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The Federal Court of Australia has found that Block Earner (the company name for Web3 Ventures Pty Ltd) offered its ‘Earner’ cryptocurrency lending product without obtaining the appropriate Australian Financial Services License. However, the court also found that the firm can continue to offer its ‘Access’ product, which wrapped DeFi yields from AAVE and Compound, because the Australian Securities & Investment Commission failed to adequately prove its case. Shuttered in November 2022, Earner was a straightforward crypto lending product via which user deposits were converted to cryptocurrency and then directed to third-party firms. These firms would then deploy the funds to earn the yields. Block Earner specifically lent to Stablehouse and XBTO Strategies Limited. Stablehouse is advised by Tether’s former chief strategy officer Phil Potter, and the firm is meant to act as a “clearinghouse for stablecoins.” Finder Wallet sued by Australi...

The recent surge in FTX claims is being attributed to its early investment in AI companies whose valuation has jumped in recent times. The current claim pricing of FTX has reached a maximum of 57%, according to data from Claims Market. The increase in FTX’s claim pricing is attributed to the valuation of the Artificial intelligence (AI) companies that the now-bankrupt crypto exchange previously invested in.  Creditors stake their claims to try to recoup some of their investment when businesses experience financial difficulties or bankruptcy. Based on their estimates of the total amount recovered, investors frequently trade these claims. There is an increase in the estimated recovery value when the pricing of a claim rises. FTX claims. Source: Claims Market As the value of FTX investment in these AI companies jumped, so did the potential amount that could be recovered from its bankruptcy procedure. A claim is a legal assertion of a certain monetary amount. The claim percentage value...

Sam Bankman-Fried’s trial enters into its seventh day, with witnesses testifying Alameda and FTX’s mishaps led to an industry-wide cascading effect. The 7th day of FTX founder Sam Bankman-Fried’s historic trial continues, as former Alameda CEO, Caroline Ellison is cross-examined by the defendant’s lawyers. Two other witnesses also testified today, which included Christian Drappi, a software engineer at Alameda, and Zac Prince from bankrupt crypto exchange BlockFi. Cross-examination of Caroline Ellison, former CEO of Alameda Research Ellison admits that he found SBF correct in some of his statements and also saw him as ambitious. Ellison admits that SBF was willing to take on more business risk than her. After former Alameda Research co-CEO Sam Trabucco resigned in 2022, SBF wanted to appoint another co-CEO. However, Ellison wanted to remain the sole CEO. Even as a CEO, Caroline Ellison handled most of the core tasks at Alameda, including HR, accounting, and ...

A missing ‘bitcoin millionaire’ has been found dead in North-West Arkansas after disappearing earlier this month, his family revealed on Tuesday. ER doctor and cryptocurrency creator John Forsyth was reported missing on May 21 after he failed to show up to work at Mercy Hospital in Cassville, a small town deep in the Missouri Ozarks. His brother and crypto business partner Richard Forsyth said at the time, “He wouldn’t miss a shift even if his eyeballs were hanging out of their sockets… It was an immediate red flag.” Forsyth’s last moment of contact was a text he sent in the early morning on the day of his disappearance to his recently engaged partner. His car was discovered unlocked at a nearby lake. His mobile phone, work briefcase, wallet, and passport were left inside.  Despite a nine-mile radius search from police involving dogs and drones, Forsyth remained missing for over a week. On Tuesday night, authorities reportedly contacted Forsyth’s family to re...