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We post daily the best Bitcoin, Cryptocurrency & Blockchain News. Admin: @LevoBNTG
🪙 Law Firm Gets $12 Million From FTX Before The Exchange Filed For Bankruptcy
As security for payment of its fees and expenditures during Chapter 11 bankruptcy proceedings, FTX paid a retainer of $12 million to bankruptcy attorneys. The document also showed that S&C is already in possession of over $9 million of the $12 million retainer sum.
According to the facts given, the exchange must have paid S&C at least $15.5 million to provide legal services for FTX. The document also showed that S&C is already in possession of over $9 million of the $12 million retainer sum. Legal troubles still surround FTX and its former boss, Bankman-Fried. He is accused of breaking campaign finance laws and money laundering.
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⚡️ CleanSpark mined 3,750 BTC in FY’22, BTC reserves down 40% since January
CleanSpark’s hash rate hit 6 EH/s on Dec. 21, compared to 2 EH/s on Dec. 31, 2021 — marking a 3x increase on an annual basis. The company hit its year-end goal for the hash rate and said it expects to hit 16 EH/s by the end of 2023.
CleanSpark mined a total of 3,750 Bitcoin (BTC) during the 2022 fiscal year ending Sept. 30 — up 320% on an annual basis, according to its annual financial report. However, despite the 2x and 3x increase in revenue and mined BTC, the company’s BTC reserves are down 40.3% to 281 BTC as of Nov. 30, compared to 471 on Jan. 31, according to CryptoSlate data.
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⚡️ Swyftx crypto exchange exits $1 billion merger amid regulatory scrutiny: AFR
Swyftx, a crypto exchange based in Australia, has been forced to pull out of a planned 1.5 billion Australian dollar ($1 billion) merger deal with superannuation fund platform Superhero, the Australian Financial Review reported on Tuesday.
Now, the deal is off and the regulatory climate for crypto in Australia is reportedly to blame. AFR quoted Superhero co-founder John Winters as saying that investor sentiment for crypto products had declined in the country. Winters also linked the failure of the merger to the fallout of the recent FTX collapse. The Superhero co-founder added that the firm was turning its attention.
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💰 Grayscale CEO Will Consider Massive Share Buyback if SEC Lawsuit Fails
Grayscale may consider a 20% tender offer on GBTC shares if its bid to convert into a Bitcoin spot ETF ultimately fails, said CEO Michael Sonnenshein to investors on Monday. the crypto bear market, and the state of Binance.
The crypto winter has been rough on Grayscale’s Bitcoin Trust (GBTC) – a popular investment vehicle for gaining exposure to the price of Bitcoin. Grayscale’s current structure doesn’t allow for shares to be easily redeemed for Bitcoin, which allows for the value discrepancy, to begin with. That’s why the firm seeks to convert its fund into a spot ETF.
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📶 Post-Merge Ethereum Block Builder Blocknative Raises $15 Million
Blockchain infrastructure company Blocknative announced Thursday it had raised $15 million in Series A-1 financing, bringing the total amount raised by the Ethereum block processor to $34 million. Launched in 2018, Blocknative processes transactions on the Ethereum blockchain.
Blocknative builds real-time infrastructure for Web3, really specializing in what's known as the pre-chain layer,” Blocknative CEO Matt Cutler told Decrypt at 0xpo Crossroads in San Francisco. "Everything happens to a transaction between the time that it's an idea and it goes on-chain. transactions are these mysterious and anxiety-filled things that are kind of the core of the network.
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🇧🇸 Legal fight escalates around 'collusion' between Bankman-Fried and Bahamian government
A federal bankruptcy judge will hear evidence about the potentially criminal movement of assets out of FTX and its affiliated companies, in what is the latest escalation of a heated legal struggle between the failed crypto firm new leadership and federally indicted former CEO Sam Bankman-Fried.
New FTX CEO John Ray III and lawyers from the firm Sullivan and Cromwell, who represent the company in the Chapter 11 bankruptcy process, have alleged that Bankman-Fried, FTX co-founder Gary Wang and the Bahamian government have colluded to shield hundreds of millions of dollars worth of assets from U.S. court proceedings. they want to block ongoing access for lawyers representing FTX.
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💰 Sam Bankman-Fried charged with fraud over FTX collapse
Sam Bankman-Fried was charged with fraud by the U.S. Securities and Exchange Commission over the collapse of FTX, the crypto exchange he founded. The former CEO was charged with "orchestrating a scheme to defraud equity investors in FTX Trading Ltd.," according to an SEC statement.
The SEC charged Bankman-Fried with violating the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The U.S. Attorney’s Office for the Southern District of New York and the Commodity Futures Trading Commission will also announce separate charges, the release said. The charges come 32 days after FTX filed for bankruptcy following a swift and epic collapse.
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📣 Grayscale says SEC filed first legal brief in ongoing bitcoin futures ETF lawsuit
Grayscale Investments said the U.S. Securities Exchange Commission has filed its first legal brief in the lawsuit the crypto asset manager filed over the rejection of its application for a spot bitcoin exchange-traded fund.
Grayscale's legal argument centered around what it said was an uneven application of law after regulators approved bitcoin futures that are tied to spot market pricing. The SEC rejected Grayscale's request to convert its flagship GBTC fund into an ETF in late June, and the company has argued the refusal harms its 850,000 investors who already own shares in the trust.
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📉 Amber Group's planned raise halved as it cuts 40% of jobs: Reports
Amber Group’s expansion plans have reportedly been put on hold after raising half of a planned $100 million funding round. Crypto firm Amber Group is making various business-related cuts as it struggles to weather the ongoing crypto winter.
The Singapore-based crypto trading and lending platform's expansion plans have been put on hold after raising half of a planned $100 million funding round, according to the Financial Times. It is also cutting jobs and ending a £20 million ($25 million) yearly sponsorship deal with Chelsea FC, Bloomberg reported, citing a person familiar with the matter. yearly sponsorship deal with Chelsea FC.
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🏦 Crypto.com CEO addresses FUD,says he ‘has nothing to hide’
Crypto exchange crypto.com‘s CEO Kris Marszalek posted a thread on his Twitter account to acknowledge that more FUD targeting crypto.com is coming and that he had “nothing to hide.”.After the collapse of FTX, Crypto.com only partially disclose its reserves. Unfortunately.
One day before this statement, on Nov. 13, Marszalek admitted that Crypto.com accidentally transferred 85% of its Ethereum (ETH) reserves to Gatei.io during November. Marszalek had also vocalized his concerns about FUD targeting crypto.com at the time.. To address these questions, Marszalek said, “withdrawals are working as usual.”
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🏦 Bybit reducing workforce as bear market deepens
Crypto exchange Bybit is reducing its workforce as a direct result of "the deepening bear market.". The Singapore-based crypto exchange's CEO and co-founder, Ben Zhou, made the announcement on Twitter at 12:32 a.m. ET. Bybit previously cut its workforce by an unspecified number in June.
Bybit is not alone in reducing its workforce as the blockchain and cryptocurrency industry struggles to regain its footing after a tough year — which saw the collapses of the Terra ecosystem, hedge fund Three Arrows Capital, major crypto exchange FTX and its sister firm Alameda Research. “The deepening bear market” was explicitly cited as the reason for the job cuts.
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💰 SBF was 'delusional' in interview, says Galaxy's Mike Novogratz
Galaxy's CEO Mike Novogratz thinks Sam Bankman-Fried is "delusional" and will spend time in jail. After watching the former FTX CEO's live interview with the New York Times on Wednesday, Novogratz alleged that Bankman-Fried is "just spewing more lies."
The CEO of Galaxy responded to Sam Bankman-Fried’s NYT interview. Novogratz said that the ramifications of the FTX collapse would spread beyond crypto to all markets in general. He also said he didn't think that Bankman-Fried had acted alone. "You don't pull this off with one person," he said. "I'm not saying he even planned this all like a criminal mastermind. What they did was criminal and they need to be prosecuted for it."
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💰 Texas regulator wants Bankman-Fried testimony in securities case
Former FTX CEO Sam Bankman-Fried has a hearing date in Texas. The Texas State Securities Board wants Bankman-Fried to testify on Feb. 2 in response to an enforcement action issued today alleging that FTX violated multiple state securities laws.
The investigation pre-dates FTX's early November collapse and relates to the company's interest-bearing accounts and stock trading. The agency was already looking into the firm before it filed for bankruptcy protection earlier this month. FTX may have violated Texas securities and money transmitter laws and an ongoing investigation into the matter.
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💰 Aave pauses lending markets for 17 Ethereum-based tokens
Aave is the largest lending protocol on Ethereum with more than $3.65 billion in assets locked across multiple chains. Its decision to temporarily halt lending of several tokens on Aave version 2.0 was passed after governance members approved.
The lending markets are yearn.finance, Curve DAO, 0x, Decentraland, 1inch, Basic Attention Token, Ampleforth, DeFi Pulse Index, renFIL and Maker, Enjin, xSUSHI and five stablecoins: sUSD, GUSD, RAI, USDP, and LUSD. The protocol will not allow users to deposit these assets or take loans with them on the platform for the sake of risk management.
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🇭🇰 Two suspects arrested in Hong Kong for AAX fraud
According to local law enforcement, the individuals were arrested for suspicions of fraud and misleading police officers. the AAX investigation were arrested in Hong Kong on Dec. 23.
Caselin disagreed with AAX’s decision to declare bankruptcy and liquidate all assets. However, a warning accompanied the company’s decision, stating that the employees could only receive their salaries for November, and users could only retrieve half of their assets. Local news sources indicated that AAX users have lost over 100 million yuan in total, which equates to $14.3 million.
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💰 FTX funded 94% of Blockfolio takeover with its FTT token: Bloomberg
When now-defunct crypto exchange FTX acquired the portfolio tracking platform Blockfolio in 2020, it used its own exchange token, FTT, to fund the takeover, according to Bloomberg. which FTX created — Bloomberg reported, citing financial statements it obtained.
The financial details of FTX's purchase of Blockfolio were previously unclear, though it was widely reported at the time that the exchange paid with a combination of cash, crypto and equity. The news follows a late complaint yesterday from the U.S. Securities and Exchange Commission which claims FTT is a security. It specifically noted that FTX used proceeds from the FTT token sale to fund its business efforts.
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🔐 Visa proposes using StarkNet for automatic recurring payments
Visa said that StarkNet, a layer 2 blockchain built on top of Ethereum, may help bridge the gap between crypto and the real world by letting people who use self-custodial wallets pay their bills more easily. the authors of a Visa crypto proposal wrote.
Visa implemented its proof of concept with crypto wallet Argent using the StarkNet scaling platform because account abstraction, which allows smart contracts to carry out transactions for a user, isn’t live yet on Ethereum. The proposal outlines a way for users to automatically send payments using the self-custodial wallet without having to sign each transaction.
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🇺🇸 US prosecutors probing Bankman-Fried’s political donations: NY Times
U.S. federal prosecutors are seeking more information about political donations made to Democrat and Republican lawmakers by former FTX CEO Sam Bankman-Fried and two executives he worked with, according to the New York Times, which cited unnamed sources.
Since Bankman-Fried was arrested on Monday, prosecutors have contacted “representatives for campaigns and committees that had received millions of dollars” from Bankman-Fried and colleagues at other companies he co-founded, the report said. cryptocurrency exchange's scandalous collapse, according to the report.
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💰 Committee to represent creditors formed in FTX bankruptcy case
The formation of an unsecured creditors committee is an important next step in the bankruptcy process of failed crypto giant FTX, its closely-linked hedge fund Alameda Research, and over 100 other affiliated companies. Sam Bankman-Fried’s diminished corporate empire.
The formation of the committee, meant to represent anyone who had money in FTX or affiliated companies but was not given collateral for what FTX owes them, will allow the bankruptcy proceedings to move forward. Representatives for the U.S. Trustee, an office within the Justice Department that represents the U.S. government in bankruptcy proceedings and helps formalize such committees.
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🏦 Coinbase CEO says market fear and volatility are a 'moment to shine'
Coinbase CEO Brian Armstrong urged employees to be “prepared to serve” customers amid market volatility, citing a large number of Binance users making withdrawals as a contributing factor. “large withdrawals happening on Binance” as potentially a contributing factor.
The 39-year-old chief executive also sought to remind staff that Coinbase does not have material exposure to rival Binance, safely stores customer assets and possesses $5 billion on its balance sheet. Coinbase shares closed Tuesday's trading session below $39 apiece, marking an all-time low.
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⚡️ TOR network DDOS attacks lead to I2P solution for Bitcoin Privacy apps
Bitcoin privacy apps and lightning nodes have been struggling with DDOS issues for most of this year, as TOR, the network used by many of these applications, has been under attack.
TOR, short for The Onion Router, is an encrypted overlay to the internet comprised of thousands of relays that ensure network traffic is untraceable. On the TOR network, IP addresses are untraceable similar to a VPN. VPN is traditionally based around a centralized provider meaning there is potential for the centralized entity to be compelled to release the IP addresses.
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📣 Grayscale opens DeFi Fund to public investors
Investment management firm Grayscale has opened its decentralized exchange (DeFi) Fund (under the ticker DEFG) for public trading via the over-the-counter (OTC) market.
Grayscale first launched the DeFi Fund in July 2021 but restricted its trading to only privately-accredited investors. However, on Dec. 9, it announced that U.S.-based accredited investors can publicly buy and sell the DEFG Shares. The DeFi Fund will use the CoinDesk DeFi Select Index (DFX) to evaluate.
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💰 Feds investigating FTX founder SBF for possible market manipulation: NYT
U.S. prosecutors are probing into whether FTX founder and former CEO Sam Bankman-Fried could have manipulated the prices of TerraUSD and Luna cryptocurrencies earlier this year to benefit his businesses, the New York Times reported.
Those two cryptocurrencies collapsed in May, about six months before Bankman-Fried's crypto exchange FTX and more than 100 related entities filed for Chapter 11 bankruptcy protection. One of those entities was FTX's sister trading firm Alameda Research, which was forced to wind down trading and is now the subject of scrutiny after The Wall Street Journal and Reuters reported that FTX.
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⚡️ Gemini forms ad hoc committee with creditors amid Earn freeze
Gemini formed an ad hoc committee with other creditors to coordinate and advocate for a resolution to the crypto exchange's struggling Earn product — which paused customer redemptions on Nov. 16. Winklevoss also claimed that returning user funds "is our highest priority and we are operating with the utmost urgency."
The update comes from Gemini's co-founder Cameron Winklevoss, who tweeted that law firm Kirkland & Ellis "has been engaged as counsel by the Creditor Committee to advocate on its behalf.". owe $900 million to Gemini customers, according to the Financial Times. Gemini is reportedly attempting to recover the funds.According to a CoinDesk report on Sunday, Genesis owes its creditors at least $1.8 billion.
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🇪🇺 EU financial regulator to address off-shore crypto companies
The European Securities and Markets Authority is responsible for establishing implementation details on the Markets in Crypto-Assets (MiCA) regulation, which is expected to be enacted in 2024 at the earliest. activities of off-shore crypto companies operating in the EU are under a microscope for the bloc's regulators.
The issue of reverse solicitation surfaced in last week’s FTX hearing at the European Parliament. Steffen Kern, head of the risk analysis and economics department at ESMA, said that reverse solicitation is a “particularly pronounced problem” in crypto and is a matter of concern for the regulator. EU are expected to continue playing a dominant crypto-market role.
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🏦 Coinbase Premium Index goes green for the first time since FTX collapse
According to the on-chain data and analytics provider, CryptoQuant, the Coinbase Premium Index has turned green for the first time since the fallout of the FTX collapse.Coinbase Premium is the price difference between Coinbase’s BTC/USD pair and Binance’s BTC/USDT pair.
Coinbase Pro is considered “the gateway” for institutional investor purchases of cryptocurrencies, and as such, Coinbase Premium is used to track institutional whale’s movement.CryptoQuant states that the “2020 bull run was driven by institutional investors and high net-worth individuals in the U.S., which makes investors check Coinbase Premium more than ever.”
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💰 FTX's collapse is 'a Lehman moment' for crypto: Yellen
U.S. Treasury Secretary Janet Yellen compared FTX’s collapse to a catalyst for the 2008 global financial crisis. Earlier this fall, the Treasury Department and the Financial Stability Oversight Council — a super committee of regulators that Yellen chairs.
Yellen echoed previous statements from banking regulators in highlighting the lack of exposure that digital assets have to the banking industry. She saw that as a positive. The FSOC also recommended that Congress pass multiple new laws to address potential gaps in regulation of crypto companies, including “regulatory arbitrage,”.
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💰 Lummis casts doubt on Bankman-Fried-backed bill, plugs own solutions
FTX collapse, Sen. Cynthia Lummis, R-Wyo., sees a brighter future for her signature crypto legislation in the next congressional session. The bill, also known as the Responsible Financial Innovation Act, is wide-ranging legislation.
The bill would amend current securities laws to accommodate digital assets, as well as set new rules around taxation, custody, consumer protection and other areas of federal law touching on cryptocurrencies. Lummis said she's also open to tightening up definitions around digital assets in the bill, in collaboration with the Securities and Exchange Commission.
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💰 Despite Crypto Winter, Bitwise Files for Bitcoin Futures ETF in the US: Report
Over a year after the first Bitcoin futures ETF went live in the States, Bitwise has filed to launch its own such product. Citing a filing with the US regulators, the Bloomberg report informed that Bitwise’s product would be called Bitcoin Strategy Optimum Yield ETF, under the ticker BITC.
Similar to the previously approved ETFs in the US, this one would not hold the asset directly. Instead, it would offer managed exposure to BTC futures contracts on the Chicago Mercantile Exchange (CME) as well as investments in short-term debt securities. Bitcoin and the rest of the crypto assets were riding high, charting ATHs frequently, and the interest in the industry was significantly more obvious.
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