Month: March 2023

Celsius sets end of April as new deadline for proof of claim

After the Customer Contract Decision, the bankruptcy partner at McCarter & English, LLP, David Adler, announced that Celsius is adjusting its timetables. Apr. 28, 2023, is the new cutoff, also called the Bar Date. Because of this amendment, it is now possible for creditors to provide evidence of a claim within the allotted period.  Previously, a court order made it possible for customers of Celsius who had custody accounts to obtain up to 72.5% of their deposited cryptocurrency back. However, Celsius consumers who had Earn accounts and handed over their coins to…

Euler Finance hacker returns ethereum worth $102m

In a surprising turn of events, the exploiter of Euler Finance has reportedly returned 51,000 ether (ETH) to the DeFi lending protocol. According to BlockSec, a blockchain security firm working with Euler Labs, the exploiter has also returned a further 7,737 ETH, bringing the total returned funds to 58,737 ETH. All told, Euler has gotten back ETH worth about $102 million at current rates. It is a remarkable development after the Euler hack on Mar. 13, 2023. The hack was one of the largest flash loan attacks in DeFi history, resulting in…

Fujitsu interested in crypto trading services: trademark application

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Japanese tech giant Fujitsu filed a trademark application with the United States Patent and Trademark Office (USPTO), revealing its intent to offer brokerage services for cryptocurrency trading, among other crypto and non-crypto financial facilities. Fujitsu’s trademark application aims to register a new mark which “consists of the stylized word FUJITSU with a sideways s shaped swirl over the J and I,” as evidenced in the official document filed on March 16. The branding is dedicated to offering financial services, which include acceptance of deposits, financing loans and financial management and…

Regulations Governing Tokenized Deposits and Crypto Assets in South Africa Set to Effect in January 2025 – Africa Bitcoin News

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Regulations governing tokenized deposits and crypto assets are likely to become effective on Jan. 1, 2025, a senior fintech analyst at the South African central bank has revealed. However, according to the analyst, regulators are still trying to understand or learn the risks that come with using distributed ledger technology. Central Bank Considers Appropriateness of Retail CBDC Gerhard van Deventer, a senior fintech analyst at the South African Reserve Bank (SARB) recently disclosed that regulations governing the so-called tokenized deposits and crypto assets are expected to come into effect on…

Tim Draper recommends founders hold ‘at least’ two payrolls ‘worth of cash’ in crypto

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American venture capital investor and entrepreneur Tim Draper advised founders to keep at least two payrolls worth of cash in Bitcoin (BTC) or alternative cryptocurrencies, in response to the uncertainty created by the collapse of Silicon Valley Bank (SVB). In a March 25 report directed at business founders, Tim Draper stated that Bitcoin is a hedge against a “domino run” on the banks and on overbearing government intervention, adding that businesses “can no longer rely” on a single bank or governing body to manage their cash. Some tips for business…

Billionaire Barry Sternlicht Warns of Hard Landing — Says ‘Economy Is Going to Implode’ – Economics Bitcoin News

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Billionaire Barry Sternlicht, chairman and CEO of Starwood Capital Group, has warned that the U.S. economy is going to implode, emphasizing that interest rates have to fall. He further stressed that the economy “will have a hard landing.” Barry Sternlicht on Hard Landing, Economic Implosion The chairman and CEO of Starwood Capital Group, billionaire Barry Sternlicht, discussed the state of the U.S. economy in an interview with CNBC on Thursday. Following the Federal Reserve hiking interest rates by 25 basis points (bps) on Wednesday, Sternlicht reiterated that the Fed should…

US explores additional bank support, favoring First Republic’s benefit: Report

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United States authorities are reportedly deliberating on “expanding” an emergency credit line for banks, which may provide First Republic Bank a time buffer to address balance sheet concerns, according to people familiar with the situation. In a March 26 Bloomberg report citing unnamed sources, it was reported that U.S. officials are ruminating on what support, “if any,” can be provided to First Republic, however an “expansion of the Federal Reserve’s offering” is one of the options being explored. First Republic was reportedly deemed “stable enough to operate” by regulators without…

US contemplates ‘expanding’ emergency lending facility for banks: Report

United States authorities are reportedly deliberating on extending an emergency credit line for banks, “in ways” which may provide First Republic Bank with a time buffer to address its balance sheet concerns, according to people with knowledge of the situation. In a March 26 Bloomberg report citing unnamed sources, it was reported that U.S. officials have not decided on what support, “if any,” they can provide to First Republic, however an “expansion of the Federal Reserve’s offering” is one of the options being considered. First Republic was reportedly deemed “stable…

‘I Fear We Are Heading for a Train Wreck’ – Economics Bitcoin News

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Billionaire Bill Ackman has warned that the U.S. economy is “heading for a train wreck” if the government allows the current banking crisis to continue. “Trust and confidence are earned over many years, but can be wiped out in a few days,” he said. “Hopefully, our regulators will get this right.” Bill Ackman’s Warning Billionaire Bill Ackman, CEO and portfolio manager of Pershing Square Capital Management, has warned of an incoming train wreck. Pershing Square is a hedge fund management company with approximately $18.5 billion in assets under management. Ackman’s…

Robert Kiyosaki Says Fed Rate Hikes Will Crash Stocks, Bonds, Real Estate, and US Dollar – Economics Bitcoin News

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The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned that the Federal Reserve’s continued rate hikes will crash stocks, bonds, real estate, as well as the U.S. dollar. He expects the next crash to be the “$1 quadrillion derivatives market.” Robert Kiyosaki on Interest Rate Hikes, Market Crashes The author of Rich Dad Poor Dad, Robert Kiyosaki, reiterated his warnings of market crashes and the danger of the Federal Reserve raising interest rates this week. Rich Dad Poor Dad is a 1997 book co-authored…