Morgan Stanley Buys E*Trade in $13B Deal

Investment bank Morgan Stanley is buying digital stock brokerage E*Trade for $13 billion. According to the Wall Street Journal, the consolidation will give Morgan Stanley an inroad with E*Trade’s 5.2 million retail investors in what will be Wall Street’s largest deal since the 2008 financial crisis. The bank is targeting this market, though Morgan Stanley’s current $2.7 trillion in assets under management dwarfs E*Trade’s mere $360 billion. Despite lagging in assets, E*Trade’s client base is far larger than Morgan Stanley’s three million. But it’s also a different share of the…

Never Mind Hodlers, Crypto Needs More Opportunist Investors

Jeff Dorman, a CoinDesk columnist, is Chief Investment Officer at Arca where he leads the investment committee and is responsible for portfolio sizing and risk management. He has more than 17 years of trading and asset management experience at firms such as Merrill Lynch and Citadel Securities. Carl Icahn is famous for moving in and out of asset classes. This is quite different than how most asset managers and professional investors invest, who are generally locked into an asset class based on specific mandate, and are therefore forced to try to…

Investor Fortress Raises Buyout Offer for Mt. Gox Creditor Claims By 71%

The New York-based private equity firm Fortress has issued a “premium” offer to buy out creditor claims from the now-defunct Mt. Gox exchange. In a letter said to be sent by Fortress managing director Michael Hourigan on Monday, the company said it was offering creditors with large claims at a “premium price tier” on a first-come, first-served basis. Although parts of the letter seen by CoinDesk have been obscured, the new Fortress offer represents 88 percent of creditors’ account value – assuming a bitcoin price at $9,800 – on the…

Bitcoin Traps Buyers With Biggest Daily Price Loss in Three Months

View Despite an $800 fall on Wednesday, bitcoin’s broader trend remains bullish with prices holding above the higher low of $9,075 (Feb. 4 low). However, yesterday’s bearish engulfing candle has shifted risk in favor of a drop to that level. A move back above a short-term moving average at $9,800 could force sellers to reassess their positions. Bitcoin took its biggest daily fall in three months on Wednesday, potentially trapping the bulls on the wrong side of the market. Prices were rejected near $10,300 during the U.S. trading hours and…

Dutch Authorities Arrest 2 in Million-Euro Crypto Money Laundering Investigations

Dutch tax enforcers with the Netherlands’ Fiscal Intelligence and Investigation Services (FIOD) arrested two men Monday for allegedly laundering millions of euros in cryptocurrency, according to a joint statement by the Joint Chiefs of Global Tax Enforcement (J5). FIOD arrested the Dutch nationals in separate crypto tax evasion investigations, recovering about 260,000 in unnamed cryptocurrencies and more than 6.6 pounds of gold. Credit and debit cards holding crypto and euros were also seized, among other items. One of the suspects is alleged to have used the defunct bitcoin mixing service…

US Court Tells Telegram and SEC to Focus on ‘Economic Realities’ of Gram Token Sale

A U.S. federal judge says the SEC shouldn’t get hung up on “labels” in determining whether messaging platform Telegram conducted an illegal securities offering. In his first public remarks on the case, Judge P. Kevin Castel of the U.S District Court for the Southern District of New York began Wednesday’s hearing with an opening statement that urged both parties to consider the “economic realities” of the $1.7 billion token sale while recognizing that “disclaimers don’t control” how the court views the asset. Castel also asked about Telegram’s economic justification for…

EU Official: We Can’t Regulate Libra Without More Details

The European Union is still trying to figure out what to do about Libra, according to a memo released Tuesday by European Commission Executive Vice-President Valdis Dombrovskis. The indecisiveness stems from a lack of actionable information. Specifically, Libra “lacks detail,” according to Dombrovskis.  Despite repeatedly asking the Facebook-launched Libra Association for information about its payments ecosystem and eponymous stablecoin, the Commission – the EU’s executive branchb- has yet to determine what, exactly, Libra is. “As Libra is still a project, and thereby a moving target, the information provided remains insufficient…

The Flash Loan Attacks Explained (For Everybody)

Today we’re breaking down the flash loan attacks that rocked the DeFi community in a way even your grandpa can understand, presented in both audio and full-text format below. For early access before our regular noon Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica or RSS. John: The world of cryptocurrency is no stranger to fast money… Bitcoins, ethers, and thousands of others like them take just minutes or even seconds to send across the street or to the other side of the world.…

Tim Draper Buys 2.5% of Aragon Tokens, Becomes Governance Whale

Venture capitalist Tim Draper has taken a 1 million ANT stake (worth about $760,000 at press time) in Aragon, a decentralized governance project that began on ethereum.  The move, disclosed in a press release Wednesday, gives Draper control of about 2.5 percent of Aragon’s total token supply. Draper is a long-time crypto evangelist and serial project backer. The Switzerland-based Aragon Association is attempting to build a digital judicial system for decentralized autonomous organizations (DAOs) and its own Aragon network. Any ANT holder with 1,000 tokens can participate in “Aragon Court,”…

UK Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

U.K-based crypto exchange Coinfloor, which made news last year by delisting ethereum to focus solely on bitcoin, is launching a simplified buying service. Going live next month, Coinfloor, the longest-running crypto exchange in the U.K., is providing an “Auto Buy” service aimed at bitcoin newbies and hodlers alike, as opposed to sophisticated trading types. It’s all part of Coinfloor’s “no BS” approach to crypto, said CEO Obi Nwosu, who wants to educate new users, as well as offer full transparency in the form of monthly proof-of-custody audits of all the…