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UniCredit’s Commerzbank stake limit has actually reached a critical point right now, as the Italian bank officially declared it won’t exceed 29.9% ownership in Germany’s Commerzbank. This UniCredit Commerzbank stake limit announcement effectively puts a stop to UniCredit takeover rumors and also shows the bank’s careful approach to German banking consolidation through its UniCredit equity strategy. UniCredit trading chart showing recent price movements – Source: TradingView UniCredit Takeover Rumors Grow as Shareholding Cap Stalls Moves Italian banking giant UniCredit takes stake in Commerzbank – Source: finance-magazin.de The Friday filing actually revealed UniCredit’s position on its Commerzbank shareholding cap, which puts an end to immediate UniCredit takeover rumors for now. The Italian lender communicated directly to Commerzbank about maintaining its current UniCredit Commerzbank stake limit, and this signals a temporary pause in German ba...

FTX is accused of using customer deposits to repurchase Binance stake. An accounting professor hired by the US Department of Justice reveals over a billion dollars came from customer funds for the share buyback. FTX’s proposed recovery plan offers hope, aiming for a 90% asset return to customers affected by the exchange’s bankruptcy. In a shocking revelation, the ongoing legal proceedings surrounding the defunct cryptocurrency exchange FTX have unveiled that the exchange allegedly used customer funds to buy back its stake held by Binance. This development has raised serious concerns about the handling of customer deposits within the crypto industry. Customer funds diverted for Binance share repurchase During a court hearing, it was disclosed that FTX, a crypto exchange that filed for bankruptcy in November 2022, employed customer deposits to repurchase its shares from competitor Binance. Binance CEO Changpeng Zhao in November 2022 acknowledged t...

Ethereum is fast approaching a very particular flippening.  No, ether (ETH) isn’t about to eclipse bitcoin (BTC) in terms of market cap (at least, not yet).  Instead, the raw number of ETH staked inside the Ethereum blockchain is set to surpass the ether kept on crypto exchanges for the first time ever some time over the next few weeks. Earlier this week, there was 22.8 million ETH ($39.75 billion) completely staked compared to almost 24.3 million ETH ($42.38 billion) sitting on exchanges, per Nansen data analyzed by Blockworks. Each represents about 20% of ETH’s circulating supply. That worked out to be only 6.12% more ETH on exchanges than staked. At the end of May, that spread was almost 16%.  At the start of the year, it was more than 41%. It’s not the actual flippening, but it’ll do Overall, there’s 4.9 million fewer ETH ($8 billion) on crypto exchanges than at the start of the year — a 17% reduction. And there’s 5.7 million more ETH ($9.4 billion) locked in the Ether...