Latest news with #FTX
Bloomberg
16 hours ago
- Sport
- Bloomberg
Weekend Law:Trans Rights, Read Verdict & Shaq Settles
Kate Redburn, a professor at Columbia Law School and an expert in the law of gender, sexuality and religion, discusses the Supreme Court upholding Tennessee's ban on gender affirming care for minors. Dave Aronberg, former Palm Beach County State Attorney, discusses the jury acquitting Karen Read of murder charges. Entertainment attorney Ron Bienstock, a partner at Scarinci Hollenbeck, discusses Shaquille O'Neal settling a lawsuit over his FTX endorsements for $1.8 million. June Grasso hosts.
Arabian Post
a day ago
- Business
- Arabian Post
Coinbase Chooses Luxembourg as EU Licensing Hub
Coinbase has received authorisation under the EU's Markets in Crypto‑Assets regulation through Luxembourg, designating the country as its primary European hub and shifting focus away from Ireland. The approval — the first of its kind for a major U.S. exchange — grants Coinbase a passport to operate across all 27 EU member states. Luxembourg's growing financial stature and regulatory strength made it a logical choice, according to Coinbase, which already employs around 200 staff across Europe. The exchange plans to expand its Luxembourg team by at least 20 personnel by year-end. Luxembourg's regulator declined to comment, but insiders say the jurisdiction sets a 'high‑bar' for entry — a stance that counters concerns from other nations about lax standards in smaller markets. This move underscores a broader shift in the EU crypto ecosystem. Gemini, founded by Tyler and Cameron Winklevoss, is expected to be granted its MiCA licence by Malta, following earlier approvals of OKX and These licensing decisions highlight the increasing competition among EU member states to attract digital‑asset firms. ADVERTISEMENT Meanwhile, Ireland — previously heralded as Coinbase's launchpad with an e‑money licence and Virtual Asset Service Provider registration — has lost momentum. Its central bank governor previously warned that crypto often operates like a Ponzi scheme, reflecting a cooler official attitude toward the industry. MiCA's passport system allows a single licence to provide regulatory cover throughout the bloc, but some EU financial watchdogs are raising concerns. They argue that rapid approvals in smaller jurisdictions like Malta or Luxembourg could lead to uneven regulatory enforcement, undermining the very protections the framework aims to provide. The European Securities and Markets Authority is reportedly monitoring these developments amid internal discussions about its oversight role. Luxembourg's emerging appeal as a crypto gateway appears rooted in its established reputation as a financial centre with robust supervision. In contrast, Ireland's more sceptical posture may have made it less attractive for firms seeking clearly defined regulatory environments under the new rules. Market analysts say these MiCA approvals could significantly increase institutional confidence in European digital‑asset markets, offering a model for compliance and consumer protection. However, they warn that inconsistent national implementation could result in 'regulatory arbitrage,' where firms exploit jurisdictional loopholes. The global crypto market, valued at around US $3.3 trillion, is still navigating the fallout from major collapses like FTX in 2022. MiCA marks a pivotal shift toward formal oversight in the EU, aiming to safeguard investors while fostering innovation. The licensing of high‑profile U.S. exchanges such as Coinbase and Gemini represents a critical test of whether this new continental regime can deliver both growth and stability.
Yahoo
3 days ago
- Entertainment
- Yahoo
Sporticast 458: A Club World Cup Check-In
On the latest Sporticast episode, hosts Scott Soshnick and Jacob Feldman weigh in on the first weekend of the newly expanded Club World Cup. DAZN is paying $1 billion to stream the games, while offering them for free around the world. How does that make dollars and sense? Jacob breaks down their business strategy, from sub-licensing to upselling. Advertisement More from The hosts also discuss FIFA's ticketing strategy for the event, which includes consolidating visitors into certain, TV-friendly sections for less popular matches, including those played during weekdays. A series of scoreless tilts and blowouts likely did little to help organizers increase interest in attending upcoming matches. A reported 22,137 showed up to Atlanta's 71,000-seat Mercedes-Benz Stadium on Monday to see LAFC play Chelsea. Where fans sit is just one of many game day operations decisions made with TV in mind. Newly developed grass has also been criticized, with all eyes focused on how the turf performs during next year's World Cup—and whether it makes its way to American venues full-time. Then, Scott explains the impact of Shaquille O'Neal signing a $1.8 million settlement in the wake of his controversial FTX endorsement. Could the FTX disaster change the way athletes approach potential endorsements? (If the money's good enough, probably not…) In the meantime, the deal could improve Shaq's standing among fans. Lastly, they touch on MLB's investment in Jomboy Media, with the help of a special, surprise guest. Advertisement (You can subscribe to Sporticast through Apple, Google, Spotify, YouTube, or wherever else you get your podcasts.) Sign up for Sportico's Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.
Arabian Post
4 days ago
- Business
- Arabian Post
Haru Invest CEO Found Not Guilty of Defrauding Investors
South Korea's Seoul Southern District Court on 17 June acquitted Haru Invest CEO Lee Hyung‑soo of fraud charges linked to the collapse of withdrawal services that triggered investor losses of approximately $650 million. The court determined there was no deliberate intention to mislead the 6,000-plus affected depositors, citing legitimate business activity that merely suffered collapse from contagion stemming from the FTX collapse. Prosecutors had alleged Lee orchestrated a $650 million fraud scheme by misleading investors and misappropriating user funds. They argued that the firm, owned by parent company Blockcrafters, presented itself as secure and sustainable before halting withdrawals in mid‑2023, inflicting financial hardship on users. Nonetheless, the court concluded that while Haru Invest's model carried high risk, it was not inherently deceptive. The court's ruling also cleared the company's co‑CEOs at Blockcrafters, who faced similar allegations. In contrast, Haru's chief operating officer, Kang, received a two‑year prison sentence after being found guilty of embezzlement. The court determined Kang had transferred client funds to his personal accounts, a charge distinct from the fraud accusations directed at Lee and other executives. ADVERTISEMENT Judges noted connections between Haru's difficulties and the broader collapse of the cryptocurrency ecosystem following the FTX failure. They observed that Haru deployed a legitimate yield‑earning model using third‑party counterparties, including B&S Holdings, but that the sudden disruption in liquidity markets amplified losses. There was no evidence, the ruling held, that Lee intentionally misrepresented Haru's operations or risk profile to investors. Concurrently, prosecution testimonials during closing arguments revealed that Haru marketed its platform as capable of delivering annual interest rates exceeding 10 per cent on deposits of Bitcoin, Ethereum and USDT. Investor expectations were inflated, yet those losses, believed to be exacerbated by exposure to over‑leveraged counterparty relationships, were judged to result from systemic failure rather than criminal intent. Throughout the proceedings the defence emphasised Lee's commitment to asset return. Lee personally told the court that investors retained ownership of their crypto assets and that Haru operated legally under custody arrangements. He insisted that financial setbacks resulted from Bernard Bang's mismanagement at B&S, a company entrusted with executing Haru's yield‑earning strategy. The defence maintained that Haru's abrupt withdrawal suspension in June 2023 was a reactive measure to liquidity pressure, not an attempt to defraud. Meanwhile, the court confirmed that Kang, the COO, diverted funds into accounts unrelated to Haru's operations, violating fiduciary responsibility, and meriting his conviction. His sentence reflected the separation in responsibility between him and senior management, who genuinely believed in and operated under a legitimate model. The financial aftermath continues: Haru has appointed an insolvency administrator and launched a creditor claims process affecting thousands of both domestic and overseas investors. According to user‑submitted civil filings, the firm is pursuing recovery of assets tied to the FTX bankruptcy estate, including staking returns and counterparties' restitution. Victims are filing asset‑recognition claims under Korean bankruptcy law, arguing that deposited tokens belong to them and should be returned outside Haru's bankrupt estate. In parallel, appellate proceedings are expected for Kang, whose sentence may be modified as his embezzlement involved funds beyond his legal authority. Lee and his co‑CEOs are also preparing appeals, emphasising that Haru's structure and disclosures conformed with regulations at the time of operation.
New York Times
14-06-2025
- Business
- New York Times
Shaquille O'Neal Agrees to Pay $1.8 Million to Settle FTX Class-Action Suit
Shaquille O'Neal, the retired basketball star, agreed to pay $1.8 million to settle a class-action suit brought by customers of FTX, the collapsed cryptocurrency exchange, accusing him and other celebrities of illegally promoting the exchange. The settlement, which was disclosed in a filing in the U.S. District Court for the Southern District of Florida this past week, signaled an imminent resolution for Mr. O'Neal in a case that had questioned the liability of celebrities and influencers who endorse cryptocurrencies and other risky financial products. At the center of the dispute was FTX, the cryptocurrency exchange that suddenly collapsed in 2022, taking $8 billion in customer funds with it. Sam Bankman-Fried, a founder of the exchange, was convicted on charges of fraud, conspiracy and money laundering and sentenced to 25 years in prison. The demise exposed the underbelly of the loosely regulated world of cryptocurrencies, and it devastated investors who in some cases experienced crippling financial losses. It also embroiled in legal action celebrities, influencers and venture capital firms that had endorsed the exchange, with FTX customers arguing that they had been deceived. In 2022, a group of FTX customers sued Mr. O'Neal and a string of other high-profile actors and athletes for compensation. Mr. O'Neal's $1.8 million settlement, which the filing said was finalized in April, makes him one of several defendants who have settled the suit since it was filed. Trevor Lawrence, the football player, and popular content creators were among a group who agreed in 2024 to a settlement of about $1.3 million. This settlement, which pertains only to Mr. O'Neal, still needs court approval. Sunil Kavuri, an FTX customer who has said he lost his life savings of about $2 million, welcomed the news. 'Settling with Shaquille O'Neal helps bring closure to the darkest period of our lives,' he said on Saturday. Other defendants, including Tom Brady, Gisele Bündchen, Larry David and Steph Curry, have argued for the claims to be dismissed. A judge dismissed some of the claims, which include conspiracy and deceptive practices, but allowed others to proceed. In an interview in 2023 with Vanity Fair, Ms. Bündchen said that she had 'trusted the hype' and felt 'blindsided.' The actions have not been limited to high-profile celebrities: Some YouTube influencers have also settled after FTX customers accused them of illegally promoting the exchange on their platforms. Lawyers listed for Mr. O'Neal and for the FTX customers who brought the suit did not immediately respond to a request for comment on Saturday.
