Rekt Crypto Assets exchange FTX has settled a lawsuit in which the company sought to recover $323 million spent on acquiring a European startup. FTX said it paid exorbitant fees for a startup that "couldn't get up and running," and that the founders of FTX Europe would buy back their company for $32.7 million. It is reported that Digital Assets DA AG was acquired by FTX in 2021 and renamed FTX Europe, and FTX said in a lawsuit in July 2023 that the acquisition deal was a "huge overpayment" paid using FTX customer funds. According to documents filed Thursday with the Rekt Court in Wilmington, Delaware, FTX said no other buyer would agree to buy its start-up European subsidiary, FTX Europe, and that the proposed settlement would be the best outcome for FTX creditors. (Reuters) In July 2023, FTX Trading recently sued insiders in FTX's European division, claiming that the purchase price paid by former CEO SBF was obviously too high. Accounting firm BDO said FTX's $376 million acquisition of Swiss startup Digital Assets AG (DAAG) "reasonably represents fair value" and is not inappropriate. DAAG was later renamed FTX Europe.

Odaily Planet Daily News Tether officially released the fourth quarter of 2023 certification report issued by the world-renowned independent audit firm BDO, the data shows that the net profit in the fourth quarter reached a record high of $2.85 billion, of which the operating net profit was about $1 billion (mainly from US Treasury bond Interests), and the rest mainly came from the appreciation of gold and Bitcoin reserves. Excess reserves reached an all-time high, adding $2.2 billion to a total of $5.4 billion, with the remaining $640 million invested in various strategic projects (e.g., mining, AI infrastructure, P2P telecommunications, etc.). The Group's net profit for 2023 was US$6.2 billion, of which approximately US$4 billion came from net operating profit generated by U.S. Treasuries, reverse repo and money market funds, and the remainder from the performance of other asset classes.

Jinse Finance reported that the Digital Dollar Project (Digital Dollar Project) announced the completion of a pilot study in cooperation with Western Union, the Philippines BDO Unibank, Inc. (BDO Unibank), and the support of Accenture. The partnership represents the latest private sector effort by the Digital Dollar Project to support exploration and experimentation with a U.S. central bank digital currency (CBDC). The pilot study provides insight into the possible benefits and considerations of utilizing a potential US CBDC to enable cross-border payments via DLT platforms, highlighting real-world use cases and data frameworks for CBDC applications in the retail and commerce sectors. It is reported that the Digital Dollar Project is a non-profit organization established to encourage research and public discussion on the potential advantages and challenges of a digital dollar.

Odaily Planet Daily News cryptocurrency analyst Miles Deutscher tweeted that Tether currently holds more U.S. Treasury bonds than Australia, the United Arab Emirates and Spain. In addition, Tether’s operating profit in the second quarter also exceeded $1 billion. BlackRock, the world's largest asset manager, posted an operating profit of around $1.6 billion for the quarter. Prior to the news on July 31, Tether announced the "2023 Q2 Assurance Opinion" completed by the independent accounting firm BDO. The report shows that Tether's excess reserves increased by US$850 million to US$3.3 billion. From April 2023 to June 2023, Tether's operating profit exceeded US$1 billion, a quarter-on-quarter increase of 30%. Tether also disclosed stock repurchases, the amount up to $115 million. The group’s consolidated total assets were US$86,499,251,218 and the group’s consolidated total liabilities were US$83,200,775,340, of which US$83,178,020,411 was related to digital token offerings.

Odaily Planet Daily News Tether announced the "2023 Q2 Assurance Opinion" completed by the independent accounting firm BDO. The report shows that Tether's excess reserves increased by US$850 million to US$3.3 billion. From April 2023 to June 2023, Tether's operating profit exceeded US$1 billion, a quarter-on-quarter increase of 30%. Tether also disclosed stock repurchases, the amount up to $115 million. The group’s consolidated total assets were US$86,499,251,218 and the group’s consolidated total liabilities were US$83,200,775,340, of which US$83,178,020,411 was related to digital token offerings.

According to news on July 31, Tether issued an assurance opinion for the second quarter of 2023 completed by the independent accounting firm BDO. Tether disclosed that its excess reserves increased by approximately US$850 million, bringing the total excess reserves to approximately US$3.3 billion by the end of the second quarter. Tether excess reserves are the company's own profits, not distributed to shareholders, and the company has decided to keep them on top of the 100% reserve Tether maintains to back all outstanding tokens. In addition, Tether’s operating profit exceeded $1 billion between April 2023 and June 2023, an increase of 30% month-on-month. Tether’s overall exposure to U.S. Treasury bills (UST-Bills) is approximately $72.5 billion. As of June 30, 2023, Tether had consolidated total assets of at least $86,499,251,218 and total consolidated liabilities of $83,200,775,340, of which $83,178,020,411 was related to issued digital tokens, and its consolidated assets exceeded its consolidated liabilities.

According to news from PANews on July 31, Tether today released the second quarter of 2023 assurance opinion completed by the independent accounting firm BDO. The report details assets held by the group as of June 30, 2023. Tether also disclosed that its excess reserves increased by about $850 million, bringing its total excess reserves to about $3.3 billion at the end of the second quarter. Between April 2023 and June 2023, Tether's operating profit exceeds $1 billion, which equates to a massive 30% quarter-on-quarter increase. Combined total assets of at least $86,499,251,218. Total consolidated liabilities are $83,200,775,340, of which $83,178,020,411 relates to issued digital tokens. Consolidated assets exceed its consolidated liabilities.

According to PANews news on July 25, according to The Block, accounting firm BDO believes that there is no problem with FTX’s $376 million acquisition of Digital Assets AG (DAAG). Digital Assets AG (DAAG) is a Swiss start-up company that was later renamed FTX Europe. BDO said the transaction "reasonably represents fair value". This is in stark contrast to the view taken by FTX Trading in its recent complaint. Earlier this month, FTX bankruptcy lawyers asked the court to recover $323 million from FTX Europe leadership. Former chief executive Bankman-Fried paid significantly too much for his (DAAG), partly because of his alleged closeness to DAAG executives Patrick Gruhn, Robin Matzke and Brandon Williams, all of whom are being sued, lawyers say. It is worth mentioning that the (BDO) accounting firm has largely exited the cryptocurrency space recently.

Jinse Finance reported that FTX Trading recently sued insiders of FTX’s European division, claiming that former CEO Sam Bankman-Fried had paid him significantly too much. Accounting firm BDO said FTX's $376 million acquisition of Swiss startup Digital Assets AG (DAAG) "reasonably represents fair value." DAAG was later renamed to FTX Europe.