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Category Archives: Cryptocurrency

FTX creditor list shows airlines, charities and tech firms caught in collapse

Coin Telegraph: “The over 100-page long document lists every entity FTX owes money to, from Big Tech players to local businesses near its Bahamian headquarters. A complete list of the creditors owed money by the bankrupt cryptocurrency exchange FTX has been released, revealing a myriad of companies and government entities wrapped up in its collapse. Late on Jan. 25, lawyers for FTX filed its creditor matrix to the United States Bankruptcy Court for the District of Delaware. The massive 115-page document details names in alphabetical order. In a later Jan. 26 filing, the firm clarified the “inclusion of a name on the Matrix does not necessarily indicate that the party is a creditor.” The list reveals the sprawling global web of companies from airlines, hotels, charities, banks, venture capital firms, media outlets and crypto companies along with U.S. and international government agencies all potentially owed money by the fallen exchange. The names of nearly 9.7 million (9,693,985) FTX customers with funds stuck on the exchange were however redacted from the document. Notable crypto and Web3-related companies appeared, includin Coinbase, Galaxy Digital, Yuga Labs, Circle, Bittrex, Sky Mavis, Chainalysis, Messari and entities of Binance. Big Tech players Apple, Netflix, Amazon, Meta, Google, LinkedIn, Microsoft and Twitter were also included. The New York Times, The Wall Street Journal and CoinDesk were among the media outlets mentioned….”

NY – Consumer Protection Guidance In the Event of Virtual Currency Insolvency

“Today New York Department of Financial Services (“DFS”) Superintendent Adrienne A. Harris released Regulatory Guidance to better protect customers in the event of an insolvency or similar proceeding. The Regulatory Guidance reiterates expectations for sound custody and disclosure practices and the paramount importance of the equitable and beneficial interest in the asset always remaining with… Continue Reading

Addressing the risks in crypto: laying out the options

BIS Bulletin | No 66 | 12 January 2023 by Matteo Aquilina, Jon Frost and Andreas Schrimpf PDF full text  The recent high-profile failures of FTX and other crypto firms have re-ignited the debate on the appropriate policy response to address the risks in crypto, including through regulation. The “shadow financial” functions enabled by crypto markets share… Continue Reading

Regulators warn US banks on crypto risks including ‘fraud and scams’ after FTX collapse

CNBC: “U.S. banking regulators warned financial institutions on Tuesday that dealing with cryptocurrency exposes them to an array of risks, including scams and fraud. “The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector,” the regulators said in a joint statement from the Federal… Continue Reading

Inventing the Dark Web

Via LLRX – Inventing the Dark Web – This paper by Thais Sardá, Simone Natale, and John Downey examines how the deep Web, i.e., Web sites that are not indexed and thus are not accessible through Web search engines, was described and represented in British newspapers. Through an extensive content analysis conducted on 833 articles… Continue Reading

Gone But Not Forgotten (Yet): The Tech That Died in 2022

PC Mag: “This year saw the usual introduction of next-gen smartphones, laptops, operating systems, and smart home devices, with a few unique offerings thrown in there, too. But for all the innovative tech that made headlines or passed through our labs in 2022, there were just as many products and services that powered down for… Continue Reading

Inventing the dark Web: Criminalization of privacy and the apocalyptic turn in the imaginary of the Web

Inventing the dark Web: Criminalization of privacy and the apocalyptic turn in the imaginary of the Web by Thais Sardá, Simone Natale, and John Downey. First Monday, Volume 27, Number 11 – 7 November 2022. doi: https://dx.doi.org/10.5210/fm.v27i11.12691 “This paper examines how the deep Web, i.e., Web sites that are not indexed and thus are not… Continue Reading

The Stable in Stable Coins

Federal Reserve Borad, December 16, 2022 – The stable in stablecoins – Garth Baughman, Francesca Carapella, Jacob Gerszten, and David Mills: “Stablecoins have garnered much attention as a key part of the emerging decentralized finance (or “DeFi”) ecosystem, and as a potential way to pay for goods and services. Stablecoins facilitate trades on crypto exchanges,… Continue Reading

Pete Recommends – Weekly highlights on cyber security issues, December 17, 2022

Via LLRX – Pete Recommends – Weekly highlights on cyber security issues, December 17, 2022 – Privacy and cybersecurity issues impact every aspect of our lives – home, work, travel, education, health and medical records – to name but a few. On a weekly basis Pete Weiss highlights articles and information that focus on the increasingly… Continue Reading

New York financial regulator issues cryptocurrency guidance for banks

“Today, New York Department of Financial Services (DFS) Superintendent Adrienne A. Harris released Guidance to banking organizations that wish to engage in virtual currency-related activities. The Guidance is applicable to all New York regulated banking organizations, as well as branches and agencies of foreign banking organizations licensed by the Department (“Covered Institutions”). Covered Institutions are… Continue Reading

What Happened at FTX and What Does It Mean for Crypto?

CRS Insight – What Happened at FTX and What Does It Mean for Crypto? – Updated November 29, 2022: “On Friday, November 11, FTX Trading Ltd. (FTX)—one of the world’s largest and most well-known cryptocurrency exchanges—announced that it had “commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code” in Delaware. Included in… Continue Reading