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FTX Creditor List, $1.2B BlockFi Exposure and New Celsius Token...

Published on

January 28, 2023
Read Time:6 Minute, 43 Second

High tales of this week

The FTX collectors listing exhibits airways, charities and tech corporations hit by the collapse

The full list of creditors owed by bankrupt cryptocurrency exchange FTX has been released, revealing a wide range of global companies. Potential creditors include airlines, hotels, charities, banks, venture capital firms, media companies, and crypto companies, as well as US and international government agencies. According to another FTX scandal headline, US federal prosecutors allege that Sam Bankman-Fried used funds from FTX clients to invest $400 million in venture capital firm Modulo Capital. Investigators claim that Modulo was likely built with proceeds of crime or embezzled funds. Legal fees in this case are estimated to be in the hundreds of millions of dollars before the company's bankruptcy investigation is complete.

BlockFi's uncensored financials reportedly show $1.2 billion in FTX exposure

Bankrupt crypto lending firm BlockFi has accidentally uploaded uncensored financials, revealing $1.2 billion in assets linked to bankrupt exchange FTX and defunct trading firm Alameda Research. The unredacted filings show that as of Jan. 14, BlockFi had $415.9 million in assets in FTX and a whopping $831.3 million in loans to Alameda. BlockFi filed for Chapter 11 bankruptcy on Nov. 28, citing the collapse of FTX just weeks earlier as the cause of its financial woes.

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The new "Celsius token" can be used to repay creditors

Bankrupt crypto lending company Celsius may issue its own token to repay creditors. In a court hearing, Celsius attorney Ross M. Kwasteniet said the company was negotiating with its creditors to see how the platform could be restarted and properly repaid. If approved by creditors and the court, the relaunched version would be "a publicly traded company that is properly licensed," which is expected to make more money for creditors than simply liquidating the company.

Binance incorrectly holds token collateral and user funds in the same wallet

Cryptocurrency exchange Binance admitted to erroneously storing some customer funds in the same wallet with their collateral for Binance-minted tokens, or B-tokens. The exchange has already started transferring the assets to dedicated collateral wallets, emphasizing that B tokens are always fully collateralized and 1:1 secured. Binance previously said that its company holdings would be recorded in segregated accounts and should not be part of the calculations of proof of reserves.

Genesis creditors file securities lawsuit against Barry Silbert and DCG

Crypto conglomerate Digital Currency Group (DCG) faces more legal troubles after filing a new class action lawsuit against its subsidiary Genesis Capital. A group of Genesis creditors filed a lawsuit against DCG and its CEO, Barry Silbert, alleging violations of securities laws by entering into stock lending agreements without qualifying for an exemption from registration under federal laws. Genesis filed for Chapter 11 bankruptcy on Jan. 19 and expects to emerge from the proceedings by May.

Winner and Loser

Bitcoin at the end of the week (Bitcoin) is at $23,129ether (ETH) at $1,600 and XRP at $0.41. The total market capitalization is at $1.06 Trillion, according to to CoinMarketCap.

Among the many prime 100 cryptocurrencies, the highest three altcoin gainers of the week are Threshold (T) at 115.05%, Aptos (SUITABLE) at 86.22% and dYdX (DYDX) at 64.91%.

The highest three altcoin losers of the week are Hedera (HBAR) at -7.72%, decentralized (MANA) at -7.71% and producers (MKR) at -5.77%.

For extra info on crypto costs, see Cointelegraph's Market Evaluation.

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Easy and peculiar: That is the best way the Metaverse is correct now

Most Memorable Quotes

"Utilizing blockchain know-how, we will make medical advances so highly effective and simple that current programs haven't any selection however to vary."

Keith ComitoCo-Founder and President of Lifespan.io

"It is nonetheless very early days, however we proceed to imagine that stablecoins and central financial institution digital currencies have the potential to play a significant position in funds, and we now have quite a lot of initiatives underway."

Alfred F. KellyCEO of Visa

"Historically, folks have turned to centralized intermediaries or governments to unravel this downside, however applied sciences like cryptography, blockchain, and zero-knowledge proofs provide new options."

Hester PeirceCommissioner of the US Securities and Alternate Fee

"We've noticed that establishments and firms are extra open than ever to partnering with blockchain corporations to enhance their companies."

Jackets by Paul VeradiCommon Associate at Pantera Capital

"We're seeing the implications of the SEC's priorities enjoying out in actual time - on the expense of U.S. buyers."

Michael SonnensteinCEO of Grayscale Investments

“Different cash or different tokens are basically used as a retailer of worth for funding and hypothesis. [There is a] good argument that they need to be handled like a monetary product.”

Stephen JonesDeputy Treasurer and Minister for Monetary Providers of the Australian Parliament

forecast of the week

Bitcoin Will Hit $200,000 Earlier than Hitting $70,000 Bear Market In Subsequent Cycle – Prediction

After two weeks of rallying, Bitcoin's worth has been largely flat for the previous few days, displaying that market contributors aren't unduly involved forward of subsequent week's scheduled financial coverage choices from the US Federal Reserve, European Central Financial institution and Financial institution of England.

For a lot of, BTC worth motion continues to be tied to Bitcoin’s four-year halving cycles. The ensuing worth sample options an “all-time excessive” each fourth 12 months, adopted by 2025. In line with pseudonymous analyst Dealer Tardigrade, aka Alan, Bitcoin’s block subsidy halving will happen a 12 months earlier, and from there the trail turns into gargantuan $200,000 to be open.

“The well-formed #Bitcoin construction with stochastic conduct signifies that the subsequent ATH can be 200,000 and the subsequent flooring can be 70,000,” Alan predicted.

FUD of the week

Mango Markets is suing Avraham Eisenberg for $47 million in damages plus interest

Mango Labs, the creator of crypto trading platform Mango Markets, filed a lawsuit against Avraham Eisenberg, seeking $47 million in damages. It also asked the court to overturn an agreement between Eisenberg and Mango's decentralized autonomous organization. In October 2022, Eisenberg pulled around $117 million from Mango Markets by manipulating the price of its native Mango (MNGO) token and allowing undercollateralized lending.

Argo Blockchain accused of misleading investors in a class action lawsuit

A class-action lawsuit alleges that crypto mining company Argo Blockchain omitted key information and made false statements during its 2021 IPO. It also claimed that a number of the documents presented were negligently prepared, with inaccurate or missing information.

The US Department of Justice seizes the website of prolific ransomware gang Hive

International law enforcement groups have dismantled the notorious Hive cryptocurrency ransomware gang, recovered over 1,300 decryption keys for victims since July 2022, and prevented $130 million in ransomware payments. Hive was behind a number of notorious ransomware incidents, such as the cyberattack on Costa Rica's Public Health Service and Social Security Fund that took place in April-May 2022.

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NFT Creator: Amber Vittoria Bangs It In Her 'Big Girl Pants'

Named on Forbes 30 under 30, Amber Vittoria caused a stir in the traditional art world and has since turned to NFTs, collaborating with The Hundreds, World of Women and as MoonPay's Artist in Residence.

Reformed “altcoin slayer” Eric Wall on shitposting and scaling Ethereum

“There are several cryptocurrency communities that basically have me as their favorite hate object,” says crypto analyst Eric Wall, formerly known as the “altcoin slayer.”

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editorial staff

Cointelegraph Magazine writers and reporters contributed to this article.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 28, 2023
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