“We have taken up a total of 453 ad complaints related to Virtual Digital Assets till now (Jan 2022 to May 2022). Of them, 447 relate to influencers. Out of the total 453 ads that we examined, 419 required modifications which were duly informed to the influencers,” said Manisha Kapoor, the ad council’s CEO, in an email to CoinDesk. Source
The liquidation of crypto hedge fund Three Arrows Capital (3AC) has been ordered in a court in the British Virgin Islands, according to a report by Sky News. Source
The crypto economy has slipped under the $1 trillion mark to the $970 billion range, as a large number of digital currencies have lost more than half their USD worth since November 2021. Bitcoin is down 70% from the all-time high last year, and a new report from Glassnode Insights calls the current bear market “a bear of historic proportions,” while highlighting that “it can reasonably be argued that 2022 is the most significant bear market in digital asset history.” Glassnode Researchers: ‘Bitcoin Is Currently Experiencing the Largest Capital Outflow…
The embattled crypto lending platform Celsius has kept withdrawals and transfers frozen since June 12 and told the Celsius Network community that the “process will take time.” Since then, Celsius users are wondering why they are still receiving weekly rewards, and reportedly the company’s management has been arguing with its lawyers over whether or not the business should file for Chapter 11 bankruptcy. However, most of the Celsius articles these days are quoting ‘people familiar with the matter,’ and ultimately these sources cannot be verified. Celsius Customer Says It Is…
Cryptocurrency derivatives exchange FTX is reportedly eyeing a takeover of Robinhood Markets, the popular trading app that introduced millions of traders to Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE). Citing people familiar with the matter, Bloomberg reported Monday that FTX is holding internal deliberations about whether to acquire Robinhood. Although no decision has been made to pursue a takeover, FTX is said to be taking the matter seriously. Bloomberg’s contact clarified that FTX has yet to approach Robinhood with a buyout proposal and that it could still decide against pursuing…
Plans are still in the preliminary stages, according to a report from Bloomberg. Source
The positions are worth at least “hundreds of millions” of dollars in notional value, one trader said. Source
Decentralized autonomous organizations (DAOs) have become a rage in the ever-expanding crypto ecosystem and are often seen as the future of decentralized corporate governance. DAOs are organizations without a centralized hierarchy, intended to work in a bottom-up manner, where the community collectively owns and contributes to an organization’s decision-making process. However, recent research data suggests that these DAOs are not as decentralized as it was intended to be. A recent report from Chainalysis analyzed the workings of ten major DAO projects and found that on average, less than 1% of…
The Bahamas-based digital asset exchange FTX is reportedly interested in acquiring a stake in crypto lender BlockFi. The Wall Street Journal reports discussions between the firms are ongoing and that no equity agreement has been reached yet, according to anonymous sources. Earlier this week, FTX agreed to provide BlockFi with a $250 million line of credit. Zac Prince, BlockFi’s chief executive, said the money is “intended to be contractually subordinated to all client balances across all account types (BlockFi interest account, BlockFi personal yield and loan collateral) and will be…
Crypto lending platform Celsius Network has reportedly onboarded advisers from a management consulting firm in advance of the company possibly facing bankruptcy. According to a Friday report from the Wall Street Journal, Celsius hired an unknown number of restructuring consultants from the firm Alvarez & Marsal to advise the platform on potentially filing for bankruptcy. The report followed one from June 14, which said Celsius had hired lawyers in an attempt to restructure the company amid its financial issues. Steady lads https://t.co/5YAdmq5kt8 — Ben McKenzie (@ben_mckenzie) June 24, 2022 Celsius…