Tag: Issues

Gemini Forms Creditors Committee With Houlihan Lokey to Resolve Genesis Liquidity Issues – Bitcoin News

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Roughly two weeks ago a report from the Financial Times (FT) claimed Genesis Global Capital owed $900 million to Gemini customers and the publication’s sources noted that the exchange was attempting to recover the funds by creating a creditors committee. 31 days after Gemini paused the Earn program’s withdrawals, Cameron Winklevoss tweeted that it has formed a committee with Houlihan Lokey acting as the financial advisor. Gemini Hopes to ‘Provide a Path for the Recovery of Funds’ With Newly Created Creditors Committee and Houlihan Lokey Advisor On Dec. 17, 2022,…

Bitcoin Giant DCG Has Locked Nearly $300,000,000 in Crypto Amid Liquidity Issues, Says Dutch Exchange

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Dutch crypto exchange Bitvavo says that Digital Currency Group (DCG) is withholding hundreds of millions of dollars from it due to liquidity issues. In a recent company statement, Bitvavo says that DCG, which provides off-chain staking services to Bitvavo, is suspending repayments until the liquidity crisis it’s facing is resolved. Bitvavo says that DCG’s issues should have no impact on its platform. “DCG is currently experiencing liquidity problems due to the current turbulence in the crypto market. As a result, DCG has suspended repayments until this liquidity issue has been…

Tesla May Have to Add Bitcoin to its List of Issues

In January 2021, Tesla made a $1.5 billion investment in Bitcoin. Bitcoin was worth more than $30,000 at the time. Tesla’s carrying value on the nearly 42,000 coins retained was over $1.26 billion at the end of the first quarter of 2022, after a few gains and losses. Tesla, the leader in electric vehicles, may have a wild second quarter. First, production issues arose as a result of CV-19 lockdowns in China. There is now the issue of their Bitcoin holdings. Tesla would most certainly have to register a big…

New York State issues guidance for banks seeking to engage in activities with crypto

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The New York state Department of Financial Services (DFS) released guidance on Dec. 15 for regulated banks seeking to engage in activities with virtual currency. The guidance, which took effect immediately, describes the application process and “summarizes the types of information the Department considers relevant” for obtaining the agency’s approval. The 11-page document consisted largely of bullet points as it described the informational requirements for several categories, such as “Business Plan” and “Consumer Protection,” in detail, followed by a series of formal checklists. Approval is required 90 days before engaging…

Financial Stability Board aims to address crypto-related issues following ‘failure of FTX’

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The international monitoring body Financial Stability Board, or FSB, called for a global framework aimed at regulating and supervising crypto in the wake of FTX’s collapse, also saying it would assess vulnerabilities associated with decentralized finance. In a Dec. 6 meeting in Basel, the FSB said it planned to “enhance its crypto-assets monitoring framework” to include “DeFi-specific vulnerability indicators” as well as address the potential impact of having DeFi becoming more closely connected to traditional financial markets. According to the monitoring body, the financial stability risks from the crypto market…

Metallica issues crypto scam alert before the 72 Seasons album launch

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It’s quite evident that bad actors have left no stone unturned as legendary metal band Metallica warned fans against crypto giveaway scams right before their highly anticipated launch of its new album, 72 Seasons. Cashing in on the buzz around Metallica’s new album launch and upcoming tour, scammers have started targeting metalheads through social media impersonation. Metallica, however, was quick to point out “the ugly side of social media,” asking fans to steer away from Metallica Crypto giveaways, stating: “Let’s be as clear as possible. [Metallica crypto giveaways] are scams.”…

Cryptocurrency Law Approved in Brazil — Green Mining Tax Exemptions and Asset Segregation Issues Left Out – Regulation Bitcoin News

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A cryptocurrency law, which had been in discussion for several months, has been approved by the Chamber of Deputies in Brazil after having shed some of the changes presented by the Senate. The proposal left out two planned tax exemptions for green mining operations and the issue of segregating customer assets from company funds for virtual assets service providers (VASPs). Cryptocurrency Law Finally Approved in Brazil The cryptocurrency law project identified with the number 4.041/2021, was approved by the Chamber of Deputies in its session on Nov. 29. The law…

South Korea issues arrest warrant for Do Kwon’s former colleagues

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Amid the ongoing manhunt for Terraform Labs co-founder and CEO Do Kwon, South Korean authorities have spread out their investigations to target other Terra executives. Prosecutors issued an arrest warrant for co-founder Daniel Shin and seven other engineers and investors of the firm following suspicion of gaining illegal profits before the massive collapse of the Terra ecosystem. The Seoul Southern District Prosecutors Office in South Korea suspected that Shin possessed Terra (LUNA) tokens, which were pre-issued without the public knowledge of investors. In doing so, Shin allegedly bagged profits worth 140…

Uzbekistan issues first crypto licenses to two local ‘crypto stores’

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As Uzbekistan prepares to adopt a new cryptocurrency framework in 2023, the Uzbek regulators have started issuing regulatory approvals to local crypto service providers. The National Agency for Perspective Projects (NAPP), Uzbekistan’s major cryptocurrency market watchdog, has issued the nation’s first crypto licenses, according to an official announcement released on Nov. 17. The licenses officially authorize the offering of cryptocurrency-related services by two “cryptocurrency stores,” including Crypto Trade NET LLC and Crypto Market LLC. According to the information from the NAPP’s electronic license register, both Crypto Trade NET and Crypto…