Kik CEO Says Firm Spent $5+ Million on Negotiations With US SEC: Report

Ted Livingston, the CEO of Canadian-based messaging startup Kik, told cryptocurrency news outlet Coindesk that the company spent over $5 million on ongoing negotiations with the United States Securities Exchange Commission (SEC). The news was revealed in a report published on May 16. As Cointelegraph reported at the end of January, the SEC stated that it believes that Kik’s “Token Distribution Event” two years ago violated securities laws when the company raised $97 million during the sale. Following the SEC’s recommendation of an enforcement action in November 2018, Kik was…

Top Banks Alleged to Be Investing $50 Million in Digital Cash Settlement Project

Sources ostensibly familiar with the matter have claimed that some of the world’s leading banks are currently investing around $50 million to build a blockchain-powered digital cash system for transaction settlement. The news was reported by Reuters on May 17. An earlier project for a blockchain-based currency settlement coin was unveiled by Swiss bank UBS Group AG and London-based technology startup Clearmatics at early as 2015, as Cointelegraph reported at the time. One of Reuters’ sources has said that the latest development involves around a dozen major banks investing in…

Cornell Uni’s Emin Gun Sirer Debuts Ava Blockchain Following $6 Million Investment

Emin Gun Sirer, a professor at Cornell University and a major global blockchain expert, will launch his own cryptocurrency and blockchain network, Bloomberg reported on May 16. Sirer, the creator of the first crypto based on proof-of-work (PoW) — Karma System — is now planning to launch a blockchain network that he touts as running as many transactions per second as payment giant Visa. Having raised $6 million from major investors such as Andreessen Horowitz, Polychain and MetaStable in February, Sirer’s Ava Labs has reportedly launched a private test version…

Top Banks ‘Investing $50 Million’ to Build Blockchain Settlement System

Some of the world’s biggest banks are said to be investing around $50 million to build a blockchain-based digital cash settlement system. A Reuters report on Friday, citing “people familiar with the plans,” said possibly a dozen unspecified banks are involved in the project. The participating banks will reportedly be setting up a new entity called Fnality for the project, which could launch next year. Back in 2015, Swiss banking giant UBS was said to be working on a cryptocurrency that would be “linked to real-world currencies and connected to…

Bitcoin Price Crashes to $6,400 Triggered by Massive $35 Million Sell Order

By CCN: On May 17, within minutes, the bitcoin price plummeted from around $7,800 to $6,400 in a flash crash, recording an unexpected 18 percent drop. The bitcoin price briefly plunges to $6,400, recovers swiftly (source: coinmarketcap.com) The sudden decline in the bitcoin price led the valuation of the crypto market to plunge from $257 billion to $225 billion, by more than $32 billion in less than 24 hours. What triggered the sudden bitcoin price drop? According to researchers and investors including Su Zhu, the CEO at Three Arrows Capital,…

Upbit Exchange Operator Plies $46 Million Into Blockchain in First Year of Investment

The parent company of South Korean cryptocurrency exchange Upbit has invested almost $50 million in blockchain startups since March 2018, English-language Korean business news outlet The Investor reported on May 15. Dunamu, which created a dedicated investment subsidiary, Dunamu & Partners, at the same time last year, has given cash to a total of 26 businesses. In total — under plans it announced previously — the company aims to invest 100 billion won ($84 million) into the industry. “Our goal is to contribute to the healthy growth of the blockchain…

ICO Market Down Almost 100% From a Year Ago, Raised $40 Million in Q1 2019

The initial coin offerings (ICO) market is down 97% on a year-on-year basis making $40 million so far in 2019, according to research by cryptocurrency exchange BitMEX released on May 13. In the first quarter (Q1) of 2019, the ICO market has reportedly dropped by 97% based on the amount of attracted capital. The slump followed the 2017–2018 cryptocurrency boom, with low investment returns among ICOs through most of 2018. Per the report, the top 10 ICO projects in terms of capital raised in 2018 were EOS, Telegram, blockchain-based cloud…

US Blockchain Investor Terpin Awarded Over $75 Million in SIM Swapping Case

United States blockchain and crypto investor Michael Terpin has won $75.8 million in a civil case against 21-year-old Nicholas Truglia, who reportedly defrauded him of crypto assets. Reuters reported the news on May 10. Per the report, the California Superior Court last week ordered Manhattan resident Truglia to pay the amount above in compensatory and punitive damages. The amount is reportedly one of the largest court judgments awarded to an individual in the crypto space thus far, Reuters notes. As previously reported, Terpin filed the complaint against Truglia in particular…

Crypto Wallet Secures $50 Million Insurance for Customer Crypto Assets

Crypto securities company Curv has partnered with insurance company Munich Re to obtain $50 million in coverage, according to a Curv press release on May 10. This new insurance is designed to cover any cases in which a bad actor was able to gain access to either Curv or the customer’s shares, both of which would be needed in order to sign off on an illicit transaction. As is stated in the press release: “Even in an extreme scenario where both networks’ shares were somehow simultaneously compromised and a transaction…

QuadrigaCX Has $21 Million in Assets and Owes $160 Million: EY Report

QuadrigaCX, the Canadian crypto exchange that collapsed after the death of its CEO and founder late last year, has just $21 million in assets, but owes creditors $160 million, its court-appointed monitor and trustee said. The latest report by Ernst and Young (EY), which is dated May 1 but appears to have been published in the last few days, outlines three legal entities affiliated with the exchange – Quadriga Fintech Solutions Corp., Whiteside Capital Corporation and 0984750 B.C. Ltd., each of which is presented as its own bankrupt firm. As a…