Tag: Bankruptcy

Celsius Network Insolvent Since Inception

A court-ordered investigation is looking into Celsius Network, a cryptocurrency lender that promised its customers a big 17% return on their deposits every year. The company’s failure was reportedly inherent in its business model, and its founder and CEO, Alex Mashinsky, has come under fire for fraud. “Extreme Market Conditions” In June 2022, Celsius halted withdrawals and transfers, blaming “extreme market conditions.”...

Bankruptcy, Celsius, Front page, FTX, Main, Sam Bankman-Fried

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Genesis filed for bankruptcy protection in USA

Sadly, one more company joins the list of crypto companies that have fallen into bankruptcy.  Genesis Global Capital, LLC, a cryptocurrency lender owned by Digital Currency Group (DCG), filed for bankruptcy late Thursday night in New York. Genesis voluntarily filed three petitions with the bankruptcy court, the company said in a press release. The crypto lender has been having money problems. It owes more than $3 billion to its major creditors,...

Bankruptcy, Cryptocurrencies, Exchanges, Front page, FTX, Gemini, Genesis, Main

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Solana Loses 94% of Value Since Start of 2022 Due to Association with SBF and FTX

Solana is a layer-1 blockchain network that is not controlled by a central authority and runs on its own cryptocurrency, SOL. It aims to give decentralized applications and blockchain-based projects infrastructure that is fast, safe, and scalable. Anatoly Yakovenko started Solana in 2017. Since then, it has become a popular choice among developers who want to build on a reliable and fast blockchain platform. Even though SOL is popular and is...

$SOL, Bankruptcy, Front page, FTX, Main, NFTs, Sam Bankman-Fried

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Binance.US agrees to buy the assets of Voyager Digital

Binance.US, the US branch of the popular cryptocurrency exchange, has announced that it will buy the assets of Voyager Digital, a cryptocurrency lending platform that has been having trouble. This is a big step toward stabilizing the cryptocurrency market. The announcement, made on Monday, states that Binance.US will be purchasing Voyager’s assets for a sum of USD $1.022 billion. The move is seen as a way to help users affected by Voyager’s...

Bankruptcy, Cryptocurrencies, Front page, Main

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Sam Bankman-Fried was arrested in the Bahamas

Bankman-Fried has been apprehended in the Bahamas. According to CNBC, Bankman-arrest Fried’s warrant was issued after US officials filed charges against him. This was confirmed by Ryan Pinder, who is the Attorney General of the Bahamas. He said that the U.S. was likely going to ask for his extradition soon. In a statement about this, Philip Davis, the prime minister of the Bahamas, said: The Bahamas and the United States have an interest...

Bankruptcy, Cryptocurrencies, Front page, FTX, Main, Sam Bankman-Fried

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Crypto Today: The worst; BTC Decoupling; FTX Impact

Is the worst nearly over?  In this still-emerging business, volatility has always been a constant. Cryptocurrency is infamous for its steep declines and spectacular recoveries. Long-time Bitcoin supporters can confirm that this is not the first crypto winter. May cryptocurrency prices and stocks recover in 2023? Hany Rashwan, CEO of 21.co, a cryptocurrency investment business, said, “It is very evident that we as an industry...

Bankruptcy, Bitcoin, Cryptocurrencies, FTX, Sam Bankman-Fried

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BlockFi’s U.S. bankruptcy filing

Two weeks ago, BlockFi banned withdrawals owing to “lack of clarification over the fate of FTX.com, FTX US, and Alameda.” As previously mentioned by the BlockFi team, the move would be directly spurred by the demise of FTX, the business that initially offered a $400 million credit line to fund the crypto-lending startup. This is in addition to the exchange formed by Sam Bankman-option Fried’s to acquire for an additional $280...

Bankruptcy, Blockfi, Cryptocurrencies, Front page, FTX, Main, Sam Bankman-Fried

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Genesis Block to Halt Operations Amid Potential FTX Repercussions

The FTX’s contagious impact continues to spread across the cryptocurrency sector. Genesis Block, once Asia’s biggest Bitcoin ATM provider, is one of the enterprises in the cryptocurrency industry suffering from the FTX crash. According to a Reuters report, which was picked up by other media outlets, the business notified its customers via email that it would stop its OTC trading facility on December 10. OTC trading, also known as...

Bankruptcy, Crypto adoption, Crypto regulation, Cryptocurrencies, Exchanges, Front page, Main

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