Chinese crypto billionaire Jihan Wu is setting up a $250 million fund to buy distressed assets from Bitcoin miners. The industry is reeling from this year's steep drop in digital-asset prices, and Wu's fund will provide much-needed relief for struggling miners.
The world's largest cryptocurrency, Bitcoin, was trading at around $20,265.95 at 3:30 a.m. ET on Thursday, according to data from CoinDesk. That was up more than 7% from its price 24 hours earlier.
Bitcoin surged past the $20,000 level on Tuesday, helping to push the overall value of cryptocurrencies back above $1 trillion.
South Korean prosecutors are seeking to freeze assets linked to Do Kwon, the crypto entrepreneur they suspect of breaking securities laws. If successful, this would prevent Kwon from accessing or using these assets.
Alameda Research is a quantitative trading firm with over $1 billion in assets under management.
The IRS is continuing its efforts to collect taxes from U.S. taxpayers who have failed to report and pay taxes on cryptocurrency transactions. A new court order has allowed the IRS to issue a summons for customer records.
South Korea has asked Interpol to help locate and arrest Terraform Labs co-founder Do Kwon, who faces charges related to the $60 billion wipeout of cryptocurrencies he created.