Cryptocurrency

FTX, which last week filed for bankruptcy in the US, did not reveal how much it lost in unauthorised transactions but reports claimed the amount could be as high as $600 million. "We are in the process of removing trading and withdrawal functionality and moving as many digital assets as can be identified to a new cold wallet custodian. As widely reported, unauthorised access to certain assets has occurred," Ryne Miller, the general counsel at FTX US, said in a tweet.

John J Ray III has been appointed the new CEO and nearly 130 additional affiliated companies -- including FTX US and Alameda Research -- have also begun the bankruptcy process, the company said in a statement. The move is "in order to begin an orderly process to review and monetise assets for the benefit of all global stakeholders," said FTX.

The layoffs were announced internally and the company is likely to sack around 60 employees in its recruiting and institutional onboarding teams, reports The Information.

Binance on Tuesday signed a non-binding, letter of intent to purchase FTX for an undisclosed sum. In a tweet, the company said that as a result of corporate due diligence, "as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX".

Binance founder and CEO Changpeng Zhao (CZ) said in a tweet thread that FTX asked for their help. "There is a significant liquidity crunch. To protect users, we signed a non-binding LOI (letter of intent), intending to fully acquire FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days," Zhao posted.

The 32-year-old James Zhong from Georgia fraudulently obtained the Bitcoin from The Silk Road -- a site on the dark web once called "the Amazon of drugs" -- in 2012. Zhong has now pleaded guilty to committing wire fraud in September 2012, when he unlawfully obtained over 50,000 Bitcoin from the Silk Road dark web internet marketplace, the US Department of Justice said in a statement late on Monday.

Over 100 countries, including India, are exploring or piloting Central Bank Digital Currencies (CBDCs), a digital form of a country's sovereign currency. Among the G20 countries, 19 are exploring a CBDC, with 16 already in the development or pilot stage. They include South Korea, Japan, India and Russia, according to The Atlantic Council's Geoeconomic Centre.

Changpeng Zhao, famously known as CZ, told an audience at the Web Summit in Lisbon that "when we invest in a deal, we're very comfortable if the deal goes through. We're very comfortable if the deal doesn't go through. We always want to get to a point where we're in that position".

The historic upgrade of Ethereum, known as the 'Merge', last month will create a more energy-efficient network based on the second largest cryptocurrency with a promise to save the environment. According to niche news publisher BanklessTimes.com, the Ethereum merge created a lot of Buzz, with every crypto lover patiently awaiting its arrival.

The shocked users accused CNN of a "rug pull", a term used when crypto developers abandon a project and run away with investors' funds. The media giant launched 'Vault by CNN' in 2021 as a marketplace for its own NFTs that would "offer collectors the opportunity to own a piece of history."