As Sam Bankman-Fried, disgraced founder of crypto exchange FTX, sits in a jail cell in Brooklyn’s notorious Metropolitan Detention Center awaiting the start of his trial on Tuesday for seven counts of fraud and conspiracy, funds that were stolen from FTX in a hack hours after the firm filed for Chapter 11 bankruptcy last November have moved for the first time in more than 9 months. Not only was the FTX collapse already one of the most stunning debacles in the long history of financial disasters, the siphoning of $600 million in funds from the company’s crypto wallets added insult to injury and led to speculation that company insiders were absconding…
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Bloomberg: Is PayPal buying crypto custodian BitGo?
The report cites anonymous sources who say PayPal is in talks to buy crypto firms including the competitor of its announced custodian Paxos
Citing anonymous sources, the Bloomberg report said that PayPal Holdings is looking to double down on its jump into crypto this week. No other firms were mentioned by name, and the sources made clear BitGo was not a done deal.
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A big August for crypto
Big news about mainstream institutional investors pouring money into bitcoin and ether has industry insiders excited about crypto’s move towards the mainstream
The big news, needless to say, was business intelligence firm MicroStrategy’s Aug. 11 announcement that it had bought $250 million worth of bitcoins, pouring the entirety of its planned investment in alternative assets as an inflation hedge into the first cryptocurrency.
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INTERVIEW: Blockchain Capital’s origin story is steeped in gaming lore
Martine Paris interviews Brad Stephens about everything from video game currencies to Facebook’s GlobalCoin
When the sons of legendary investment banker Paul Stephens met Mighty Ducks star Brock Pierce, they were avid World of Warcraft gamers and he was amassing an empire of digital goods exchanges where players could buy, sell, and trade valuable in-game items and virtual currency. Together they would go on to form Blockchain Capital, the first venture capital firm to fund the blockchain ecosystem.
