Shares of Coinbase dropped 86% in 2022, partly because trading volume for cryptocurrencies, which continues to be Coinbase’s main revenue stream, slowed after crypto prices dropped sharply during the year, and crypto firms including Three Arrows Capital, Celsius Network and FTX collapsed. Source
Eric Snyder, partner at Wilk Auslander LLP, says that a substantial amount of haircuts are likely to be made, but that depends on the petition Genesis’ trio of companies filed. Source
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…
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…
▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Let’s focus on Ripple Labs XRP and some predictions that apply to the entire crypto market going forward. Speaking of going … ▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Youtube version
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…
It’s the latest case to emerge from Avraham Eisenberg’s “highly profitable trading strategy.” Source
The United States Securities and Exchange Commission has followed the Commodity Futures Trading Commission and others in filing parallel charges against the crypto user allegedly behind a multimillion-dollar exploit of decentralized exchange Mango Markets. In a Jan. 20 notice, the SEC alleged Avraham Eisenberg manipulated Mango Markets’ MNGO governance token, allowing him to steal roughly $116 million worth of cryptocurrency from the platform. According to the complaint, Eisenberg allegedly executed a series of large MNGO purchases in order to artificially raise the price of the token relative to USD Coin…
This week, FTX debtors issued a press release and a 20-page document noting that bankruptcy administrators had located $5.5 billion in liquid assets. The document details that investigators discovered fiat currencies, crypto assets, and securities as part of FTX’s and Alameda Research’s cache. However, the disclosure to unsecured creditors does not mention the extremely large stash of non-fungible tokens the company had accrued over the years. FTX and Alameda’s Liquidated Assets Include Thousands of NFTs and ENS Names FTX’s inner circle and the quantitative trading company Alameda Research were heavily…
Money-making associations with cryptocurrencies misrepresent them as just currencies and fail to acknowledge the diverse applications of the technology. Source