RoboFi News Review: Top Crypto News of the Week
This week’s news roundup is presented below.
Bankman-Fried's criminal case assigned to judge in Trump, Prince Andrew cases
The criminal case involving Sam Bankman-Fried and the failure of his FTX cryptocurrency exchange has been reassigned to a judge who is known for recently handling defamation lawsuits against former President of the United States Donald Trump and a sexual abuse lawsuit against Prince Andrew of Britain.
FTX customers file class action to lay claim to dwindling assets
Tuesday, customers of the now-defunct cryptocurrency exchange FTX filed a class action lawsuit against the company and its former top executives, including Sam Bankman-Fried. They want a court to rule that the company's digital assets belong to the customers. The lawsuit is the latest legal attempt to claim FTX's dwindling assets. FTX is already in a fight with liquidators in the Bahamas and Antigua, as well as with the bankruptcy estate of another failed crypto company, Blockfi.
China-exposed miners, banks push UK's FTSE 100 higher
Wednesday was a good day for the internationally focused FTSE 100 in London, which gained ground as a result of China's removal of COVID-19 limitations, which pushed miners and banks higher. However, the index continued to be cautious due to the increase in COVID cases.
UK's Argo Blockchain shares soar on deals to avoid bankruptcy
Cryptocurrency miner Argo Blockchain (ARB.L) said it will sell its mining facility Helios for $65 million and refinance a new asset-backed loan to avoid bankruptcy. This sent its London-listed shares soaring. Argo said that the deals will allow the company to keep running. Earlier this month, the company said that it might have to file for Chapter 11 bankruptcy protection because it didn't have enough cash.
Solana crypto token loses most of its value in 2022, FTX collapse weighs
Solana, a cryptocurrency token that FTX founder Sam Bankman-Fried had praised, lost 10.36% of its value and is down 94.2% so far in 2022. The failure of one of the world's biggest cryptocurrency exchanges, FTX, has sent shockwaves through the industry. This has made it harder for firms to get money out of the market. Solana, or SOL, is the token for the new Solana blockchain, which supports smart contracts and non-fungible tokens and has become a competitor to the Ethereum blockchain.
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