Crypto

Silvergate to wind down operations

Published

3 weeks ago

March 9, 2023

ticker NEWS

The crypto-focused Bank believes this is the best path forward

Crypto-focused bank Silvergate has revealed it plans to wind down operations and voluntarily liquidate.

This is on the back of the collapse of the FTX exchange late last year.

The bank has been evaluating its ability to operate as a growing concern, admitting it had sold off debt assets, and wasn’t well capitalised going forward.

“In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best path forward,” a statement from the Bank said.

Several crypto exchanges cut ties with Silvergate last week, including Coinbase and Galaxy Digital.

As it stands, the bank liquidation plan includes a full repayment of deposits.

Crypto

Celebrities busted over illegal crypto scheme

Published

5 days ago

March 24, 2023

ticker NEWS

Agreements have been settled without admitting guilt

Eight celebrities have been busted over allegations they’ve been participating in an illegal crypto scheme.

The stars, including Lindsay Lohan, Logan Paul and Soulja Boy, were all charged following an investigation by the U.S. Securities and Exchange Commission.

Lohan and Paul have reportedly settled the matter without admitting guilt.

But, regardless, it’s just another bad look for the already embattled crypto industry.

Crypto

Crypto fugitive Do Kwon arrested in Montenegro

Published

5 days ago

March 24, 2023

ticker NEWS

He was carrying falsified documents at an airport

One of the world’s most wanted crypto fugitives has been arrested in Montenegro.

It’s a long way from home for South Korean entrepreneur Do Kwon, who’s accused of orchestrating a multi-billion-dollar fraud scheme.

Kwon was connected to the TerraUSD stablecoin, which saw $40 billion erased from its holders.

He was reportedly arrested at an airport after carrying falsified documents.

It follows a red notice being issued by South Korea last September.

Crypto

SEC sues Jake Paul over paid crypto promotions

Published

6 days ago

March 23, 2023

ticker NEWS

The issue is linked to Tron founder Justin Sun

The U.S. Securities and Exchange Commission (SEC) is suing YouTube personality Jake Paul over a promotion of cryptocurrencies linked to Tron founder Justin Sun.

The SEC is accusing Paul of a paid promotion of assets without disclosing those payments to the public.

Other celebrities such as Lindsay Lohan, Ne-Yo and Akon and are also being investigated for their involvement.

Meanwhile, the SEC is going after Sun for potential fraud and market manipulation.