Day: March 6, 2023

Alameda Research files suit against Grayscale over ‘self-imposed redemption ban’

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Alameda Research has filed suit against Grayscale Investments in the Court of Chancery in the State of Delaware, it announced March 6. It also made claims against Grayscale CEO Michael Sonnenshein, Grayscale owner Digital Currency Group (DCG) and the group’s CEO Barry Silbert.  Alameda Research is an affiliate debtor of FTX, which filed for bankruptcy in November. The suit seeks to “unlock $9 billion or more in value for shareholders of the Grayscale Bitcoin and Ethereum Trusts […] and realize over a quarter billion dollars in asset value for the FTX…

Hermès asks court to halt sales of MetaBirkin NFTs following recent jury decision

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Hermès International, the French luxury fashion house, has requested a Manhattan federal court to block artist Mason Rothschild from marketing or owning his “MetaBirkin” non-fungible tokens (NFTs) following a recent jury decision that found Rothschild had violated Hermes’ trademark rights in its famous Birkin bags, as reported by Reuters.  French luxury house Hermes International has asked a federal judge to block artist Mason Rothschild from promoting or owning his “MetaBirkin” non-fungible tokens after a jury found they violate Hermes’ trademark rights in its famous Birkin bags https://t.co/Qd5o7mTLN4 pic.twitter.com/Dn3QQ3NZdn — Reuters…

US trustee appeals FTX bankruptcy judge’s ruling to deny appointment of independent examiner

Lawyers for Andrew Vara, the United States Trustee representing the interests of the Department of Justice in crypto exchange FTX’s bankruptcy proceedings, has filed an appeal against a federal judge’s denial of a motion appointing an independent examiner in the case. In a March 6 filing in U.S. Bankruptcy Court for the District of Delaware, the legal team petitioned to have the U.S. District Court consider an appeal for a February ruling from Judge John Dorsey. The federal judge said in a Feb. 15 hearing that he would deny a…

Crypto’s Banking Problem Is Not Ironic

If we look at crypto exchanges, Silvergate is so well-liked because a) it gives access to banking in the first place and b) Silvergate ran the Silvergate Exchange Network (SEN). SEN, which was recently disabled, allowed 24/7 instant settlement between Silvergate bank clients at any time, including nights and weekends. It functioned sort of like how Venmo or CashApp settles debts between friends for late-night ramen or pizza or whatever. Access to SEN attracted a lot of crypto exchange clients including Binance.US, Kraken and Gemini. Source

Terawulf Energizes First Nuclear-Powered Bitcoin Mining Facility in the US, Plans to Expand Operations – Mining Bitcoin News

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Terawulf, a bitcoin mining operation, has announced that it has energized the first nuclear-powered bitcoin mining facility in the United States at the company’s Nautilus Facility in Pennsylvania. According to the company, approximately 1 exahash per second (EH/s) or close to 8,000 application-specific integrated circuit (ASIC) bitcoin miners are now online, and another 8,000 mining rigs will be delivered shortly. Nuclear-Powered Bitcoin Mining — A Milestone for Carbon-Free Bitcoin Mining Terawulf announced on Monday that the first behind-the-meter bitcoin mining facility powered by nuclear energy has been energized, with nearly…

Price analysis 3/6: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL

Stock markets continue to trend upward, while crypto investors wait for this week’s Federal Reserve statements before choosing which direction BTC and altcoin prices will take. The United States equities markets are trying to extend their recovery at the start of the new week. One of the reasons that could be boosting investor confidence is that the yield on the benchmark 10-year note has slipped further to 3.924%. However, the bullish sentiment of the equities markets has not rubbed off on the cryptocurrency markets which continue to underperform. Bitcoin’s (BTC)…

SEC Accuses Utah-Based Green United of Running $18M Crypto Mining Scam

According to the SEC’s complaint, Green United and two individuals – the company’s founder, 46-year-old Utah resident Wright Thurston, and its main promoter, 43-year-old Utah resident Kristoffer Krohn – offered investments in $3,000 “Green Boxes,” specialized crypto mining machines that purported to mine GREEN tokens on the Green Blockchain. Source

Investor concerns persist as crypto investment products see 4th week of outflows

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On Mar. 6, European cryptocurrency investment firm CoinShares published its “Digital Asset Fund Flows Report,” which revealed that Investors have continued to display negative sentiment toward crypto investment products, with outflows totaling $17 million.  The negative sentiment was primarily focused on Bitcoin (BTC), with outflows for the cryptocurrency totaling $20 million. In contrast, short-Bitcoin products saw inflows for a third week totaling $1.8 million, according to CoinShares data. CoinShares’ data showed that “overall volumes across investment products were low at US$844m for the week,” with Bitcoin market volumes 15% lower…

Crypto Exchange Kraken To Launch New Crypto Bank in US Amid Regulatory Issue

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US-based crypto exchange Kraken is still launching a new Wyoming-based crypto bank despite the U.S. Securities and Exchange Commission’s (SEC) recent banning of the exchange’s staking service. Kraken Support directly told a Twitter user that Kraken Bank is still on its way, with an initial offering to customers in the USA. “Kraken Bank is not open yet but on its way. The offering will initially be available to existing Kraken clients in the USA with potential international expansion in the future.” Kraken announced in 2020 that it is officially opening a crypto bank,…