Tag: Digital

Embattled Crypto Exchange FTX Hires Billionaire Mike Novogratz’s Galaxy Digital To Manage Recovered Crypto

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Troubled crypto exchange FTX is hiring a prominent crypto asset management firm to handle its recovered digital assets. In a new court filing, the bankrupt crypto exchange is seeking authorization for billionaire Mike Novogratz’s Galaxy Digital to take over the management of its recovered virtual currencies as a part of its restructuring process. “The Debtors seek authorization for FTX Trading Ltd. to enter into an Investment Services Agreement with Galaxy Digital Capital Management and to perform its obligations thereunder. The Debtors selected Galaxy Asset Management as an investment adviser based…

FTX engages Galaxy Digital to oversee, sell, and hedge its crypto assets

Bankrupt exchange FTX wants to hire Mike Novogratz’s Galaxy to assist with selling, staking, and hedging its crypto assets. The proposed agreement would see Galaxy managing and trading certain digital assets owned by FTX to convert them into fiat currency or stablecoins. Additionally, Galaxy would be responsible for hedging FTX’s exposure to volatile cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). Galaxy’s compensation would consist of a monthly management fee divided into a hedging fee based on the average net asset value of the assets being hedged and a liquidation fee calculated…

FTX files motion for Galaxy Digital to manage recovered crypto holdings

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Mike Novogratz’s digital asset management firm Galaxy Digital looks set to manage the remaining cryptocurrency holdings of bankrupt cryptocurrency exchange FTX. On Aug. 24, the company filed a motion with the United States District Court for the District of Delaware seeking authorization and approval of guidelines for the sale of digital assets recovered during ongoing bankruptcy proceedings. The filing outlines FTX’s requests and plans to transfer some $7 billion worth of recovered cryptocurrency tokens under Galaxy Digital’s management following the exchange’s collapse in 2022. Related: FTX​ releases restructuring plan, hints at rebooted offshore exchange FTX…

FTX to Hire Galaxy Digital Capital Management to Help Sell Off $3B in Crypto

FTX is hoping interest on its crypto pile will add to the stock it can distribute to customers who are still waiting for their money back. The company, now run by restructuring expert John J. Ray III, worries that selling all in one go would cause the price to plummet, to the benefit of short sellers and other market participants. It’s turning to market experts to figure out how best to avoid that, for example via weekly sales limits. Source

Libertarian Bitcoin Advocate Javier Milei’s Surprise Election Victory Amidst Digital Asset Volatility and Global Economic Shifts

When we hear that “Bitcoin is too risky,” as citizens of the U.S. and as holders of dollars we must remember that this simple statement comes from a position of substantial privilege, specifically “exorbitant privilege.” First termed by French Finance Minister Valéry Giscard d’Estaing in the 1960s, exorbitant privilege refers to the unique benefits that the U.S. enjoys due to the widespread use of the dollar in international trade, finance and as a global reserve currency. Some of the benefits from the global ubiquity and near-insatiable demand for dollars are…

Crypto P2P scams in India show digital asset education is needed

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Peer-to-peer (P2P) cryptocurrency trading has been a staple of the cryptocurrency community since the industry’s early days.  P2P trading refers to the direct exchange of cryptocurrencies between two users without the involvement of intermediaries. P2P exchanges link buyers and sellers while also adding an extra degree of security through an escrow service. Some of the key advantages of P2P over centralized exchanges include global accessibility, a variety of payment alternatives and no transaction fees. Furthermore, P2P marketplaces have become crucial for crypto traders and enthusiasts in jurisdictions where governments are…

Crypto miner Hive Digital CEO sees AI working in unison with blockchain

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Crypto mining firm Hive Blockchain sent a signal to the tech industry when it dropped “blockchain” from its namesake in July, opting to call itself Hive Digital Technologies and reflect its artificial intelligence foray. The decision is part of a wider movement from crypto miners to pivot outside of digital currency mining, amid depressed crypto prices. January saw crypto mining firm Riot Blockchain rebrand to Riot Platforms while June saw crypto miner Applied Digital announce a $460 million deal to host AI cloud computing in its data center. Since ETH mining ended…

Gryphon Digital wants Sphere 3D’s lawsuit dismissed

Crypto mining company Gryphon Digital is contesting a lawsuit from its former collaborator, Sphere 3D, over a significant bitcoin transfer. Sphere 3D alleged in April that Gryphon Digital CEO Rob Chang transferred 18 bitcoins to an impostor pretending to be Sphere 3D’s CFO. Eight more bitcoins were subsequently transferred to the address, bringing the total loss to 26 bitcoins — roughly $500,000 at that time. Gryphon put assets at risk and “willfully” violated contractual duties, Patricia Trompeter, CEO Sphere 3D, said. According to Cryptox, citing court documents submitted on Aug.…

Gryphon Digital seeks court dismissal of Sphere 3D’s lawsuit

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Crypto miner Gryphon Digital is seeking dismissal from a lawsuit brought by its former partner Sphere 3D over a spoofing attack that resulted in 26 Bitcoins (BTC) being transferred to a fraudulent address. According to the initial complaint filed by Sphere 3D in April, Gryphon CEO Rob Chang allegedly wired 18 BTC in January to a fraudster posing as Sphere 3D’s chief financial officer through a spoofing attack. Within a few days, eight more Bitcoins were sent to the same address, resulting in a total loss of over $500,000 at…

Chinese giant’s impact on digital markets

China’s Evergrande’s bankruptcy filing reverberates in the crypto markets, triggering significant drops in major digital assets and casting a shadow over Tether’s financial backing. Once the leading property developer in China, Evergrande has recently transformed into a prominent representation of China’s property crisis.  On Aug. 17, Evergrande sought refuge from debtors by filing for Chapter 15 protection under the US bankruptcy code. This provision assists non-US companies in shielding themselves during restructuring, keeping creditors at bay.  Evergrande’s affiliate, Tianji Holdings, followed suit in Manhattan bankruptcy court. This development underscores the…