Genesis Trading is struggling to raise new capital and warned of a possible restructuring in the wake of the FTX bankruptcy. It has frozen retirement funds held by Bitcoin IRA customers.

It may become the latest victim of a bad year for digital asset investment companies. It already froze withdrawals of deposited assets. This move could hurt owners of retirement accounts who deposited funds on Bitcoin IRA’s IRA Earn product.

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The European Central Bank (ECB) has released its strongest bearish statement on crypto to date. In a blog post on its website, the bank chastises the EU Commission for legitimizing the industry with new regulations and predicts the death of bitcoin.

Protos has previously reported that, when it comes to crypto, there are very strong divergences between central bankers and legislators. 

The ECB itself has also previously warned that the collapse of major stablecoins could trigger financial contagion. Now the bank is going even further, declaring that bitcoin is dead and claiming that its recent price stabilization is only a last gasp before it slips into “irrelevance.”

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Crypto has long been popular with criminals looking to hide, launder, or move their ill-gotten gains. But now disgruntled spouses facing divorce are adopting the same tactics as ganglords and cartels and using assets like bitcoin to keep their money out of the hands of their erstwhile partners.

As a result, many legal firms are now catering specifically to this growing sector and helping parting couples who want to make sure their settlement is all present and correct by tracking down hidden crypto.

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One of the lingering questions for the cryptocurrency industry is how the incredibly small and foreign-owned Farmington State Bank, now Moonstone Bank, was able to acquire regulatory guidance under the Federal Reserve.

As previously reported, Moonstone received an $11.5 million investment from Sam Bankman-Fried’s now-bankrupt Alameda Research in March. It’s owned by a company called FBH — its chairman, Jean Chalopin, also chairs Deltec Bank and Trust. Deltec’s major clients include Tether and Alameda. Chalopin sits on Moonstone’s board of directors.

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HiveEx was an over-the-counter (OTC) desk in Australia started in early 2018 by Fred Schebesta and Frank Restuccia. The duo started Finder, a financial services comparison website, before deciding to enter the OTC business.

The Australian OTC trading desk, was purchased by Alameda Research in 2020 and subsequently used to accept deposits for FTX.

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Tron founder Justin Sun may have a unique relationship with Binance and its CEO Changpeng Zhao (CZ) that's driven by Chinese money.

According to The Verge, Sun is the subject of an FBI investigation related to allegations that he gave insider information to Chinese traders while pumping-and-dumping crypto assets, then purchased citizenship to avoid criminal extradition.

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South Korean prosecutors have issued an arrest warrant for Terraform Labs co-founder Daniel Shin, alleging he illegally profited before the collapse of its cryptocurrency luna and stablecoin terraUSD in May.

Warrants were also made for three other Terraform Labs investors and four engineers, Yonhap News reports.

South Korea has led the criminal investigations into the firm’s demise, suspecting fraud and tax evasion on a mass scale. The tax records of chief exec Do Kwon and Shin were seized. In July, prosecutors raided the offices of several top local crypto exchanges as well as the homes and offices of related suspects, including Kwon and Shin.

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