Two days ago, bankruptcy administrators and FTX debtors published an update for unsecured creditors claiming the discovery of $5.5 billion in liquid assets. Roughly $3.5 billion of these funds are cryptocurrency assets, with 11 different digital currencies classified as “liquid assets.” However, two of the firm’s top cryptocurrency caches are not liquid as the company’s…
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The largest crypto-asset exchange by global trade volume, Binance, announced that its custody business has launched an off-exchange settlement solution for institutional clients. With this solution, institutions can lock a specified amount of crypto with a qualified cold storage wallet, and assets will be mirrored on their Binance exchange account with a 1:1 balance. Binance…
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According to statistics, decentralized exchange (dex) monthly trading volumes have dropped significantly since Jan. 2022. After a brief spike in volume in Nov. 2022, dex trade volumes have been lackluster for the past 44 days. As of Jan. 14, 2023, Uniswap version three (V3) has the highest trade volume during the past 24 hours at…
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Gemini CEO Cameron Winklevoss has published another open letter on Twitter, addressed to the board members of Digital Currency Group (DCG). In the letter, Winklevoss accuses DCG and CEO Barry Silbert of making poor decisions with the now-defunct crypto hedge fund Three Arrows Capital (3AC), and claims that DCG orchestrated a “campaign of lies” in…
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Following accusations from Gemini co-founder Cameron Winklevoss in an open letter to Digital Currency Group CEO Barry Silbert, a report citing “people familiar with the matter” states that federal prosecutors from New York are scrutinizing transfers between Digital Currency Group and its subsidiary, Genesis Global Capital. Report Claims Digital Currency Group, Genesis Global Capital Allegedly…
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The Venezuelan fiat currency, the bolivar, has lost almost 40% in its exchange rate against the U.S. dollar in a month. According to reports, the seasonal payments that the government has to make, and the lack of liquidity of the government to intervene in the currency market are part of the equation leading to this,…
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Two weeks after its initial pledge for Merkle Tree-backed proof of funds, Binance releases its official response to liquidity transparency. Two weeks after Binance initially pledged to develop a proof-of-reserve (PoR) mechanism in response to the FTX liquidity and bankruptcy fiasco, it published its official response. In an announcement on the Binance website, the exchange outlined how…
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A 6-year veteran of the crypto industry, Andrew Weiner serves as the Vice President of MEXC Global. As the former executive of RegTech and digital identity pioneer iComplyKYC, he worked with notable brands that include Thomson Reuters, ComplyAdvantage, IBM, Mastercard, Deloitte, and KPMG to deliver innovative solutions to Virtual Asset Service Providers in over 170+…
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FTX won’t be getting a bailout from Tether who confirmed it isn’t planning to provide a cash injection despite the CEO reportedly reaching out to multiple firms for help. Cryptocurrency exchange FTX has lost at least one potential rescuer as it battles to fill a reported multi-billion dollar hole in its balance sheet. The CTO…
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Exciting times lead to exciting posts, many of which bring up valid questions, and maybe some less valuable answers. Events are unfolding fast as the cryptocurrency market is rocked again, this time by FTX. Facts and non-facts are hard to sort out under these conditions, especially since both seem to be depegged from believability at…
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