First Vlad Tenev blew up the brokerage industry’s fee model. Now, thanks in part to his full-on crypto embrace, he has increased his fortune sixfold to $6 billion as he embarks on a global financial services takeover with tokenized stocks, AI-powered investing and a bid to own the rails of the looming $124 trillion generational wealth transfer.
Despite questions over regulation, lingering SEC lawsuits and scores of billion dollar zombie blockchain, bitcoin and the entire crypto market had a roaring comeback in 2024.
Most in traditional finance have long considered cryptocurrency a joke. Now legions of young meme coin traders are leaning into the absurdity, translating their financial nihilism into a booming—if perilous—$100 billion market.
Never mind the recent rally, for a decade the crypto industry has been selling the promise of decentralisation, a new financial system without middlemen, but many blockchain projects have recreated the very elements they tried to overthrow, and regulators are adamant about keeping the status quo.
Bankman-Fried’s favored cryptocurrency has nearly doubled in recent weeks. Along with gains in bitcoin and other assets, the crippled exchange now seems to have sufficient funds to meet small-investor claims.
FTX founder will take the stand in an attempt to refute allegations by his former lieutenants that he knew he was running a scam. If he fails, he could be in for a century-long prison term.
While-label partner Paxos, smarting from loss of Binance token, said to be in talks with slew of financial firms.
CFTC complaint against Binance raises hopes for some digital assets qualifying as commodities, limiting U.S. regulation as securities.
Update, scheduled for March, will free up tokens accounting for approximately 14% of ether supply.
The fallen mogul faces up to 115 years in prison if found guilty on all counts.