Apple and Goldman Sachs shelve trading app project

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Apple and Goldman Sachs shelve trading app project; CoinEX resumes crypto withdrawals; Stanford University to return all funds raised by FTX

Apple, Goldman Sachs drop plan for trading apps

Apple and Goldman Sachs have shelved a trading app for the iPhone.

According to CNBC, the two firms were working on an application that would allow stock trading on the iPhone. It is likely that cryptocurrency trading would be included in the application.

According to anonymous sources, as the value of stocks rose rapidly in 2020, consumers turned to applications such as Robinhood, paving the way for Apple and Goldman Sachs to work on an application that would allow stock trading. 

According to sources, the project was shelved last year due to the deterioration of the markets. 

Apple wanted to seize opportunities

Technology giant Apple was working on the investment feature when users were stuck at home due to the pandemic and spent most of their time investing.

According to sources, negotiations between Apple and Goldman began in 2020. 

As the work progressed, Apple planned to launch the feature in 2022, but then the Apple team gave up due to the reversal of the markets. The team thought that after inflation rose, users might lose money in the stock market and react to Apple. 

CoinEX resumes crypto withdrawals

Cryptocurrency exchange CoinEx suffered a $70 million attack last week due to a compromised hot wallet private key. The exchange is now preparing to resume deposits and withdrawals for its users.

Previously, the exchange outlined its priority to build and deploy a new wallet system to facilitate activity for the 211 blockchains and 737 tokens it served before the hack attack.

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According to the exchange’s latest statement, deposit and withdrawal services for BTC, ETH, USDT, USDC and other tokens will resume on 21 September.

CoinEx customers were advised not to deposit to old addresses on the platform, as this would result in a permanent loss of assets. The exchange also warned of a potentially large number of pending withdrawals with the resumption of its operations.

The exchange claims that it has implemented a 100% asset reserve policy to protect users from potential security threats. Previous updates following the hacking incident stated that user assets were not affected and that CoinEx’s User Asset Security Foundation would cover any financial losses.

Stanford University to return all funds raised by FTX

California-based Stanford University has announced that it will return all funds it received from the now-bankrupt FTX cryptocurrency exchange, Bloomberg reports.

Stanford received a total of $5.5 million in donations from FTX-related entities between November 2021 and May 2022.

Stanford said it would return all the funds received. Stanford said in a statement:

“The donations from the FTX Foundation and FTX-related companies were primarily for pandemic prevention and research”

The parents of former FTX CEO Sam Bankman-Fried (SBF), Allan Joseph Bankman and Barbara Fried, are legal scholars who taught at Stanford Law School.

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Stanford’s withdrawal of financial support from FTX came as SBF’s parents were accused of stealing millions of dollars from the crypto exchange.

According to court documents, FTX debtors filed a lawsuit against the duo on 18 September, alleging that they misappropriated funds through their involvement with the exchange to enrich themselves directly and indirectly to the tune of millions of dollars. Bankman was allegedly a de facto officer of the FTX Group.

Court documents for these latest charges allege that Bankman implicated Fried when he raised concerns about his $200,000 annual salary that were not addressed by SBF or FTX US. 

According to the documents, Bankman received an annual salary of $1 million. 

Apple and Goldman Sachs shelve trading app project; CoinEX resumes crypto withdrawals; Stanford University to return all funds raised by FTX