Crypto Winter | FinTelegram News

Category: Crypto Winter

March 23, 2023

Montenegro Interior Minister Announced Arrest Of Terra-Luna Founder Do Kwon!

Do Kwon, the co-founder of the failed TerraUSD stablecoin, has been arrested in Montenegro after months of hiding, Montenegro Interior Minister Filip Adzic said on Twitter. The suspect was detained in the airport of the country’s capital of Podgorica with false documents. In September, South Korean authorities issued a warrant for Kwon’s arrest in September. The U.S. Justice Department is investigating the collapse of TerraUSD, WSJ reports.

October 9, 2022

MoonPay Goes Brazil And Signes Sponsorship Agreement Despite Depressive Crypto Environment!

Amid Crypto Winter, the crypto exchange MoonPay, with a reported valuation of $3.4 billion, announced a new sponsorship agreement with Clube de Regatas do Flamengo, one of Brazil’s largest soccer clubs. The Campeonato Serie A club has signed a wide-ranging agreement. The deal, brokered by Sportfive agency, aims to boost Flamengo’s revenues and fan engagement by leveraging NFTs and Web3 to support its ticketing, marketing, merchandise, and social and digital media.

August 18, 2022

Troubled Crypto Broker Genesis Loses CEO And Fires 20% Of Its Workforce.

The New York-based digital asset brokerage and crypto lender Genesis Global Trading Inc. (www.genesistrading.com) announced that CEO Michael Moro is stepping down. Genesis COO Derar Islim will take over as interim CEO. Furthermore, WSJ reports that the company plans to fire 20% of its workforce. During the 2021 crypto bull run, the company's loan originations surged more than sevenfold to $131 billion, and the company increased its headcount by 22% to 260. A cut of 20% equates to the loss of about 52 jobs.

August 17, 2022

Next In Line: Singapore Crypto Lender Hodlnaut Filed For Creditor Protection!

Last week, distressed crypto lending platform Hodlnaut suspended deposits and withdrawals. The Singapore-based start-up blamed “current market conditions.” In a blog post on 16 Aug 2022, Hodlnaut Pte Ltd announced that it applied with the Singapore High Court to be placed under judicial management to provide them the best chance of recovery. Hodlnaut wants to avoid a forced liquidation of their crypto assets at these current depressed asset prices.

July 16, 2022

Struggling Crypto Exchange CoinFLEX Allows Partial Withdrawals!

CoinFLEX froze withdrawals three weeks ago due to an alleged loss with its client, the so-called Bitcoin Jesus Roger Ver. The crypto exchange announced that it had launched legal proceedings in Hong Kong to reclaim its $84 million from the Bitcoin Jesus. FinTelegram reported here. The Crypto Winter and its aftermath, along with the Roger Ver case, have apparently led CoinFLEX into a severe liquidity crisis, and it is unclear if or when this can be resolved. However, the crypto exchange announced that it is partially reopening user withdrawals. Stay very cautious!

July 14, 2022

Expected! Crypto Lender Celsius Initiated Chapter 11 Bankruptcy Proceedings!

This move was expected. The collapsed crypto lender Celsius Network announced that it initiated voluntary Chapter 11 proceedings to restructure and stabilize its business "that maximizes value for all stakeholders." To implement the restructuring, the Company and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York.

OpenAI Closes $6.6 Billion Funding at $157 Billion Valuation, Nearly Doubling its Valuation!

The AI pioneer OpenAI under Sam Altman closed its long-awaited funding round, announcing that it raised $6.6 billion at a $157 billion post-money valuation. OpenAI’s $157 billion valuation underscores its AI dominance, yet losses loom large. Will Thrive Capital, Microsoft, and Nvidia’s backing help steer the ship through the challenges ahead? Stay tuned for more.

High-Profile Maltese Money Laundering & Corruption Case Continues with Keith Schembri Challenging Forensic Expert’s Impartiality!

Keith Schembri, former Chief of Staff of the Maltese Prime Minister, is accused of money laundering and corruption. His legal team has requested that forensic expert Samuel Sittlington, Police Commissioner Angelo Gafa, and former Deputy Commissioner Alexandra Mamo testify to clarify alleged negotiations for consultancy services during the investigation. The defense calls into question the expert’s independence, further complicating an already contentious trial.

Circle Joins U.S.-Led Initiative to Combat Illicit Finance in Virtual Assets!

Erik Rosenblatt, a senior leader at US stablecoin issuer Circle, will represent the company on the Illicit Virtual Asset Network (IVAN) board. Prior to joining Circle, Rosenblatt spent over two decades as a special agent with the U.S. Department of Homeland Security and the U.S. Department of the Treasury. As part of IVAN, Circle will have a voting role in determining the network's priorities and membership.

Evil Corp: A Comprehensive Report on Russia’s Family-Driven Cybercriminal Organization!

The U.S. Department of Justice and Department of Treasury have taken significant action against Evil Corp, a Russia-based cybercriminal group responsible for developing and distributing malware that has stolen over $100 million from banks and financial institutions across 40 countries. Evil Corp appears to operate as a family enterprise, with multiple family members involved.

Good News For Crypto: SEC Enforcement Director Gurbir S. Grewal Steps Down After Impactful Tenure!

The U.S. Securities and Exchange Commission (SEC) is set to experience a significant leadership change as Enforcement Director Gurbir S. Grewal announces his departure. Grewal oversaw a period of heightened regulatory activity specifically targeting the crypto sector. Under his leadership, the SEC Filed high-profile lawsuits against major cryptocurrency exchanges, including Binance and Coinbase.