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2022-12-13 16:03:01 SBF plans new venture to repay FTX collapse victims, claims ‘did not commit fraud’

Sam Bankman-Fried (SBF), the former CEO of the now-collapsed FTX crypto exchange, has said that he hopes to start a new business to generate funds to pay back victims of the company’s collapse. Described by bankruptcy lawyers as “one of the most abrupt and difficult collapses in the history of corporate America,” SBF was accused of running FTX as “his own personal fiefdom.”. Furthermore, it is alleged that SBF’s hedge fund company, Alameda Research, was using customer funds from FTX to make risky bets on financial markets without customer knowledge or consent.

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2022-12-13 10:03:01 Bitcoin’s 2022 realized losses is almost double the size of realized profit

According to the chart, Bitcoin had a realized loss of $195 billion in 2022. This means that several holders sold their BTCs for less than they bought them. Most of these losses occurred in February, May, June, and November. These periods are significant as various events ranging from the Russian-Ukraine war to the failure of crypto projects like Terra’s UST, led to massive sell-offs resulting in these losses. The two highest capitulations in 2022 happened during Terra’s implosion in May and June. Investors lost over $14 billion and $20 billion, respectively. the price performance of the digital asset.

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2022-12-13 04:03:01 Tron-backed USDD loses dollar parity as stablecoin dips below $0.97

Tron's algorithmic stablecoin called Decentralized USD, known by its ticker USDD, slipped further from its supposed parity with the US dollar earlier today. Later, Tron founder Justin Sun purchased more than 1 million USDD. USDD dropped to slightly below 0.97 earlier today before recovering to around $0.98. This marks the second time the stablecoin has slipped out of dollar parity since it was first founded earlier this year. In June, the stablecoin dipped all the way to $0.96 before bouncing back to its intended value. The drop in USDD’s price comes as liquidity for the stablecoin has shrunk.

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2022-12-12 20:12:01 Bybit crypto exchange says customers can verify its crypto reserves

Bybit has rolled out a system that will allow its customers to verify the crypto assets that the crypto exchange platform holds in its reserves, the company announced last week. versions of proof of reserves since the FTX collapse in November. The Bybit proof of reserves system utilizes Merkle Trees, a type of data structure that can be used for on-chain verification. Bybit says customers with funds on the platform can use the system to confirm that the exchange holds 100% of their assets. Bybit’s reserve ratio is currently 1:1, based on Saturday’s announcement.

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2022-12-12 16:02:59 Cardano adds over 20,000 new staking addresses on average monthly for over a year

Cardano’s (ADA) ecosystem continues to expand despite the uncertainty in the cryptocurrency market, which has been heavily impacted this year by the implosion of the Terraform Labs ecosystem and now by the crypto exchange collapse involving FTX. According to data acquired by Finbold, Cardano has added 22,327 new staking addresses on average monthly for 13 months. Indeed, figures from Pooltool, a Cardano data aggregation tool, indicate that ADA’s staking wallets reached total stake addresses of 1,232,459 on December 9, compared with the 942,117.

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2022-12-12 10:02:59 Celsius issues latest update regarding customer withdrawals after court ruling

Collapsed cryptocurrency lending platform Celsius Network has issued the latest update on the progress of allowing customer withdrawals as the bankruptcy hearings continue. Celsius should return deposits to specific customers. Celsius noted that the platform would launch communication with the affected customers on the implications of the ruling and the next course of action, the company said in a series of tweets on December 8. Celsius clarified the type of assets the company will be compensating as per the ruling.

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2022-12-12 04:03:00 FTX Japan Has Until March 2023 to Cease All Operations

The Kanto Local Finance Bureau will supposedly halt FTX Japan’s activities on March 9, 2023. The Japanese authorities reportedly extended the business suspension order to FTX Japan until March 9, 2023.Initially, the company had to cease all services on December 9. According to recent coverage, the Kanto Local Finance Bureau will grant FTX Japan three more months before halting all its activities. The authorities further claimed that FTX Japan’s trading system continues to be out of order. The Japanese subsidiary of the bankrupt exchange vowed to resume customer withdrawals by the end of 2022 by developing new infrastructure.

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2022-12-11 20:10:01 Kazakhstan Lawmakers Pass New Bitcoin Mining Bills

Lawmakers in the country have passed the “On Digital Assets of the Republic of Kazakhstan” crypto assets bill and other laws that focus on crypto mining. The Mäjilis, or the lower hours of the Parliament of Kazakhstan. The details of the five bills that introduce a new scheme of electricity purchasing for mining equipment, as well as updated licensing and taxation schemes, were shared by Didar Bekbauov, co-founder of Xive, a crypto mining solutions platform.

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2022-12-11 16:03:02 Argo Blockchain accidentally reveals plans for bankruptcy

Argo Blockchain, a crypto mining company, has reportedly accidentally revealed a petition for bankruptcy. This news was reported by Will Foxley, the Content Director at Compass Mining, who shared a screenshot of the special announcement from Argo Blockchain. The announcement suggests Argo may be preparing to file for bankruptcy, per the screenshot of a document released by Foxley. Additionally, on Dec. 9, it was reported that Argo’s shares had been temporarily suspended by the UK’s Financial Conduct Authority (FCA) after the company disclosed a decline in revenue for November.

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2022-12-11 10:03:01 Coinbase Announces Zero-Fee USDT to USDC Stablecoin Conversion

The events of the past few weeks have put some stablecoins to the test, and we’ve seen a flight to safety," the exchange said in a blog post. "We believe that USD Coin (USDC) is a trusted and reputable stablecoin. Launched in 2018, USDC is managed by Centre, a consortium formed to improve the mainstream adoption of stablecoins. Coinbase, along with the Boston-based financial services company Circle, is the founding member of the consortium. Tether's USDT to Circle's USDC with zero-fee trades.

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