Rain ADGM Leads with Instant Funding in UAE; MicroStrategy’s $147.3M Bitcoin Buy-in, HTX's $7.9M Ether Loss, Binance’s SEC Face-off and more...
GLOBAL NEWS
MicroStrategy Bolsters Bitcoin Portfolio with Additional $147.3M Investment
Michael Saylor’s MicroStrategy continues its bullish stance on Bitcoin with the acquisition of 5,445 more bitcoins, costing $147.3 million, expanding its Bitcoin treasury to approximately $4.1 billion. Despite purchasing above the current market price, the firm exemplifies sustained confidence in the cryptocurrency's value. This acquisition follows previous substantial purchases in June and August, affirming the company’s strategic commitment to Bitcoin.
HTX Exchange Hacked: $7.9 Million in Ether Stolen
HTX faces security breaches resulting in the loss of 5,000 ether, a mere two weeks after its rebranding from Huobi. Despite the significant loss, the company advisor, Justin Sun, ensures that the company has covered the losses and stresses the minor impact on the overall assets of the company.?
Binance Challenges SEC: Requests Case Dismissal Over Baseless Wash Trading Claims
Binance entities linked to its U.S. counterpart are challenging the SEC’s accusations of wash trading, asserting a lack of factual basis. The legal battle ensues as the SEC accuses Binance.US and its associates of market manipulation and false representations of preventive measures, spotlighting transactions by Sigma Chain, a firm owned by Binance CEO, Changpeng Zhao. The outcome of this case is poised to have far-reaching implications for Binance and regulatory landscapes.
Mixin Network Halts Operations Amidst $200M Security Breach
Mixin Network, a renowned decentralized wallet service, faces a massive security breach, forcing a temporary suspension of its deposit and withdrawal services. Attackers have exploited vulnerabilities, compromising around $200 million in funds. Mixin has enlisted blockchain security experts, SlowMist, to unravel the details of this unprecedented attack. Stay tuned for live updates from Mixin’s founder, Feng Xiaodong, as he unravels the intricacies of this exploit today at 1 p.m. HK time. Keep your assets secure and stay informed!
Fenwick & West Refutes Claims of Involvement in FTX Misconduct; Moves to Dismiss Investor Lawsuit
Facing accusations of aiding FTX's purported fraud, former counsel Fenwick & West countersues, asserting innocence and seeking dismissal of the case. The law firm claims its services were strictly professional, denying awareness of any illicit activities within FTX. The outcome of this legal skirmish is awaited with bated breath by stakeholders and the crypto community alike.
Coinbase Considered Acquiring Defunct FTX’s European Division Amid Expansion Plans
Post FTX’s bankruptcy, Coinbase reportedly eyed acquiring its European unit in a bid to expand its crypto derivatives offerings. Though talks never reached advanced stages and Coinbase is no longer pursuing the deal, it seemingly continued to show interest in such acquisitions this month, hinting at possible expansion strategies in the derivatives sector.
Crypto Credit Market Faces Uncertainty: Blockchain.com CEO’s Outlook Post-3AC Collapse
Blockchain.com ’s CEO, Peter Smith, predicts a sustained downturn in crypto credit markets after the demise of Three Arrows Capital, spotlighting the industry's struggle to reconcile with traditional finance models and emphasizing the need for more risk-averse financial strategies in crypto. The looming mistrust and tense atmosphere raise critical questions about resilience and adaptability in the evolving financial ecosystem.
Former FTX CEO Sam Bankman-Fried’s Appeal for Pre-Trial Release Denied In a significant development, the U.S. Court of Appeals has denied the pre-trial release appeal of former FTX CEO, Sam Bankman-Fried, upholding his detention ahead of his October 3 trial. This verdict comes despite efforts by Bankman-Fried's legal team to secure temporary release for document review, setting the stage for heightened scrutiny and tensions as the trial date approaches.
Key Witnesses Barred from Testifying in Bankman-Fried’s Imminent Trial
The upcoming trial of former FTX CEO Sam Bankman-Fried encounters a pivotal turn as Judge Lewis Kaplan rules out testimonies from several potential witnesses, including a British barrister and a University of Michigan professor. Set to commence on October 3rd, the trial’s discourse gets a tighter frame, excluding interpretations of FTX’s contractual terms and obligations under English law, which intensifies the anticipation surrounding the unfolding legal proceedings.
RAIN NEWS?
Rain ADGM Unveils Enhanced Virtual Asset Services in UAE
Revolutionizing the virtual asset ecosystem in the UAE, Rain ADGM introduces instant funding and premium OTC services, providing both retail and institutional clients with secure and efficient solutions. By partnering with a local, fully regulated banking partner, Rain ADGM ensures instant access to funds and withdrawals, setting a new standard in the region's virtual asset experience. Stay tuned for more advancements as Rain ADGM continues to pioneer in aligning the UAE with global virtual asset innovations.
Spotlight article:
Rain ADGM launches instant AED funding and exclusive OTC desk for institutional clients in the UAE