Crypto Magazine

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💰 Bitcoin mining firm Bitfarms fires CEO amid $27 million damages lawsuit Toronto-based Bitcoin mining firm Bitfarms fired CEO Geoffrey Morphy on Monday, effective immediately, after he filed a lawsuit against the company claiming $27 million in damages for breach of contract. Previously President and COO, Morphy was promoted to CEO in December 2022. However, in March this year, Bitfarms announced Morphy would be departing the company upon completing its executive search, though he would continue to lead the mining firm in the interim to ensure a “smooth transition.” Source @CryptoMagazine

💰 Bitcoin repeats ‘2016 history perfectly’ amid $350K price prediction — Traders Bitcoin is replicating the same path as it did after the 2016 Bitcoin halving event, with one indicator signaling it may be nearing its local bottom and another indicating it could reach $350,000 during “the peak” of this cycle, according to crypto traders. Rekt indicates that the reaccumulation range at this point of the cycle is any price below $61,081, which Bitcoin is currently trading below, at $60,901, according to CoinMarketCap data. Source @CryptoMagazine

🇺🇸 Crypto Custody Tech Firm Fireblocks Seeks New York-Regulated Trust Company Cryptocurrency safekeeping specialist Fireblocks plans to establish a limited-purpose trust company under the purview of the New York Department of Financial Services (NYDFS). The New York-based company is also creating a network of licensed custodians, the Global Custodian Partner Program, which will launch this quarter with an initial group of companies based in the U.S., the United Arab Emirates, Britain, Singapore, Thailand and Australia. Source @CryptoMagazine

🟠 DOJ taps FRA over Sullivan & Cromwell for Binance's 3-year monitorship: report The United States Department of Justice (DOJ) appointed Forensic Risk Alliance (FRA) to serve as the outside monitor over the crypto exchange Binance, reports Bloomberg citing people familiar with the matter. FRA, a London-based providing services in forensic accounting and compliance consulting services, beat out Sullivan & Cromwell to take on the position, Bloomberg adds. Binance must undergo a monitorship of three years as part of its plea deal with the DOJ related to money laundering violations. Source @CryptoMagazine

🟠 Binance Reportedly Fired Investigator Who Discovered Market Manipulation at Client Company Binance and DWF Labs have refuted market manipulation claims in a WSJ report, with the former stating that the company is intolerant to market abuse. With Binance founder and former CEO Changpeng “CZ” Zhao recently sentenced to four months imprisonment, a WSJ report is alleging that the crypto exchange giant fired one of its investigators who exposed market manipulation by one of the company’s clients, DWF Labs. Source @CryptoMagazine

🪙 Robinhood Wells Notice Shouldn’t Deter Eventual Approval of an Ether Spot ETF: JPMorgan The Well’s Notice issued to trading platform Robinhood (HOOD) by the U.S. Securities and Exchange Commission (SEC) should not pose an obstacle to the eventual approval of spot ether (ETH) exchange-traded funds (ETFs), JPMorgan (JPM) said in a research report on Wednesday. Source @CryptoMagazine

🟠 Binance Fired Investigator Who Uncovered Market Manipulation at Client DWF Labs: WSJ Binance fired a member of staff who uncovered evidence of market manipulation at crypto investment firm DWF Labs, one of cryptocurrency exchange's clients, the Wall Street Journal reported on Thursday, citing interviews with Binance employees past and present, documents, emails and other industry participants. The former staffer and his colleagues on Binance's market-surveillance team had been hired to winkle out signs of market manipulation. Source @CryptoMagazine

🇺🇸 Former President Donald Trump says "Biden doesn't even know what" crypto is and if you like crypto you "better vote for Trump." @CryptoMagazine

💰 FTX claims rise above 100 cents on the dollar on back of bankruptcy plan FTX claims have risen above 100 cents on the dollar following the estate’s draft recovery plan that estimates the majority of creditors will see a recovery rate of 118%. For instance, crypto bankruptcy site Xclaim shows that FTX claims are now going for between 101% and 112%. “It's absolutely unbelievable,” said Thomas Braziel, a partner at 117 Partners and 507 Capital and an investor in distressed assets. “I mean, Lehman was 141 cents on the dollar, and that took 10 years. This is 142% as the projected high number. Source @CryptoMagazine