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The Korea Financial Intelligence Unit (KoFIU) is reportedly launching a probe into crypto exchanges that have listed their in-house, self-issued tokens. The move by the regulator comes due to native cryptocurrencies being the biggest factor contributing to the demise of numerous exchanges and ecosystems this year, including the recent FTX collapse. According to reports, initial investigations revealed that all crypto exchanges performed lawful operations across South Korea. However, a spokeswoman for the Financial Services Commission (FSC) disclosed preparations for a more thorough inquiry stating that “there are still some questions related" to in-house token listin…

American CryptoFed DAO, the first legally recognised decentralised autonomous organisation (DAO) in the United States, is reportedly at risk of losing its registration after the U.S. Securities and Exchange Commission (SEC) dug up anomalies in the Form S-1 registration statement dated Sept. 17, 2021. The SEC has instituted administrative proceedings against the DAO to determine the issuance of a stop order that will suspend the registration of the offer and sale of its Ducat and Locke tokens. The SEC stated, “An issuer seeking to register the offer and sale of crypto assets as securities transactions must furnish the required disclosure information to the SEC. A…

According to reports, investors have been cautioned by the Singapore Police Force to be wary of fraudulent websites that promise to assist them with recovering money from the now-defunct crypto exchange FTX. The police reportedly warned about a phishing website asking FTX users to log in with their account credentials. The website claimed to be hosted by the U.S. Department of Justice and targeted local investors stating that they “would be able to withdraw their funds after paying legal fees.” https://cointelegraph.com/news/singapore-police-warn-investors-against-ftx-phishing-scams-report

The recent FTX collapse has prompted many crypto exchanges and investment platforms to share “Proof of Reserves”- a public-facing attestation as to a custodial service’s reserves alongside a record of its liabilities (i.e., user balances). However, crypto investment firm Grayscale recently tweeted that it won't show proof of reserves due to “security concerns.” It did however explain the legal structure through which it holds customer assets along with details of the relevant custodial services it employs. Grayscale’s tweet reads, “Due to security concerns, we do not make such on-chain wallet information and confirmation information publicly available through a …

Foreigners could still demand gold for Dollars until that date. The US wasn't able to fulfill that promise due to exploding debt caused by the Vietnam war. The French tried and sent warships to New York in order to pick up their gold. If other countries followed suit, the gold reserves would have depleted completely. When Nixon looked in the empty vault he knew the gig was up. As long as you can actually get the physical gold from the party with the printer, then the system can't just run amok, because there is always someone who will call you on your bulls#$%. Clearly it was not 100 % backed, but the system can work, as long as there isn't a run on the bank, li…

According to reports, FTX founder Sam Bankman-Fried cashed out $300 million in personal stakes from a $420 million funding round for FTX that occurred in October 2021. The funds were raised under the premise of using the money to help grow the business, improve user experience and allow it to engage more with regulators. SBF told investors at the time that he was withdrawing the funds to partially reimburse himself for money he’d spent to buy out Binance’s stake in FTX a few months earlier. https://www.wsj.com/articles/ftxs-sam-bankman-fried-cashed-out-300-million-during-funding-spree-11668799774

One of Canada's largest pension funds, Ontario Teachers' Pension Plan (OTPP), is reportedly planning to write down the entirety of its $95 million investment in FTX and FTX US after the firms filed for bankruptcy protection. According to a statement, OTPP invested $75 million in FTX International and its U.S. entity FTX.US in October 2021 and followed with another $20 million in FTX.US in January of this year. The firm stated, "The financial loss from this investment will have limited impact on the Plan, given its size relative to our total net assets and our strong financial position. However, we are disappointed with the outcome of this investment, take all lo…

Hong Kong-based crypto over-the-counter (OTC) trading firm Genesis Block HK reportedly has over $50 million worth of assets stuck in the now-bankrupt crypto exchange FTX. According to an email from Genesis Block sent to its customers and obtained by crypto news firm ‘The Block’, the impact is significant enough that Genesis Block is shutting down its OTC business on Dec. 10. The email stated, "With regret, we will be closing down the genesisblockotc.com portal website on 10 December (Fri) 2022 at 6:00 pm HKT. Withdrawals of user balances are fully functional via the OTC chat group. Please do NOT deposit any crypto assets into the portal." https://www.theblo…

According to a Bloomberg report, the biggest publicly traded hedge fund firm “Man Group” is close to starting a dedicated cryptocurrency hedge fund. The group’s crypto hedge fund strategy led by money manager Andre Rzym has reportedly been in development for several months. It plans to start the fund by the end of this year. Man Group’s computer-led trading unit AHL is already trading cryptocurrency futures. https://www.bloomberg.com/news/articles/2022-11-18/man-group-readies-crypto-hedge-fund-despite-ftx-chaos

The Financial Industry Regulatory Authority (FINRA), an American self-regulatory organisation, has launched an examination into the retail communications practices of crypto firms. This includes "video, social media, mobile applications, and websites” published by crypto firms during the period between the beginning of July and the end of September. Companies will also need to file compliance and training manuals, as well as review and approval processes. The move by the organisation comes in response to the recent FTX meltdown. https://cointelegraph.com/news/ftx-meltdown-triggers-finra-into-probing-crypto-comms