TL;DR Breakdown Nvidia continues to dominate the AI chip industry, even as rivals like AMD attempt to catch up. AMD’s new AI chip, the MI300X, failed to impress, leaving Nvidia’s lead unchallenged. Other companies, like Broadcom and Marvell, anticipate a boost from the AI boom, but not in the market dominated by Nvidia. In the rapidly evolving landscape of the artificial intelligence chip industry, Nvidia continues to distance itself from its competitors. This divide became even more pronounced in the wake of Nvidia’s unexpected sales surge, as rivals scramble to gain ground. AMD’s foray into AI chips fails to impress Nvidia’s key competitor, AMD, recently unveiled its latest AI chip, the MI300X, aiming to close the gap with the former. This new offering is a reflection of the industry’s trend towards combining diverse technologies for optimal data processing, crucial in generative AI’s big data requirements. This chip, armed with a GPU – originally a video gaming innovation, but now the backbone of the company’s success – also comes equipped with a general-purpose CPU and inbuilt memory for both processors. Despite…

TL;DR Breakdown Voyager app set to reopen: Customers will soon be able to withdraw their funds from the Voyager app after the company’s Chapter 11 bankruptcy filing nearly one year ago. Initial distribution and outstanding debts: Customers will initially receive 35.72% of their claims through cryptocurrency or cash withdrawals. After a lengthy period of uncertainty, cryptocurrency brokerage Voyager Digital is set to reopen its app, granting customers the long-awaited ability to withdraw their funds. Almost a year after filing for Chapter 11 bankruptcy, the company has made significant strides toward financial recovery. With the Voyager app’s imminent update, customers will finally have visibility into the available withdrawal amounts, offering a glimmer of hope and restoring confidence in the platform. Contents hide 1 Voyager App Updated to Display Withdrawal Amounts 2 Initial Distribution Provides 35.72% of Claims 3 Pending Resolution May Unlock Additional Funds for Creditors 4 Conclusion Voyager App Updated to Display Withdrawal Amounts Voyager Digital, a prominent cryptocurrency brokerage, is preparing to reopen its app, allowing customers to finally withdraw their funds after nearly one year since filing for…

TL;DR Breakdown   Celsius has made progress in relaunching operations by submitting an amended bankruptcy plan. The Fahrenheit consortium has won the bidding for Celsius’ assets. Creditor pushback is expected, with concerns raised over potential violations of consumer lending laws. Unexpectedly, cryptocurrency lender Celsius has made a significant stride forward in its efforts to relaunch operations by submitting an amended bankruptcy plan. Several high-profile investors, including Arrington Capital and US Bitcoin Corp., formed the Fahrenheit consortium and ultimately won the bidding for Celsius’ assets, reflected in the proposed strategy. With this result, NovaWulf could not take control of the corporation and its $2 billion in assets. The bankruptcy plan, submitted to the New York bankruptcy court in the early hours of Thursday, now awaits approval. However, creditor pushback seems inevitable, as some are already raising concerns. David Adler, a representative of borrowers from the McCarter & English law firm, took to Twitter to express his opposition to the proposed treatment outlined in the plan. Under the Plan, the Debtors have elected to treat the Retail Borrow Claims through the Set…

TL;DR Breakdown President Lula drives regulatory clarity for cryptocurrencies in Brazil, acknowledging their growing significance. The new legislation grants unprecedented authority to Brazil’s Central Bank, ensuring supervision and regulation of the digital currency sector. President Lula’s transformative decree supports the regulatory powerhouse, CVM, overseeing cryptocurrency securities. In recent developments, Luiz Inácio Lula da Silva, the current president of Brazil, has emerged as a prominent figure in cryptocurrency. His recent actions have captured the public’s attention, as he has taken significant steps toward bringing clarity to the regulatory landscape surrounding digital assets in the country. One of his noteworthy achievements is the signing of a new legislative order, which aims to define the respective roles of Brazil’s central bank and securities regulator with cryptocurrencies. With this new order, President Lula is acknowledging the growing significance of cryptocurrencies and their impact on the financial landscape. By defining the responsibilities of the central bank and securities regulator, the government seeks to provide a clear roadmap for the development and regulation of digital currencies and related technologies. This bill grants the Central Bank unprecedented…

TL;DR Breakdown Kenya’s President, William Ruto, urges Africa to move away from using the U.S. dollar in intra-continental trade. Ruto champions the Pan-African Payment and Settlement System, facilitating trade in local currencies. Capital control measures often lead to economic drawbacks, deterring investors. Making a compelling case to free Africa’s economic prospects from the influence of the U.S. dollar, Kenya’s President William Ruto recently pressed the continent to embrace a new financial future. Advocating for a pivot in the African trading system, Ruto emphasized the need for continental economic self-reliance. Kenya takes the lead in advocating for Pan-African economic autonomy Trade practices within Africa have long been subject to the supremacy of the U.S. dollar. Whether it’s Kenyan merchants doing business with Djibouti or other intra-continental transactions, the necessity for the U.S. currency often becomes an unavoidable obstacle. However, Kenya’s leadership envisions a future where the continent’s business is settled in local currencies through the African Export-Import Bank (AfriEximBank). Arguing that the presence of the U.S. dollar in the trade equation between two African countries doesn’t add up, Ruto made a…

TL;DR Breakdown The criminal trial of SBF, co-founder of FTX, is set to proceed with the original eight charges filed against him by U.S. prosecutors. The DoJ’s decision comes after Bankman-Fried filed a motion in the Bahamas, where he argued that many of the 13 charges he faced were not included in the original indictment, which formed the basis for his extradition. Following Bankman-Fried’s extradition, the DoJ unsealed an additional four charges in February, relating to fraud and fraud conspiracy, and introduced another charge in March alleging bribery of Chinese officials. The criminal trial of SBF, co-founder of FTX, is set to proceed with the original eight charges filed against him by U.S. prosecutors. In a court filing on June 14, the U.S. Department of Justice (DoJ) stated its intention to move forward with the charges initially levied against Bankman-Fried in December 2022. The DoJ’s decision comes after SBF filed a motion in the Bahamas, where he argued that many of the 13 charges he faced were not included in the original indictment, which formed the basis for his extradition….

TL;DR Breakdown Delio, a South Korean crypto lending platform, has announced a temporary suspension of deposits and withdrawals on its platform. Delio attributed this decision to the aftermath of Haru Invest, a domestic firm that had recently suspended crypto deposits and withdrawals.  Some have accused Haru Invest of attempting a “rug pull” after finding its offices deserted, but the firm’s executives have denied these allegations, stating that the office closure was due to a decision to transition to remote work. Delio, a South Korean crypto lending platform, has announced a temporary suspension of deposits and withdrawals on its platform. The move comes as financial regulators in the country initiate an investigation into the situation. Delio operates as a crypto lending service and wallet and holds an official virtual asset service provider (VASP) operating license. Delio attributed this decision to the aftermath of Haru Invest, a domestic firm that had recently suspended crypto deposits and withdrawals. Delio claimed that Haru Invest’s actions had caused increased market volatility and confusion among investors. Delio’s CEO, Jeong Sang-ho, admitted that some of their customer…

TL;DR Breakdown Hong Kong’s banking regulator, the Hong Kong Monetary Authority (HKMA), is encouraging major banks to engage with crypto exchanges. The move is part of an effort to reinforce the region’s position as a global center for the crypto industry. Banks have been hesitant due to fears of legal repercussions if exchanges are implicated in illegal activities. The financial nerve center of Hong Kong is nudging its banking sector to adopt a more crypto-friendly approach. Regulatory authorities have urged financial heavyweights like HSBC, Standard Chartered, and the Bank of China to foster relationships with crypto exchanges. This move signals an effort to fortify Hong Kong’s position as a global nexus for the burgeoning crypto industry. Bridging the gap between traditional banks and crypto exchanges A significant obstacle to cryptocurrency’s widespread acceptance has been the hesitancy of traditional banking institutions to mingle with crypto exchanges. This apprehension stems largely from fears of potential legal repercussions if these platforms are implicated in illicit activities such as money laundering. However, Hong Kong’s banking regulator, the Hong Kong Monetary Authority (HKMA), is taking…

TL;DR Breakdown Nigeria has floated its national currency, the Naira, allowing free trade which could majorly impact the crypto market. This move, coupled with a 10% crypto tax, can influence Nigeria’s crypto industry both positively and negatively. Rapid fluctuations in Naira’s value can significantly impact crypto traders’ profitability. Reduced liquidity of the Naira could increase trading costs and cause price volatility. A groundbreaking development in Nigeria’s financial landscape, the floating of the national currency, the Naira, has the potential to shape a pivotal shift in the crypto market dynamics. Nigeria, a nation witnessing a growing influx of cryptocurrencies such as Bitcoin, now permits banks and other forex market participants to freely trade the Naira. This shift, embedded with a myriad of implications for crypto traders, could both enhance and challenge the burgeoning crypto industry. The impact of Naira’s floating on crypto trades The new monetary policy positions foreign currency traders to exchange at market-determined rates rather than those fixed by the Central Bank of Nigeria (CBN). This critical shift, paired with the president’s choice to impose a 10% crypto tax…

TL;DR Breakdown Floating Point Group (FPG) has suspended trading, withdrawals, and deposits following a cyberattack that caused an estimated loss of $15-20 million. The incident exacerbates existing challenges faced by the institutional crypto sector, including declining market conditions and increased regulatory scrutiny. Cryptocurrency brokerage firm Floating Point Group (FPG) has been forced to suspend trading, withdrawals, and deposits following a significant security breach, resulting in an estimated loss of between $15 million and $20 million. The attack, which occurred on June 11, has raised concerns about the safety of institutional investments in the crypto sector. FPG, an international brokerage firm catering to institutional clients, manages assets worth $50 billion. The incident adds to the growing challenges faced by the crypto market, including regulatory scrutiny and declining market conditions. Contents hide 1 Security Breach Forces FPG to Halt Operations 2 Institutional Crypto Sector Faces Mounting Challenges 3 FPG Collaborates with Authorities to Recover Assets 4 Conclusion Security Breach Forces FPG to Halt Operations Floating Point Group confirmed that it had fallen victim to a cyberattack on June 11, prompting the company…