BlockFi “failed to complete basic due diligence” on Bankman-Fried’s empire, offering “special treatment for FTT and Alameda… that cast risk management principles entirely to the wind,” added the report, based on a review of 30,000 internal documents, and interviews and depositions with key individuals including founder and chief executive Zac Prince. Source
Hector now plans to redistribute the proceeds of its treasury to HEC holders proportionally and based on their positions as of July 14. The final amount distributed could be lower than $16 million, as “all contractual, statutory and other legal obligations, including costs of the liquidation, must be fully settled” first, according to the plan. Source
Almost nothing is known about Elon Musk’s latest endeavor, an artificial intelligence startup named xAI. But “almost nothing” is still something. And we can glean a lot from what little we do know. As Cointelegraph recently reported, Musk announced xAI on July 12 in a statement comprising three sentences, “Today we announce the formation of xAI. The goal of xAI is to understand the true nature of the universe. You can meet the team and ask us questions during a Twitter Spaces chat on Friday, July 14th.” Based on this information…
This is the launch of the standard that could connect all of the blockchains and all of the bank chains, Sergey Nazarov said in an interview with CoinDesk. Source
Stu Alderoty, the chief legal officer for Ripple Labs, has reportedly said United States-based banks may turn to XRP for cross-border transactions following a recent court ruling. According to a July 17 CNBC report, Alderoty expressed confidence that U.S. banks and financial institutions could begin exploring XRP for use in cross-border payments. The Ripple CLO reportedly made the statement less than 24 hours after a federal judge in the firm’s case against the U.S. Securities and Exchange Commission (SEC) ruled the XRP token was not necessarily a security. “I think…
What is peer-to-peer (P2P) lending? Peer-to-peer (P2P) lending, also referred to as marketplace lending, is a type of lending that uses online platforms to link lenders and borrowers directly, eliminating the use of conventional financial intermediaries, such as banks. In P2P lending, individuals or businesses seeking loans can request funding by creating loan listings on a P2P platform. Individual investors or institutional lenders, on the other hand, can analyze these listings and decide to fund them based on their level of risk tolerance and expected rate of return. P2P lending…
The U.S. bankruptcy court granted the crypto lender permission to sell its altcoin holdings for BTC and ETH starting in July. Source
CryptoX – Cryptocurrency Analysis and News Portal UniswapX, announced at EthCC in Paris, offers better prices by aggregating liquidity sources, gas-free swaps, and protection against MEV. Source The post Uniswap Launches Cross-AMM Protocol UniswapX appeared first on CryptoX. CryptoX Portal
Depositing bitcoin via Lightning is faster and cheaper than on the main blockchain; the base fee on lightning is $0.04, whereas regular bitcoin deposits spiked to as high as $30 in May, according to ycharts. Transactions also settle in under a minute, with regular bitcoin transactions taking roughly 10 minutes per confirmation. Original
Uniswap, the world’s largest decentralized exchange (DEX) according to the website DefiLlama with about $3.8 billion of collateral or “total value locked,” says that UniswapX addresses many of the pain points of on-chain trading and self-custody swapping. Features include “better prices” by aggregating liquidity sources, according to the press release, along with gas-free swapping, protection against maximal extractable value, or MEV, and no cost for failed transactions. Source