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Although a vocal group of pro-crypto influencers has blamed a government conspiracy they call “Operation Chokepoint 2.0” for de-banking crypto customers, further research has cast doubt on their claims. Operation Chokepoint 2.0 is the name given to the idea that banks, under the direction of the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC), were deliberately cutting services to crypto-related businesses. The operation allegedly takes its lead from the program launched by the Obama administration that saw banks strong-armed into denying services to a range of undesirable industries, including pornography and payday lenders. This week, however, Yale researcher Steven Kelly and Federal Reserve in-house historian Jonathan Rose published findings that the once-$200 billion Silicon Valley Bank failed not because of government intervention but rather venture capital (VC) and crypto customer...

Sam Bankman-Fried, the former CEO of the now-defunct crypto exchange FTX, says that his cell-block mate Sean Diddy Combs is “always friendly” with him. “I’ve only seen one piece of him, which is Diddy in prison,” Bankman-Fried said in an interview with Tucker Carlson shared in a March 6 post on X. ”He’s been kind to people in the unit, he’s been kind to me.”  Bankman-Fried And Diddy Housed In High-Security Dorm Bankman-Fried was convicted in November 2023 on seven counts of wire fraud, securities fraud and money laundering for his role in the collapse of FTX and its sister firm Alameda Research. According to prosecutors, he “perpetrated one of the biggest financial frauds in American history.”  Meanwhile, American music mogul Diddy is facing sex trafficking, racketeering, and prostitution charges. He and Bankman-fried are housed in the same unit, which is a high-security 15-man dorm away from the gen...

Bitget’s managing director, Gracy Chen, has released a comment on X post that discussed the insolvency of the exchange and the alleged disappearance of its key officials. In the wake of wide spread rumors questioning the financial stability of Bitget, a cryptocurrency exchange and a web 3, the company’s managing director, Gracy Chen, has come forward to deny these claims categorically. Waiting for the good news about #BitcoinETF, then FUD comes again? Everything at #Bitget is working well. Funds are safe and the whole team is working hard to prepare for the next bull run. Thanks to our recent growth, we now have over 100+ positions open, including some… — Gracy Chen @Bitget (@GracyBitget) January 10, 2024 Amidst a market rife with uncertainty and speculation, particularly concerning the future of Bitcoin ETFs, Chen’s statement offers a reassuring message to Bitget’s users and the broader crypto community. “Everything at Bitget is working we...

U.S. officials will seize money from victims of bankrupt crypto firm FTX Trading Ltd. unless a judge rejects the government’s demand for $24 billion in unpaid taxes. The Internal Revenue Service (IRS) must substantiate its claim against FTX and show how it assessed the taxes it owes, FTX lawyers said in a new filing. The move is the latest in a months-long dispute between the IRS and FTX’s bankrupt cy estate over how much the failed exchange and its affiliates owe the government in unpaid taxes. While FTX claims it owes nothing to the IRS, the agency wants as much as $24 billion, more than three times the amount the estate currently has, to try to repay creditors. You might also like: FTX unveils revised reorganization plan, sets mid-December court submission “This Alice in Wonderland argument has no support in the law.” FTX filing The IRS initially said FTX owed even more money, filing initial claim s in April for about $44 billion. In September, that amoun...

The judge also declined to declare CEL token “not a security,” despite related rulings in the SEC vs Ripple case. Judge Martin Glenn shot down efforts to have a special shareholders class declared in the Celsius Network bankruptcy case in a court document filed on Aug. 25. The judge also declined to settle whether or not the CEL token was a security.  In a motion filed on July 25 and heard before the United States Bankruptcy Court Southern District New York on Aug. 14, investor Otis Davis asked the court to create a legal class for investors to be considered separate from Celsius Network employees and customers. Davis also requested that the court sanction the legal team representing the Unsecured Creditors Committee (UCC) over alleged failure to disclose required information. The filing further asked the court to declare CEL “not a security” in light of the recent findings in the SEC vs Ripple where, according to Davis, Judge Analisa Torres determined that XRP was not a security. R...

Certain members holding high positions within the firm bill an hourly rate exceeding $2,000 for their professional services. Bankrupt crypto brokerage Voyager Digital is obligated to pay $1.1 million to its legal adviser, Kirkland & Ellis, for fees and expenses associated with its involvement in the company’s bankruptcy proceedings in April. According to the available documents, Kirkland & Ellis law firm implemented a blended hourly billing rate of $1,313.18 for the provision of various services throughout April. The cumulative fees assessed for the legal services rendered by both attorneys and para legal s amounted to a figure surpassing $1.4 million. Certain members holding high positions within the law firm charged an hourly rate exceeding $2,000 for their professional services. Kirkland & Ellis is recognized for its representation of several cryptocurrency companies undergoing bankruptcy proceedings, with clients including BlockFi and Celsius. Voyager’s bankruptcy pl...

The loan would allow Core Scientific to keep its mining and hosting operations afloat while it restructures. A U.S. Bankruptcy court has granted Bitcoin (BTC) miner Core Scientific interim approval to access a $37.5 million loan from existing creditors to fund the firm amid its liquidity issues. Core Scientific is one of the largest cryptocurrency mining companies in the United States, but filed for Chapter 11 Bankruptcy on Dec. 21 as a result of rising energy costs, declining revenue and the price of BTC in 2022. In a public statement made on that same day, Core Scientific outlined that it intends to “move swiftly through the restructuring process” and maintain its self-mining and hosting operations. The loan comes from a group of creditors called the Ad Hoc Noteholder Group — which holds more than 50% of Core Scientific’s convertible notes — which agreed to provide debtor-in-possession (DIP) facility commitment loans up to a total of $75 million, according to court filings. The fi...