Crypto Conglomerate DCG Suspends Dividends Amid Distress at Genesis Unit

DCG, which owns CoinDesk and other crypto companies, has become embroiled in the financial distress at its once-prolific lending platform Genesis. DCG owner Barry Silbert has been locked in negotiations with billionaire entrepreneurs Cameron and Tyler Winklevoss, whose crypto exchange Gemini offered a lending product that fell apart because Genesis, its partner, halted customer withdrawals. Source

The Story of Coinbase

▶ Coinbase Website: ▶ CEX Website: From seed stage startup to IPO, Coinbase, the cryptocurrency exchange has experienced quite the ride. Free newsletter sent to … ▶ Coinbase Website: ▶ CEX Website: Youtube version

Are we still mad at MetaMask and ConsenSys for snooping on us?

The cryptocurrency community has a tendency to fixate on a new issue every few weeks and then promptly forget about it. The limited attention span of this community misses the ultimate resolution of important issues. Over the Thanksgiving holiday in November 2022, ConsenSys released a disclosure about a privacy policy affecting MetaMask users that sent “Crypto Twitter” into a firestorm. My first reaction was also negative. That’s what a sly fox would say isn’t it? — J.W. Verret, JD, CPA/CVA (@JWVerret) November 25, 2022 The MetaMask browser extension wallet…

Rising Bitcoin Prices Cause Cascade of Short Liquidations, Highest Ratio of Short vs. Long Wipeouts Since July 2021 – Market Updates Bitcoin News

The top two crypto assets have risen significantly in the past seven days, with bitcoin jumping 22.6% and ethereum increasing 18.6% against the U.S. dollar. According to market data, both crypto assets saw the largest increase on Saturday, Jan. 14, 2023. The sudden spike in value caused the highest ratio of short liquidations vs long liquidations since July 2021, according to a recent Alpha report from Bitfinex. Bitfinex Analysts See a Cautious Approach From Bulls as Market Remains Highly Illiquid Despite Price Surge Bitcoin (BTC) and ethereum (ETH) prices have…

Bitcoin Holds Strength Above $21K, Congress’ FTX Problem

More than one in three of the 535 senators and representatives in the U.S. Congress showed up to the new session with FTX baggage, having received campaign support from one of the senior executives of the fraud-ridden crypto giant, according to the latest report by CoinDesk’s Jesse Hamilton, Cheyenne Ligon and Elizabeth Napolitano. Source

FTX’s Failure Highlights Need for Federally-Mandated insurance

The usual conversations are taking place about what new regulations need to be enacted to prevent another FTX. While it is obvious something needs to happen, experience makes clear that the current regulatory regime is not well equipped to prevent these events. Indeed, even if the Securities and Exchange Commission, for example, did have the knowledge and agility required to adequately regulate Web3, its reach extends only to the limits of its jurisdiction and, as we have seen with the Bahamas-based FTX, that reach was too short by about 150…

it took ‘Herculean investigative effort’ to identify $5.5B in liquid assets

The debtors behind FTX have identified $5.5 billion in liquid assets but reported a “substantial shortfall of digital assets” at the bankrupt crypto exchange and its U.S. arm. In a Jan. 17 announcement, FTX said it had identified $1.7 billion in cash, $3.5 billion in crypto assets and $0.3 billion in securities following the firm filing for Chapter 11 bankruptcy in November. The debtors added that they had identified roughly $1.6 billion in digital assets associated with — including roughly $426 million being held by the Securities Commission of…