Coinbase tumbles after SEC warns of securities violations
March 23, 2023 GMTShares of Coinbase tumbled 15% Thursday after the cryptocurrency trading platform received a warning from the Securities and Exchange Commission that it could face securities charges.
The cryptocurrency trading platform said in an SEC filing late Wednesday that it had received a Wells Notice from the agency, which indicates that regulators believe laws protecting investors were violated.
FTX’s Bankman-Fried faces new charges in updated indictment
February 23, 2023 GMTNEW YORK (AP) — FTX founder Sam Bankman-Fried faced new fraud charges Thursday, as prosecutors accused him of cheating thousands of investors out of billions of dollars while casting himself as a trustworthy ”savior of the cryptocurrency industry" — an image boosted by celebrity-studded Super Bowl advertising and big donations to political figures.
FTX founder’s bail signatories include 2 family friends
February 16, 2023 GMTNEW YORK (AP) — Two Stanford University academics signed on to FTX founder Sam Bankman-Fried’s $250 million bail package, enabling him to live with his parents while awaiting trial on fraud charges, court papers revealed Wednesday.
Year after ‘Crypto Bowl,’ crypto ads vanish from big game
February 10, 2023 GMTNEW YORK (AP) — How the mighty have fallen.
Cryptocurrency companies grabbed the spotlight during the 2022 Super Bowl, with commercials from a handful of newcomers to advertising’s biggest stage: FTX, Coinbase, Crypto.com and eToro.
Insider Q&A: Lone Star Credit Union CEO on cryptocurrencies
February 6, 2023 GMTNEW YORK (AP) — Credit unions have been dipping their toes into cryptocurrency over the past year. The timing largely coincided with the “crypto winter” that saw digital coins plunge in value and numerous exchanges and lenders collapse.
Cryptocurrency fraud scheme lands man 8 years in prison
February 1, 2023 GMTBOSTON (AP) — The founder of a cryptocurrency and virtual payment services company who authorities say cheated dozens of investors out of about $7.5 million, which he used to buy a house, cars, jewelry, and other luxuries, has been sentenced to more than eight years in prison.
FTX creditors list includes more than 50 Hong Kong institutions, including regulators HKMA and SFC
January 28, 2023 GMTA broad list of potential creditors to collapsed cryptocurrency exchange FTX includes more than 50 Hong Kong entities, with two government bodies that regulate virtual assets, in a display of the one-time crypto giant's extensive reach.
A ‘crypto spring’? Asia’s digital-asset champions hold out hope for a rebound
January 28, 2023 GMTFor Asia's doyens of digital assets, the quandary is as clear as it is daunting: how to restore faith in cryptocurrencies and spin-offs like non-fungible tokens (NFTs) as their value tanks, while also convincing investors a new financial order is better than the previous unequal, corrupt system.
Wyoming crypto bank’s Federal Reserve application denied
January 27, 2023 GMTCHEYENNE, Wyo. (AP) — The Federal Reserve Board has denied a Wyoming cryptocurrency bank's application for Federal Reserve System membership, officials announced Friday, dealing a setback to the crypto industry's attempts to build acceptance in mainstream U.S.
El Salvador says it paid maturing $800 million bond
January 24, 2023 GMTSAN SALVADOR, El Salvador (AP) — El Salvador has repaid one of two outstanding $800 million bonds, the country's treasury minister announced, pushing back worries the government could default amid its decision to make the volatile cryptocurrency bitcoin legal tender.
Crypto firms acted like banks, then collapsed like dominoes
January 24, 2023 GMTNEW YORK (AP) — Over the past few years, a number of companies have attempted to act as the cryptocurrency equivalent of a bank, promising lucrative returns to customers who deposited their bitcoin or other digital assets.
Winklevoss twins, Genesis target of SEC crypto crackdown
January 13, 2023 GMTNEW YORK (AP) — The Securities and Exchange Commission went after two prominent companies in the crypto community, alleging that Genesis Global Capital and the crypto exchange Gemini were selling unregistered securities through a popular program that was supposed to give high interest payments on crypto deposits.
Another round of Coinbase job cuts, 20% of workforce let go
January 10, 2023 GMTNEW YORK (AP) — Cryptocurrency trading platform Coinbase is cutting approximately 20% of its workforce, or about 950 jobs, in a second round of layoffs in less than a year.
The company cited adverse economic conditions and disruptions within cryptocurrency markets.
‘The money is gone’: Bahamas tries to turn page after FTX
January 8, 2023 GMTNASSAU, Bahamas (AP) — Dressed in a canary blue suit on a warm December night, sweat dripping from his brow, Bishop Lawrence Rolle belts out the lyrics to his latest hit song for the hundreds of children and adults gathered to celebrate Christmas.
NY sues over alleged fraud at failed crypto lender Celsius
January 5, 2023 GMTNEW YORK (AP) — The former CEO of the failed cryptocurrency lending platform Celsius Network misled investors, leading them “down a path of financial ruin," New York Attorney General Letitia James said Thursday in a lawsuit against Alex Mashinsky that seeks to ban him from doing business in the state.
Judge kept FTX execs’ plea deals secret to get founder to US
December 23, 2022 GMTNEW YORK (AP) — A judge kept secret that two of Sam Bankman-Fried’s closest associates had turned against him so the cryptocurrency entrepreneur wouldn’t get spooked and fight extradition from the Bahamas, according to court transcripts made public Friday.
Wyoming bullishly courts crypto, even after collapse of FTX
December 21, 2022 GMTCHEYENNE, Wyo. (AP) — Software engineer Jae Yang got a lot of questions from friends when he moved from Silicon Valley with plans to launch his cryptocurrency exchange not in the up-and-coming urban crypto hubs of Miami or Austin, Texas, but the windswept plains of southeastern Wyoming.
Cuban artists blocked from once-promising NFT trading sites
December 20, 2022 GMTHAVANA (AP) — When everything seemed to be going wrong, Cuban multimedia artist Alejandro Pablo García Alarcón found a solution in what some might consider an unusual place: NFTs.
Artists like him have been dealt multiple blows in recent years: The pandemic wreaked havoc on Cuba’s tourism sector, sending art sales plummeting.
FTX founder agrees to extradition to US, attorney says
December 19, 2022 GMTSam Bankman-Fried may be ready to come to the U.S. to face criminal charges related to the collapse of cryptocurrency exchange FTX following a chaotic court appearance in the Bahamas.
A lawyer for Bankman-Fried was quoted as saying Monday the disgraced FTX founder has agreed to be extradited to the United States.
Senate crypto hearing yields big claims, possible regulation
December 14, 2022 GMTWhether increased regulation would have prevented the spectacular collapse of cryptocurrency exchange FTX was fiercely debated at a hearing of the Senate’s banking committee Wednesday.
FTX founder charged in scheme to defraud crypto investors
December 14, 2022 GMTNEW YORK (AP) — The U.S. government charged Samuel Bankman-Fried, the founder and former CEO of cryptocurrency exchange FTX, with a host of financial crimes on Tuesday, alleging he intentionally deceived customers and investors to enrich himself and others, while playing a central role in the company's multibillion-dollar collapse.
New FTX CEO says lax oversight, bad decisions caused failure
December 13, 2022 GMTWASHINGTON (AP) — Sam Bankman-Fried, founder and former CEO of the failed cryptocurrency exchange FTX, helped 1,500 Bahamian investors remove $100 million from their accounts while other customers around the world were locked out of the exchange, according to the company's new CEO, who testified before a House committee Tuesday
Ex-FTX CEO Bankman-Fried says he will testify to Congress
December 9, 2022 GMTThe former CEO of the failed cryptocurrency exchange FTX said in a tweet Friday that he is willing to testify to Congress next week, but that he will be limited in what he can say and that he “won't be as helpful” as he'd like to be.
Review: The digital sleuths who demystified cryptocurrency
December 5, 2022 GMT“Tracers In The Dark" by Andy Greenberg (Doubleday)
The year was 2011. Cryptocurrency was a little-understood novelty, and Sen. Chuck Schumer called a news conference to vent outrage over a one-stop online shop for illegal drugs whose technology made sellers “virtually untraceable.”
El Salvador to repurchase more of its debt
November 30, 2022 GMTSAN SALVADOR, El Salvador (AP) — El Salvador’s government announced Tuesday that it will make a second buyback of its sovereign debt bonds maturing in 2023 and 2025 as it tries to calm market concerns that it could default on its debt.
BlockFi files for bankruptcy, latest crypto company to fail
November 28, 2022 GMTCryptocurrency lender BlockFi filed for Chapter 11 bankruptcy protection Monday, the latest casualty of the collapse of crypto exchange FTX.
Fidelity Charitable launches NFT raffle amid crypto downturn
November 28, 2022 GMTNEW YORK (AP) — Fidelity Charitable is getting into NFTs, the digital images that are registered on the blockchain, despite a torrent of bad news from the adjacent world of cryptocurrencies.
$740M in crypto assets recovered in FTX bankruptcy so far
November 23, 2022 GMTNEW YORK (AP) — The company tasked with locking down the assets of the failed cryptocurrency exchange FTX says it has managed to recover and secure $740 million in assets so far, a fraction of the potentially billions of dollars likely missing from the company's coffers.
Business Highlights: Slower rate hikes, holiday deals
November 23, 2022 GMT___
Most Fed officials at last meeting backed slower rate hikes
WASHINGTON (AP) — Most Federal Reserve officials at their last meeting favored reducing the size of their interest rate hikes “soon’’— just before raising their benchmark rate by a substantial three-quarters of a point for a fourth straight time.
NY gov signs novel law that limits cryptomining, for now
November 23, 2022 GMTALBANY, N.Y. (AP) — New York is taking a first-in-the-nation step to tap the brakes on the spread of cryptocurrency mining, under legislation that Gov.
US: 2 Estonians arrested in $575M cryptocurrency fraud
November 22, 2022 GMTSEATTLE (AP) — Police in Estonia have arrested two men accused in a $575 million cryptocurrency fraud, U.S. authorities said Monday.
Exec who cleaned up Enron calls FTX mess ‘unprecedented’
November 17, 2022 GMTNEW YORK (AP) — The man who had to clean up the mess at Enron says the situation at FTX is even worse, describing what he calls a “complete failure” of corporate control.
The filing by John Ray III, the new CEO of the bankrupt cryptocurrency firm, lays out a damning description of FTX’s operations under its founder Sam Bankman-Fried, from a lack of security controls to business funds being used to buy employees homes and luxuries.
Size, scope of FTX failure gets clearer as users fear worst
November 16, 2022 GMTNEW YORK (AP) — Just days after cryptocurrency's third-largest exchange collapsed, the public is starting to get an idea of how messy FTX's bankruptcy case could be.
Business Highlights: Google settlement, Crypto rescue fund
November 14, 2022 GMT___
40 states settle Google location-tracking charges for $392M
HARTFORD, Conn. (AP) — Google has agreed to a $391.5 million settlement with 40 states to resolve an investigation into how the company tracked users’ locations.
FTX bankruptcy also endangers founder’s philanthropic gifts
November 14, 2022 GMTNEW YORK (AP) — The rapid collapse of cryptocurrency exchange FTX into bankruptcy last week has also shaken the world of philanthropy, due to the donations and influence of FTX founder Sam Bankman-Fried in the “effective altruism” movement.
Binance proposes fund to save crypto from future failures
November 14, 2022 GMTNEW YORK (AP) — Cryptocurrency exchange giant Binance is proposing the creation of a rescue fund that would save otherwise healthy crypto companies from failure, aiming to stave off the cascading effects of last week's implosion of FTX, the world's third-largest crypto exchange.
Sam Bankman-Fried’s downfall sends shockwaves through crypto
November 14, 2022 GMTNEW YORK (AP) — Sam Bankman-Fried received numerous plaudits as he rapidly achieved superstar status as the head of cryptocurrency exchange FTX: the savior of crypto, the newest force in Democratic politics and potentially the world’s first trillionaire.
Sam Bankman-Fried’s downfall sends shockwaves through crypto
November 14, 2022 GMTNEW YORK (AP) — Sam Bankman-Fried received numerous plaudits as he rapidly achieved superstar status as the head of cryptocurrency exchange FTX: the savior of crypto, the newest force in Democratic politics and potentially the world’s first trillionaire.
EXPLAINER: What’s happening at bankrupt crypto exchange FTX?
November 14, 2022 GMTThe imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run.
Funds vanish at bankrupt crypto exchange FTX; probe underway
November 13, 2022 GMTNEW YORK (AP) — Collapsed cryptocurrency trading firm FTX confirmed there was “unauthorized access” to its accounts, hours after the company filed for Chapter 11 bankruptcy protection Friday.
The embattled company’s new CEO John Ray III said Saturday that FTX is switching off the ability to trade or withdraw funds and taking steps to secure customers’ assets, according to a tweet by FTX’s general counsel Ryne Miller.
Crypto exchange giant FTX collapses, files for bankruptcy
November 12, 2022 GMTNEW YORK (AP) — It took less than a week for FTX to go from the third-largest cryptocurrency exchange in the world to bankruptcy court.
The embattled cryptocurrency exchange, short billions of dollars, sought bankruptcy protection after the exchange experienced the crypto equivalent of a bank run.
Business Highlights: FTX collapses; Imposters flood Twitter
November 11, 2022 GMT___
Crypto exchange giant FTX collapses, files for bankruptcy
NEW YORK (AP) — Embattled cryptocurrency exchange FTX, short billions of dollars, is seeking bankruptcy protection following its collapse this week.
AP source: US authorities investigate crypto exchange FTX
November 10, 2022 GMTNEW YORK (AP) — The swift collapse of cryptocurrency exchange FTX sent more shockwaves through the crypto world on Thursday, with authorities now investigating the firm for potential securities violations and analysts bracing for a further downturn in crypto prices.
Cryptocurrencies plunge as Binance scraps deal for rival FTX
November 10, 2022 GMTNEW YORK (AP) — Cryptocurrency prices plunged for a second-straight day after crypto exchange Binance said it was pulling out of a deal to purchase failing rival FTX Trading.
Bitcoin sank to a two-year low after Binance confirmed earlier rumors and news reports that it was ready to back out of the FTX deal, struck between the CEOs of the two exchanges on Tuesday.
Crypto exchange Binance to buy rival FTX in apparent bailout
November 8, 2022 GMTNEW YORK (AP) — The cryptocurrency exchange Binance said it plans to buy its rival FTX Trading, in the latest example of how fortunes can change rapidly in the crypto world.
Binance CEO Changpeng Zhao said on Twitter Tuesday that his company had signed a letter of intent to buy FTX because the smaller exchange was experiencing a “significant liquidity crunch.” The deal was pending due diligence, Zhao said on Twitter.
Binance crypto exchange hit by latest digital currency hack
October 7, 2022 GMTBinance, the world’s largest cryptocurrency exchange, may have lost more than $100 million following a hack of its Binance Smart Chain blockchain network.
A reddit post by Binance discussing the incident said that the company temporarily suspended transactions and the transfer of funds after detecting an exploit between two blockchains, a method of digital theft that has been used recently in at least one other major hack.
Top US regulators say crypto poses financial stability risks
October 3, 2022 GMTWASHINGTON (AP) — Top regulators on Monday recommended a series of new safeguards to ensure that a growing and unregulated cryptocurrency market doesn’t imperil U.S. financial stability.
Among seven major recommendations, regulators called on Congress to pass legislation that would address the systemic risks caused by the growth of stablecoins, which are a form of cryptocurrency pegged to the price of another financial asset, like the U.S.
Fed’s Powell urges broader regulation for stablecoins
September 27, 2022 GMTWASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Tuesday that stablecoins will need greater regulation as they become more widely used by consumers.
S. Korea requests Interpol’s help in Terraform Labs probe
September 20, 2022 GMTSEOUL, South Korea (AP) — South Korean prosecutors have asked Interpol to issue a fugitive alert for the founder of Terraform Labs as they investigate a $40 billion crash of the firm’s cryptocurrency that devastated retail investors around the world.
Treasury recommends exploring creation of a digital dollar
September 16, 2022 GMTWASHINGTON (AP) — The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar, saying it would help reinforce the U.S.
EXPLAINER: Ethereum is ditching its ‘miners.’ Why?
September 15, 2022 GMTSAN FRANCISCO (AP) — A complex software change to the cryptocurrency ethereum holds the potential to dramatically reduce its energy consumption — and resulting climate-related pollution. But the transition known as "the merge" is not going to do the trick by itself.
House panel calls for cryptocurrency fraud oversight
August 30, 2022 GMTWASHINGTON (AP) — A House oversight subcommittee asked regulators and industry leaders on Tuesday to explain what they are doing to stop cryptocurrency fraud and other scams perpetrated on consumers.
Crypto firms say US sanctions limit use of privacy software
August 26, 2022 GMTWASHINGTON (AP) — The Treasury Department is facing pushback from the cryptocurrency industry over sanctions imposed on a firm accused of helping to launder billions of dollars — with some funds going to North Korean hackers.
Spanish market regulator warns about cryptocurrency event
August 26, 2022 GMTMADRID (AP) — Spanish financial authorities are planning to keep a close eye on a major cryptocurrency metaverse event being organized in Madrid this weekend.
The CNMV stock market regulator this week warned that neither the organizers of the event, Mundocrypto, nor the sponsors have authorization to provide investment services or gather funds.
New crypto oversight legislation arrives as industry shakes
August 3, 2022 GMTWASHINGTON (AP) — After 13 years, at least three crashes, dozens of scams and Ponzi schemes and hundreds of billions of dollars made and evaporated, cryptocurrencies finally have the full attention of Congress, whose lawmakers and lobbyists have papered Capitol Hill with proposals on how to regulate the industry.
Robinhood cuts 23% of its workforce as fewer users trade
August 2, 2022 GMTNEW YORK (AP) — Robinhood Markets said Tuesday it's cutting nearly a quarter of its workforce, as crashing cryptocurrency prices and a turbulent stock market keep more customers off its trading app.
Film producer pleads guilty in fraud investment scams
July 22, 2022 GMTATLANTA (AP) — A movie producer has pleaded guilty to several counts of fraud and money laundering arising from his fraudulent promotion of two cryptocurrency investment schemes, federal prosecutors said.
New York man convicted in cryptocurrency fraud scheme
July 22, 2022 GMTBOSTON (AP) — The founder of a cryptocurrency and virtual payment services company has been convicted by a federal jury of defrauding investors out of $6 million and spending some of the money on antiques, artwork and jewelry.
3 charged with wire fraud in federal cryptocurrency case
July 22, 2022 GMTSEATTLE (AP) — A former employee of the cryptocurrency exchange platform Coinbase and two others were charged by the U.S. Securities and Exchange Commission for alleged insider trading valued at more than $1.1 million, according to a lawsuit filed Thursday in U.S.
Feds: 1st cryptocurrency insider trading case snares 3
July 22, 2022 GMTNEW YORK (AP) — A former Coinbase product manager and his brother, along with a Houston man, were charged Thursday in what federal authorities described as the U.S. government’s first cryptocurrency insider trading case.
California to allow cryptocurrency campaign donations
July 21, 2022 GMTSACRAMENTO, Calif. (AP) — Candidates for state and local offices in California will soon be able to accept cryptocurrency campaign donations.
The Fair Political Practices Commission voted Thursday to approve new rules allowing the donations for digital currencies such as Bitcoin.
Correction: Cryptocurrency-Pensions story
July 13, 2022 GMTMINNEAPOLIS (AP) — In a story published July 10, 2022, about pension funds that have invested in cryptocurrencies in recent years, The Associated Press listed two different values for the same cryptocurrency purchase by the Houston Firefighters Relief and Retirement Fund.
Bank of England: Crypto crashes show need for tougher rules
July 5, 2022 GMTLONDON (AP) — The Bank of England warned Tuesday that recent cryptocurrency meltdowns that wiped out more then $2 trillion in value highlight the need for tougher financial regulations
The U.K.'s central bank said that the crashes exposed vulnerabilities in the crypto markets reminiscent of previous bouts of financial turmoil.
New York officials rule against bitcoin-mining power plant
July 1, 2022 GMTALBANY, N.Y. (AP) — New York officials denied required air permit renewals Thursday to a bitcoin-mining power plant on the grounds that it was a threat to the state's climate goals.
The permitting decision was another example of New York putting the brakes on a cryptocurrency bonanza that has alarmed environmentalists.
El Salvador’s Bitcoin-boosting leader buys $1.5 million more
July 1, 2022 GMTSAN SALVADOR, El Salvador (AP) — El Salvador’s Bitcoin-boosting president was back at it again Thursday, doubling down on his country’s losing investment in the cryptocurrency by buying over $1.5 million more.
Crypto rules to make Europe a global leader as prices plunge
June 30, 2022 GMTLONDON (AP) — Europe has moved to lead the world in regulating the freewheeling cryptocurrency industry at a time when prices have plunged, wiping out fortunes, fueling skepticism and sparking calls for tighter scrutiny.
South Korea hits dozens with travel bans amid crypto probe
June 22, 2022 GMTSEOUL, South Korea (AP) — South Korean prosecutors have barred dozens of people connected to Terraform Labs from leaving the country as they expand an investigation into a $40 billion collapse of the company’s cryptocurrency that devastated traders around the world.
Crypto investors’ hot streak ends as harsh ‘winter’ descends
June 20, 2022 GMTNEW YORK (AP) — The wealth-generating hot streak for bitcoin and other cryptocurrencies has turned brutally cold.
As prices plunge, companies collapse and skepticism soars, fortunes and jobs are disappearing overnight, and investors’ feverish speculation has been replaced by icy calculation, in what industry leaders are referring to as a “crypto winter.”
Circle CEO Jeremy Allaire on cryptocurrency market turmoil
June 20, 2022 GMTNEW YORK (AP) — Circle is the cryptocurrency company behind USD Coin, the second-largest so-called “stablecoin” in the crypto industry.
Unlike more popular cryptocurrencies like bitcoin, stablecoins are typically backed by gold, government bonds, cash or other assets, and are typically priced on a 1:1 ratio with the U.S.
World shares mixed; bitcoin holds steady near $20,000
June 20, 2022 GMTTOKYO (AP) — European benchmarks were higher Monday after most Asian markets retreated, while the price of bitcoin hovered near $20,000.
U.S. futures advanced and oil prices fell back early Monday.
Bitcoin inches up above psychological threshold of $20,000
June 19, 2022 GMTOAKLAND, California (AP) — The price of a bitcoin inched above $20,000 on Sunday after the broader crypto selloff dragged it below the significant psychological threshold a day earlier.
The price of the world's most popular cryptocurrency was $20,129.70 as of Sunday afternoon.
Bitcoin-boosting Salvadoran leader asks for patience
June 19, 2022 GMTSAN SALVADOR, El Salvador (AP) — El Salvador’s Bitcoin-boosting president has asked people to be patient after the price of the cryptocurrency fell below $20,000 — less than half the price the government paid.
Bitcoin drops below $20,000 as crypto selloff quickens
June 18, 2022 GMTNEW YORK (AP) — Bitcoin fell below the psychologically important threshold of $20,000 on Saturday for the first time since late 2020, in a fresh sign that the selloff in cryptocurrencies is deepening.
Firm behind popular US dollar stablecoin to launch Euro Coin
June 16, 2022 GMTNEW YORK (AP) — Cryptocurrency company Circle said Thursday that it will start issuing its first euro-denominated cryptocurrency, a stablecoin known as Euro Coin, later this month.
It would be the first stablecoin in euros — the world's second-most-important reserve currency after the U.S.
Coinbase Global plans to cut 1,100 jobs, or 18% of staff
June 14, 2022 GMTCoinbase Global says it plans to cut about 1,100 jobs, or approximately 18% of its global workforce, as part of a restructuring in order to help manage its operating expenses in response to current market conditions.
Bitcoin plunges as major crypto lender halts operations
June 14, 2022 GMTNEW YORK (AP) — The price of bitcoin and other cryptocurrencies plummeted Monday after a major cryptocurrency lender effectively failed and halted all withdrawals from its platform, citing “extreme market conditions.”
Crypto meltdown is wake-up call for many, including Congress
June 7, 2022 GMTNEW YORK (AP) — Meltdowns in the cryptocurrency space are common, but the latest one really touched some nerves. Novice investors took to online forums to share tales of decimated fortunes and even suicidal despair.
Business Highlights: Inflation seen still high, stocks rally
June 7, 2022 GMT____
Crypto meltdown is wake-up call for many, including Congress
NEW YORK (AP) — Meltdowns in the cryptocurrency space are common, but the latest one has served as a vivid reminder that investors, both professionals and rookies, can be rolling the dice when putting money into digital assets.