Legal issues and news

Galaxy Digital is paying $44.1 million to buy Celsius Network's GK8 business — more than 60% lower than what the bankrupt crypto lender paid to acquire the self-custody platform just last year.

The bankrupt cryptocurrency lender Celsius Network won court approval to give out bonuses totaling as much as $2.8 million to workers in a bid to keep them from quitting.

Citigroup and creditors of Revlon fighting over an accidental $900 million payment the bank made two years ago said they are close to resolving their litigation over the mistake.

The Consumer Financial Protection Bureau is investigating how the Jack Dorsey-led company handles fraud on its person-to-person payments app. After the bureau accused Block of dragging its feet, a federal magistrate judge gave the company a Jan. 5 deadline.

A federal judge will soon decide whether depositors at Celsius Network gave up ownership of their cryptocurrencies in exchange for interest payments, a key legal issue that could echo through other crypto bankruptcies.

The crypto lender Nexo Inc. is phasing out its products and services in the U.S. market after facing cease-and-desist orders from multiple states over its interest-earning products.

Marijuana shops across the U.S. are rushing to find alternative ways for customers to pay after networks that supported a popular workaround to the banking system began to shut down last week.

U.S. authorities are asking crypto investors and trading firms that worked closely with FTX to hand over information on the company and its key figures, including founder Sam Bankman-Fried and the former head of his Alameda Research investment arm, Caroline Ellison.

Banking companies are increasingly using application programming interfaces that transfer customer information to third-party money-management apps popular with consumers. But fraudsters are exploiting vulnerabilities in the technology to steal information.

Financial technology companies that distributed Paycheck Protection Program loans often employed lax oversight that allowed fraudsters or ineligible individuals to receive relief funded by taxpayers, a congressional report found.