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2022-11-16 21:51:02 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.

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2022-11-15 22:00:01 Bahamas approves provisional liquidators for FTX assets

The Supreme Court of the Bahamas approved provisional liquidators to oversee FTX Digital Markets Ltd.'s assets, according to the Securities Commission of the Bahamas. Brian Simms has been approved as a court-supervised provisional liquidator, while PricewaterhouseCoopers' Kevin Cambridge and Peter Greaves were approved as joint provisional liquidators. The multijurisdictional nature of the FTX situation — which involves FTX Digital Markets LTd., FTX Trading Ltd., Alameda Research Ltd., and others — was also noted in the release, where the Bahamian authorities share expectations "to engage with other supervisory authorities on a regulator-to-regulator basis.". The news follows Sunday's release from the Royal Bahamas Police Force, which shared that a team of financial investigators from its Financial Crimes Investigation Branch are investigating if any criminal misconduct occured.

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2022-11-14 21:50:10 President of El Salvador says ‘FTX is the opposite of Bitcoin’

El Salvador’s President Nayib Bukele took to Twitter to proclaim the Bitcoin protocol as the opposite of FTX and likened FTX to a Ponzi scheme in the wake of the exchange’s collapse on Nov. 14. Bukele, a staunch promoter and believer of Bitcoin, said the flagship crypto was designed to prevent Ponzi schemes, bank runs. The Bitcoin blockchain is an open-source protocol, upon which any transaction can be verified by the public, as opposed to a Ponzi scheme, where investment funds are shrouded in secrecy. Examples cited by the President include Enron’s abuse of accounting practices to inflate the company’s revenues and conceal debt in its subsidiaries in 2021, American fraudster Bernie Madoff’s $64.8 billion Ponzi scheme in 2019.

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2022-11-13 22:50:01 Crypto market sees biggest miner selling pressure since January 2021

The ongoing market slump caused by the FTX fallout hasn’t left Bitcoin miners unscathed. The market has seen the biggest one-day miner selling pressure since January 2021, and data analyzed by CryptoSlate shows that the selling pressure shows no signs of stopping. We could see extended selling pressure from miners until the average hash price begins decreasing. In November 2022, the average hash price reached $0.05. Bitcoin’s current $17,500 levels make mining borderline unprofitable not just for small miners, but for large operations as well. At around $9,000 per machine, the newest Bitmain S19Pro ASIC miner has a payback period of 1,500 days at an average hash price of $0.06.

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2022-11-12 22:25:01 Crypto.com Holds 20% of Its Reserves in Meme Token SHIB

Notable cryptocurrency exchange Crypto.com revealed today that it holds 20% of its reserves in the Shiba Inu (SHIB) token—a highly speculative “meme coin.”. Data from blockchain analysis firm Nansen shows that the platform holds the largest share (31%) of its digital assets in Bitcoin, followed by SHIB at 20%. Crypto.com’s reserves also feature a significant quantity of Ethereum itself, making up about 17% of the firm's holdings, while the Tether (USDT) and USDC stablecoins each make up about 5% of the exchange’s reserves. Various other cryptocurrencies and tokens collectively account for another 20% of the total. The exchange revealed its reserves through an array of wallet addresses, which Nansen then collected into a single dashboard.

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2022-11-11 22:10:09 BlockFi suspends withdrawals after FTX collapse

Crypto lender BlockFi suspended withdrawals and will not be able to operate business as usual given the lack of clarity over the status of FTX, the company said on Twitter. In July, BlockFi brokered a $680 million deal with FTX.US that included a $400 million credit line and an option for FTX to buy the firm for $280 million. Earlier in the day BlockFi said that it would delay the processing of ACH and wire transactions scheduled for Nov. 11 until Nov. 14, due to the observance of Veterans Day by its U.S. based-banking partner Silvergate. It is now unclear whether those delayed transactions will go through. client withdrawals will be paused “as is allowed under our Terms,” the company said. No exact time frame was specified in terms of service restoration.

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2022-11-10 21:50:10 Marathon is now the 2nd-largest listed holder of Bitcoin — CEO

During the company’s third-quarter earnings call on Nov. 8, Marathon Digital CEO Fred Thiel revealed the company now holds 11,300 BTC, worth around $205 million at the time of writing, “making Marathon the second largest holder of Bitcoin among publicly traded companies worldwide, ” referring to unnamed third-party data. According to CoinGecko, the Nasdaq-listed crypto miner is ranked second only to MicroStrategy Inc., which holds nearly 130,000 BTC. It’s followed by crypto exchange Coinbase and Jack Dorsey-founded payments company Block Inc.

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2022-11-09 22:30:52 Ether officially turns deflationary amid intense crypto-market fear

Ether, the native coin of the Ethereum network, officially turned deflationary 55 days after The Merge — its transition from proof-of-work to proof-of-stake. The post-Merge supply of ether has declined by over 400 ETH ($469,000), as of 5:35 a.m. ET, according to the Ethereum supply tracking website ultrasound.money. Ethereum's deflation rate is currently 0.001% annually. Though Ethereum proponents are widely pleased to see the total ether supply decrease, it comes at a worrying time for the blockchain and cryptocurrency industry. Following a withdrawal freeze, FTX announced its intention to sell to rival crypto exchange Binance after apparently turning insolvent. The high-profile event has spurred selling in the crypto markets as fears of widespread contagion spread.

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2022-11-08 23:30:38 Riot Blockchain third quarter revenue falls short of analyst estimates

Bitcoin mining company Riot Blockchain fell short in the third quarter, missing analyst targets for revenue. Riot posted a net loss of $36.6 million, or 24 cents a share, compared to $15.3 million, or 16 cents a share, from a year earlier, the company said. Revenue dipped 28% to $46.3 million, missing what Bloomberg said was a $54.2 million analyst expectation. Despite the decreasing revenue, Riot is still in relatively strong shape compared to other mining firms. Iris Energy faces default claims, Core Scientific warned it might have trouble paying its debts and Argo said it was in a similar position. Over the past year, most bitcoin mining company stocks tracked by The Block fell as bitcoin traded down, lately falling to around $20,600.

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2022-11-07 23:50:00 SBF says ‘FTX is fine. Assets are fine’ with over $1B in excess cash amid rumors of liquidity crunch

FTX CEO Sam ‘SBF’ Bankman-Fried has taken to Twitter to call out a “competitor” for “trying to go after us” and reassured the industry that despite the attempt, “FTX is fine. Assets are fine.”. The tweet threat appears to be a response to rumors and speculation of liquidity issues at FTX and Alameda Research. The rumors may have played a role in Binance’s recent decision to liquidate. CZ had posted over the weekend that he planned to liquidate Binance’s FTT tokens due to “recent revelations that have come [sic] to light” but wanted to make sure the “market impact” is minimal. Cope, a content creator at The Block, responded to SBF with an image of a meme showing a house on fire alongside the caption.

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