Month: September 2022

Dozens of Celsius clients ask US court to recover $22.5M in crypto

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The bankrupt cryptocurrency lender Celsius Network is facing more legal issues as disgruntled clients are taking action to recover their funds after the platform froze withdrawals in June. On Wednesday, an ad hoc group of 64 custodial account holders at Celsius filed a complaint with the United States Bankruptcy Court for the Southern District of New York to recover their assets. According to court documents, the creditors seek to recover more than $22.5 million worth of cryptocurrency assets collectively held in Celsius’ custody service. The group is represented by bankruptcy-focused law…

Tech giant Meitu loses over $43M of its crypto investment in bear market

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Hong Kong tech giant Meitu made headlines in April 2021 after it reported nearly $100 million in crypto holdings. However, with the onset of the bear market, the tech firm has lost nearly half of the valuation of its crypto holdings. According to a local media report, Meitu reported an impairment loss of over 300 million yuan ($43.4 million) on its crypto holdings. An impairment loss is a loss in the value of an asset when it falls below the carrying value of the investment. The financial filing revealed that…

Blockchain Technology – Audio Article

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Over the past few years, you have consistently heard the term ‘ Blockchain technology’ probably regarding cryptocurrencies. Blockchain is an emerging technology. Keeping this in mind we are presenting an audio article on this topic. Drishti IAS has taken an initiative to provide the best material to Civil Services Aspirants. This information will help you to make a better understanding without any coaching. Inputs are taken from reputed English Newspapers e.g. The Hindu and the Indian Express as well as team Drishti…

Ethereum (ETH) Funding Rates Plunge To Most Extreme Territory

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The highly-anticipated Ethereum merger is one topic that all hardcore crypto aficionados are talking about.         ETH currently trades below the $1.6K level         Ethereum price nosedives by 1.24% or trading at $1,570.76         ETH liquidations trigger price spike Investors are debating whether or not the price of Ethereum will reach $3,000 since it is on everyone’s mind and a topic of conversation. When the Ethereum Blockchain and Beacon Chain fuse together on September 22, 2022, the Ethereum Blockchain will switch…

Bitcoin Mining Middleman Compass’ Georgia Facilities to Close as Energy Prices Soar

The Texas facility has experienced troubles of its own. Its connection to the electricity grid was delayed so had to run on generators for a while. Those, however, weren’t operating all the time because of heat and other reasons, Heller said, leading to downtime for the mining rigs. In July, Compass offered to move the Texas machines to Georgia because of the site’s low uptime. Compass later said it wouldn’t proceed with the move, citing the high energy prices in Georgia. Source

California State Assembly passes bill for licensing and regulating crypto firms

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Lawmakers in California State Assembly 71-0 passed the Digital Financial Assets Law, also known as AB 2269, on Tuesday, Aug. 30. The bill is now in the hands of the state’s governor Gavin Newsom, who will either set it into motion or veto it completely.  This bill requires digital asset exchanges and crypto companies to have an operating license given by the state of California’s Department of Financial Protection and Innovation. Any operations outside of said license will be prohibited. It would come into effect on and after Jan. 1,…