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Day: January 20, 2023
Genesis’ Crypto Lending Businesses Files for Bankruptcy Protection
In a voluntary petition, Genesis Global Holdco, LLC estimated it held between $100 million and $500 million in assets, counts $100 million and $500 million in liabilities, and has between 1 and 49 creditors. Subsidiaries Genesis Global Capital, LLC and Genesis Asia Pacific Pte. Ltd have also filed for bankruptcy protection, the filing said. Source
Bitcoin Price Bulls In Check, Signs of Fresh Increase above $21.5K
Bitcoin price is attempting a fresh increase above the $21,200 resistance zone. BTC could gain bullish momentum if there is a clear move above the $21,500 resistance. Bitcoin corrected lower, but it found support near the $20,500 zones. The price is trading above $21,000 and the 100 hourly simple moving average. There is a short-term key bullish trend line forming with support near $21,050 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if there is a clear move above…
Former FTX chief lawyer claims US legal counsel channeled business to S&C
A former FTX chief lawyer has accused the company’s US general counsel of channeling business to Sullivan & Cromwell (S&C) — the firm currently serving FTX as bankruptcy counsel. Daniel Friedberg, who was the chief regulatory officer of FTX until he resigned on Nov. 8, made the allegations as part of a Jan 19. court filing. The filing was a declaration in support of an FTX creditor’s objection to FTX’s plan to continue using S&C as its lawyers throughout its bankruptcy case. In the declaration, Friedberg alleges that FTX.US lead…
First Mover Asia: Bitcoin Returns to Its Winning Ways
ALSO: Shaurya Malwa writes about Singapore asset management firm Cobo’s initiative to introduce separate custodian, clearing and settlement services to crypto; Bitcoin’s price rises back past $21K. Source
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Ripple CEO ‘Optimistic’ About SEC Lawsuit Over XRP — Says ‘I Feel Very Good About Where We Are’ – Regulation Bitcoin News
Ripple CEO Brad Garlinghouse says that he is “optimistic” that the Securities and Exchange Commission (SEC) lawsuit over xrp “will certainly be resolved in 2023.” He added that it could even be resolved in the first half of this year. “I feel very good about where we are relative to the law and the facts, the Ripple executive said. Ripple CEO Feels ‘Optimistic’ About SEC Lawsuit The CEO of Ripple Labs, Brad Garlinghouse, shared his view on the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) over the…
Crypto could solve venture capital’s due diligence problem — VC exec
Venture capitalists battling with the difficulties of proper crypto firm due diligence should be looking at getting back to the basics — to “trust the chain,” a crypto-focused venture fund executive argues. Speaking to Cointelegraph, John Lo, head of digital assets at Recharge Capital — a $6 billion fund with crypto and decentralized finance (DeFi) projects in its portfolio — said that FTX shook the “confidence in this industry.” “There will be a lot of soul-searching,” he said. According to Lo, due diligence has always been a problem in the…
Solana Blockchain SOL Token Doubles From FTX-Crash-Induced Lows, but Will It Continue to Rebound?
Stefan Rust, CEO of blockchain technology firm Laguna Labs, said Solana has “held the ground solidly” by staying within the top 20 cryptocurrencies by market capitalization post-FTX, while hitting the metrics developers seek, including a project’s “distribution,” “difficulty in using toolsets,” “marketing and visibility” and “money.” He expects SOL’s price to rebound to $30 and even possibly $50 by the end of the year. Source
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