DoJ Launches Investigation Into FTX Hack – December 28

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $16,602

Bitcoin price continues to trade in the mid to high $16,000s, following extended low-volatility price action.

Top-20 altcoins have seen some small losses across the board, as Ethereum and BNB fall 1% each, Dogecoin 4% and Tron is the sole gainer with a rise of less than 1%.

Top Stories for December 28, 2022 πŸ”₯

πŸ‘‰ DoJ Launches Investigation Into FTX Hack

In November 2021, hackers stole between $370 million and $400 million of cryptocurrency assets from crypto exchange, FTX.

The US Department of Justice is currently investigating the case to identify those responsible for the hack, which occurred when the exchange’s official Telegram administrators reported unauthorized access.

The exact amount stolen is not certain, but estimates range from $370 million to $400 million. It is unknown at this time if any suspects have been identified in the case.

πŸ‘‰ Coinbase Stock Drops 6% In 5 Days, Reaches New Lows

Crypto exchange Coinbase has seen its stock price fall 87% over the past year and 6% over the past five days, along with a 28% decline in net revenue for Q3 2022 compared to Q2.

Transaction revenue has also decreased by 44% due to fewer active users on the exchange. In response to these financial challenges, Coinbase laid off 1,100 employees, or 18% of its workforce, in June. The company’s current stock price is $32.65 per share.

πŸ‘‰ Gemini Sued Over Losses In Interest-Earning Program

Gemini is facing a lawsuit from investors over the sale of its interest-earning crypto products. The lawsuit, filed with the US Southern District Court of New York, alleges that Gemini’s Earn program, which offered customers interest of up to 7.4% for lending their crypto assets, did not register those assets as securities in accordance with US securities law.

The lawsuit claims that Gemini abruptly halted the program in November 2021 after the bankruptcy of cryptocurrency exchange FTX caused a liquidity crisis at Genesis Trading, which acted as Gemini’s borrower.