded by 261 million individuals.

The SEC’s filed complaint alleges that Gemini and Genesis’ crypto asset lending program, Gemini Earn, facilitated the offer and sale of unregistered securities to retail investors, allowing both firms to raise billions of dollars’ worth of crypto assets. The enforcement action outlines how the crypto asset-lending scheme allowed its customers to tender their crypto tokens to Genesis in exchange for an attractive interest rate. Gemini charged agent fees on these transactions (up to 4.29%). In November 2022, Genesis announced it would not allow Gemini Earn customers to withdraw their crypto assets as it lacked sufficient liquidity to meet withdrawal requests. At the time of this statement Genesis held approximately $900 million in investor assets from over 300,000 Gemini Earn investors. Genesis’ parent company Digital Currency Group (DCG) is considering selling assets to raise money to pay off the more than $3 billion it owes to creditors. Earlier this month, Gemini ended the Gemini Earn program, with retail investors still unable to withdraw their assets. Tyler Winklevoss, Gemini CEO, took to Twitter to respond to the SEC’s Thursday filing, stating: "It’s disappointing that the @SECGov chose to file an action today as @Gemini and other creditors are working hard together to recover funds. This action does nothing to further our efforts and help Earn users get their assets back. Their behavior is totally counterproductive […] It’s disappointing that the @SECGov chose to file an action today as @Gemini and other creditors are working hard together to recover funds. This action does nothing to further our efforts and help Earn users get their assets back. Their behavior is totally counterproductive.”

Lower energy costs as Europe enjoys a mild start to winter have helped slow the eurozone’s annual rate of inflation to single digits, but consumer prices are still rising too quickly for policy makers at the European Central Bank, who have signaled they intend to raise their key interest rate again in the near future.

Bitcoin (BTC), the world's largest and most popular digital cryptocurrency, maintained its upward rally and has increased by 4% in the last 24 hours and by more than 12% in the last seven days. 

Genesis parent Digital Currency Group (DCG) is considering selling some of the assets in its venture portfolio to raise money to help pay off the creditors, says the FT, citing sources. Earlier this month, Genesis laid off about 30% of its workforce as it faced up to the FTX fallout, which had already forced to it to stop customer withdrawals.

In the midst of a bear market, the last story the crypto industry wanted to see hit the headlines was the debacle at FTX. It’s a story centered on the biggest negative perception many in the public still have of the crypto industry: that transactions regularly happen out of public view for the benefit of a handful of bad actors and at the expense of customers.

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Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com

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Bitcoin and other cryptocurrencies have been rapidly gaining traction as the US inflation rate reaches its highest level in decades. The rise of Bitcoin has been credited to the increasing demand from institutional investors, with many believing it to be a better store of value compared to traditional fiat currencies. 

Current and former police detectives have told Financial News that crypto cops face an uphill struggle due to a lack of funding and resources as digital assets crime spiralled to a record high last year.

Bitcoin, the world's largest and most popular digital currency, extended its winning streak to nine days and reached an intraday high of around $18,224. Meanwhile, Ethereum, the second most valuable cryptocurrency, benefited from Bitcoin's rise, rising nearly 5% to $1,401. 

Lower energy costs as Europe enjoys a mild start to winter have helped slow the eurozone’s annual rate of inflation to single digits, but consumer prices are still rising too quickly for policy makers at the European Central Bank, who have signaled they intend to raise their key interest rate again in the near future.

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What was your first deal?

By combining the expertise and extended network of the five associations, the group will seek to enable a safe and secure environment for innovators to grow and attract international investment into the UK, while also helping to create a constructive bridge between the associations representing both incumbents and the emerging players in the sector.The formation of the group comes after the economic secretary to the Treasury Andrew Griffith told MPs that the UK was committed to becoming a world crypto hub. Griffith told the Treasury Select Committee that the government was "a long way down the road...

By combining the expertise and extended network of the five associations, the group will seek to enable a safe and secure environment for innovators to grow and attract international investment into the UK, while also helping to create a constructive bridge between the associations representing both incumbents and the emerging players in the sector.The formation of the group comes after the economic secretary to the Treasury Andrew Griffith told MPs that the UK was committed to becoming a world crypto hub. Griffith told the Treasury Select Committee that the government was "a long way down the road...

Macro hedge fund giant Brevan Howard saw its revenue dive last year despite a period of double digit returns that bucked rocky markets.

Digital assets have rarely left the headlines over the past year.

Fight for the Future, a digital rights advocacy group, has posted an open letter on its website encouraging the new class of United States congresspeople to protect privacy. The letter has attracted dozens of companies and organizations as cosigners.