Andrew Asmakov

Andrew Asmakov

Andrew has more than two decades of journalism experience and began covering crypto in 2012. He is also the founder of Cryptoevents.global, an online platform covering major events happening in the industry. Disclosure: No significant cryptocurrency holdings.

Stories by Andrew Asmakov

Circle’s EURC Stablecoin Launches on Stellar Network
Stablecoin issuer Circle has joined forces with the Stellar Development Foundation to launch its EURC fiat-backed stablecoin on the Stellar network. Similar to the U.S. dollar-backed USDC—the crypto industry’s second-largest stablecoin— —EURC maintains a 1:1 peg with the euro under a full-reserve model, Teana Baker Taylor, Circle's VP of policy and regulatory strategy for EMEA announced today during Stellar’s annual Meridian conference in Madrid. Stellar is now the third blockchain network on wh...
NewsCoins
3 min read
Andrew AsmakovSep 26, 2023
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Celsius Network Creditors Approve $2 Billion Restructuring Plan
More than 98% of creditor groups of the insolvent crypto lender Celsius have voted in favor of the proposed reorganization plan, which will return between 67% and 85% of their investments. Additionally, Celsius’ creditors will get equity in a newly formed entity, tentatively called “NewCo,” according to a voting declaration filed by restructuring agency Stretto on September 25. The reorganization plan was approved despite objections from the U.S. Trustee, the DoJ-backed entity responsible for ov...
NewsBusiness
3 min read
Andrew AsmakovSep 26, 2023
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MicroStrategy Buys Another $147 Million Worth of Bitcoin
MicroStrategy, the world’s largest corporate holder of Bitcoin, announced its latest acquisition of the market’s largest cryptocurrency. Per an SEC filing submitted on Monday, between August 1 and September 24, the firm and its subsidiaries purchased approximately 5,445 Bitcoin for about $147.3 million in cash. The average price per coin, inclusive of fees and expenses, was approximately $27,053. With this recent purchase, MicroStrategy has swelled its coffers to an aggregate of about 158,245 Bi...
NewsBusiness
2 min read
Andrew AsmakovSep 25, 2023
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Hong Kong Financial Watchdog to Bring JPEX 'Wrong-Doers to Justice'
In a statement today, Hong Kong’s Securities and Futures Commission (SFC) unveiled a series of new measures aimed at enhancing transparency and security in the cryptocurrency space. The regulator's initiative includes the publication of a comprehensive list containing licensed, deemed-licensed, closing down, and application-pending virtual asset trading platforms (VATPs). The move comes in the wake of the ongoing JPEX crypto exchange scandal and hopes to assist the general public in identifying...
NewsLaw and Order
4 min read
Andrew AsmakovSep 25, 2023
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European Parliament Calls for Tighter Oversight of Global Cryptocurrency Market
The potential for regulatory arbitrage and the decentralized nature of certain crypto assets underscore the need for some level of harmonization in regulation across major jurisdictions, argues a new report published by the European Parliamentary Research Service (EPRS). The report's recommendations include enhanced oversight from non-European Union (EU) regulators to ensure greater stability and development in the global cryptocurrency market. The report also highlights concerns about various c...
NewsLaw and Order
3 min read
Andrew AsmakovSep 22, 2023
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Binance and CEO Changpeng Zhao Seek Dismissal of SEC Lawsuit, Citing Regulatory Overreach
Binance CEO Changpeng "CZ" Zhao and the cryptocurrency exchange itself have jointly filed a motion to dismiss the lawsuit brought against them by the U.S. Securities and Exchange Commission (SEC). In a September 21 filing with the U.S. District Court for the District of Columbia, both Binance Holdings and Zhao contended that the SEC had exceeded its authority in the lawsuit. In the 60-page petition, the legal representatives for Binance and Zhao accused the SEC of failing to provide clear guidel...
NewsLaw and Order
3 min read
Andrew AsmakovSep 22, 2023
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Tether Resumes USDT Loans, Insists It Maintains Excess Reserves
Stablecoin issuer Tether has resumed providing new loans denominated in USDT to clients, a move that comes nearly a year after the company had announced its intention to discontinue offering collateralized loans in 2023. The revelation comes from the company's latest quarterly financial update, which indicates an increase in USDT-denominated loans. As of June 30, the report showed assets that included $5.5 billion in loans, up from $5.3 billion in the previous quarter. The Wall Street Journal ea...
NewsCoins
4 min read
Andrew AsmakovSep 21, 2023
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Mt. Gox Trustee Extends Deadline for Creditor Repayments By a Year
Nobuaki Kobayashi, the trustee overseeing the defunct Mt. Gox Bitcoin exchange's estate, has officially announced an extension of the deadline for repaying its creditors. The new deadline for creditor repayments has been moved from October 31, 2023, to October 31, 2024, as revealed in a letter dated September 21. In his communication, Kobayashi stated that, with the approval of the Tokyo District Court, the deadline extension applies to the base repayment, the early lump-sum repayment, and the i...
NewsBusiness
3 min read
Andrew AsmakovSep 21, 2023
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Ex-Deutsche Bank Employee Pleads Guilty to Crypto Fraud
Rashawn Russell, a former investment banker at Deutsche Bank, has pleaded guilty to charges of misappropriating funds from investors who were lured by promises of significant returns from cryptocurrency trading, according to the U.S. Justice Department. Russell's guilty plea comes after he was charged with orchestrating an elaborate fraud scheme in April. He now faces the possibility of up to 30 years in prison, as well as the requirement to pay restitution exceeding $1.5 million. “Russell lever...
NewsLaw and Order
3 min read
Andrew AsmakovSep 20, 2023
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FTX Bankruptcy Estate Sues Sam Bankman-Fried's Parents Over Millions in ‘Misappropriated’ Funds
The bankruptcy estate of FTX has taken legal action against Joseph Bankman and Barbara Fried, the parents of the collapsed crypto exchange's founder Sam Bankman-Fried, aiming to recover "millions of dollars in fraudulently transferred and misappropriated funds" allegedly taken by the couple. Referring to the defendants as Bankman and Fried, respectively, the debtors of FTX and its affiliated entity, Alameda Research, are also seeking to recover damages attributed to breaches of fiduciary duties...
NewsLaw and Order
4 min read
Andrew AsmakovSep 19, 2023
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Rising From Ashes: Berlin Bitcoin Veteran Bitwala Makes Surprise Comeback
Bitwala, after having undergone a rebranding and reevaluation of its strategies after last year’s bankruptcy, is now making a surprise return to the cryptocurrency scene. The Bitwala app is currently available in 29 countries in the European Economic Area (EEA), offering users access to Bitcoin and Ethereum—the industry’s two largest cryptocurrencies by market capitalization, which can be exchanged for the Euro and can also be sent using SEPA (Single Euro Payment Area) transfers. However, notabl...
NewsBusiness
5 min read
Andrew AsmakovSep 18, 2023
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Elizabeth Warren's Digital Asset Anti-Money Laundering Act Gets Nine New Sponsors
U.S. Senator Elizabeth Warren has secured the support of nine other senators for her Digital Asset Anti-Money Laundering Act, boosting her efforts to tackle the perceived risks posed by cryptocurrencies. According to a press release on Warren’s official website, Democratic Senators Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet, and Catherine Cortez Masto, as well as independent Senator Angus King have joined the coalition supporting the bill....
NewsBusiness
3 min read
Andrew AsmakovSep 18, 2023
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Former Celsius Boss Mashinsky Seeks to Have FTC Case Dropped
Alex Mashinsky, the founder and former CEO of bankrupt crypto lending company Celsius, is seeking to have the Federal Trade Commission (FTC) drop its case against him “in its entirety.” In a court filing Monday, Mashinsky's lawyers contended that the allegations do not support a claim that he knowingly made misstatements to fraudulently obtain customer information from a financial institution. Specifically, Mashinsky's legal team, represented by Yankwitt LLP, argued that the accusations do not s...
NewsBusiness
3 min read
Andrew AsmakovSep 12, 2023
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MyLugano Crypto Payment App Adds Support for Internet Computer’s Multi-Chain Bitcoin ‘Twin’
The DFINITY Foundation’s new partnership with the municipality of Lugano will see the Swiss city’s MyLugano crypto payment app add support for Chain-Key Bitcoin (ckBTC), a multi-chain Bitcoin “twin” running on the Internet Computer (ICP) blockchain. With the addition of ckBTC, MyLugano app introduces a multi-chain, multi-wallet solution, expanding the already existing possibilities of purchasing goods and sending transactions with LVGA, Lugano’s local stablecoin, Bitcoin (BTC), and Tether’s USDT...
NewsCoins
3 min read
Andrew AsmakovSep 7, 2023
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Former OpenSea Manager Opts to Serve Prison Sentence While Appeal is Pending
Nathaniel Chastain, a former head of product at NFT marketplace OpenSea who was sentenced to three months in prison for insider trading, has elected to serve his sentence while his appeal is pending. Chastain's legal team filed a letter with a New York District Court on Wednesday, to inform the judge of his decision to withdraw his application for bail pending appeal. As per the court's prior order, Chastain will self-surrender by November 2, commencing his prison sentence while his appeal proce...
NewsNFTs
3 min read
Andrew AsmakovSep 7, 2023
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Marathon Digital's Bitcoin Production Drops 9% in August Due to Texas Heat
Publicly traded Bitcoin mining company Marathon Digital Holdings has reported a 9% drop in Bitcoin production for August 2023 compared to the previous month. According to the firm, the decline in production was primarily due to temporary shutdowns of mining operations in Texas, where extreme heat conditions prevailed. In its unaudited operational updates for August, Marathon revealed that it produced 1,072 Bitcoin during the month, representing a 9% drop from July. Fred Thiel, Marathon's Chairma...
NewsBusiness
3 min read
Andrew AsmakovSep 6, 2023
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Sam Bankman-Fried's Lawyers Question Former FTX Founder’s Ability to Prepare for Trial
Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, has been granted sufficient access to a laptop to review discovery materials related to the criminal case brought against him, claims the U.S. Department of Justice (DOJ). SBF, as the former FTX chief is otherwise known, is currently confined at the Metropolitan Detention Center (MDC), preparing for a trial scheduled for early October. He faces charges including wire fraud and conspiracy to commit securities and commoditie...
NewsBusiness
3 min read
Andrew AsmakovSep 6, 2023
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ECB Exec Takes Aim At PayPal's Stablecoin, Praises Digital Euro
Stablecoins issued by private companies like PayPal not only threaten the financial stability of the economic sector, but could also impede healthy competition within the market were they to achieve a dominant and monopolistic position, according to European Central Bank executive board member Fabio Panetta. “Private providers of payment services, including PayPal, have no incentive to limit the take-up of their stablecoins or the range of services they provide,” Panetta said during the European...
NewsBusiness
4 min read
Andrew AsmakovSep 5, 2023
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Binance Head of Product Is Latest Exec to Depart Crypto Exchange
Mayur Kamat, the Global Head of Product at Binance, has resigned from his position, becoming the latest in a string of top executives to depart the cryptocurrency exchange. Binance confirmed Kamat's departure in a statement provided to Decrypt, expressing gratitude for his contributions during a period of significant growth: "We can confirm that Mayur has stepped down from his role as product lead,” said a a Binance spokesperson. “We are grateful to him for helping guide Binance through some of...
NewsBusiness
3 min read
Andrew AsmakovSep 4, 2023
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XLM Surges 10% As Stellar Teases 'Something Cool' on the Horizon
XLM, the native token of the Stellar blockchain, is leading the predominantly sideways crypto markets on Monday, with a remarkable 10% price surge over the past 24 hours. The latest spike took the price of XLM to a weekly high of $0.125, up nearly 5% on the week, according to data from CoinGecko. With a market capitalization of $3.4 billion, XLM is currently the world’s 22nd largest cryptocurrency. While it’s not immediately clear what caused the recent XLM spike, it follows a Twitter/X post on...
NewsMarkets
2 min read
Andrew AsmakovSep 4, 2023
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