Crypto | Bitcoin | Blockchain

2022-11-20 06:58:02 Bitcoin lender and custodian Unchained Capital announces job cuts

Joe Kelly, CEO of Bitcoin financial services outfit Unchained Capital, said the company will reduce its staff by “roughly 15%” as part of efforts to manage the business during the current crypto bear market. Despite these issues, the Bitcoin lender's CEO said its loan book is still over-collateralized, with a collateral-to-principal ratio of 214%.

Kelly also said the company did not have any exposure to bankrupt crypto exchange FTX or its sister trading firm Alameda Research. Still, he said the Bitcoin lender is caught up in the current challenging crypto market and needs to plan for the long term. He added that some of the company’s hires during the last bull-market period are no longer sustainable.

Source

https://t.me/Crypto_Bitcoin_Blockchain Open / Comment

2022-11-19 06:29:02 FTX Bankruptcy Jurisdiction Fight: Bahamas Regulators Now Confirm They Directed SBF to Move Assets

At least some of the millions of dollars in FTX customer funds mysteriously moved off the exchange last week were moved at the direction of regulators in the Bahamas. That assertion was made in a new filing by the embattled company, and confirmed late on Thursday by the Securities Commission of the Bahamas itself.

The company went on to say that its co-founders Sam Bankman-Fried and Gary Wang were recorded saying that Bahamanian regulators instructed the pair to make "certain post-petition transfers" and that such assets were "custodied on FireBlocks under control of [the] Bahamian government.". read the filing, signed by new FTX CEO John Ray, famous for handling the liquidation of Enron.

Source

https://t.me/Crypto_Bitcoin_Blockchain Open / Comment

2022-11-18 05:14:02 Australia’s Biggest Stock Exchange Shelves Blockchain Project, Writes Off $170M

Australian Securities Exchange (ASX) has shelved its seven-year-long project to ramp up the exchange’s CHESS clearing and settlement system using blockchain after an independent audit by Accenture reported issues. ASX developed CHESS 25 years ago to process securities trading electronically.

According to ASX, the project incurred a pre-tax loss of roughly $170 million (~$255 million AUD), which the company has written off. Since CHESS is decades old, ASX intended to upgrade the system and started evaluating its replacement options by late 2015. ASX selected Digital Asset as its technology partner to develop a similar system using blockchain technology, with the project becoming widely known as the “CHESS Replacement.”.

Source

https://t.me/Crypto_Bitcoin_Blockchain Open / Comment

2022-11-17 06:41:02 Gemini Earn unable to meet customer redemptions as Genesis unit pauses withdrawals

Crypto exchange Gemini said its Earn program "will not be able to meet customer redemptions within the service-level agreement of five business days" following the announcement that lending partner Genesis Global Capital has paused withdrawals.

"The past week has been an incredibly challenging and stressful time for our industry," Gemini wrote in an official blog post, continuing.We are disappointed that the Earn program SLA will not be met, but we are encouraged by Genesis’ and its parent company Digital Currency Group’s commitment to doing everything in their power to fulfill their obligations to customers under the Earn program.

Source

https://t.me/Crypto_Bitcoin_Blockchain Open / Comment

2022-11-16 06:08:02 Senate Banking chair warns crypto could 'crash our financial system' following FTX collapse

Senate Banking Committee Chair Sherrod Brown, D-Ohio, is sounding the alarm on crypto following FTX's collapse. “This year we’ve seen cryptocurrency values collapse by $2 trillion. 2,000 billion dollars,” Brown said at the opening of a hearing with top U.S. banking regulators. "The parallels to past financial crises throughout our history are troubling.”

Brown's Republican counterpart, Sen. Pat Toomey, R-Penn., pushed back on this sentiment in his line of questioning.“The insinuation was that they might have the ability to crash our financial system,” Toomey said. "It’s fundamentally not about the kind of assets held at FTX, it’s about what individuals did with those assets.”. Toomey drew a comparison to MF Global's bankruptcy. “Nobody suggested that the problem was the instruments that were used.

Source

https://t.me/Crypto_Bitcoin_Blockchain Open / Comment

2022-11-15 06:09:02 Binance to Remove Trading Pairs for FTX Token—Except With Stablecoin BUSD

Binance is shutting down a slew of trading pairs and contracts featuring FTT, except for one involving its own stablecoin, the crypto exchange announced today. FTT is the native utility token for the now-bankrupt FTX exchange, which gave holders trading fee discounts.

All margin pairs, futures contracts, and Binance Flexible Products for FTX’s native token were also delisted from the exchange on Monday morning, the company said in an announcement. Several spot trading pairs will be removed, with trade ceasing on FTT pairs with Bitcoin, Ethereum, Tether, and Binance Coin on November 15.

Source

https://t.me/Crypto_Bitcoin_Blockchain Open / Comment

2022-11-14 06:12:02 Over 4 Million Lido DAO (LDO) Tokens Transfer to Exchanges Sparks Fear

With the larger crypto market down once again, Lido DAO prices rebounded back to lower levels after charting a short-term recovery. Lido DAO LDO token showed a near 30% recovery over the last day, appreciating from the $0.95 level. However, the larger market’s bearish tones pulled LDO price down by 4.5% at press time as Lido DAO token traded at $1.13.

LDO price had retested the $1.25 mark, but macro market uncertainty pulled the token’s price action back to red. Despite LDO price’s short-term appreciation, there was a significant drop in daily active addresses (DAA) on Lido DAO. DAA noted an over 50% pullback on the last day. Notably, the daily on-chain transaction volume in loss rose to an all-time high on Nov. 9. With fear gripping LDO holders, the market saw considerable sell-offs, which could be seen in the high exchange inflows.

Source

https://t.me/Crypto_Bitcoin_Blockchain Open / Comment

2022-11-13 08:14:02 Sen. Pat Toomey slams Congress's failure to produce crypto regulation in good time

Sen. Pat Toomey criticized the the slow process of passing U.S. crypto trading regulations. Hostility and a lack of transparency by the SEC, alongside a failure to pass regulatory guardrails, has "generated a debilitating amount of legal uncertainty," the Pennsylvania Republican wrote on Twitter on Friday.

The comments come after a torrid week in the crypto industry and shocking revelations about one of the world's largest crypto exchanges. A liquidity crisis brought on by revelations about its balance sheet pushed FTX toward insolvency. Binance, which signed a letter of intent that could have led to an acquisition, ultimately passed on the deal, citing due diligence concerns as well as reports of investigations by American regulators.

Source

https://t.me/Crypto_Bitcoin_Blockchain Open / Comment

2022-11-12 06:54:02 Vauld gets creditor protection until January as court blocks longer extension

The company now has until Jan. 20 to explore options to ease its financial troubles, according to an email from Vauld to its creditors obtained by The Block. Vauld, however, had sought protection through March 7. The firm's previous creditor protection expired on Nov. 7 and on the same day.

Vauld halted client withdrawals in July and owes over $400 million to creditors. At the time, rival Nexo entered into a 60-day exclusive due diligence agreement with Vauld to potentially acquire it, but it has extended the due diligence period twice. Last month, The Block reported that Nexo could take "as long as needed" to decide on the potential deal, while it is "cautiously optimistic" about it. Meanwhile, customers' funds remain stuck.

Source

https://t.me/Crypto_Bitcoin_Blockchain Open / Comment

2022-11-11 09:22:02 FTX used $4 billion including customer funds to keep Alameda afloat: Reuters

The transfers were made after Alameda, Bankman-Fried's trading firm, suffered losses from deals in May and June, including a loan agreement with Voyager Digital, Reuters said, citing people close to the subject. These funds included customer deposits, according to the report.

Crypto exchange FTX has suffered a spectacular fall from grace this week after Changpeng Zhao, the CEO of larger rival Binance, said he would begin selling off holdings of FTX's exchange token, FTT. After seeing a flood of client withdrawals, FTX announced on Tuesday it would sell its non-U.S. assets to Binance. That deal then fell apart on Wednesday after Binance walked away. FTX executives about the transfer of funds to Alameda because he was afraid of leaks, Reuters said.

Source

https://t.me/Crypto_Bitcoin_Blockchain Open / Comment