Cryptocurrency exchange FTX, just months removed from looking like a shining survivor in a struggling industry, succumbed to its own sudden liquidity crisis on Tuesday and was taken over by rival Binance. The deal signals a shift in power in the crypto world, which has been decimated by rising interest rates and investors retreating from … Read more
The Justice Department said Monday it had seized cryptocurrency once worth $3.36 billion from a Georgia man who pleaded guilty to stealing bitcoin from the Silk Road online marketplace. The seizure of cryptocurrency, which took place in November 2021 and had not been made public, is the second largest in the history of the Department … Read more
Tensions between two of the richest men in cryptocurrency erupted into open warfare on Twitter over the weekend, upsetting much of the digital currency world. On the one hand is Sam Bankman-Fried, the founder of crypto trading firm Alameda Research and FTX, a crypto exchange that has grown in size and recognition over the past … Read more
A lucky ticket in Monday night’s Powerball drawing could win a $1.9 billion jackpot, the largest lottery prize in American history. If no one picked the right numbers, the game would set another record: 40 consecutive draws without a winner. Big jackpots have become more common and harder to win in recent years. The Multi-State … Read more
Despite a long streak of strong profits, shale companies are slowing their oilfield activity, keeping U.S. oil output roughly flat and offering little relief for tight global markets. What was expected to be a banner year for U.S. oil production has not materialized as creeping inflation-related costs, supply chain snarls and disappointing well performance for … Read more
New York CNN Business — MoviePass’ former CEO and the head of its former parent company have been indicted on securities fraud charges for defrauding investors over the sustainability and profitability of the company’s movie-a-day subscription model, according to a Justice Department announcement Friday. J. Mitchell Lowe, former CEO of the movie ticket subscription service, … Read more
As central bankers raise interest rates to combat inflationary pressures, it has created a sea of red ink for bond investors. It also means that interest rates are back in the spotlight as investors look for new earning potential in a battered market. “When interest rates were very, very low, people looked to bond funds … Read more
Deutsche Bank, which is based in Frankfurt, has until the middle of next year to implement money laundering controls ordered by a German regulator. Photo: Alex Kraus/Bloomberg News Germany’s top financial watchdog threatened to fine Deutsche Bank AG if it does not implement anti-money laundering controls by a deadline, suggesting the watchdog is not satisfied … Read more
LONDON— HSBC Holdings HSBC 8.77% PLC’s top shareholder called for a radical reorganization of the banking giant – including possibly selling part of its business – to boost its profits and lower its share price. Ping An Insurance co. 601318 3.74% China called for cutting the bank’s costs and accelerating a shift in capital and … Read more
Coinbase Global Inc. COIN -8.09% had a loss of $2.43 per diluted stock in the third quarter, compared with earnings of $1.62 a share a year ago, as its main revenue driver — crypto trading — remains depressed in the wake of the market crash. The second-largest crypto exchange lost $545 million — its third … Read more