The firm borrowed large amounts of funds from several crypto lenders, including BlockFi, Celsius, Babel Finance and Voyager Digital, but was unable to pay. The lenders halted withdrawals or needed credit lines extended to weather the storm. Chapter11dockets.com first announced the bankruptcy, and Bloomberg reported it was a Chapter 15 filing. Source
According to Mike Darlington, the CEO of Monstercat, an electronic music platform, and Jake Udell, the founder of social NFT platform Metalink, bear markets are a time to ideate and build new products. During this week’s episode of NFT Steez, a bi-weekly Twitter Space hosted by Cointelegraph analysts, both Darlington and Udell agreed that the future will be bright for crypto and especially for music NFTs. During the interview, Darlington and Udell explained the importance of researching projects with “sustainable teams” that continue to build despite the current market conditions…
Employees were invited to apply to work at New Tendermint, Kwon’s new venture, said the ex-employee. Those who did not apply were told they would be invited to join a reformulated version of Ignite, or a new initiative called Cosmos Cash. According to the ex-employee, Kwon clarified that not all Ignite employees would make the cut. Source
▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io The Nexus of Purpose and Profit is where we’ll find the solution to our sustainability crisis. And the solution will come with a shift in how we think of and rationalize for-profit enterprises as purely business, and impact-driven for-benefit enterprises as purely charitable. This shift is what is going to catapult us into the “5th industrial revolution,” according to the person credited with the coinage of the term 5IR. According to Pratik Gauri, the CEO, and co-founder of the first layer 1…
It’s “D” Day for India as the crypto community deals with the imposition of the most controversial tax provision today. Calculating the predicted impact of the tax will be a wait-and-watch game at a time when the global investment community is facing a slowdown. Source
Goldman Sachs analysts believe Bitcoin and the crypto market could see some relief, but only further short and mid-term turmoil. A recent report from the banking institutions claims the crypto market has been moving in tandem with the U.S. stock market and thus it has been affected by the macro-economic environment. Related Reading | Why Bitcoin Could Collapse Another 50%, Says Michael “Big Short” Burry The analysis was conducted by Marion Laboure and Galina Pozdnyakova and it predicts a 30% rally for Bitcoin by the end of 2022. This is still…
Nansen report suggests that one-way bullish bets and numerous levels of hypothecation of cryptocurrencies used in decentralized finance led to the contagion from the fallout of TerraUSD and Luna. Complete unwinding of leverage and counterparty failure will take weeks if not months to trickle through the entire cryptocurrency ecosystem. A recent report published by blockchain analytics company Nansen.ai has started to shed light onto possible reasons that led to the fall of some of the biggest crypto firms such as lender Celsius Network and hedge fund Three Arrows Capital. According…
The FTX CEO said helping rescue crypto miners might help mitigate the credit contagion in the crypto sector. Source
“We are already leveraging the years spent on building capabilities for Meta overall on blockchain and introducing new products, such as digital collectibles,” Meta said in an emailed statement. “You can expect to see more from us in the Web3 space because we are very optimistic about the value these technologies can bring to people and businesses in the metaverse.” Source
Coinbase has long been considered an important bellwether of the cryptocurrency market. Last year, when the company was expanding its workforce, adding institutional clients and issuing stock, crypto prices were hitting record highs. Now, in the depths of crypto winter, Coinbase finds itself slashing a fifth of its workforce, losing retail trading volume and contending with downgrades of its credit and stock. This week’s Crypto Biz dissects Goldman Sachs’ latest downgrade of Coinbase and also looks at the latest developments surrounding Three Arrows Capital. Goldman Sachs downgrades Coinbase stock to…