PayPal Holdings Inc is rolling out a stablecoin, the first by a large financial company and a potentially significant boost to the sluggish adoption of digital tokens for payments. PayPal USD (PYUSD) is issued by Paxos Trust Co and fully backed by US dollar deposits, short-term Treasuries and similar cash equivalents, the San Jose, California-based payments company said on Monday. It’s pegged to the dollar and will be gradually available to PayPa...
“The defense calls Sam Bankman-Fried.”The words hung in the air inside the hushed federal courtroom. Every eye fixed on the defendant – his once unruly hair shorn, an off-the-rack gray suit hanging from his thinned frame.Sam Bankman-Fried rose to his feet shortly before 10 o’clock and raised his right hand. Then, in the same boyish voice that won over the crypto world, the man known as SBF began to speak.“Did you defraud anyone?” his lawyer, Mark...
The world of cryptocurrency witnessed another significant event as Bitcoin underwent its latest "halving" on Friday, effectively halving the mining reward and potentially influencing the currency’s future market dynamics. This pre-programmed adjustment occurs every four years and is critical for managing Bitcoin's supply. Following the event, Bitcoin's price remained relatively stable at approximately $63,907.With the reduction in new Bitcoin pro...
Ellison was the chief executive officer of Alameda Research. Caroline Ellison was sentenced to 24 months in prison by a federal judge for her role in the FTX collapse, despite helping prosecutors in the conviction of Sam Bankman-Fried, her former boss and boyfriend.US District Judge Lewis Kaplan on Tuesday imposed the two-year sentence on the 29-year-old, calling Ellison’s cooperation “remarkable” and praising her testimony during the fraud tria...
NEW YORK: Weeks after its international launch, Worldcoin is drawing the attention of privacy regulators around the world, with the Kenya's government going so far as to shut down the service indefinitely.The international ID startup, backed by big names in Silicon Valley, is now having to defend itself in investigations over whether the biometric data that the company is collecting is truly secure.Here's what to know about Worldcoin and the conc...
Abu Dhabi is becoming a popular destination for crypto companies seeking eager investors and friendlier regulators, at a time when major markets like the US are experiencing an absence of both.Companies like Copper Technologies Ltd, Paxos Trust Co and eToro Group Ltdhave turned to Abu Dhabi as a destination for global expansion in recent weeks, securing licenses or establishing parts of their crypto businesses inside the emirate’s international e...
Binance co-founder Changpeng Zhao is facing up to three years in prison, if efforts by US prosecutors to secure his sentencing prove successful. More than 160 friends, colleagues and investors are determined for the crypto executive to escape incarceration entirely. Totaling nearly 350 pages, a trove of letters submitted to a Seattle court by Zhao’s confidantes and co-workers on Wednesday provide insight into the private life of one of the world’...
Mark Cuban warned Elon Musk on X that Donald Trump is only loyal to himself. At Williamsburg Pizza in New York, there is only one cryptocurrency you can use to pay for your pie: Dogecoin.You can also use the memecoin to buy a beer and the “famous wings,” or maybe a “Barry Bonds Homerun Baked Potato,” at the University Sports Grill in Tempe, Arizona. And even the most high-profile fan of Dogecoin, Elon Musk, has floated the idea of once again acc...
NEW YORK: A US judge on Friday canceled Sam Bankman-Fried's bail, citing reasonable suspicion that the charged creator of the insolvent FTX cryptocurrency exchange had attempted to influence witnesses on at least two occasions.The verdict was delivered by US District Judge Lewis Kaplan during a hearing held in a federal court in Manhattan, a mere two months ahead of the planned October trial for fraud."He has already - without violating any other...
NEW YORK: A jury convicted FTX co-founder Sam Bankman-Fried within hours of beginning deliberations, an unusually swift verdict after a monthlong trial in a complex white-collar case.Bankman-Fried was standing, holding his hands in front of him and looking at the jury box, as he listened to the verdict. He was led out of the courtroom a few minutes later as his parents watched from the front row of the public gallery.His father, Joseph Bankman, d...
