A series of tragic incidents have unfolded over the last several weeks in the realm of cryptocurrency. After the FTX collapse, many in the crypto community were terrified. Several layoffs and withdrawal halt was witnessed on a regular basis. The cryptocurrency lending platform BlockFi was hit hard by the decline
Files voluntary petitions for Chapter 11 protection to preserve client value and pursue recoveries on counterparty obligations JERSEY CITY, N.J.–(BUSINESS WIRE)–BlockFi Inc. and eight of its affiliates (“BlockFi” or “the Company”) today commenced voluntary cases under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for
Billionaire Bill Ackman discussed his opinions on several issues relating to cryptocurrencies, such as crypto legislation in a series of tweets Saturday. He claimed that additional regulations for cryptocurrencies are not necessary. A large portion of the fraud that is occurring involves traditional pump-and-dump scams and custodians failing to protect
Ripple’s APAC (Asia Pacific) policy director said that the collapse of FTX is exactly why crypto needs to move away from the hype cycle and towards real utility. He also described that the FTX fall is incredible damage for the crypto space, but it says that the industry should stand
The largest cryptocurrency by market cap, Bitcoin (BTC), is still highly rejected as long as there is still market volatility globally. Over the last weekend, Bitcoin’s price dropped to $15,000 rage, leading to bearish momentum in the global crypto market. Also, Bitcoin wallet addresses fell by over 80%. In the
Because of the widespread impact of FTX’s demise, several U.S. regulatory authorities are now looking into the crypto exchange and other centralized operators. According to Barron’s, regulators in many states are now looking into Genesis Global Capital. As per Alabama Securities Commission Director Joseph Borg, who spoke with Barron’s, “several
The Merkle tree Proof of Reserves (PoR) protocol was just announced by Binance, the largest crypto exchange. To better show users where their money is going, Binance says this new function is a must-have. According to a recent tweet from WuBlockchain. The exchange plans to begin rolling out this capability
Binance contributed another $1 billion to industry recovery initiatives on November 24. And the fund was raised to the tune of $2 billion to protect the crypto firms’ recovery. Furthermore, Binance CEO Changpeng Zhao “CZ” indicated that all funds are in BUSD. Yesterday, #Binance allocated ANOTHER $1 billion to the
Matrixport Technologies Pte, one of Asia’s largest crypto lenders, is attempting to seek $100 million in new capital at a $1.5 billion value. Due to the FTX crash, big crypto lenders like BlockFi and Genesis have been experiencing a severe shortage of available funds. Financial backers have pledged at least
The current crypto market is indeed quite complex, and in other words boring with the markets being propagatively low. With lesser activities, the market is on a whole completely drunk and wasted. The situation is not far different for even the largest global crypto exchange, the Binance. Accordingly, on November
