NY Regulator Urges Gemini to Refund $1.1B to Earn Customers
Crypto Academy
by Rea K.
14h ago
Gemini has reached an agreement with the New York Department of Financial Services (NYDFS) to refund around $1.1 billion to participants of its Gemini Earn program. This decision comes after users faced challenges withdrawing their funds coinciding with the downfall of the cryptocurrency exchange FTX. The settlement underscores Gemini’s commitment to reimbursing Gemini Earn users, who sought to capitalize on higher interest rates by committing their cryptocurrency to the program. Unfortunately, Genesis, the crypto lending platform supporting Gemini Earn, went bankrupt three months post-FTX’s c ..read more
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El Salvador Reaches $60M from Bitcoin Investments
Crypto Academy
by Rea K.
14h ago
El Salvador’s investment in Bitcoin has propelled its holdings to a staggering value exceeding $60 million USD. This financial triumph unfolds as Bitcoin’s value skyrockets, recently breaching the $61,000 USD threshold. The digital currency’s value escalated by 8.42% in just 24 hours, and over the past week, it has seen an impressive 18.60% growth. With 2,848 Bitcoins to its name, El Salvador is riding the wave of this cryptocurrency’s explosive surge. From Legal Tender to Financial Milestone Back in 2021, El Salvador blazed a trail in the cryptocurrency domain by becoming the inaugural nation ..read more
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US Government Moves $922M in BTC from Seized Bitfinex Hack
Crypto Academy
by Rea K.
14h ago
On February 28, the U.S. government took a significant step by initiating the transfer of a vast amount of Bitcoin, valued at nearly a billion dollars. This action involves Bitcoin confiscated during the 2016 Bitfinex hack, highlighting the government’s role as a major entity in the cryptocurrency space. Arkham Intelligence reports that between 18:39 and 19:55 UTC, four separate transactions were executed, moving Bitcoins from two wallets associated with the confiscated funds. The sequence of these transactions began with a modest transfer of 1 Bitcoin, valued at $60,200, signaling the commenc ..read more
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FTX, Alameda Ex-Staff Secure $17M for New Crypto Exchange Backpack
Crypto Academy
by Rea K.
14h ago
Backpack, a new crypto exchange, has successfully closed its Series A funding round, securing $17 million. This financial milestone has propelled the company’s valuation to an impressive $120 million. The funding round saw participation from notable investment firms, including Wintermute and Amber Group, marking a bold step forward in the crypto space. Backpack’s establishment comes nearly a year following the collapse of FTX, signaling a resurgence in the industry led by veterans from FTX and Alameda Research. Founding Team’s Expertise and Vision Co-founded by Armani Ferrante, a former early ..read more
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Bitfinex Hacker Admits Using Bitcoin Mixer for the $4.5 Billion Theft
Crypto Academy
by Rea K.
1d ago
Ilya Lichtenstein has recently taken the stand as a government witness in the United States’ legal battle against the crypto mixer service, Bitcoin Fog. This event marks a crucial point in the ongoing efforts by regulators in the US and the European Union to address illicit activities within the crypto space. Lichtenstein’s testimony sheds light on his use of Bitcoin Fog to hide the origins of funds he illicitly obtained from the Bitfinex exchange. Describing Bitcoin Fog as a tool that was popular on the darknet but ultimately fell short of his requirements for laundering activities, Lichtenst ..read more
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Can Sam Bankman-Fried Avoid a 100-Year Jail Term?
Crypto Academy
by Rea K.
1d ago
Sam Bankman-Fried, the founder of FTX, faces a potential life-changing verdict. With a sentencing date set for March 28, there’s widespread speculation about whether Bankman-Fried  will confront a future confined within prison walls for up to a century. This legal battle has not only captivated the crypto community but has also stirred debates far beyond it. The controversy took a more heated turn when Marc Mukasey, Bankman-Fried’s attorney, criticized the probation office’s suggestion of a 110-year sentence as excessively severe and unjust. Mukasey argues that the punishment is vastly ou ..read more
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ENS and Manifold Finance Settle eth.link Domain Dispute for $300k
Crypto Academy
by Rea K.
3d ago
The Ethereum Name Service has successfully concluded an 18-month legal dispute with Manifold Finance regarding the eth.link domain. The resolution came after the ENS’s decentralized autonomous organization members cast their votes, with a compelling 88% majority supporting a $300,000 settlement agreement. This decision allows ENS Labs to retain the rights to the crucial domain while ending the lawsuit against Manifold Finance. An Open Letter RE: Blockchain Domain Name Patents Since its founding in 2017, ENS has been a consistent and outspoken advocate of open source, open standards, and the ..read more
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HTX Withdraws Hong Kong Crypto License Bid Shortly After Filing
Crypto Academy
by Rea K.
3d ago
HTX, previously known as Huobi Global, briefly withdrew its license application in Hong Kong. This decision unfolded shortly after the submission to the Securities and Futures Commission (SFC) by HBGL Hong Kong Limited, a subsidiary of HTX, on February 23. The twist in the tale came when the company resubmitted its application a few days later, as per the SFC’s records. Mainland China’s outright ban on such activities starkly contrasts with Hong Kong’s more open approach. Since June of the previous year, Hong Kong has been welcoming applications for digital asset exchange licenses, setting a r ..read more
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Senator Cruz Opposes CBDC to Safeguard Privacy and Stop Surveillance
Crypto Academy
by Rea K.
3d ago
Five U.S. senators have launched a legislative effort to stop the Federal Reserve from issuing a CBDC. The proposed bill, known as the Central Bank Digital Currency Anti-Surveillance State Act, was introduced on February 26 by Senators Ted Cruz from Texas, Bill Hagerty from Tennessee, Rick Scott from Florida, Ted Budd from North Carolina, and Mike Braun from Indiana. Their collective action signals a formidable challenge to the Federal Reserve’s authority in this domain. The senators have voiced apprehension that the Biden administration’s interest in a CBDC might pave the way for government o ..read more
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Atlanta Federal Reserve Bank Urges Caution on Crypto Adoption
Crypto Academy
by Rea K.
3d ago
The Federal Reserve Bank of Atlanta has made headlines with its forward-looking approach towards the incorporation of cryptocurrency and other fintech innovations within the banking industry. Spearheaded by Michael S. Gibson, the Director of Supervision and Regulation, the institution is actively engaging in the discourse on CBDCs and the broader spectrum of digital currencies.  The Atlanta Fed’s announcement on February 26 sheds light on the dynamic interplay between consumer demand for cutting-edge banking services and the regulatory imperatives that govern the sector. It’s clear that t ..read more
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