ECB member doubles down on digital euro after Trump’s crypto EO: Report  

Binance has filed a motion to dismiss a $1.76 billion lawsuit brought by the FTX estate, accusing the defunct crypto exchange of trying to deflect blame for its own failure.Filed on May 16 in the Delaware Bankruptcy Court, Binance’s legal team called the suit “legally deficient,” stating that FTX’s collapse was not triggered by market manipulation or hostile action but by internal misconduct.“Plaintiffs are pretending that FTX did not collapse as the result of one of the most massive corporate frauds in history,” the filing said, pointing to Sam “SBF” Bankman-Fried’s conviction on seven counts of fraud and conspiracy.FTX’s estate alleges that Binance received billions in crypto during a 2021 buyback deal, funded improperly with customer assets.Binance rejects this claim, stating that “FTX remained a going concern for 16 months” after the share repurchase and that there was “no plausible claim” the exchange was insolvent at the time.Binance filing to dismiss FTX’s lawsuit against the exchange. Source: Law360newsRelated: Binance wants arbitration for all members of securities class suitZhao’s tweet and FTT crashThe lawsuit also accuses former Binance CEO Changpeng Zhao of triggering a collapse through a tweet on Nov. 6, 2022 announcing the liquidation of FTT tokens.In response, Binance argued that Zhao’s tweet was based on publicly known concerns. “Binance’s decision to liquidate its remaining FTT was, in fact, ‘due to recent revelations ’— in particular, the Nov. 2, 2022, CoinDesk article” that exposed Alameda Research’s balance sheet.The company further defended Zhao’s comment that Binance would aim to minimize market impact. “The Complaint contains no such facts” to prove Binance had no intention of following through.CZ announced plans to liquidate FTT holdings in 2022. Source: CZIn challenging the court’s jurisdiction, Binance said none of the foreign entities named “are incorporated in or maintain their principal place of business in the United States,” and thus fall outside the court’s reach.The filing also criticizes the plaintiff’s narrative as “a grab bag of state law claims” based on “pure conjecture — much of it sourced from a convicted fraudster’s hindsight speculation.”Binance has asked the court to dismiss all claims with prejudice. The FTX estate has not yet filed its response. Related: FTX EU creditors can now withdraw money from Backpack exchangeFTX to disburse $5 billion in second round of creditor repaymentsFTX is set to begin its second round of repayments to creditors more than two years after filing for bankruptcy.In a May 15 notice, the FTX Recovery Trust announced that over $5 billion will be distributed starting May 30 through BitGo and Kraken, targeting parties in the second eligible group under the exchange’s reorganization plan.According to the plan, five creditor groups categorized as “convenience classes” are expected to receive between 54% and 120% of their claims. In total, FTX may repay up to $16 billion, depending on the final number of valid claims.Magazine: Father-son team lists Africa’s XRP Healthcare on Canadian stock exchange

A recent data breach at crypto exchange Coinbase has raised concerns about user safety after hackers gained access to sensitive information, including home addresses.Coinbase, the world’s third-largest cryptocurrency exchange, confirmed that less than 1% of its transacting monthly users were affected in an attack that may cost the exchange up to $400 million in reimbursement expenses, Cointelegraph reported on May 15.However, the “human cost” of this data breach may be much higher for users, according to Michael Arrington, the founder of TechCrunch and Arrington Capital.“Very disappointed in Coinbase right now. Using the cheapest option for customer service has its price,” Arrington said in a May 20 X post, adding:“Something that has to be said though – this hack – which includes home addresses and account balances – will lead to people dying. It probably has already.”Source: Michael ArringtonWhile no passwords, private keys or account funds were exposed, cybercriminals reportedly bribed overseas customer service contractors to access internal systems. This allowed them to steal personal data that could be used in social engineering scams or even physical extortion attempts.Related: Hoskinson promises audit, is ‘deeply hurt’ by $600M Cardano treasury claimsWith Bitcoin (BTC) trading above $100,000, crypto wealth has become a growing target for criminals. Experts warn that leaked address data could expose high-net-worth individuals to real-world risks. On May 16, Cointelegraph reported on six violent robberies that targeted cryptocurrency investors, aiming to extort digital assets via kidnapping or torture.In a ruthless attack on May 4, the father of a French crypto entrepreneur was abducted in Paris, France. The kidnappers cut the victim’s finger and sent a video to his son, demanding 5 million euros in crypto.The victim was held for two days before French police were able to find and rescue him. According to CNN, five people were arrested in connection with the kidnapping. Related: US crypto funds top $7.5B inflows in 2025 as investor appetite growsCrypto exchanges need “layered” cybersecurityTo prevent similar user data breaches, crypto exchanges need to adopt a “layered defense strategy,” according to Ronghui Gu, the co-founder of CertiK Web3 security firm.“This can include privileged access management, zero trust architecture, multifactor authentication across internal systems, and continuous monitoring with behavioral analytics,” Gu told Cointelegraph, adding: “Preventive measures such as regular phishing simulations, tailored security training, and restricting third-party access to sensitive systems may help reduce these risks.”However, crypto platforms will need to “rethink their security posture” as attackers “increasingly target human vulnerabilities rather than technical ones,” added Gu, warning of the rising threat of social engineering schemes.Incidents and losses in 2024 by month. Source: CertiKSocial engineering schemes, such as phishing scams, were the most significant security threat of 2024, costing the industry over $1 billion across 296 incidents, according to CertiK.Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19

Genesis has launched a pair of lawsuits against its parent company, Digital Currency Group (DCG), and its CEO, Barry Silbert, accusing them of fraud, reckless mismanagement and siphoning more than a billion dollars in value from the now-bankrupt crypto lender.On May 19, the Delaware Court of Chancery unsealed a complaint detailing how DCG allegedly used Genesis as a corporate ATM, draining funds through self-serving loans and concealed transfers while presenting a false image of financial health.Through their court-appointed Litigation Oversight Committee (LOC), Genesis creditors claim that over a million digital coins — worth about $2.1 billion — were funneled away, even as Genesis edged toward collapse.As per the complaint, Genesis creditors are still owed around $2.2 billion worth of crypto assets, including 19,086 Bitcoin (BTC), 69,197 Ether (ETH) and over 17.1 million other tokens, along with significant unpaid fees and interest as of Feb. 9, 2025.At the core of the lawsuit is the claim that Silbert and other insiders ignored basic risk controls and pushed Genesis into reckless lending practices that ultimately served to benefit DCG’s crown jewel, Grayscale Investments.DCG withdrew $1.2 billion from Genesis before bankruptcyThe complaint describes Genesis as having operated without a board or independent oversight, with key decisions made to enrich DCG at the expense of depositors.“In particular, Silbert, Kraines, and Murphy orchestrated sham transactions at the end of the second and third quarters of 2022, when Genesis’s books closed, to deceive Genesis lenders into believing that DCG was providing liquidity and equity to Genesis,” the complaint states. Genesis also said it was forced to accept illiquid Grayscale Bitcoin Trust (GBTC) shares as collateral and was barred from selling them, creating major valuation risks.“GBTC was illiquid because it could not be sold for six months after its purchase due to a lockup period imposed by the SEC, and DCG prohibited Genesis from reselling GBTC even after the lockup period ended,” the complaint states. The complaint names DCG, Barry Silbert, former Genesis CEO Michael Moro, former DCG chief financial officer Michael Kraines, DCG President Mark Murphy and DCG’s investment banker Ducera Partners as defendants.Source: GenesisLOCRelated: Bankrupt crypto firm Genesis completes restructuringA second complaint, filed in the US Bankruptcy Court for the Southern District of New York, alleges that DCG and its affiliates withdrew over $1.2 billion in US dollars and cryptocurrencies during the year leading up to Genesis’s bankruptcy.These withdrawals, the LOC argued, were timed around major market events such as the collapses of Terra-Luna, Three Arrows Capital, and FTX — moments when Genesis was already insolvent.Internal filings suggest insiders recovered 100% of their funds, while retail and institutional creditors were left exposed.Genesis seeks to recover billionsIn total, Genesis is seeking to recover more than $3.3 billion through the two lawsuits.In April 2025, a New York judge ruled that most of the New York Attorney General’s civil fraud lawsuit against DCG, Silbert, and former Genesis CEO Michael Moro can move forward.The suit accuses DCG and its bankrupt lending arm Genesis of misleading investors after the collapse of crypto hedge fund Three Arrows Capital, allegedly masking a $1 billion shortfall with a 10-year, low-interest promissory note.While Gemini and Genesis have settled, DCG and the executives have fought the charges.Genesis filed for bankruptcy in early 2023 with $14 billion in outstanding loans.Magazine: Father-son team lists Africa’s XRP Healthcare on Canadian stock exchange