Also known as SBF, Bankman-Fried was a 30-year-old multi-billionaire who founded the profitable cryptocurrency exchange FTX. And then it all came crashing down.
The 320,000 ether mistakenly sent to Gate.oi accounted for 80% of the Ethereum tokens that Crypto.com held and was worth about $400 million.
The 23-page bankruptcy filing indicates that FTX has more than 100,000 creditors, assets in the range of $10 billion to $50 billion, as well as liabilities in the range of $10 billion to $50 billion.
The hacker had taken around two million of the cryptocurrency BNB, Binance’s own digital coin, with a value of around $284 each.
The sum which was seized reportedly included funds meant for, but not limited to, the Izzadin al-Qassam Brigades (the Hamas military wing).
The month-long project will test the use of digital currency to support local businesses during a peak tourist event in the city.
The IRS considers cryptocurrencies such as bitcoin as property for federal tax purposes, meaning any profits or losses from the sale or exchange of the virtual coins should be reported.
The Israeli government has published and circulated a draft proposal with Israel’s Tax Authority looking to introduce VAT on ICOs.
The shift in sentiment towards ICOs could incentivize more Israeli start-ups to enter the ICO market.
There have been public complaints that Israeli banks were making it difficult for some customers to transfer money from their accounts to buy bitcoin.
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