Web3/Crypto News and Reports | Federal Newswire

U.S. Trustee objects to FTX retaining S&C as lead counsel due to 'close connection'

By DOJ Newswire Report | Jan 17, 2023

A U.S. Trustee with the Department of Justice (DOJ) has filed an objection to Sullivan & Cromwell working as lead counsel for FTX in bankruptcy proceedings. Sam Bankman-Fried, the former CEO of crypto exchange FTX, wrote in a Substack post that he sees Sullivan & Cromwell's current work for FTX as a potential conflict of interest, given the law firm's previous work for FTX. A bipartisan group of U.S. senators recently expressed the same concern.

Web3/Crypto

Silvergate CEO: 'We took commensurate steps to ensure that we were maintaining cash liquidity'

By Commerce Newswire Report | Jan 12, 2023

Alan Lane, the CEO of Silvergate, the parent company of Silvergate Bank, which provides financial solutions to businesses in fintech and cryptocurrency, said in a statement the company has taken steps in response to lower deposit levels and shaken industry confidence in the fourth quarter of 2022, aiming to remain liquid by reducing the company's headcount and selling debt securities.

Web3/Crypto

Analyst: Coinbase's job cut is reflection of 'challenging environment'

By Sam Jackson | Jan 11, 2023

Brian Armstrong, co-founder and CEO of crypto trading platform Coinbase, said in a blog post on Tuesday that in response to both macroeconomic factors and the fallout from the collapse of FTX, the company will lay off about 950 employees.

Web3/Crypto

Crypto Council for Innovation CEO: 'This isn't about tech, it's about bad actors committing fraud'

By DOJ Newswire Report | Jan 9, 2023

Sheila Warren, CEO of the Crypto Council for Innovation, an organization of crypto industry leaders, said that the collapse of FTX has prompted some to call for more regulation of the crypto industry.

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Binance: 'Our financial crimes team...is working on the front lines to protect users from illicit actors seeking to access the crypto markets'

By DOJ Newswire Report | Dec 14, 2022

A spokesperson for Binance, the largest cryptocurrency exchange by trading volume in the world, said Binance has a highly skilled financial crimes team comprised of former members of international law enforcement agencies that works to protect legitimate Binance users.

Web3/Crypto

'No credibility': Former Congressional candidate, crypto experts cast doubts on O'Leary's testimony

By Commerce Newswire Report | Dec 14, 2022

Political figures and members of the cryptocurrency community are questioning the credibility of Kevin O’Leary’s Congressional testimony, pointing to a multimillion dollar agreement between O’Leary and crypto exchange platform FTX last year that made O’Leary an FTX spokesperson.