FTX transferred $2.2B to Sam Bankman-Fried, new management says
Sam Bankman-Fried reportedly had received more than $2 billion from FTX entities, according to court filings made by the new management of the cryptocurrency exchange.
FBI arrests exiled Chinese social media mogul in alleged $1B fraud scheme used to fund luxurious NYC lifestyle
The FBI arrested exiled Chinese businessman Ho Wan Kwok, also known as "Miles Guo," in an alleged $1 billion fraud scheme used to fund his luxurious lifestyle in the New York City area.
Signature Bank faced criminal probe before firm’s collapse
Regulators were reportedly looking into Signature Bank prior to the firm being shutdown over the weekend.
How Silicon Valley Bank got burned
Customers were shut out after the FDIC seized Silicon Valley Bank on Friday, but regulators say funds will be available on Monday for insured customers.
Crypto firm Circle has $3.3B exposure to Silicon Valley Bank
The cryptocurrency firm Circle says that $3.3 billion of its $40 billion USD Coin reserves are held by Silicon Valley Bank, a lender that was shutdown on Friday.
Sam-Bankman Fried faces revoked bail as judge wonders about communication restrictions
The judge worried about whether restrictive communications for Sam Bankman-Fried would be sufficient, concerns that raised questions about if he could have his bail revoked as he awaits the trial.
Silicon Valley Bank shares plunge, Ackman advises government bailout
Silicon Valley Bank is fighting for survival as investors jump ship threatening the future of one of venture capital's most prominent financial firms.
SVB sinks wiping $61B in market value off bank stocks
Silicon Valley Bank lost over half its value after investors bailed on the shares following plans for a large capital raise.
U.S. crypto exchanges could face possible class-action lawsuit
Securities lawyer Tom Grady, known as one of the nation’s leading investment fraud attorneys, is preparing for potential litigation against the nation’s biggest crypto exchanges
Bitcoin slides on Silvergate fallout
The price of bitcoin is down on Thursday after another cryptocurrency exchange, Silvergate Capital, prepares to liquidate following a $1B quarterly loss and dip in digital asset demand.
Silvergate Capital winding down business; will voluntarily liquidate
Silvergate Bank will be wound-down and liquidated, the California-based Silvergate Capital said Wednesday. Speculation about its status had arisen last week.
White House watching Silvergate in crypto fallout
White House press secretary Karine Jean-Pierre said in her Monday briefing the Biden Administration has its eyes on Silvergate after the California crypto bank delayed its annual report and announced the shuttering of its exchange network last week.
FTX: Alameda Research sues Grayscale Investments in effort to recover funds
Bankrupt cryptocurrency exchange FTX announced Monday that its sister company Alameda Research has sued Grayscale Investments to obtain more funds for customers.
Apple investor day, Powell testimony, jobs report top week ahead
Retail earnings, jobs data, Disney CEO Bob Iger speaking and Apple's investor day lead a busy week ahead for investors.
Bitcoin hits two week low, Silvergate unravels
Bitcoin’s price on Friday at one point marked a two-week low for the cryptocurrency, with it later selling at roughly $22,300 in the afternoon.
FTX fallout hits Silvergate, bitcoin
Silvergate has delayed its annual report with the Securities and Exchange Commission after reporting a $1 billion loss for fourth quarter and is now concerned about ability to operate.
Slimmed-down crypto legislation coming in April: senators Lummis, Gillibrand
Senators Lummis and Gillibrand expect to a “slimmed-down” but “stronger” version of their prior cryptocurrency legislation to the Senate some time in April.
Investors pull around $6 billion out of Binance's stablecoin
Binance USD, Binance's stablecoin pegged to the US dollar has seen outflows equivalent to more than 1/3 its market cap as regulatory pressure scares investors away.
Cryptocurrency consumer advocacy group rallies retail investors to push back on SEC crackdown
Crypto investors say the SEC is engaging in regulation by enforcement, which they say is having a negative impact on customers and are calling on Congress to provide clarity.
FTX co-founder Nishad Singh pleads guilty to fraud charges
Nishad Singh, the former director of engineering and a co-founder of Sam Bankman-Fried's bankrupt cryptocurrency exchange FTX, pleaded guilty Tuesday to six criminal charges.
What is Cryptocurrency?
Cryptocurrency, or crypto, is a form of digital asset that is secured by cryptography and the blockchain. The most notable example of a cryptocurrency is bitcoin, though thousands of other similar assets exist. Cryptocurrencies are regarded by many as the money tech of the future due to their accessibility and un-censorable nature.
How do cryptocurrencies work?
Cryptocurrency networks, or blockchains, are independently verified by a matrix of computers that record all transactions and ensure a consensus throughout the chain. This means that all network information is recorded immutably and permanently; transactions cannot be prevented, blocked, or changed. Network participants can thus trust each other and transact without the need for a centralized intermediary.
How can I buy a cryptocurrency?
There are many markets for cryptocurrencies where you can exchange USD for the cryptocurrency of your choice. These include centralized exchanges and services such as Coinbase and PayPal, or decentralized alternatives like UniSwap where you can swap between crypto-assets. To use a centralized exchange, you’ll need to submit personal information such as your passport or driver's license. Note that the price of digital assets can change rapidly, so timing your purchases well is essential.
Where can I keep my crypto coins?
Cryptocurrencies can usually be held with the exchange or business you bought them from. However, as these exchanges can be hacked, it is advisable to move your assets to your own personal wallet. These wallets are more secure and can be accessed from your laptop, phone, or other mobile devices.
What can I buy with crypto?
Real work adoption of crypto is still ongoing. However, more businesses are accepting crypto and you can buy goods and services as diverse as real estate, stocks, travel, gambling, websites, and much more. This trend should continue over time as cryptocurrencies become better known, accepted and trusted.
Pros and cons of investing in a cryptocurrency
You may have read the news that crypto has broken all-time highs recently. This is the main advantage, that we are early in the asset’s history and prices have generally gone rapidly upwards. However, you should be aware that volatility is significant and you can similarly lose money quickly if your timing is poor. Security is also a major issue and you must ensure you secure your crypto and transactions well or you could become a victim of theft or fraud.