Day: January 20, 2023

XRP Transactions Skyrocket In Australian Top Exchanges

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Ripple has reached a new milestone in Australia with its native token, XRP, recording the highest trading volumes on exchanges. With this, Ripple now dominates Australian crypto exchanges as the XRP community anticipates a final court ruling in the lawsuit with the U.S. SEC (Securities And Exchange Commission). The news came from Financial Review, an Australian media outlet shared on Twitter by Neil Smith, Ripple’s partner engineer, and Aussie firm, Blockchain Australia. Ripple now dominates Australian crypto exchange volumes #XRP https://t.co/yaeFIqsNIn — Neil Smith (@nsmithau) January 18, 2023 Reason For…

Genesis’ bankruptcy filing was decided by independent committee, according to DCG

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In a Jan. 20 statement, Genesis Capital’s parent company, Digital Currency Group (DCG), denied involvement in Genesis’ bankruptcy filing. According to DCG, a special committee of independent directors recommended and decided to file for Chapter 11 bankruptcy protection.  Filing for Chapter 11 will allow Genesis to seek the reorganization of debts, assets and other business activities. The company estimated liabilities of $1 billion to $10 billion, along with assets in the same range. DCG noted in the statement: “Genesis has its own independent management team, legal counsel, and financial advisors, and appointed…

Solana (SOL) Outperforms Top Coins With 28% Gains On Weekly Chart

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Solana (SOL) recovered from the slight pullback yesterday, even when the general crypto market cap dropped today. SOL which has been on an uptrend in the past week saw a 28.44% increase during this time. This increase might be due to combined economic factors and Solana’s growing utility among crypto users. What Is Driving The Price Of Solana? The Solana network is enjoying more attention from the increased crypto awareness and adoption among individual and institutional investors. The network has rolled out plans for 2023, creating excitement among its online…

SBF’s newest Excel spreadsheet reveals all

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Large enterprise businesses spend tons of money keeping track of their financial dealings — think accountants, financial analysts, consultants and enterprise-grade accounting software. Sam Bankman-Fried, meanwhile, used Microsoft Excel.  On Jan. 17, in another sloppy Excel spreadsheet, SBF revealed that FTX US was solvent. The Excel file purportedly showed customer balances, bank deposits and assets held in cold storage. “S&C forgot to include bank balances” of roughly $428 million, SBF said, referring to FTX’s former legal counsel Sullivan & Cromwell. “Once you add those back in, you get in the…

Opinion: Digital Currency Group’s Genesis implosion: What comes next?

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It looks as if the bear cycle is going to claim another high-profile crypto company. On Jan. 19, Digital Currency Group’s (DCG’s) lending subsidiary, Genesis, filed for Chapter 11 bankruptcy. Here we have yet another industry giant with a tale of incestuous lending, little risk management to speak of and opaque reporting policies.  For market participants, the gathering storm clouds at DCG represent a failure that would have been unthinkable in 2021. Founded by CEO Barry Silbert in 2015, DCG has become a mainstay in crypto’s short existence. Genesis’ filing…