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2022-12-03 15:14:02 U.S. Trustee asks bankruptcy court to appoint FTX trustee

The U.S. Trustee has asked a Delaware bankruptcy court to appoint an examiner in the ongoing FTX bankruptcy case. It is a common step for the government to request one in a complex bankruptcy like the Chapter 11 bankruptcy most of the FTX-affiliated companies are now in. FTX Digital Markets, the trading arm based in the Bahamas, has also filed bankruptcy there. The Bahamian government has indicated it does not plan to cooperate with requests to fully move that process, so as to consolidate all proceedings. FTX filed for Chapter 11 bankruptcy protection on Nov. 11. Since then, statements and filings have revealed.

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2022-12-03 09:14:01 Bitcoin mining revenues fell 20% in November

Bitcoin mining revenues fell 19.9% in November to about $472.64 million, according to data compiled by The Block Research. The cryptocurrency's price, which had been hanging around the $19,000 mark last month, slumped below $17,000 in the aftermath of FTX's collapse. Most bitcoin mining revenues came from the block reward subsidy ($460.32 million) and only a small portion from transaction fees ($12.32 million). The share of bitcoin transaction fees over total revenue increased slightly to around 3%. For a good portion of the month, bitcoin’s price was beneath $17,000, whereas in October it was trading between $19,000 and $20,000. Bitcoin miners generated about 5.3 times the revenues of Ethereum stakers.

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2022-12-03 03:14:00 Avalanche DEX Trader Joe is deploying on Arbitrum

Decentralized exchange Trader Joe is launching on the Ethereum scaling chain Arbitrum. The move represents Trader Joe’s first deployment on a new chain since it launched in 2021. Trader Joe has the highest total trading volume across all applications on Avalanche. Trader Joe's Arbitrum debut will be limited in scope. Features such as its native token JOE, lending platform Banker Joe, and NFT marketplace Joepegs will only be available on Avalanche. Last week, it launched a new technology called the Liquidity Book Automated Market Maker (AMM), which it claims is more efficient than traditional decentralized exchange models.

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2022-12-02 21:14:00 Ethereum accumulation trend hits new highs following FTX implosion

Ethereum whales and sharks have been accumulating Ether (ETH) at a record rate since the FTX crash, Santiment reported on Nov. 30. The market intelligence platform revealed that wallets holding between 100 and 100,000 ETH had reached a 20-month high. Santiment highlighted the accumulation pattern leading to Ethereum Merge. According to the chart, Ethereum whales and sharks acquired more ETH in the weeks preceding the Merge, which pushed the asset’s value up but dumped immediately after the Merge. The blockchain analytics firm noted that the addresses dumped between October and November.

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2022-12-02 15:35:11 TP ICAP gets FCA approval to offer crypto services to institutional clients

TP ICAP's new exchange, known as Fusion Digital Assets, will use the firm's electronic OTC platform, Fusion, to give clients access to a non-custodial cryptoasset exchange for order matching and trade execution. The interdealer broker's new trading venue will be for institutional clients only. The firm's new venture will also integrate with Fidelity Digital Assets for safekeeping clients' assets and settlement services. The platform will offer diversified Liquidity from proven market makers around the globe. The wholesale crypto market has "lacked the credible infrastructure and assurance necessary for the firm's traditional client base to allocate capital," said Duncan Trenholme, co-head of digital assets at TP ICAP Group.

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2022-12-02 09:14:02 Telegram sells usernames worth $50 million on the Open Network blockchain

The names were sold via Fragment, a platform that secures name ownership on the blockchain. In slightly less than one month, Telegram has sold $50 million usernames on The Open Network, a blockchain that the company developed, Telegram founder and CEO Pavel Durov claimed. Telegram in October gave users the ability to buy usernames for its app via a blockchain-based platform called Fragment. The platform lets interested parties buy available usernames and secure ownership on its "The Open Network" blockchain, known as TON. Telegram has sold more than $50 million in usernames, founder Pavel Durov said.

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2022-12-02 03:14:00 Broker-dealer INX makes bid for Voyager's assets

Broker-dealer and digital assets trading platform INX is making a play for bankrupt crypto lender Voyager Digital's assets. INX joins other industry players such as CrossTower, Wave Financial and Binance.US in the bidding process. Voyager filed for Chapter 11 bankruptcy protection in July due to its over $650 million exposure to the collapsed crypto hedge fund Three Arrows Capital (3AC). Crypto exchange FTX.US initially won the bidding process for Voyager's assets in September. The auction process for Voyager's assets reopened after the FTX Group filed for Chapter 11 bankruptcy protection.

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2022-12-01 21:14:01 Policymakers crank the heat on new EU crypto laws in FTX hearing

EU policymakers laid pressure on enforcing bloc-wide crypto regulations in the European Parliament’s economic committee today following the spectacular collapse of FTX. is a sufficient band aid for the implications of the debacle. "The collapse calls for urgent need of the MiCA regulation," said Alexandra Jour-Schroeder, the European Commission's financial unit deputy. FTX saw a dramatic demise after the collapse of its native token, FTT, a crash that affected millions of users and numerous firms. The exchange, which was valued at $32 billion at the start of the year, filed for bankruptcy protection on Nov. 11.

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2022-12-01 15:14:01 Kraken cuts 30% of staff to 'weather crypto winter'

Kraken, one of the world’s largest crypto exchanges, will lay off 30% of its headcount, or 1,100 people, “in order to adapt to current market conditions,” co-founder and CEO Jesse Powell said on Wednesday.Kraken will offer 16 weeks of compensation as severance and will extend the affected employees’ vesting window. In a blog post titled “Kraken Takes Steps to Weather Crypto Winter,” Powell said that slowing growth, prompted by “macroeconomic and geopolitical factors,” had muted customer demand, lowered trading volumes and cut sign-ups. Sam Bankman-Fried’s crypto empire filed for bankruptcy on Nov. 28 and has shed several hundred employees in the restructuring process.

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2022-12-01 09:14:03 Nexo secures registration in Italy

Crypto lender Nexo has gained a registration as a “virtual currency operator” in Italy, the company said in an announcement today. This allows the European-based firm to legally provide its services to Italian citizens. The license is issued by Organismo Agenti e Mediatori. The European Union is set to pass a set of laws on crypto assets that will allow firms to passport their license across the 27-nation bloc. Nexo plans to take advantage of this under the Markets in Crypto Assets regulation, according to the statement. The new rules are anticipated to come into force in 2024. Nexo’s website shows registrations in several U.S. states and six other countries.

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