Creditors who have any of the 67 “supported” tokens, including BTC and ETH, stuck on the platform, will be able to withdraw the allowable percent of their crypto directly. For those with any of the 38 “unsupported tokens,” including SOL and ALGO, Voyager will liquidate everything and pay customers back with USDC, a stablecoin. Source
A US judge has ruled that Craig Wright, who claims he is the founder of Bitcoin, has shown evidence of contemptuous conduct in court proceedings related to a $143m dispute over bitcoin (BTC) ownership. Wright, who purports to be Satoshi Nakamoto, the mysterious founder of Bitcoin, is still engaged in a legal battle over the BTC ownership. A $143m bitcoin ownership dispute Craig Wright, the controversial computer scientist who has long claimed to be the elusive founder of Bitcoin, Satoshi Nakamoto, has once again found himself in hot water over…
Recent data reveals that while the banking industry in the U.S. is facing significant challenges, executives are mentioning “credit tightening” more frequently in earnings calls than during the 2008 financial crisis. Additionally, Google Trends data indicates a surge in search queries related to bank failures and crises. The findings suggest that the U.S. economy is experiencing a period of instability and uncertainty, prompting concerns among market observers. ‘Credit Tightening’ Mentions on Company Calls Highlight Concerns Over the Stability of the U.S. Banking Industry The U.S. economy is struggling with a…
Crypto lending platform Celsius has reported that certain users will be able to take out 100% of their original funds more than 300 days after the platform froze withdrawals. In a May 4 announcement, Celsius said following court approval, eligible users would be able to withdraw the remaining 6% of Distributable Custody Assets from the platform. Until January, the same users, largely those who only ever held funds in custody accounts, had been limited to withdrawing up to 94% of their funds. Earlier this year, the Court approved the distribution…
On May 4, Argentina’s central bank banned payment providers from offering crypto transactions, alleging it intends to reduce the country’s payment-system exposure to digital assets. According to a statement from the monetary authority, payment providers may not offer or facilitate crypto services through their applications. The move brings payment fintechs and financial institutions under the same rules in the country. “Payment service providers that offer payment accounts […] may not carry out or facilitate operations with digital assets, including crypto assets, that are not regulated by the competent national authority…
United States inflation and how it might affect the price of Bitcoin (BTC) are two of the top concerns on investors’ minds around the world. To illustrate, one prominent crypto personality bet big bucks on the future of the U.S. economy: the former Coinbase executive recently paid out $1.5 million to settle a Twitter wager about possible hyperinflation in the American economy. The U.S. may not be experiencing hyperinflation, but the possibility of prices going out of control seems to concern the Federal Reserve. The Fed raised interest rates by…
A DAO, or decentralized autonomous organization, is a method of governance in which crypto investors vote over how a project is run. Aragon builds tools to help other DAOs operate and is itself partially governed by a DAO. This week it began moving its multi-million dollar treasury toward community control, an effort nearly a year in the making. Source
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. April saw several hacks, exploits and rug pulls that resulted in a net loss of over $100 million among several DeFi protocols. Amid the growing memecoin frenzy, the chances of exploits have increased multifold, with WallStreetBets — a popular trading sub-Reddit group — allegedly rugging its users for $635,000 just days after airdropping about $15,000. DeFi protocol Level Finance was a victim…
Using its powers under money laundering regulations, the UK Financial Conduct Authority (FCA) has raided crypto ATMs suspected of illegally operating across England. These actions come after previous operations in East London and Leeds, where the regulator issued warnings or cease-and-desist requests to suspected crypto ATM operators. 15 crypto ATMs and counting The FCA, in collaboration with the South Regional Organized Crime Unit (SWROCU), the Yorkshire and Humber Regional Organized Crime Unit (YH ROCU), and the Nottinghamshire police force, conducted joint operations, inspecting sites across England that were suspected of…
According to John Reed Stark, crypto exchange Coinbase’s assertions that its business activities were endorsed by the U.S. Securities and Exchange Commission (SEC) when it approved its initial public offering are “a surefire loser.” According to Stark, the SEC’s approval of Coinbase’s registration statement was done to ensure the latter had made “proper disclosures in their application.” SEC Not Constrained by Any Doctrine John Reed Stark, a former chief of the U.S. Securities and Exchange Commission (SEC) Office of Internet Enforcement, has said the arguments that Coinbase’s business activities were…