Day: January 13, 2023

Judge Rules for FTX to Sell LedgerX, Other Units as Hundreds of Buyers Express Their Interest

Interested buyers may officially begin to indicate their interests between January 18 and February 1. Bankruptcy judge John Dorsey has cleared FTX to sell four of its key units in its bid to raise funds to repay creditors. This means that the collapsed exchange may now sell off its FTX Europe, FTX Japan, its derivatives arm LedgerX and Embed – its stock-clearing platform. The sell-offs will be overseen by investment bank Perella Weinberg. Judge Dorsey issued the order on Thursday following a Wednesday hearing. Per the order, sales notices will…

Wyre Removes Withdrawal Cap after Funding from Partner

Wyre has assured the crypto community that it is ready to resume regular operations. Crypto payment platform Wyre has removed its withdrawal cap after securing additional funding from a strategic partner. Recall that a few days ago, Wyre imposed a 90% withdrawal limit on its users. The company also laid off 75 employees and announced changes to its managerial structure. Emerging reports suggested that the crypto winter was giving the company a tough time and its collapse was imminent. The company also cited market conditions as its reason when it…

Bitcoin Cash (BCH) Kickstarts Rally with 10% Price Gains, Ahead of May 2023 Hard Fork

The Bitcoin Cash hard fork ahead this year will bring added security and privacy to the network with CashTokens enabling decentralized applications (Dapps) to run. The price of Bitcoin Cash (BCH), the native crypto of the first offshoot of the Bitcoin blockchain, has shot up by more than 10% in the last 24 hours. As of press time, BCH is trading at a price of $120 with a market cap of $2.37 billion. The latest rally in the BCH also coincides with the broader pump in the altcoin space this…

US House Republicans to Create Crypto Subcommittee for Oversight and Legislation

Representative French Hill (R-Ark), who led Republicans in the effort to test the successful ability of a CBDC, will head the new subcommittee of crypto assets, financial technology, and inclusion. The US House Republicans plan to establish a subcommittee to oversee the crypto space amid the ongoing industry-wide downturns. This move signifies that the GOP is putting crypto legislation and management on its agenda. A January 12th report by Politico cites the incoming chair of the financial services committee, North Carolina Representative Patrick McHenry, who revealed his plans on the…

Tesla turns tables on Bitcoin as 2023 gains outpace BTC price comeback

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Bitcoin (BTC) may be up 16% in 2023, but one stock it outperformed last year is now getting its revenge. Data from Cointelegraph Markets Pro and TradingView shows that for all its newfound strength, Bitcoin is still playing catch-up. Tesla up almost 25% from January low Tesla was in the headlines throughout 2022 as its rapid rise to prominence — and stock price gains — steadily unwound. Despite CEO Elon Musk making history with his personal wealth losses, Tesla (TSLA) has so far recovered by almost 25% since Jan. 6.…

Tesla Slashes Its Car Prices in US and Europe

This latest price cut by Tesla is becoming a trend and it represents almost the third time the firm will be slashing its car prices around the world. American multinational electric vehicle maker Tesla Inc (NASDAQ: TSLA) has slashed the prices of its vehicles in the United States, and other key markets in Europe. As reported by CNBC, the price slash extends to its pricing in the United Kingdom, Austria, France, Germany, the Netherlands, Norway, and Switzerland. The price slash ranges from 1% to 17% depending on the specification of…

Hodlnaut creditors reject the restructuring plan, prefer liquidation

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The Singapore-based crypto lender Hodlnaut is looking at a possible liquidation as the firm’s creditors have rejected the proposed restructuring plan and seek liquidation of the platform’s assets. The group of creditors rejected a restructuring plan offer allowing the current directors to oversee the firm’s operations during the restructuring phase. However, a Jan. 12 hearing rejected an application to remove the interim judicial managers, reported Bloomberg. Cast your vote now! The creditors believe restructuring plans are of no help and it is in their best interest to wind down and liquidate…

SBF Maintains Claim He Did Not Steal Users’ Funds in New Substack Letter

While SBF covered many areas in his substack letter, one thing was echoed over and again, and that is the fact that he did not steal users’ funds. Sam Bankman-Fried (SBF), the founder and former Chief Executive Officer of bankrupt FTX Derivatives Exchange has maintained his innocence with respect to stealing the trading platform users’ funds as alleged by Federal Prosecutors. In a Thursday morning Substack letter, Bankman-Fried fried explained that the collapse of FTX and its sister trading firm Alameda Research is a function of the broader turmoil that…