FinTech
Fintech business Klarna’s losses triple just after intense U.S. growth and mass layoffs
The brand of Swedish payment company Klarna. Thomas Trutschel | Photothek | Getty Photos Klarna on Wednesday described a remarkable soar in losses in the initially half, adding to a deluge of unfavorable news for the “purchase now, pay later” pioneer. The Swedish payments organization produced revenues of 9.1 billion Swedish krona ($950 million) in […]
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Coinbase, FTX, Binance get inquiries as Congress appears to be like to crack down on $1 billion crypto fraud
In its 1st foray into the crypto sector, the House Committee on Oversight and Reform is dialing up the tension on federal companies and crypto exchanges to shield Individuals from fraudsters. In a series of letters despatched Tuesday early morning, the committee requested 4 agencies, like the Office of the Treasury, the Federal Trade Commission, […]
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Web3 is in chaos and metaverses are in their own walled gardens, says Randi Zuckerberg
“We’re really just scratching the surface of what we’re going to see [in the metaverse],” said Randi Zuckerberg, the founder and CEO of Zuckerberg Media. Wildpixel | Istock | Getty Images A smooth and “complete decentralization” of Web3 is not yet a reality, said Randi Zuckerberg, referring to a system in which users rather than […]
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Voyager customer lost $1 million saved over 24 years and is one of many now desperate to recoup funds
Voyager said it has roughly $1.3 billion of crypto on its platform and holds over $350 million in cash on behalf of customers at New York’s Metropolitan Commercial Bank. Justin Sullivan | Getty Images During a five-hour Chapter 11 bankruptcy hearing earlier this month for crypto firm Voyager Digital, a customer named Magnolia was the […]
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Zoom investor tells startup founders: ‘Forget the past three years’ and accept 50% valuation hit
Eugene Zhang, founding partner of Silicon Valley VC firm TSVC Spencer Greene, general partner of TSVC Courtesy: TSVC Eugene Zhang, a veteran Silicon Valley investor, recalls the exact moment the market for young startups peaked this year. The firehose of money from venture capital firms, hedge funds and wealthy families pouring into seed-stage companies was […]
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Ethereum just wrapped the final dress rehearsal for one of the most important events in crypto
Ethereum is the world’s second-biggest cryptocurrency, and it’s giving bitcoin a run for its money. Getty Ethereum, the second-largest cryptocurrency by market value, just ran a final dress rehearsal ahead of a years-awaited upgrade that’s been billed as one of the most important events in the history of crypto. Since its creation almost a decade […]
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Hackers have stolen $1.4 billion this year using crypto bridges. Here’s why it’s happening
Mining the Worlds Second-most-valuable Cryptocurrency at Evobits I.T SRL An engineer inspects Sapphire Technology Ltd. AMD graphics processing units (GPU) at the Evobits crypto farm in Cluj-Napoca, Romania, on Wednesday, Jan. 22, 2021. The worlds second-most-valuable cryptocurrency, Ethereum, rallied 75% this year, outpacing its larger rival Bitcoin. Photographer: Akos Stiller/Bloomberg via Getty Images Photographer: Akos […]
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Crypto criminals laundered $540 million by using a service called RenBridge to bypass exchanges
Dan Kitwood | Getty Images A major way criminals in the crypto world launder money is by sending digital assets across blockchains, bypassing a centralized service that can trace and freeze transactions. They use so-called cross-chain bridges to make it happen, and the dollar amounts are getting large. One particular cross-chain bridge called RenBridge has […]
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Sam Bankman-Fried’s crypto firms had deep ties to Voyager Digital and its bankruptcy wipeout
Sam Bankman-Fried, co-founder and chief executive officer of FTX, in Hong Kong, China, on Tuesday, May 11, 2021. Lam Yik | Bloomberg | Getty Images Sam Bankman-Fried became a crypto billionaire and one of the most famous players in the industry by building cryptocurrency exchange FTX into a top site used by traders and investors. […]
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Apple Card’s rapid growth, outside vendors blamed for mishaps within Goldman’s credit-card business
Apple CEO Tim Cook introduces Apple Card during a launch event at Apple headquarters on Monday, March 25, 2019, in Cupertino, California. Noah Berger | AFP | Getty Images When it was unveiled in 2019, Apple touted its new credit card as a gamechanger with unheard-of levels of simplicity and transparency. Behind the scenes, however, […]
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