Month: August 2023

GameStop to withdraw crypto wallets amid ‘regulatory uncertainty’

GameStop Corp. has announced the discontinuation of its cryptocurrency wallets due to “regulatory uncertainty.” On Nov. 1, the company will withdraw its support for iOS and Chrome Extension wallets, which have allowed users to manage cryptocurrencies and non-fungible tokens, and decentralized apps on the Ethereum (ETH) network. Navigating the evolving regulatory landscape In an Aug. 1 announcement on its official website, GameStop, the US electronics retail company that reported $5.93 billion in 2022, assures customers that despite discontinuing the wallets, they will ensure a smooth transition. As part of the…

Curve founder looks to unexpected counterparties to rescue sinking DeFi loans

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Curve Finance founder Michael Egorov is attempting to offload some of his DeFi positions to alleviate his mountain of debt, but some have highlighted his liquidity sources. On Aug. 1, Nansen research analyst Sandra Leow posted a list of liquidity sources for Egorov’s Curve DAO (CRV) positions. According to Leow, Egorov sold around 50 million CRV tokens over the counter to several buyers at a below-market rate of $0.40 per token. The sale includes a three to six-month vesting agreement or they can be sold should prices reach $0.80. The…

Bitcoin Addresses In Loss Soar To One-Month High Amid Mixed Market Indicators

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Bitcoin, the pioneering cryptocurrency, is currently exhibiting mixed market signals, according to the latest data from Glassnode. The analytics firm points out that Bitcoin addresses in loss have reached a one-month high, even as the count of addresses holding smaller balances of the coin marks a record high.  The contrasting trends paint an intriguing picture of the current state of the Bitcoin market, further spurring dialogues on the future trajectory of this digital asset. BTC Addresses In Loss Reaches New Heights Glassnode’s report reveals earlier today that the number of…

Saylor’s MicroStrategy plans $750M stock sale, possibly buying more Bitcoin

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United States-based software development company MicroStrategy is planning to raise up to $750 million via a stock sale and says it may use the proceeds to buy more Bitcoin (BTC).  In a filing to the Securities and Exchange Commission on Aug. 1, MicroStrategy announced it has entered into a sales agreement with three companies — Cowen and Company Canaccord Genuity and Berenberg Capital — relating to the sale of its class A common stock. MicroStrategy said the proceeds of the proposed sale could be used for a variety of general…

BlackRock CEO Larry Fink Is The Best Thing To Happen To Bitcoin, Mike Novogratz Says

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BlackRock officially announced its entrance into Bitcoin earlier this year by filing for a Spot Bitcoin ETF with the United States Securities and Exchange Commission (SEC). Although the regulator is yet to accept the filing, CEO Larry Fink has also made some supportive comments, comparing BTC to digital gold.  In light of these events, Galaxy Digital CEO Mike Novogratz has come forward to share his opinions on BlackRock CEO Larry Fink and how he affects the digital asset. BlackRock CEO’s Pivoting Sentiment Toward Bitcoin Galaxy Digital CEO Mike Novogratz has…

SBF denies witness tampering in effort to avoid jail

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Lawyers for Sam Bankman-Fried have denied that he attempted to intimidate witnesses in his criminal trial by talking to New York Times reporters and argued there is no reason to jail him. In an Aug. 1 letter to Judge Lewis Kaplan, Bankman-Fried’s lawyers claimed the prosecution’s attempt to revoke his bail and have him detained are “extremely thin” and heavily rely on assumptions and innuendo. They added Bankman-Fried’s contact with a New York Times reporter was not an attempt to intimidate former Alameda Research CEO Caroline Ellison or taint the jury…

FTX’s Bankman-Fried Has a Right to Defend His Reputation, Defense Tells Court

Bankman-Fried faces seven different charges, including securities and wire fraud allegations, facing a trial currently scheduled to kick off in October. Another trial, set for March, will see the DOJ try Bankman-Fried again on another five charges, including conspiracy to commit bank fraud. He was arrested in December and extradited to the U.S., where he was released on bond while subject to a strict set of bail conditions. Source

FTX creditors unimpressed with exchange’s bankruptcy exit plan

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A body representing FTX customers said it is “extremely disappointed” by the exchange’s draft bankruptcy exit plan and claims it was ignored by FTX’s restructuring team. In a July 31 court filing, FTX’s Official Committee of Unsecured Creditors (UCC) said despite its repeated requests and previous promises from the team, it “did not have a single call or meeting” with FTX to discuss its draft Chapter 11 plan. The plan outlines and categorizes customer claims into classes and creates a path forward for FTX to re-launch as an offshore exchange.…

MicroStrategy returns to profit and now owns $4.4B worth of Bitcoin

Business intelligence firm MicroStrategy — one of the largest corporate holders of Bitcoin (BTC) in the United States — managed to return to profitability in the second quarter amid a surge in the price of Bitcoin. In a Q2 earnings results filing posted on Aug. 1, MicroStrategy reported $22.2 million in net income, a massive swing from a net loss of $1.1 billion in the prior-year period. Total revenues were mostly flat at $120.4 million. In July, @MicroStrategy acquired an additional 467 BTC for $14.4 million and now holds 152,800…