#cryptocurrency

The defunct cryptocurrency exchange FTX has reached a settlement with the U.S. Internal Revenue Service (IRS), agreeing to pay a $200 million higher priority claim and a $685 million lower priority claim. This agreement stands in stark contrast to the initial claims totaling $24 billion. The payment is scheduled within 60 days after the restructuring plan goes into effect.

Matter Labs, the entity behind the L2 network zkSync, has decided not to pursue trademarking the term "ZK" following resistance from the cryptocurrency community.

A federal court in Brooklyn has sentenced former investment banker Rashawn Russell to 41 months in prison for his involvement in a cryptocurrency fraud scheme and identity theft. Investors suffered losses of approximately $1.5 million, which Russell must now repay.

The Turkish Parliament will soon review a bill aimed at regulating the cryptocurrency sector. The discussions are scheduled to take place this week.

A new product named Ether․fi Cash is designed as an alternative to the often complex and costly off-ramp process of converting cryptocurrency to fiat money. The developers hope that this innovation will allow cryptocurrency holders to operate entirely within the blockchain ecosystem.

Data from security service provider Immunefi reveals that since the start of 2024, cryptocurrency projects have suffered $473 million in losses (108 incidents) from hacker attacks and rug pulls. Last month, the industry lost $52 million, a decrease of 20% from April 2024 and 12% from May of the previous year.

President Joe Biden's administration is engaging with key figures in the cryptocurrency sector, seeking insights to better understand the community's sentiment, as reported by The Block, citing anonymous sources.

The cryptocurrency wallet Phantom has surpassed the global electronic payment system PayPal in the ranking of free financial apps on Google Play.