Genesis’ first hearing in its bankruptcy case is set for January 23. Source
First Hearing in Genesis Bankruptcy Case Set For Monday
Day: January 20, 2023
Genesis’ Crypto Trading Arm Is Moving Money Around, a Sign of Normality Amid Sibling’s Bankruptcy
A wallet controlled by the Genesis over-the-counter trading desk sent about $125 million of ether (ETH), fantom (FTM) and tether (USDT) to the Coinbase, Binance, Bitstamp and Kraken exchanges on Thursday, the day of the bankruptcy filing, according to blockchain data compiled by Etherscan. In the past several hours, the wallet has transacted several more times, receiving almost $50 million USD coin (USDC). Source
Genesis’ Crypto Trading Arm Is Moving Money Around, a Sign of Normalcy Amid Sibling’s Bankruptcy
A wallet controlled by the Genesis OTC trading desk sent about $125 million of ETH, FTM and USDT to Coinbase, Binance, Bitstamp and Kraken on Thursday, the day of the bankruptcy filing, according to blockchain data compiled by Etherscan. In the past several hours, the wallet has transacted several more times, receiving almost $50 million USDC. CryptoX Portal
IMF Division Chief and Deputy Managing Director Call for Swift Regulatory Action to Avoid Crypto Contagion to Legacy Finance – Regulation Bitcoin News
An International Monetary Fund (IMF) division chief and deputy managing director are calling for more action to be taken in the regulatory aspect to avoid crypto’s ups and downs affecting banks and traditional financial institutions. Nobuyasu Sugimoto, deputy division chief of the financial supervision and regulation division of the IMF, and Bo Li, deputy managing director at the IMF, believe that, given the growing links between legacy finance and crypto, cryptocurrency’s volatility might bring systemic risks to the existing markets. IMF Blog Post Calls for Containing Future Crypto Contagion The…
U.S. Lays Claim to $700 Million of Assets Linked to Bankman-Fried, FTX
Included in the property are over 55 million Robinhood shares worth about $525 million. Bought with borrowed Alameda money, those shares were at the center of a fight between Bankman-Fried, FTX Group and BlockFi. Officials are also moving to claim $171 million in cash from a series of bank accounts linked to Bankman-Fried’s web of companies. Source
Bankrupt Crypto Exchange FTX Could Restart Operations, Says New CEO: Report
John J. Ray III, the bankruptcy lawyer who replaced Sam Bankman-Fried as FTX CEO, is reportedly considering the idea of rebooting the beleaguered crypto exchange. The Wall Street Journal reports that Ray has set up a task force to find out if restarting the former crypto behemoth could be a better alternative to selling its assets. In his first interview since becoming FTX’s new boss, Ray says the company is considering all possible options to retrieve funds. His statement comes as some customers suggest that there could be value in…
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Nexo Pays $45M In Penalties And Settles With US Authorities
The US Securities and Exchange Commission (SEC) has levied a $45 million fine on Nexo Capital Inc. The SEC explains the reason for the fine in a tweet, Today we charged Nexo Capital Inc. with failing to register the offer and sale of its retail crypto asset lending product, the Earn Interest Product (EIP). To settle charges, Nexo agreed to pay $22.5 million and cease its unregistered offer and sale of the EIP to U.S. investors. The $22.5 million fine for selling EIP to US investors. Moreover, the $22 million…
Bitcoin Surges Above $22K, Genesis Has Over $5B in Liabilities
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Binance Garnered Largest Market Share of Crypto Investors From Emerging Markets in 2022
Amid last year’s macroeconomic chaos, inflation in Brazil and Russia, which CryptoCompare groups with other emerging economies, reached 11.9% and 17.2%, respectively. About the time of these highs, Russian Ruble (RUB) and Brazilian Real (BRL) volumes on Binance increased 232% and 72%, respectively. Source BinanceCryptoEmergingGarneredInvestorsLargestMarketMarketsShare CryptoX Portal