Crypto lender Nexo fined $45 million for violating securities law

Nexo is ceasing its EIP offer to US investors and has begun phasing out all of the products and services it offers in the United States. | Illustration by Alex Castro / The Verge The cryptocurrency lending firm Nexo has been sanctioned by the US Securities Exchange Commission (SEC) for offering and selling unregistered securities, as part...

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Crypto lending firm Genesis files for bankruptcy

Illustration by Alex Castro / The Verge Genesis, a crypto lending and trading conglomerate of more than 200 businesses, has filed for bankruptcy following the meltdown of the FTX exchange, the Financial Times reports. Genesis, one of FTX’s biggest lenders, had previously suspended withdrawals in November, and cut 30 percent of its staff earlier...

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US arrests Russian crypto exchange owner for allegedly laundering over $700 million

The US Treasury Department has identified Bitzlato as a “primary money laundering concern” in connection with the Russian government.  | Photo by Amelia Holowaty Krales / The Verge US authorities announced on Wednesday that the Russian co-founder of Hong Kong-based crypto exchange Bitzlato had been arrested in Miami for allegedly processing...

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New York faces a new legal fight over a proposed crypto-mining power plant

Cryptocurrency mining rigs operate in a cargo container in Kutaisi, Georgia, on Monday, January 22nd, 2018. | Photo by Daro Sulakauri / Bloomberg via Getty Images Environmental groups are pushing New York state to scrutinize a crypto mining company’s purchase of a gas-fired power plant, contending in a new lawsuit that turning the power plant...

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Co-founders of a bankrupt crypto business seek millions to fund a new ‘GTX’ exchange

Illustration by Alex Castro / The Verge The co-founders of the failed Three Arrows Capital (3AC) cryptocurrency hedge fund want $25 million to start up a proposed exchange, as reported earlier by The Block and Bloomberg. It will be called “GTX” — according to its leaked pitch deck — “because G comes after F,” and FTX, the once-huge exchange,...

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Republican lawmakers push for crypto regulation with new panel

House Financial Services chair Patrick McHenry (R-NC) announced the new subcommittee on Thursday. | Tom Williams/CQ-Roll Call, Inc via Getty Images Republican lawmakers announced a new panel on Thursday that will oversee the cryptocurrency industry, as reported earlier by Politico and CNBC. Led by Representative French Hill (R-AR), the Subcommittee...

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Ex-FTX CEO Sam Bankman-Fried is out on $250 million bail and keeping busy by... blogging?

The Verge / Getty Images Almost until the moment of his arrest in the Bahamas a month ago, Sam Bankman-Fried’s (SBF) post-FTX collapse media tour included days of back-to-back Twitter Spaces and Zoom calls. Now, top executives of companies in his crypto empire have pleaded guilty to criminal fraud charges of fraud and money laundering and...

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FTX bankruptcy docs show Tom Brady held over 1 million shares in the crypto exchange

The NFL star once served as an ambassador for FTX. | Photo by Alex Slitz/Getty Images Tom Brady’s weighty investment in FTX is on the verge of evaporating. New bankruptcy filings show that the Tampa Bay Buccaneers quarterback holds over 1.1 million common shares in the defunct cryptocurrency exchange, while his ex-wife and fashion model Gisele...

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Insider trading at Coinbase results in a 10-month prison sentence

Illustration by Alex Castro / The Verge What’s been called the first cryptocurrency-related insider trading case has resulted in prison time for one Nikhil Wahi, who pled guilty to conspiracy to commit wire fraud, according to Bloomberg and Reuters. Last summer, Wahi was accused of getting information from his brother, a now-former project...

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Coinbase lays off a fifth of staff as crypto downturn continues

Illustration by Alex Castro / The Verge Cryptocurrency exchange Coinbase is the latest tech company to announce mass layoffs. In an email to staff on Tuesday, CEO Brain Armstrong said the company would be letting 950 employees go as it attempts to “weather downturns in the crypto market.” The email was made public on the Coinbase blog, and...

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