BUSD Redemptions Soar Near $290 Million in 8 Hours After NYDFS Consumer Alert – Altcoins Bitcoin News

Before Paxos published a press release at 6 a.m. Eastern time Monday, the stablecoin BUSD had approximately 16.16 billion tokens in circulation. In the past eight hours, nearly $290 million has been redeemed, bringing the number of BUSD in circulation to 15.87 billion. Stablecoin BUSD Sees Increased Redemption Activity During Regulatory Scrutiny The stablecoin BUSD is experiencing increased activity on Monday as the third largest stablecoin by market capitalization has seen 286,720,127 BUSD redeemed in approximately eight hours. The increased activity began the previous day, when reports claimed the U.S.…

U.S. Lays Claim to $700 Million of Assets Linked to Bankman-Fried, FTX

Included in the property are over 55 million Robinhood shares worth about $525 million. Bought with borrowed Alameda money, those shares were at the center of a fight between Bankman-Fried, FTX Group and BlockFi. Officials are also moving to claim $171 million in cash from a series of bank accounts linked to Bankman-Fried’s web of companies. Author: Danny Nelson Source link

Cathie Wood’s ARK Continues to Buy Coinbase’s Dip, Adding $3.2 Million of COIN to Portfolio

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DWF Labs allocates $15 million to help troubled protocols via Binance’s Web3 recovery initiative

As a result of the recent turmoil in the cryptocurrency market caused by the failure of the FTX crypto exchange, several projects have taken a significant blow. In response, DWF Labs, a market maker that offers liquidity to cryptocurrency projects, along with Binance Labs funds, are assisting those initiatives that are struggling.  Notably, DWF Labs has provided an initial sum of $15 million to assist troubled protocols as part of the Web3 Industry Recovery Initiative (IRI) being led by Binance Labs, according to information obtained by Finbold through Etherscan data.…

EIB settles €100 million digital bond on private blockchain

According to a new press release on Nov. 29, the European Investment Bank, or EIB, issued a first-ever euro-denominated €100 million digital bond on a private blockchain-underpinned platform with tokenization help from Goldman Sachs. The latter, along with Société Générale Luxembourg, also act as the on-chain custodians for the financial instrument. The bond bears interest at a coupon rate of 2.57% per year with a maturity date of Nov. 29, 2024, and is governed by Luxembourger laws.  Banque de France and the Banque Centrale du Luxembourg participated in the project…

FTX Contract Deployer Unlocks 192 Million FTT, Exchange Token’s Questionable Tokenomics Highlights Red Flags – Altcoins Bitcoin News

Following the collapse of FTX and the exchange filing bankruptcy on Nov. 11, the trading platform’s exchange token called ftx (FTT) has shed 91.6% in value during the last seven days. While the FTT token’s utility is based entirely on the backing of the now-bankrupt FTX and Alameda Research, the token is still trading for $1.85 per unit. Moreover, FTT’s deployer contract surprisingly unlocked 192 million FTX tokens on Nov. 12, 2022. While a few crypto exchanges have halted FTT deposits, crypto coin aggregation sites like coingecko.com have flagged the…

Former Google ads boss raises $40 million for ‘Web3’ search startup

Google’s senior vice president of advertising and commerce Sridhar Ramaswamy Krisztian Bocsi | Bloomberg | Getty Images A top former Google executive wants to make searching the blockchain easier with his new startup. Sridhar Ramaswamy, who led the internet giant’s ad business from 2013 to 2018, has started a new company called nxyz. The venture is officially launching Wednesday after attracting investment from several top investors, he told CNBC exclusively. Armed with a rolodex of eminent Silicon Valley connections, Ramaswamy secured $40 million in funding in May to establish nxyz as…

Crypto.com Mistakenly Sent $10.5 Million to Client Instead of a $100 Refund

Crypto.com According to 7News, two Melbourne women, Manivel Thevamanogari and her sister Gangadory Thevamanogari got a AUD$10.5 million deposit from Singaporean cryptocurrency exchange Crypto.com after the latter made an error in giving a AUD$100 refund. An employee reportedly inserted an account number in the payment box instead of the return amount, resulting in an incorrect transfer to their bank account. According to court filings, the beneficiary utilized a portion of the monies to purchase a lavish property shortly after receiving them. The event happened in May 2021 but was not…

Robinhood’s Crypto Unit Fined $30 Million By New York Financial Regulator

The New York Department of Financial Services, or NYDFS, has fined Robinhood’s cryptocurrency arm $30 million for suspected anti-money laundering violations, cybersecurity, and consumer protection regulations. NYDFS Superintendent Adrienne Harris announced on Tuesday that Robinhood Crypto would pay a $30 million penalty to the state “for major violations in the areas of bank secrecy act/anti-money laundering responsibilities” and cybersecurity issues that allegedly breached New York regulations. Robinhood’s crypto subsidiary, according to Harris, will also be compelled to employ an independent consultant to examine the firm’s compliance and rehabilitation activities.  …

Variant raises $450 million for web3 projects despite crypto winter

Each “crypto winter” is different from the last, but every winter—or what non-crypto people would call a bear market—has something in common: It gives rise to a new surge of innovation. That’s why Variant, an early stage crypto-focused fund, sees great opportunity in the current state of things, its co-founders Jesse Walden and Li Jin tell Fortune. “We feel like in the next three to five years, we’re going to see a wave of really high quality projects that then drive us towards mainstream [crypto] adoption,” Jin said. Jin and…