TL;DR Breakdown Genesis Global faces insolvency and is racing against time to reach an agreement with creditors. The mediation scheduled to conclude on August 16 is seen as a critical step for Genesis to emerge from bankruptcy. Despite rejection by the official committee of unsecured creditors, the proposed deal enjoys support from major players in the cryptocurrency sector. Description Genesis Global, a cryptocurrency lender facing insolvency, is racing against time to reach an agreement with its creditors. The company’s attorney, Sean O’Neal, informed US Bankruptcy Judge Sean Lane that further extensions would only be sought if progress is made in mediation within the next two weeks. The mediation, set to conclude on August 16, … Read more Genesis Global, a cryptocurrency lender facing insolvency, is racing against time to reach an agreement with its creditors. The company’s attorney, Sean O’Neal, informed US Bankruptcy Judge Sean Lane that further extensions would only be sought if progress is made in mediation within the next two weeks. The mediation, set to conclude on August 16, is seen as a critical step for Genesis…

TL;DR Breakdown HashKey Capital has released its annual report on the DeFi Liquid Staking Derivatives market, pointing to a  $22 billion growth in the LSD market’s total value locked. The research team at HashKey, managed by Jupiter Zheng, notes that Ethereum staking is currently a $100 billion-plus opportunity with the potential to become a $1 trillion market in the near future. HashKey’s team predicts that the percentage of staked ETH will more than double in the next years, accounting for 45% of the crypto’s total circulating supply. Description HashKey has had a good day in the last 24 hours with bagging the first crypto exchange license under Hong Kong’s new crypto regime. That is not all. The Capital arm, according to a document shared with Cryptopolitan, predicts that DeFi markets stand to gain advantageously from liquid staking derivatives. HashKey Capital’s Bold Prediction HashKey … Read more HashKey has had a good day in the last 24 hours with bagging the first crypto exchange license under Hong Kong’s new crypto regime. That is not all. The Capital arm, according to a…

TL;DR Breakdown Chinese traders conducted $90 billion in transactions on Binance despite a crypto trading ban in the country. The activity makes China Binance’s biggest market, accounting for 20% of global volume. Binance’s historical connections to China persist, despite the exchange’s official withdrawal from the country in 2017. Description The colossal figure of $90 billion resonates with defiance and intrigue as Chinese traders achieve this landmark trading cryptocurrencies on Binance, the world’s foremost digital asset exchange. Despite a nationwide prohibition on cryptocurrency trading in China since 2021, the People’s Republic stands as Binance‘s largest market, with 20% of global volume. This astronomical figure paints … Read more The colossal figure of $90 billion resonates with defiance and intrigue as Chinese traders achieve this landmark trading cryptocurrencies on Binance, the world’s foremost digital asset exchange. Despite a nationwide prohibition on cryptocurrency trading in China since 2021, the People’s Republic stands as Binance‘s largest market, with 20% of global volume. This astronomical figure paints an impressive portrait of the hunger for digital assets in a market ostensibly closed, and it raises questions…

TL;DR Breakdown Fitch Ratings downgraded the United States’ debt rating from AAA to AA+. The downgrade cited expected fiscal deterioration and erosion of governance as reasons. Both the White House and Treasury Secretary Janet Yellen strongly disagreed with the decision, calling it “bizarre and baseless.” Description In a controversial move that sparked immediate backlash from the White House and U.S. Treasury Secretary Janet Yellen, Fitch Ratings lowered the United States’ debt rating from AAA to AA+ on Tuesday. The downgrade, which officials are labeling as “bizarre and baseless,” has opened up a fresh debate on the fiscal policies, governance standards, and … Read more In a controversial move that sparked immediate backlash from the White House and U.S. Treasury Secretary Janet Yellen, Fitch Ratings lowered the United States’ debt rating from AAA to AA+ on Tuesday. The downgrade, which officials are labeling as “bizarre and baseless,” has opened up a fresh debate on the fiscal policies, governance standards, and the underlying reasons for this unexpected decision by one of the largest credit rating agencies in the U.S. Fitch’s justification The…

TL;DR Breakdown FTX seeks to exclude its Dubai unit from U.S. bankruptcy proceedings, citing solvency and no prior business in the UAE. The company advocates for voluntary liquidation in Dubai, with the exclusion needed to pay pre-bankruptcy wages to Dubai employees. A court hearing is set for August 23, as FTX plans to re-launch the exchange and emerge from bankruptcy by 2023. Description Bankrupt cryptocurrency exchange FTX seeks to exclude its Dubai-based unit from the ongoing wind-down proceedings in the U.S. Here’s an examination of the developments and the factors influencing this significant request. Contents hide 1 FTX’s bankruptcy and the Dubai unit 2 Reasons for excluding FTX Dubai 3 The legal perspective and future plans 4 Conclusion … Read more Bankrupt cryptocurrency exchange FTX seeks to exclude its Dubai-based unit from the ongoing wind-down proceedings in the U.S. Here’s an examination of the developments and the factors influencing this significant request. Contents hide 1 FTX’s bankruptcy and the Dubai unit 2 Reasons for excluding FTX Dubai 3 The legal perspective and future plans 4 Conclusion FTX’s bankruptcy and the…

TL;DR Breakdown Democratic senators compete with Bernie Sanders to push for timely crypto tax regulations. Infrastructure bill mandates expanded tax reporting for cryptocurrency brokers. Senators estimate tax evaders may be depriving the IRS of at least $50 billion annually. Description Democratic Senators Elizabeth Warren (D-Mass.), Bob Casey (D-Pa.), and Richard Blumenthal (D-Conn.) have teamed up with Bernie Sanders (I-Vt.) to push for the timely implementation of cryptocurrency tax reporting regulations. In a letter addressed to the chiefs of the Treasury and the Internal Revenue Service (IRS), the senators expressed concern that time was running out … Read more Democratic Senators Elizabeth Warren (D-Mass.), Bob Casey (D-Pa.), and Richard Blumenthal (D-Conn.) have teamed up with Bernie Sanders (I-Vt.) to push for the timely implementation of cryptocurrency tax reporting regulations. In a letter addressed to the chiefs of the Treasury and the Internal Revenue Service (IRS), the senators expressed concern that time was running out to announce the new rules. The urgency stems from the mandates included in the $1.2 trillion infrastructure bill, which the Senate approved in August 2021. This legislation…

TL;DR Breakdown MicroStrategy’s chairman, Michael Saylor, asserts that his company will retain its attractiveness as a BTC proxy even if a Bitcoin ETF is approved in the US. MicroStrategy continues to expand its Bitcoin holdings, making a $361.4 million acquisition in the second quarter, the most considerable purchase since the peak of BTC prices in late 2021. Description Michael Saylor, the co-founder, and chairman of MicroStrategy Inc., stated in a recent interview with Bloomberg Television that he expects his software firm to maintain its appeal as a Bitcoin proxy, even with the potential approval of the first U.S. exchange-traded fund (ETF) that directly holds the cryptocurrency. MicroStrategy, a Virginia-based company, holds the highest … Read more Michael Saylor, the co-founder, and chairman of MicroStrategy Inc., stated in a recent interview with Bloomberg Television that he expects his software firm to maintain its appeal as a Bitcoin proxy, even with the potential approval of the first U.S. exchange-traded fund (ETF) that directly holds the cryptocurrency. MicroStrategy, a Virginia-based company, holds the highest amount of Bitcoin among all publicly traded companies.  Saylor…

TL;DR Breakdown Binance CEO Changpeng “CZ” Zhao warns of a new scam using mirrored wallet addresses, targeting crypto users. Experienced operators have already fallen victim, with one losing $20 million before a timely response prevented further loss. The scam can be avoided through blockchain domains like the Ethereum Name Service, strong, unique passwords, and two-factor authentication. Description Changpeng “CZ” Zhao, the CEO of Binance, has brought to light a deceptive crypto scam that targeted his users. This latest ploy involves a sophisticated manipulation of wallet addresses, which has already led to significant financial loss for some. Here’s a detailed insight into this alarming trend. Deceptive addresses and dust transactions CZ revealed a … Read more Changpeng “CZ” Zhao, the CEO of Binance, has brought to light a deceptive crypto scam that targeted his users. This latest ploy involves a sophisticated manipulation of wallet addresses, which has already led to significant financial loss for some. Here’s a detailed insight into this alarming trend. Deceptive addresses and dust transactions CZ revealed a new scam that has alarmed the crypto community. The fraudsters…

TL;DR Breakdown BlockFi receives provisional approval for its disclosure statement in bankruptcy court. A joint statement from BlockFi and creditors urges eligible parties to vote in favor of the proposed Plan, aiming to conclude Chapter 11 cases and return clients’ funds. BlockFi’s future focus includes retrieving funds from failed businesses to maximize client recovery and protect against potential third-party claims. Description BlockFi, the prominent cryptocurrency lender, has taken a significant step forward in its reorganization efforts as the United States bankruptcy court in New Jersey provisionally approved the company’s disclosure statement.  In a joint statement released on August 2, 2023, BlockFi and the Official Committee of Unsecured Creditors called upon all eligible parties to vote in … Read more BlockFi, the prominent cryptocurrency lender, has taken a significant step forward in its reorganization efforts as the United States bankruptcy court in New Jersey provisionally approved the company’s disclosure statement.  In a joint statement released on August 2, 2023, BlockFi and the Official Committee of Unsecured Creditors called upon all eligible parties to vote in favor of the proposed Plan. The…

TL;DR Breakdown ASIC has initiated legal proceedings against eToro, alleging that the company breached its design and distribution obligations by offering high-risk CFD products to an overly broad target market. Between October 2021 and June 2023, nearly 20,000 eToro clients reportedly lost money trading CFDs. ASIC criticizes eToro’s screening test for its ineffectiveness in identifying suitable customers for the CFD product. Description The Australian Securities and Investments Commission (ASIC) has initiated proceedings in the Federal Court against eToro Aus Capital Limited (eToro), the popular online investment platform. This legal action is driven by allegations regarding eToro’s handling of their Contract for Difference (CFD) product. This move represents ASIC’s initial legal action focusing on design and distribution responsibilities … Read more The Australian Securities and Investments Commission (ASIC) has initiated proceedings in the Federal Court against eToro Aus Capital Limited (eToro), the popular online investment platform. This legal action is driven by allegations regarding eToro’s handling of their Contract for Difference (CFD) product. This move represents ASIC’s initial legal action focusing on design and distribution responsibilities intended to safeguard consumers. Contents…