The crypto Travel Rule, which came into effect on Sept. 1, aims to stop anti-money laundering and counter-terrorist financing activities carried out on-chain.
Category: customer funds
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Crypto custodian Prime Trust files for Chapter 11 bankruptcy
The crypto custodian’s bankruptcy comes as it’s been unable to honor customer withdrawals for months.
FTX Boss Ryan Salame’s Maryland Home Searched by FBI in Unexplained Raid
According to unnamed sources, the home of Ryan Salame, the former co-chief executive of FTX Digital Markets, was searched by the U.S. Federal Bureau of Investigation (FBI) on Thursday. The grounds for the raid remain unknown, and neither Salame nor his legal representative have offered any statement concerning the situation. FBI Conducts Mysterious Search on […]
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FTX Finds $7.3 Billion in Liquid Assets; Lawyers Consider Rebooting Shuttered Crypto Exchange
FTX debtors revealed during a hearing on April 12th that the restructuring team has collected $7.3 billion in liquid assets. The exchange is currently considering a relaunch, according to a lawyer representing the defunct cryptocurrency exchange. Following the announcement, the exchange’s token, FTT, increased by over 70%, rising from $1.30 to $2.35 per unit. Lawyers […]
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Circle Partners With Cross River Bank, Handful of US ‘Crypto-Friendly’ Banks Remain; Okcoin Suspends USD Deposits
Circle Financial, the issuer of the stablecoin USDC, is partnering with Cross River Bank after its former settlement partner, Signature Bank, was closed by New York regulators, according to a statement from CEO Jeremy Allaire. “The 1:1 redeemability of all USDC in circulation is of paramount importance to Circle,” Allaire emphasized. Crypto Firms Scramble for […]
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Former FTX Director Pleads Guilty to Charges of Fraud, Money Laundering, and US Campaign Finance Violations
Roughly 11 days ago, it was reported that Nishad Singh, the former director of engineering at FTX, was working with federal prosecutors to arrange a plea deal. On Tuesday, Singh pleaded guilty to criminal charges and stated, “I am unbelievably sorry for my role in all of this.” Singh Cooperating With Authorities in FTX Investigation; […]
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Stanford Alumni Revealed as Co-Signers of FTX Co-Founder’s $250M Bond
According to the latest court documents in the fraud case involving former FTX CEO Sam Bankman-Fried in Manhattan, the New York judge presiding over the case unsealed the co-signers of Bankman-Fried’s bond on Wednesday. The names of the two bail bond co-signers that were previously redacted from court documents are Stanford University alumni Larry Kramer […]
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NYDFS Releases Guidance on Importance of Segregation and Separate Accounting for Customer Funds in Crypto Industry
On Monday, the New York Department of Financial Services (NYDFS) published guidance on custodial structures to help protect customers’ money if a crypto firm goes bankrupt. New York’s top financial regulator stressed that businesses should not commingle customer funds and that customer funds should be segregated with separate accounting. FTX Collapse Prompts NYDFS to Issue […]
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Former FTX US President lashes out at ‘insecure’ SBF in 49-part Twitter thread rant
Harrison said Bankman-Fried threatened to fire him on the spot and would destroy his professional reputation if he continued to confront the former FTX CEO.
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US Feds put together ‘FTX task force’ to trace stolen user funds
United States Attorney Damian Williams said the office is working “around the clock” to respond to the implosion of FTX.
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