DeFi & Ethereum News

2022-12-07 09:56:02 Celsius receives extension to submit Chapter 11 reorganization plan

Bankrupt crypto lender Celsius received court approval to extend its exclusivity period — the time when it maintains the exclusive right to submit a Chapter 11 reorganization plan — to Feb. 15.A motion requesting approval for a stablecoin sale aimed at providing operational liquidity was also discussed.

The extension comes after two court hearings, according to tweets from Celsius, during which a motion requesting approval for a stablecoin sale aimed at providing operational liquidity was also discussed. The judge's decision on the matter, which aims to "maximize value for all stakeholders," is expected next week, according to the crypto lender.

Source

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

2022-12-06 09:59:02 Waves to launch DAO governance framework with token airdrop next year

The team behind Waves is set to launch a DAO governance framework called Power Protocol that will provide the tools for new or existing DAOs to manage their decentralized organizations. Waves’ Power DAO will be the first DAO to use the Power Protocol framework.

Power Protocol is a new DAO governance architecture that will launch in January 2023, the announcement stated. The Waves team says it is designed to tackle the problems associated with what's known as simple token governance. This is a framework commonly adopted by DAOs, where governance token holders have voting power that's used to make decisions within the community.

Source

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

2022-12-05 08:35:01 Paul Krugman: Cryptocurrency Era May Be Coming to an End

In an opinion piece in New York Times, crypto skeptic Paul Krugman argued that we might be seeing the end of crypto. The article “Blockchains, What Are They Good For?” discussed the end of crypto and the uselessness of blockchain technology. In his view, blockchain technology has no point.

According to Krugman, the original argument that Bitcoin would do away with the need for trust was yet to happen. This is because banks rarely steal customers’ funds and crypto institutions are more likely to be vulnerable to temptation and extreme inflation. The Nobel laureate also argued against the idea that cryptocurrencies and blockchain technology will guarantee cheaper transactions saying this was yet to happen.

Source

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

2022-12-04 10:53:02 FTX Crash Could Affect Every F1 Team, Says Mercedes’ Toto Wolff

Toto Wolff – an Austrian billionaire and CEO of the Mercedes-AMG Petronas F1 Team – thinks the collapse of crypto exchange FTX could harm every Formula 1 organization. However, the squad suspended the agreement after FTX’s severe issues came to light in the middle of November.

Mercedes and FTX inked a sponsorship deal last year to promote the trading venue and introduce an NFT collection for fans. The F1 team initially supported its partner upon seeing its first signs of issues in November and vowed to keep the FTX logo on its cars. However, it terminated all ties with the exchange shortly before the latter’s bankruptcy protection filing. while the “deficit of eight billion dollars” shows the necessity of pertinent rules in the sector.

Source

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

2022-12-03 08:48:02 Bankman-Fried-backed bill on hold until next Congress, says Senate chair

The Digital Commodities Consumer Protection Act, or DCCPA, whose association with Sam Bankman-Fried has come under added scrutiny following FTX's collapse, is on pause until next year. The crypto exchange legislation will have to wait until the next Congress convenes in January.

Senate Agriculture Committee Chair Debbie Stabenow, D-Mich., confirmed the delay after a hearing on the topic with Commodity Futures Trading Commission Chair Rostin Behnam, another proponent of the bill. "We look forward going into the new year, given the fact that this is December," Stabenow said. Speaking to reporters after the hearing, Behnam emphasized cooperation with the SEC.

Source

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

2022-12-02 09:55:04 SCB 10X opens new web3 collaborative space in Bangkok: Exclusive

SCB 10X — the venture unit within Thailand's oldest bank group, Siam Commercial Bank (SCB) group — opened a a 10,000-square-foot web3 collaborative space in Bangkok. Called DistrictX, the space aims to incubate web3 startups and potentially create unicorns.

Called DistrictX, the space consists of two areas — hacker house and exponential hub — SCB 10X said. The hacker house includes a six-month incubation program in which SCB 10X will recruit developers and entrepreneurs to build web3 startups and create potential unicorns. The exponential hub is a co-working space for SCB 10X’s partners, which include Fireblocks, Nansen, The Sandbox and RakkaR Digital.

Source

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

2022-12-01 09:21:02 Genesis creditors organize in bid to forestall bankruptcy move: Bloomberg

Crypto firm Genesis Global Capital warned last week about a possible bankruptcy filing, and now some of its creditors are pursuing options in order to prevent such a move. Law firms Proskauer Rose and Kirkland & Ellis are said to be involved in discussions with creditors, according to Bloomberg.

Genesis Trading was previously said to be seeking as much as $1 billion in emergency funding for its lending arm, though would-be investors like Binance ultimately bowed out. Genesis Global Capital previously halted withdrawals and new loan originations and disclosed it had some funds in FTX. FTX as well as a broader downturn in the crypto market that began earlier this year.

Source

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

2022-11-30 08:42:02 Crypto lender Ledn lays off chief commercial officer in latest industry job cuts

Crypto lender Ledn has laid off several employees amid the crypto crunch. At least two other people from the company posted about being laid off, including: Lígia Robinson, a former workplace coordinator, and Denis Nagasaki, ex-chief commercial officer.

The move comes the same day BlockFi filed for bankruptcy, and less than two weeks since the Canadian crypto firm said it had no exposure to Genesis Global Capital, which halted withdrawals of customer deposits earlier this month amid the collapse of FTX. Ledn offers lending, savings and trading products to digital asset holders in over 130 countries.

Source

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

2022-11-29 09:50:03 AAX crypto exchange VP Ben Caselin resigns amid liquidity crisis

Caselin’s departure comes two weeks after the crypto exchange halted operations. AAX reportedly suffered a malicious exploit that saw it unable to verify the account balances of its customers. The Hong Kong-based platform has since liquidated the crypto futures.

Caselin is critical of the steps being taken by AAX. “The way things are handled is without empathy and overly opaque,” said Caselin in a statement on Monday. The former AAX executive said the crypto exchange had broken its trust with customers and that “the damage is done.”. AAX previously stated that it experienced massive withdrawals following FTX’s bankruptcy.

Source

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

2022-11-28 08:14:02 Bahamas Securities Commission calls FTX CEO John Ray’s allegations inaccurate; says its actions were ‘misinterpreted’

The Securities Commission of The Bahamas (SCB) rejected FTX’s CEO John Ray III’s allegations that it directed unauthorized access to the embattled exchange’s system after it filed for bankruptcy, according to a Nov. 23 press statement.

The regulator added that this timely action protected the digital assets under its control from associated risks like hacking and compromise. SCB highlighted that the statements made by FTX proved the wisdom in its decision as the exchange said, “they have suffered significant thefts, that their systems were compromised.

Source

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