Analysis News TheBitTimes.com

Jump Crypto has fallen from grace. Despite its best efforts to distance itself from Sam Bankman-Fried following the spectacular collapse of FTX , Jump had unfortunate ties to his fraudulent empire that the CFTC might now be investigating. As Michael Lewis documented in his book Going Infinite, Jump was one the largest market-makers on FTX and lost at least $300 million during its collapse. The firm, along with FTX Founder Sam Bankman-Fried, supported Solana and in the most expensive private bail-out in crypto history, funded Solana‘s then-largest interblockchain asset bridge, Wormhole. Fortune reported on June 20 that the US Commodity Futures Trading Commission (CFTC) is investigating Jump, but didn’t provide details about the nature of its inquiries. On June 24, Bloomberg reported that Jump president Kanav Kariya stepped down. The CFTC hasn’t sued Jump nor commented on its investigation and it’s important to remember that the existence of an investigation isn...

A crypto influencer who called Logan Paul the “biggest moron I’ve ever had the pleasure of doing business with” says he avoided a lawsuit from the YouTube star after his lawyers advised him it could turn into an ongoing issue that could cost him millions. Jake Greenbaum worked with Paul on the controversial NFT CryptoZoo game. The project was a complete failure and led to a series of lawsuits against Paul, Greenbaum, and the project’s team in February 2023. However, on the same day that Paul offered a buyback plan for investors in January 2024 — an act lawyers suing him called a ‘sneaky trick’ — he also filed a lawsuit against Greenbaum and Eduardo Ilbanez, accusing them of insider trading.  Greenbaum told the DailyDot his attorney’s advice was to ignore Paul’s lawsuit as “Logan is a very wealthy individual chasing attention and can file 100 counterclaims and lawsuit s the minute you respond.” The entire DJT token drama in one article Read more: Logan Paul...

Canadian authorities are petitioning courts to force QuadrigaCX co- found er Michael Patryn to explain how he came to be in possession of 45 gold bars, a diamond-studded Rolex watch, and more than $250,000 in cash. As reported by Bloomberg, the Director of Civil Forfeiture in British Columbia has asked for a court order that would force Patryn to explain the assets which were seized in June 2021 two years after Quadriga’s collapse. A 2020 investigation concluded that the exchange’s 2019 implosion was caused by fraudulent activity committed by the exchange’s other founder, Gerry Cotten. Cotten died in mysterious circumstances while on his honeymoon in 2018. The probe also found that Patryn cut ties with QuadrigaCX after 2016 before the majority of the fraudulent activity took place . However, according to the most recent filing, chat records from 2014 and 2015 appear to show the founders discussing how they could appropriate customer funds and make it look as though Patryn had l...