Yearly Archives: 2023

Barry Silbert Resigns as Grayscale Chairman, to Be Replaced by Mark Shifke

Grayscale Investments, whose application to turn its Bitcoin Trust (GBTC) into a U.S. spot exchange-traded fund (ETF) is being considered by the Securities and Exchange Commission, said Barry Silbert resigned as chairman and will be replaced by Mark Shifke. Shikfe, DCG’s chief financial officer, will replace Silbert as of Jan. 1, Grayscale said in an SEC filing without giving a…

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Crypto Collapses Leave Bankruptcy Judges Making Sense of Rubble

Bankruptcy judges who oversaw the failure of cryptocurrency exchanges this year trumped regulators, outpaced prosecutors, and answered core questions about the legalities of digital currency. The judges’ decisions could define the crypto industry for years to come, despite leaving thousands of customers without control of assets they thought they owned. The use of bankruptcy to help resurrect the crypto industry…

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SPAC Mania’s Ugly End Yields $46 Billion of Investor Losses – Bloomberg

Wall Street’s affair with blank-check firms, the finance fad that pushed companies onto the stock market during the Covid-19 pandemic, ended this year with a string of big bankruptcies and even bigger losses for shareholders. At least 21 firms that went public by merging with special purpose acquisition companies, or SPACs, went bankrupt this year, according to data compiled by…

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BarnBridge DAO Agrees to Stop Unregistered Offer and Sale of Structured Finance Crypto Product

The Securities and Exchange Commission today announced that BarnBridge DAO, a purportedly decentralized autonomous organization, and its two founders, Tyler Ward and Troy Murray, will pay more than $1.7 million to settle charges that they failed to register BarnBridge’s offer and sale of structured crypto asset securities known as SMART Yield bonds. The Commission also charged the respondents with violations…

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Mt. Gox Crypto Exchange Appears to Have Started PayPal Repayments Tied to 2014 BTC Hack

Almost 10 years after being hacked, the Mt. Gox crypto exchange appears to be starting to repay customers who lost 850,000 bitcoin (BTC) now valued around $36 billion. Some participants in the mtgoxinsolvency subreddit group said they had received payouts in yen over Paypal. Others, who’d chosen to receive cash into bank accounts, said they had not seen any inflows.…

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Dean C. Metry Named Chief Administrative Law Judge at SEC

The Securities and Exchange today announced that Dean C. Metry has been named the agency’s Chief Administrative Law Judge. Judge Metry will lead the SEC’s impartial Office of Administrative Law Judges that conducts hearings and issues initial decisions in administrative proceedings before the agency. Judge Metry succeeds James E. Grimes, who served for eight years with the agency, including his last…

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SEC Awards More Than $28 Million to Seven Whistleblowers

The Securities and Exchange Commission today announced awards of more than $28 million combined to seven individuals whose information and assistance led to a successful SEC enforcement action. The seven whistleblowers were composed of a single claimant and two sets of joint claimants. Each of the claimants provided information that significantly contributed to an SEC investigation. The single claimant and…

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SEC Charges UAE-Based Brooge Energy and Former Executives with Fraud

The Securities and Exchange Commission today announced fraud charges against Brooge Energy Limited, a publicly-traded energy company located in the United Arab Emirates, the company’s former CEO, Nicolaas Lammert Paardenkooper, and its former Chief Strategy Officer and Interim CEO, Lina Saheb. According to the SEC order, before and after going public through a special purpose acquisition transaction, Brooge, whose securities…

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