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(Bloomberg) -- A Genesis unit is seeking more than $20 million from Bitcoin Cash backer Roger Ver, alleging that he failed to settle cryptocurrency options transactions that expired in December. Read: Crypto Lending Teeters Near Extinction After Genesis Collapse Ver could not be reached immediately for comment. Genesis Says "Bitcoin Jesus" Owes Millions From Unsettled Trades. [Extracted from the article]

Read more: Binance Acknowledges Flaws in Maintaining Stablecoin Backing (1) The issue was first spotted by blockchain analytics firm ChainArgos on Jan. 17. (Bloomberg) -- Binance Holdings Ltd., the world's largest crypto platform, acknowledged that it mistakenly keeps collateral for some of the tokens it issues in the same wallet as exchange-customer funds. [Extracted from the article]

(Bloomberg) -- The bankruptcy of crypto's marquee lender, Genesis Global Capital, may be one more blow than the industry can withstand, at least in its current form. Just hours before Genesis filed for bankruptcy, London-based lending firm Nexo said it had agreed to pay $45 million in penalties to US state and federal regulators over allegations that it broke securities rules with its own interest-earning product. [Extracted from the article]

The four Bulgarian nationals were charged with forming an organized crime group related to money laundering, unlicensed banking activities and computer crimes, Borislav Sarafov, head of Bulgaria's national investigative service, said at a news conference on Friday. (Bloomberg) -- Bulgarian prosecutors have charged four people as part of an investigation into Nexo, a London-based crypto lender run by a former Bulgarian member of parliament. [Extracted from the article]

Authorities are investigating London-based Nexo on suspicion of money laundering, tax crimes and offenses involving unlicensed banking activities, she said, adding that the probe is so far limited to Bulgaria. (Bloomberg) -- Crypto lender Nexo's office in Sofia was raided by Bulgarian police on Thursday as part of an investigation into suspected money laundering and tax crimes. More than 300 police officers, prosecutors and national security agents are taking part in the operation, Siyka Mileva, a spokeswoman for Bulgaria's chief prosecutors, told reporters in Sofia. [Extracted from the article]

More than 300 police officers, prosecutors and national security agents are taking part in the operation, Siyka Mileva, a spokeswoman for Bulgaria's chief prosecutors, told reporters in Sofia. (Bloomberg) -- Crypto lender Nexo's office in Bulgaria was raided by local police on Thursday as part of an investigation into suspected money laundering and tax crimes. Authorities are investigating London-based Nexo on suspicion of money laundering, tax crimes and offenses involving unlicensed banking activities, she said. [Extracted from the article]

The Dutch exchange is one of numerous creditors seeking to recover their assets from DCG, including Gemini, the Winklevoss-backed exchange which has roughly $900 million in customer deposits stuck with Genesis. (Bloomberg) -- Genesis parent Digital Currency Group is negotiating with potential creditors to repay parts of its outstanding debt, according to a Dutch crypto exchange which says it is owed money by the digital-asset conglomerate. [Extracted from the article]

Read: Crypto Rules Crackdown Looms for $150 Billion Stablecoin Market Collateral Gap Whenever users purchase Binance-Peg BUSD, Binance purchases BUSD from Paxos and then mints the corresponding amount of new Binance-Peg BUSD tokens on the blockchain the user has selected. Binance developed Binance-peg BUSD as a version of BUSD that could operate on blockchains beyond Ethereum, including its own blockchains BNB Beacon Chain and BNB Smart Chain. The token, Binance-peg BUSD, is meant have a constant $1 value backed by reserves of BUSD, another stablecoin that is branded by Binance but issued and managed by a separate company, Paxos Trust. [Extracted from the article]

(Bloomberg) -- Sam Bankman-Fried is trying to persuade a US court that he should be able to access Robinhood shares worth around $450 million to help pay for his legal fees. Read more: FTX-Linked Robinhood Stake Worth $460 Million Is Seized by US The Department of Justice said on Wednedsay it was in the process of seizing the Robinhood shares as part of the fraud case against Bankman-Fried. Lawyers for the former CEO of bankrupt exchange FTX argued in a Delaware court filing on Thursday that the 56.3 million Robinhood shares should be returned to Bankman-Fried because the company that owns them, Emergent Fidelity Technology Ltd, is not part of the bankruptcy estate. [Extracted from the article]

In an email sent by the French firm, Mazars said it had suspended work for cryptocurrency firms because of indications that markets haven't been reassured by the "proof-of-reserves" reports it had published so far. When asked why Binance hasn't engaged a Big Four auditor - a moniker that refers to the largest accountancy companies PwC, Deloitte, EY and KPMG - Zhao added that such firms "don't even know how to audit crypto exchanges.". [Extracted from the article]

(Bloomberg) -- A unit of digital asset firm Genesis won a spot on an official creditors committee in the FTX bankruptcy, a panel that may have a leading role in the biggest crypto insolvency case filed so far. The US Trustee, a unit of the Justice Department that monitors bankruptcies, named nine creditors to the committee, according to a court filing Thursday. [Extracted from the article]

When asked why Binance hasn't engaged a Big Four auditor - a moniker that refers to the largest accountancy companies PwC, Deloitte, EY and KPMG - Zhao added that such firms "don't even know how to audit crypto exchanges." A report published Thursday by industry group UK Finance included suggestions that as a first step, crypto firms should be required to meet local accounting and audit standards laid out under so-called client assets rules, which were strengthened after the 2008 financial crisis. In an email sent by the French firm, Mazars said it had suspended work for cryptocurrency firms because of indications that markets haven't been reassured by the "proof-of-reserves" reports it had published so far. [Extracted from the article]

When asked why Binance hasn't engaged a Big Four auditor - a moniker that refers to the largest accountancy companies PwC, Deloitte, EY and KPMG - Zhao added that such firms "don't even know how to audit crypto exchanges." The French firm suspended work for cryptocurrency firms because of indications that markets haven't been reassured by the "proof-of-reserves" reports it had published so far, according to an email from the firm seen by Bloomberg News. [Extracted from the article]

(Bloomberg) -- French auditing firm Mazars Group has paused work for all crypto clients globally, according to crypto exchange Binance, which was a customer of the auditing firm. "Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin, and Binance. [Extracted from the article]

Bankman-Fried thus gave Alameda carte blanche to use FTX customer assets for its own trading operations and for whatever other purposes Bankman-Fried saw fit. (Bloomberg) -- US authorities have alleged that fallen crypto maven Sam Bankman-Fried defrauded investors in his FTX empire, stealing billions of dollars as part of a "massive, years-long fraud" for his own benefit. Even though FTX had allegedly already given Alameda billions of dollars in customer funds, Bankman-Fried began to give Alameda even more money to cover those positions, the SEC said. [Extracted from the article]

Coinbase had already waived fees for converting fiat currencies into USDC, and in July merged its order books for US dollars and the stablecoin. (Bloomberg) -- Coinbase Global Inc. waived fees for converting Tether Holdings Ltd.'s stablecoin USDT for the token Coinbase backs, as competition heats up among the three biggest issuers of such digital assets. [Extracted from the article]

(Bloomberg) -- The latest twist in the downfall of crypto maven Sam Bankman-Fried is prompting a reexamination of the implosion of the Terra algorithmic stablecoin ecosystem that wiped out around $40 billion in market value earlier this year. If the price of UST went above $1, traders were incentivized to swap Luna for UST at a profit, and vice versa, thus in theory keeping UST's circulation in check. On May 7, UST's issuer Terraform Labs withdrew $150 million in UST liquidity from Curve, a platform that offered a pool where investors could swap UST for other stablecoins such as USDC at equal value. [Extracted from the article]

(Bloomberg) -- Galaxy Digital is paying $44.1 million to buy Celsius Network's GK8 business - more than 60% lower than what the bankrupt crypto lender paid to acquire the self-custody platform just last year. Six firms had submitted initial bids at the start of the auction process, Kielty said, but only Galaxy submitted a final bid and deposit by the agreed deadline. [Extracted from the article]

Maple said it severed ties with Orthogonal Trading because it misrepresented its financial position to the lending pool, M11 Credit, an allegation M11 also leveled against the hedge fund. (Bloomberg) -- Contagion from the messy implosion of Sam Bankman-Fried's crypto empire is spilling into the world of decentralized finance, after a hedge fund was declared in default on almost $36 million of loans. [Extracted from the article]

(Bloomberg) -- The UK is finalizing plans for regulation of the crypto sector, moving ahead with plans to make Britain a hub for the industry as it grapples with the fallout from FTX's collapse. In April, Rishi Sunak spoke of making the UK a post-Brexit "crypto hub", announcing a plan for government oversight of stablecoins and said it would consult on regulating a wider set of cryptoasset activities. Currently the UK's Financial Conduct Authority only has an anti-money laundering registration process for crypto companies, although it has repeatedly warned investors about the risks of investing in crypto. [Extracted from the article]

(Bloomberg) -- Circle Internet Financial, the issuer of the world's second largest crypto stablecoin, said its planned merger with special purpose acquisition company Concord Acquisition Corp. that was once valued at $9 billion has been scrapped. The collapse of Circle's SPAC comes after more than year of falling crypto prices, which alongside several major hacks and company failures, have damaged the industry's reputation. [Extracted from the article]

Much Wow Advisers have uncovered evidence of money flowing directly from Three Arrows to pay for Much Wow, a luxury superyacht, according to the hedge fund's liquidators. "We have had to effectively recreate the company and the records of the company from scratch" because Zhu and Davies aren't cooperating, said Russell Crumpler, a liquidator for Three Arrows in the British Virgin Islands. [Extracted from the article]

Coinbase's expansion plans in the region come as cryptocurrency exchanges face a crisis of confidence following the swift collapse of Sam Bankman-Fried's FTX.com. (Bloomberg) -- Coinbase Global Inc. has strengthened its European senior ranks to help lead its expansion plans in the region even as conditions for cryptocurrency exchanges continue to toughen globally. [Extracted from the article]

CrossTower President Kristin Boggiano said the firm and several of its backers have considered setting up a rescue venture fund of their own, while Rathi said CrossTower is not currently planning to contribute to Binance's effort. (Bloomberg) -- Crypto exchange CrossTower Inc. is considering further acquisitions beyond its bid for the assets of bankrupt crypto lender Voyager Digital, a deal revived this month after Voyager's original buyer FTX Trading Ltd. itself filed for bankruptcy. [Extracted from the article]

Crypto Exchange Tokens Pose "Extreme" Risk, BOE's Cunliffe Says (Bloomberg) -- Exchange-issued crypto tokens such as bankrupt FTX Group's FTT can pose "extreme" risks when accepted by their issuers as collateral, Bank of England Deputy Governor Sir Jon Cunliffe said. Cunliffe said the volatility of unbacked cryptoassets like exchange tokens makes them vulnerable to runs, exacerbating their price swings. [Extracted from the article]

The future of Twitter's crypto ambitions remained unclear on Friday, along with the social network's ability to continue operating normally due to the amount of staff that had left the firm. (Bloomberg) -- The head of Twitter Inc.'s crypto development team has left the company, part of a mass exodus of employees since new owner Elon Musk issued a blanket ultimatum to staff. [Extracted from the article]

(Bloomberg) -- Binance sent news articles to a UK Parliamentary committee probing the collapse of FTX.com and its planned sale of FTX's native FTT token, a move that some lawmakers called disappointing and unacceptable. Read More: How Binance, FTX Deal Rocked the Crypto World and Then Collapsed "They may hide behind some degree of commercial confidentiality on that, but really, given the scale of things, that's not really acceptable", Thewliss said. [Extracted from the article]

(Bloomberg) -- Binance said it will submit evidence to UK lawmakers regarding discussions held about FTX.com when the two were in deal talks, as well as on its decision-making around the sale of FTX.com's native token FTT. Due to several ongoing investigations against FTX in the US, Trinder said Binance may choose to redact certain information. [Extracted from the article]

FTX CEO Sam Bankman-Fried was a major backer of Solana,and had pledged to invest $100 million in gaming projectson its blockchain as part of a consortium of venturecapital firms a year ago. (Bloomberg) -- Gaming tokens across the Solana cryptoecosystem are proving to be yet another casualty in thefallout from FTX.com's collapse, with some dropping evenfurther than the blockchain's main coin after the networklost its biggest supporter. [Extracted from the article]

(Bloomberg) -- Among the many things shattered in thecollapse of FTX was the image of Sam Bankman-Fried as thecrypto industry's benevolent king. Besides his Twitter announcement saying "more details tocome" and inviting other industry participants toco-invest, Zhao didn't give any indication of how largethe "recovery fund" will be, or how much Binance will putinto it. [Extracted from the article]

Tokens issued by Serum, a liquidity infrastructure hubbuilt by FTX and used by market makers and lendingprotocols on Solana, fell about 38% in the 24 hours to1.30 p.m. in Singapore on Monday, pricing data fromCoinGecko showed. (Bloomberg) -- A four-day slump for crypto altcoin Solana deepened,while developers spun off one of the blockchain network'smost prominent and FTX-affiliated projects. [Extracted from the article]

Crypto.com said it recovered almost $400 million in cryptoasset Ether from Asian exchange Gate.io, after it accidentally transferred the funds to the wrong account. A spokesperson for the company said the Gate.io address was a corporate account that belonged to Crypto.com, and that the entirety of the Ether was "successfully withdrawn over the following days" after Gate.io increased its daily withdrawal limits. The company was supposed to move 320,000 in Ether to a new cold storage address -- a type of offline wallet -- but the funds were sent instead "to a whitelisted external exchange address", Crypto.com Chief Executive Officer Kris Marszalek said on Twitter. [Extracted from the article]

"Bitcoin's price has been illogically stable in recent weeks given volatility in other markets", said analysts at Morgan Stanley in a note on Friday. (Bloomberg) -- Prices across cryptoassets were broadly flat on Saturday, as traders weighed their next move following a market selloff in the wake of failed crypto exchange FTX.com's plunge into bankruptcy. [Extracted from the article]

Bankrupt digital-asset exchange FTX.com is launching an investigation with law enforcement into a series of unauthorized withdrawals that hit some of its crypto wallets on Saturday, an executive said. FTX had begun moving some of its assets to offline wallets following its bankruptcy filing on Friday, Miller said previously in a tweet. [Extracted from the article]

For its own part, FTX had raised around $4 billion in funding across its network of affiliated companies, which included Alameda Research, a trading house co-founded by Bankman-Fried, FTX Ventures and a separate exchange for American investors. (Bloomberg) -- Few could have anticipated the breathtaking collapse of Sam Bankman-Fried's multibillion-dollar crypto empire. FTX, along with crypto itself and a host of other market gimmicks, from meme stocks to stay-at-home tech fads and special purpose acquisition companies, flourished as the Covid-19 pandemic spurred the Federal Reserve to cut interest rates to zero and leave them there for two years. [Extracted from the article]

The Cyprus Securities and Exchange Commission said it had suspended FTX Europe's license on suspicion of alleged violations of several laws. (Bloomberg) -- FTX.com's license to operate an investment business in Europe has been suspended by the Cypriot financial regulator, just hours after the crypto exchange filed for bankruptcy in the US. [Extracted from the article]

(Bloomberg) -- Cyprus is planning to suspend FTX.com's two-month-old license, which allows the troubled crypto exchange to operate throughout Europe, people with knowledge of the matter said. Read more: FTX Empire Goes Bankrupt After Exchange's Rapid Downfall CySEC had asked FTX Europe to suspend its operations on Wednesday, a spokeswoman for the Cypriot regulator told Bloomberg News. [Extracted from the article]

(Bloomberg) -- Tron is prepared to provide billions of dollars in aid to FTX.com should it go ahead with a deal to rescue the ailing cryptocurrency exchange, founder Justin Sun said. When asked whether Tron would have the funds to cover FTX's financial shortfall, Sun said the firm is prepared to cover the loss once due diligence is done. [Extracted from the article]

Meanwhile Tether's share on Curve's 3pool, a platform where users can swap USDT for USDC or DAI stablecoins, became imbalanced as traders rushed to offload their USDT tokens for other assets. (Bloomberg) -- Tether's USDT token, the largest stablecoin by market value, veered off its dollar-peg on Thursday as market instability continued to roil the crypto sector and the issuer froze some coins in the wake of FTX's collapse. [Extracted from the article]

Europe's largest digital asset investment firm CoinShares International Ltd said it had about $30.3 million in cryptocurrencies and other assets stuck on collapsed exchange FTX, making it the latest in a string of major firms to get caught in the fallout from the crisis. Sweden-listed CoinShares, which offers exchange-traded products tracking the prices of Bitcoin, Ether and other cryptocurrencies, also operates a tracker for FTX's token FTT. [Extracted from the article]

Supporting FTT Binance's holding of FTT is a legacy of its investment in FTX, which it sold last year for about $2.1 billion according to Zhao. (Bloomberg) -- Simmering tensions between the crypto industry's two richest executives are spilling over into the already battered digital-asset market. In his Twitter thread on Monday, Bankman-Fried sought to allay investor concerns, saying that "FTX has enough to cover all client holdings" and that it's processing all withdrawals "and will continue to be.". [Extracted from the article]

Binance's holding of FTT is a legacy of its investment in FTX, which it sold last year for about $2.1 billion according to Zhao. On Sunday, Zhao "CZ" Changpeng, the billionaire chief executive of Binance Holdings Ltd. took to Twitter to announce plans to sell Binance's roughly $530 million holding of FTT, the native token of Sam Bankman-Fried's FTX. (Bloomberg) -- Simmering tensions between the crypto industry's two richest executives are spilling over into the already battered digital-asset market. [Extracted from the article]

(Bloomberg) -- A crackdown by the US Securities and Exchange Commission and other watchdogs who have been investigating crypto's naughtiest companies is proving to be a boon for the industry, with market participants saying they're more likely to invest in the space following greater enforcement action. As a professional investor, you need a regulated investment opportunity and it opens the doors for more professional investors to get involved in crypto, if it's more regulated", said Chris Gaffney, president of world markets at TIAA Bank. [Extracted from the article]

Borrowers on Maple Finance will also be required to sign up to credit risk data platform Credora, which provides lenders with real-time information to help them assess what level of risk a borrower has accumulated across different crypto exchanges. (Bloomberg) -- Decentralized finance app Maple Finance has introduced tougher requirements for borrowers on its platform, moving to reduce counterparty risk after a wave of defaults swept the crypto industry this year. [Extracted from the article]

Novogratz also repeated an earlier prediction that Bitcoin's price will start to recover when people perceive the Federal Reserve as flinching on rising interest rates. (Bloomberg) -- Bitcoin has spent more than two weeks trading below a key threshold of $20,000 for the first time since breaching that level in late 2020, indicating a lack of optimism among traders as the asset class's trademark volatility dissipates in the face of rising interest rates. [Extracted from the article]

(Bloomberg) -- Fidelity Investments is hiring an additional 100 people for its digital assets unit, stepping up an expansion that started in May and taking advantage of turmoil among crypto firms to lure talent. Read more: Spat Out by Crypto, Tech Staff Find They Are in High Demand Founded in 2018, Fidelity Digital Assets has been one of the most visible institutional advocates for crypto investing. That's opened a fresh supply of crypto talent for traditional financial companies, who are also rehiring staff who had decamped for digital-asset firms. [Extracted from the article]