Category Archives: Cryptocurrencies

Bankrupt crypto exchange FTX says it will be able to repay creditors full $11bn

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CEO confirms once company has sold off remaining assets it will have more than amount required

The bankrupt cryptocurrency exchange FTX has said it will be able to repay creditors the full $11bn (£8.8bn) it owes, as the boom-bust cycle repeats itself with a sharp increase in bitcoin prices.

John Ray III, who succeeded the disgraced Sam Bankman-Fried as the chief executive of FTX shortly after its collapse, said that once the exchange had sold off its remaining assets, it might have more than $16bn – well in excess of its debts.

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Sam Bankman-Fried appeals FTX fraud convictions and 25-year prison sentence

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Ex-CEO and former crypto mogul, 32, was found guilty of seven counts of fraud and conspiracy to launder money in November

Sam Bankman-Fried appealed his fraud convictions and 25-year prison sentence on Thursday.

The ex-CEO of the now-bankrupt cryptocurrency exchange was found guilty on seven counts of fraud and conspiracy to launder money in November and sentenced to more than two decades in federal prison in late March. The former crypto mogul, 32, had signaled he would contest the court’s rulings shortly after he learned of his sentence. It’s not yet clear on what grounds Bankman-Fried will argue for an appeal, which could take years.

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Australian computer scientist is not bitcoin creator Satoshi Nakamoto, high court rules

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Judge says evidence for his conclusion that Craig Wright did not create bitcoin is ‘overwhelming’

Satoshi Nakamoto, the pseudonymous creator of bitcoin, is not the Australian computer scientist Craig Wright, a high court judge has ruled, ending a fractious two-month trial in London.

In a highly unusual decision, the presiding judge, Mr Justice Mellor, issued the verdict within seconds of the case concluding, promising to issue a “fairly lengthy written judgment” in due course.

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Bitcoin price nears $73,000 in fresh record high

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Cryptocurrency rises as UK financial regulator says it will allow trading of crypto-backed securities

Bitcoin has reached a new record price of almost $73,000 (£57,000), as the UK financial regulator said it would allow the trading of cryptocurrency-backed securities.

The cryptocurrency hit a fresh high of $72,720 as of Monday evening having last week overtaken its previous November 2021 high of nearly $69,000.

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Bitcoin hits new record high above $70,000; US investor ends Currys chase – business live

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Live, rolling coverage of business, economics and financial markets as exchange-traded funds help biggest cryptocurrency rally

The European Commission’s use of Microsoft email and office software broke its own privacy rules, an EU privacy watchdog has ruled.

Microsoft’s software transferred personal data outside the EU, breaching privacy rules, according to the European Data Protection Supervisor.

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Crypto firm moved $4.2m of assets to digital wallet linked to alleged Russian arms dealer

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Analysis shows link between Copper Technologies and Jonatan Zimenkov, who was later hit with US sanctions over Ukraine invasion

A cryptocurrency firm transferred digital assets worth more than $4.2m to a crypto wallet belonging to a member of an alleged Russian arms-dealing network who was later hit with US sanctions, it can be revealed.

Details of the transactions involving Copper Technologies raise questions about whether UK laws governing crypto have adapted quickly enough to keep pace with a rapidly evolving sector that has come under increasing scrutiny over the level of anonymity it can provide.

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Craig Wright denies forging documents to support bitcoin claim

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Australian attacks qualifications of his own expert witness during testimony at high court in London

Craig Wright, the Australian computer scientist who says he invented bitcoin under the pseudonym Satoshi Nakamoto, has denied forging documents to support his claim.

In his first day of giving evidence at the high court in London on Tuesday, Wright flatly denied any forgery or falsification and attacked the qualifications of his own expert witness who found otherwise. The hearing was part of a lawsuit brought by Copa, a coalition of cryptocurrency-linked tech firms that seek to invalidate his claims.

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Three dead after being pulled from water off Phillip Island – as it happened

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This blog is now closed.

Morrison to take up separate position at Dyne Asset Management

As we brought you just earlier, Scott Morrison will be taking up a role with international advisory and consulting firm American Global Strategies after his resignation from politics late February.

Well, firstly, I think we should be quite thoughtful of which category we’re talking about for farmers. If you’re talking about fruits and vegetables, we are in material deflation and have been for about four months … That is because of demand and supply in Australia. It’s a domestic product, it’s subject to demand and supply. It is causing pain for many of those farmers. But hopefully that situation will change with regard to the new year.

… We buy directly [where we can] from farmers, and we try and smooth out the price that they get so that they can plan and manage their business effectively.

But when you look at the red meat index, it does look like it’s trending up based on what’s happening offshore. So these things do flow through …

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‘The Lord told us to’: US pastor says he stole $1m from Christians to remodel home

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Couple are charged with creating and selling their cryptocurrency, known as ‘INDXcoin’, to Christian community in Denver, Colorado

A Colorado pastor who is charged with stealing more than $1m from his Christian community in a cryptocurrency scheme has admitted to the fraud but argued that God instructed him to carry it out.

Eli Regalado and his wife, Kaitlyn, are charged with creating and selling their cryptocurrency, known as “INDXcoin”, to Christians based in their home town of Denver, Colorado, allegedly telling would-be investors that the Lord had told him people would become rich if they invested, the state’s division of securities announced in a press release on Thursday.

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FBI investigates fake tweet about bitcoin investment fund that led to price spike

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Hackers posted false news about a widely anticipated announcement that the SEC was expected to make about bitcoin

The US Securities and Exchange Commission (SEC) said Wednesday that it is working with the FBI to investigate a fake message posted on its X social media account.

On Tuesday hackers posted false news about a widely anticipated announcement that the SEC was expected to make about bitcoin, leading the cryptocurrency’s price to spike and alarming observers. An SEC spokesperson confirmed to the Guardian in a statement that the unauthorized post on the @SECGov account “was not drafted or created by the SEC”.

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SEC says ‘compromised’ account to blame for tweet approving Bitcoin ETF

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Price of bitcoin briefly spiked more than $1,000, as ETF would have given way to invest without buying outright on a crypto exchange

The Securities and Exchange Commission (SEC) said Tuesday that a post sent from the agency’s account on the social platform X/Twitter announcing the approval of a long-awaited bitcoin exchange-traded fund was “unauthorized”, and that the agency’s account had been “compromised”.

The price of bitcoin briefly spiked more than $1,000 after the post on X claimed: “The SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges.” Cryptocurrency investors had already driven bitcoin’s price above $46,000 in anticipation of the approval.

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HyperVerse crypto promoter ‘Bitcoin Rodney’ arrested and charged in US

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Internal Revenue Service alleges Rodney Burton was part of a network that made ‘fraudulent’ presentations claiming high returns for investors based on crypto-mining operations that did not exist

A promoter of the HyperVerse crypto investment scheme has been arrested and charged in the US for his alleged role in the scheme, with court documents claiming he was part of a network that made “fraudulent promotional presentations” to investors and potential investors.

Rodney Burton, who goes by the name “Bitcoin Rodney”, was arrested in Florida on Friday and remains in custody pending transfer to Maryland, where the charges were laid. He has been charged with operating and conspiring to operate an unlicensed money transmitting business.

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Asic faces questions over failure to warn consumers about HyperVerse crypto scheme

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Assistant treasurer Stephen Jones says concerns should have been raised about scheme that appeared to be selling ‘worthless investment products’

Chief executive of HyperVerse does not appear to exist

The assistant treasurer, Stephen Jones, has questioned why Australia’s consumer watchdog did not issue a consumer warning against the HyperVerse crypto investment scheme in line with a number of overseas regulators.

A Guardian Australia investigation has revealed widespread losses to the HyperVerse scheme, which escaped regulator attention in Australia despite one overseas authority warning it was a possible “scam” and another describing it as a “suspected pyramid scheme”.

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Sam Bankman-Fried will not face second trial after multibillion-dollar crypto fraud conviction

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US prosecutors say ‘strong public interest’ in prompt resolution of case against 31-year-old outweighs benefits of second trial

US prosecutors say they do not plan to conduct a second trial against Sam Bankman-Fried, who was convicted last month of stealing from customers of his now-bankrupt FTX cryptocurrency exchange.

In a letter filed on Friday night in federal court in Manhattan, prosecutors said the “strong public interest” in a prompt resolution of their case against the 31-year-old former billionaire outweighed the benefits of a second trial.

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‘They are so convincing’: Vera Gazzard lost her life savings to HyperVerse

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Australians who were convinced to put money into the Hyper group investment schemes say no one has been held to account for their losses

Geelong woman Vera Gazzard had plans for her $50,000 in savings. Elective surgery was on the list, as was help for her daughter who was expecting a second child.

But when an acquaintance recommended an investment opportunity called HyperVerse offering daily returns of 0.5% she jumped at the opportunity.

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Digital pound should not be considered until risks addressed, MPs warn

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Treasury select committee highlights concerns over data privacy and increased possibility of bank runs

The idea of creating a digital pound should not even be considered until the UK government and Bank of England address concerns over data privacy and the increased risk of bank runs, a parliamentary committee has warned.

MPs on the Treasury select committee said that while it was true that the rollout of a central bank digital currency could trigger fresh innovation and competition in the payments sector, serious questions remained about whether the positive effects outweighed the risks and costs.

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Cristiano Ronaldo faces US$1bn lawsuit for promoting Binance NFTs

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Class-action lawsuit alleges footballer’s promotion of world’s largest cryptocurrency exchange was ‘deceptive and unlawful’

Cristiano Ronaldo has been hit with a class-action lawsuit seeking at least $US1bn in damages for his role in promoting cryptocurrency-related “non-fungible tokens,” or NFTs, issued by the beleaguered cryptocurrency exchange Binance.

The lawsuit filed in federal court in the Southern District of Florida on Monday alleges the footballer’s promotion of Binance was “deceptive and unlawful”.

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Crypto giant Binance admits to money laundering and agrees to pay $4.3bn

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CEO Changpeng Zhao will resign and pay a $50m individual fine as part of a plea deal with the US Justice Department

Changpeng Zhao, founder of Binance, the world’s largest cryptocurrency exchange, agreed to resign from the company and plead guilty to money laundering on Tuesday.

As part of a guilty plea, Zhao agreed to pay a $50m fine and would be barred from any involvement in the business. Binance too agreed to plead guilty, accept the appointment of a monitor and pay a criminal fine of nearly $1.81bn as well as a $2.51bn order of forfeiture to settle three criminal charges. The US Justice Department had charged the company with conducting an unlicensed money transmitting business, a conspiracy charge and violating the International Emergency Economic Powers Act.

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Ex-minister Gavin Williamson warned as he takes job at payment card provider

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Advisory committee on business appointments tells MP he must not utilise contacts in government in Lanistar role

The former cabinet minister Gavin Williamson has taken a job at a firm launching a payment card “built for the influencer lifestyle”, which was previously hit with a consumer warning by the Financial Conduct Authority (FCA) and currently only offers its product in Brazil.

Williamson has gained permission to join the advisory board of Lanistar, whose website says it wants to roll out its virtual payment card and crypto services to the UK and EU.

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Was crypto on trial with Sam Bankman-Fried?

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Binance and Coinbase are under investigation – but Bitcoin was trading at highest value in a year as FTX founder convicted of fraud

As the trial of the former crypto star and FTX founder Sam Bankman-Fried began last month, headlines declared cryptocurrency was on trial too.

But when Bankman-Fried was found guilty on seven counts of wire fraud and money-laundering conspiracy Thursday evening, after less than five hours of jury deliberations, Bitcoin was trading at its highest price in a year.

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