DCG investigated by US authorities
Digital Currency Group (DCG) is being investigated by US authorities over internal transfers. DCG is the parent company of Grayscale, CoinDesk, as well as crypto lender Genesis, which is facing major liquidity trouble.
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Hong Kong as a digital asset hub
Hong Kong still wants to become an international center for digital assets. The special administrative region’s regulators plan on getting crypto companies and bankers together. A recent Bloomberg report says that the meeting will take place at the Hong Kong Monetary Authority on April 28th.
G7 will discuss crypto regulations
The G7 will detail a coordinated plan to improve crypto transparency and strengthen consumer safeguards. They hope to confront threats to the global financial system during a conference in Hiroshima this May.
Gucci has recently announced a multi-year partnership with Yuga Labs, the creator of Bored Ape Yacht Club. The primary objective of this deal is to foster engagement between the communities of both companies. This could leverage each other’s strengths to create new and innovative experiences for their customers.
Bitcoin reportedly entered a supercycle
Bitcoin appears to be entering a new bullish “supercycle,” according to Bloomberg senior analyst Mike McGlone. He claims Bitcoin is the best-performing asset in 2023, increasing its price “nearly 10 times” as much as gold.
The Interior Minister of Montenegro claims Do Kwon has been arrested in Podgorica, the capital of Montenegro. The identity verification should be confirmed soon.
SEC’s fight with crypto intensifies
The SEC filed a new lawsuit against Jake Paul, citing crypto promotions without disclosing the payment he received for the promotion. Justin Sun is being sued for fraud and market manipulation. The SEC alleges unregistered sales of securities (TRX and BitTorrent). Moreover, Coinbase received a Wells Notice focused on staking and asset listing.
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Saudi Aramco is working with China to build a $12.2 billion oil refinery. The refinery will be in northeast China, and it is expected to be fully operational in 2026. About 300,000 barrels of oil a day will be housed at the refinery.
Alibaba soars 13% after announcement
The announcement of Alibaba’s plan to divide itself into six distinct businesses boosted the stock by 13%. This reorganization may result in many IPOs down the road. The segments would be cloud, e-commerce, global e-commerce, digital mapping, logistics, and a media arm.
5 banks investigated over $100b fraud
Five large banks in France were reportedly targeted by investigators as part of a €100 billion fraud probe. French and German governments were involved because of a possible money laundering allegation. The banks under investigation are HSBC, Societe Generale, BNP Paribas, Exane, and Natixis.
Charles Schwab is facing risks due to unrealized losses of over $29 billion on its balance sheet from 2022. As a result, Schwab shares have lost over a quarter of their value since March 8, with some analysts expecting earnings to suffer. The company’s CEO, Walt Bettinger, said the company is healthy and prepared to withstand the turmoil.
Hong Kong as a digital asset hub
Hong Kong still wants to become an international center for digital assets. The special administrative region’s regulators plan on getting crypto companies and bankers together. A recent Bloomberg report says that the meeting will take place at the Hong Kong Monetary Authority on April 28th.
Disney starts layoffs to save $5.5 billion
Disney CEO Bob Iger announced on Monday the start of the company’s mass layoffs. This follows the company’s plans last month to cut 7,000 workers this year in an effort to reduce costs by $5.5 billion.