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2022-11-18 14:51:43 Bitcoin Breaking pinned «New comfort zone in crypto? After FTX crushed, the crypto market revealed a liquidity problem. Regulators are turning their eyes to the overflow of liquidity from many major crypto exchanges to stabilize their reputation on the eve of reporting periods. …» Open / Comment

2022-11-18 09:41:02 Bankrupt Compute North selling $1.55 million in assets to Crusoe

Bitcoin mining hosting provider Compute North is selling 11 containers for around $1.55 million to Crusoe Energy Systems. The U.S. Bankruptcy Court in the Southern District of Texas, Houston Division approved the sale, according to documents filed Wednesday. Crusoe had already made a deposit worth $187,000 on Oct. 28, according to the filing.

Compute North filed for Chapter 11 bankruptcy in September, stating that it had between $100 million-$500 million both in estimated liabilities and estimated assets. Recently it also agreed to sell two mining facilities to its former lender Generate Capital for $5 million. also acquiring its competitor Great American Mining in October and electrical manufacturer Easter-Owens Electric Co in July.

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2022-11-17 17:25:24 Bitcoin Breaking pinned a GIF Open / Comment

2022-11-17 17:25:21 RELAX AND EARN WITH TIMESOUL!

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2022-11-16 10:52:02 GOP lawmaker donates FTX exec’s campaign contribution

FTX Digital Markets Co-CEO Ryan Salame gave $5,000 to Hern Victory Fund, a joint fundraising committee with ties to Hern’s campaign, the Help Elect Republicans Now leadership PAC and the National Republican Congressional Committee. “Rep. Hern has donated the money from FTX,” Hern’s campaign said. The $5,000 donation will go to Food On The Move, a charity in Oklahoma.

FTX filed for bankruptcy protection last week after a run on its utility token. The firm was once valued at $32 billion. Salame was a major political donor during the 2022 midterm cycle. He spent millions to support more than a dozen Republicans with his American Dream Federal Action super PAC. Salame also gave individual contributions to many lawmakers and candidates. Rep. Hern has donated the money from FTX,” Hern’s campaign said. The $5,000 donation will go to Food On The Move.

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2022-11-15 08:58:02 Multicoin Capital's third VC fund has exposure of more than $25 million to FTX

Multicoin Capital, a top-tier crypto venture capital firm, has revealed its more than $25 million stake in FTX via its $430 million venture fund, according to a letter obtained by The Block. The crypto venture capital firm's third venture fund invested $25 million into FTX US, according to the correspondence, which said it represented 5.8% of the fund.

Multicoin announced the $430 million fund in July. At the time, it told The Block that its founders, Kyle Samani and Tushar Jain, were the biggest LPs in the fund, along with other unnamed institutional backers. Along with the $25 million investment into FTX US, the venture fund also held approximately $2 million on FTX International. It said it held these funds as some of its investments were funded by sending USDC over crypto rails on the exchange rather than via USD wire.

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2022-11-13 06:12:02 Sequoia Says Investment in FTX Does Not Negatively Impact its Fund

Major venture capital firm Sequoia Capital has written down the value of its investment in the beleaguered crypto exchange FTX, to zero. Notably, the company was part of the investors who participated in FTX’s $900 million funding round in July 2021, which brought the exchange’s valuation to $18 billion at the time.

Sequoia invested $150 million in FTX and FTX.US via its Global Trust Fund III, noting that the investment accounted for only 3% of the total capital in the fund. The venture capital firm reassured LPs that the fund was in good financial condition as it has realized and unrealized gains of $7.5 billion. Sequoia further said it always conducted a thorough diligence process before investing and did the same for FTX. The company was part of 60 investors who raised $900 million in FTX’s Series B funding in July 2021.

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2022-11-12 06:14:02 FTX files for Chapter 11 bankruptcy

According to a bankruptcy filing by Alameda Research, the firm says it has more than 100,000 creditors. Alameda also said that it has between $10 billion and $50 billion in assets and $10 billion and $50 billion in liabilities. Per the filing, Alameda is being represented by Delaware-based law firm Landis Rath & Cobb LLP.

Crypto exchange FTX has moved to file for Chapter 11 bankruptcy, along with more than 100 corporate entities affiliated with FTX, including Alameda Research and FTX US, according to a company statement. In the announcement, FTX said that CEO Sam Bankman-Fried has resigned. John J. Ray III, the Chicago-based attorney known for overseeing the liquidation of Enron, has been appointed to take the position.

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2022-11-11 06:34:02 Stablecoin liquidity on Curve's 3pool falls to lowest level since Luna crash

Liquidity for stablecoin swaps on the Curve 3pool is now at its lowest level since the Luna collapse in May as traders continue to swap Tether’s USDT for other stablecoins, namely DAI and USDC. This has led to USDT losing its parity with the U.S. dollar amid the ongoing market tumult.

The Curve 3pool is the largest liquidity pool on the Curve decentralized exchange. This pool provides deep liquidity for swaps among the three largest stablecoins: USDT, USDC, and DAI. Under normal conditions, the pool is supposed to provide a capital-efficient means of swapping between any of the two stablecoins in the mix. This figure is also higher than it was during the Luna collapse when USDT accounted for 83% of the stablecoin pool.

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2022-11-08 22:55:51 Breaking: Coinbase Germany Warned Of Business Violations By BaFin, Here’s More
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