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Amid a tough fundraising climate in the crypto market, Faction Ventures, a blockchain-focused venture capital firm, has announced the launch of its first $285 million fund, as revealed exclusively to TechCrunch by the firm’s co-founders. Faction’s primary focus will be on early-stage blockchain projects raising seed or Series A rounds. Samuel Harrison, managing partner at … Read more
LG CNS, the IT solutions subsidiary of the South Korean conglomerate, has joined forces with QuickNode, a blockchain deployment platform, in a strategic partnership. This move signifies a growing interest in the underlying distributed ledger technology of cryptocurrency, despite its recent negative associations due to FTX’s collapse. In addition to announcing the partnership, LG also … Read more
After opening its first overseas office in London last Thursday, a16z made its first U.K. investment announcement today. The venture capital firm has led a $4.2 million seed round in Pimlico. Based in London — as one could surmise from its name borrowed from the city’s charming area — the startup is building the infrastructure … Read more
The U.S. government has imposed sanctions on a Russian national for allegedly laundering millions of dollars’ worth of victim ransom payments on behalf of individuals associated with the notorious Ryuk ransomware group. According to an announcement from the U.S. Treasury’s Office of Foreign Assets Control (OFAC), Ekaterina Zhdanova, 37, is accused of utilizing virtual currency … Read more
Sam Bankman-Fried, the co-founder and former CEO of crypto exchange FTX and trading firm Alameda Research, has been found guilty on all seven counts related to fraud and money laundering. The defendant is “charged with a wide-ranging scheme to misappropriate billions of dollars of customer funds deposited with FTX and mislead investors and lenders to … Read more
Coinbase, the second-largest cryptocurrency exchange by trading volume, unveiled its Q3 2023 earnings on Thursday. In response, the company’s stock dropped approximately 5.5% in after-hours trading. In Q3 2023, Coinbase recorded total revenue of $674 million, a slight decrease from the previous quarter’s $707.9 million. The company’s net revenue was $623 million, down 6% from … Read more
Acctual has raised $3.85 million in seed funding at a $15 million post-money valuation to assist crypto startups in managing their finances, stated the company’s co-founder and CEO, Atikh Bana, in an exclusive conversation with TechCrunch. Describing Acctual, Bana mentioned, “At a high level, Acctual offers an improved method for handling invoices and bills in … Read more
In a coordinated effort between the FBI and the Dutch Financial Intelligence and Investigation Service, the websites of a crypto mixer have been seized. The mixer was allegedly utilized by North Korean hackers and multiple cybercriminals to launder stolen funds and obscure transactions. The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) … Read more
The Bank of Korea (BOK) has unveiled details about its pilot program for its retail central bank digital currency (CBDC), announcing that 100,000 selected Korean citizens will take part in the trial in the fourth quarter of next year. Participants will be able to use tokens in the form of CBDC issued by commercial banks … Read more