{"id":38141,"date":"2023-01-21T23:21:55","date_gmt":"2023-01-21T23:21:55","guid":{"rendered":"https:\/\/lydian.io\/?p=38141"},"modified":"2023-01-21T23:21:56","modified_gmt":"2023-01-21T23:21:56","slug":"genesis-files-for-bankruptcy-ftx-plans-a-reboot-and-bitzlato","status":"publish","type":"post","link":"https:\/\/lydian.io\/genesis-files-for-bankruptcy-ftx-plans-a-reboot-and-bitzlato\/","title":{"rendered":"Genesis files for bankruptcy, FTX plans a reboot and Bitzlato...","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>6 Minute, 42 Second <\/div>\n\n <\/div>

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Prime tales of this week<\/strong><\/h2>\n

Crypto lender Genesis recordsdata for Chapter 11 chapter<\/strong><\/strong><\/h3>\n

FTX contagion continues to spread across the crypto industry, with Genesis Capital filing for bankruptcy protection in New York, valuing liabilities in the $1 billion to $10 billion range and assets at the same level. The company plans a \"two-pronged process\" that will seek \"sale, raise capital and\/or an equity transaction\" and allow the company to \"emerge under new ownership.\" <\/strong>Genesis' derivatives, spot trading, broker-dealer and custody businesses are not involved in the proceeding, the company said. To maintain liquidity, Genesis parent company Digital Currency Group suspended dividend payments.<\/p>\n

Bitzlato and its founder are facing enforcement action from US authorities<\/strong><\/h3>\n

US authorities have taken enforcement action against crypto firm Bitzlato, seizing the company's website and labeling the company a \"primary money laundering problem\" related to illicit Russian finances. As part of the case, FBI officers arrested Russian citizen Anatoly Legkodymov in Miami. The lawsuit alleges that the firm was a \"critical financial resource\" for the Hydra darknet marketplace, allowing users to launder funds, including those from ransomware attacks.<\/p>\n

also read<\/p>\n

features<\/span><\/p>\n

How to Create a Metaverse: Secrets of the Founders<\/p>\n

features<\/span><\/p>\n

Are you already self-employed? Financial self-sovereignty and decentralized exchange<\/p>\n

FTX CEO Says He's Considering Exchange Reboot<\/strong><\/h3>\n

New <\/strong>FTX CEO John Ray, who was appointed prior to the bankruptcy proceedings, has set up a task force to consider a relaunch of FTX.com. He noted in an interview that everything is \"on the table\" when it comes to the future of FTX.com, including a possible path towards an exchange restart. In another headline in the case, former FTX CEO Sam Bankman-Fried was accused of using his influence in the crypto industry to inflate the prices of some coins through a coordinated strategy with Alameda Research. Bankruptcy proceedings face challenges as Alameda's liquidators have suffered losses of at least $11.5 million since taking control of its trading accounts.<\/p>\n

Iran and Russia set to launch new gold-backed stablecoin<\/strong><\/strong><\/h3>\n

The Central Bank of Iran is reportedly cooperating with the Russian government to jointly issue a new gold-backed stablecoin. The \u201cPersian Gulf Region Token\u201d would serve as a means of payment in foreign trade instead of fiat currencies such as the US dollar, Russian ruble or Iranian rial. The new cryptocurrency would operate in a special economic zone in Astrakhan, where Russia accepts Iranian cargo shipments.<\/p>\n

3AC, Coinflex founders team up to raise $25 million for new claims trading exchange<\/strong><\/strong><\/strong><\/strong><\/h3>\n

Collapsed crypto hedge fund Three Arrows Capital (3AC) co-founders Su Zhu and Kyle Davies are trying to raise funds for a new cryptocurrency exchange in partnership with Coinflex co-founders Mark Lamb and Sudhu Arumugam. According to a pitch deck, they want to raise $25 million. Called GTX, the new exchange targets claims against bankrupt companies, allowing customers to use claims as collateral for trading. The initiative drew criticism from the crypto community.<\/p>\n

\"\"<\/p>\n

Winner and Loser<\/strong><\/h2>\n

\"\"<\/p>\n

Bitcoin at the end of the week (<\/strong>Bitcoin<\/strong>)<\/strong> is at $21,856<\/strong>ether (<\/strong>ETH<\/strong>)<\/strong> at $1,621<\/strong> and XRP<\/strong> at $0.40<\/strong>. The total market capitalization is at $1.00 <\/strong>Trillion, according to<\/a> to CoinMarketCap.<\/p>\n

Among the many high 100 cryptocurrencies, the highest three altcoin gainers of the week are Frax Share (FXS) <\/strong>at 67.88% ivy (HBAR) <\/strong>at 45.32% and Convex Finance (CVX) <\/strong>at 44.01%.<\/p>\n

The highest three altcoin losers of the week are Gala (gala) <\/strong>at -8.20%, Huobi token (HT) <\/strong>at -6.34% and Belief Pockets Token (TWT)<\/strong> at -3.47%.<\/p>\n

For extra info on crypto costs, see Cointelegraph's Market Evaluation.<\/p>\n

additionally learn<\/p>\n

columns<\/span><\/p>\n

Wall Avenue Catastrophe Skilled Invoice Noble: Crypto Spring is inevitable<\/p>\n

options<\/span><\/p>\n

Are you already self-employed? Monetary self-sovereignty and decentralized alternate<\/p>\n

Most Memorable Quotes<\/strong><\/h2>\n

\"Crypto goes to be very fascinating as a result of we're lastly seeing the bear of regulation come into play and I believe that is factor over the long run.\"<\/p>\n

Kevin O'Leary<\/strong>enterprise capital investor<\/strong><\/p>\n

\"I really thought he was [Sam Bankman-Fried] was the Mark Zuckerberg of crypto. I did not know he was Bernie Madoff. And I have to personal that. And so I personal it.\u201d<\/p>\n

Anthony Scaramucci<\/strong>Co-founder of SkyBridge Capital<\/strong><\/p>\n

\"What I would love to do is see the CFTC and different regulators present extra steering this yr, and I am very hopeful that possibly we'll see extra readability in the US.\"<\/p>\n

Caroline Pham<\/strong>Commodity Futures Buying and selling Fee (CFTC) Commissioner<\/strong><\/p>\n

\u201cBitcoin simply went right into a 24\/7 VIX. It is now only a buying and selling device for big funds trying to get out and in of threat on weekends and through in a single day buying and selling hours.\u201d<\/p>\n

Jeff Dorman<\/strong>Chief Funding Officer at Arca<\/strong><\/p>\n

\u201cThe large enterprise of [central bank] digital currencies aren't price the price and threat.\u201d<\/p>\n

Tony Yates<\/strong>former senior adviser to the Financial institution of England<\/strong><\/p>\n

\u201cI do not suppose DeFi is supposed to assault TradFi. DeFi is meant to enrich TradFi, not less than initially.\u201d<\/p>\n

Emin Gun Sirer<\/strong>Co-founder and CEO of Ava Labs<\/strong><\/p>\n

forecast of the week <\/strong><\/h2>\n

Bitcoin has its sights set on a $21.4K zone as analysts predict BTC value to chase gold<\/strong><\/h3>\n

Bitcoin surged to new multi-month highs, with the BTC\/USD pair retaining help at $21,000, in line with information from Cointelegraph Markets Professional and trading view<\/a>.<\/p>\n

Costs transferring by way of help or resistance have an effect on sentiment, however the buying and selling vary is nicely outlined, as famous by on-chain analytics useful resource Materials Indicators. \"I view the shortage of BTC liquidity under $18,000 and above $23,000 as an absence of sentiment for these ranges at the moment,\" the corporate wrote on Twitter.<\/p>\n

FUD of the week <\/strong><\/h2>\n

\"\"<\/p>\n

<\/h3>\n

<\/strong><\/strong>Silvergate reports a net loss of $1 billion in the fourth quarter of 2022<\/strong><\/h3>\n

Silvergate Bank announced a net loss attributable to common shareholders of $1 billion for the fourth quarter of 2022. The digital asset bank saw significant deposit outflows in the last quarter of 2022, largely due to its relationship with FTX and Alameda Research. Silvergate is facing a class action lawsuit over its dealings with the crypto firms. Measures taken by the Bank to maintain cash liquidity included wholesale financing and debt sales.<\/p>\n

<\/strong>Nexo Agrees to $45 Million Settlement with SEC, Says It Deserves Product<\/strong><\/h3>\n

Crypto lender Nexo Capital has agreed to pay the US Securities and Exchange Commission and the North American Securities Administrators Association $45 million in penalties for failing to register the offering and sale of its earn interest product. According to the company, regulators have not alleged any fraud or deceptive business practices. On January 12, Bulgarian prosecutors began searching Bulgarian Nexo offices for alleged involvement in a large-scale money laundering scheme and violations of Russia's international sanctions.<\/p>\n

CoinDesk could be up for grabs if parent company DCG fights for funds<\/strong><\/h3>\n

A potential sale of cryptocurrency media company CoinDesk is being considered by parent company Digital Currency Group. Lazard investment bankers are helping the firm evaluate options, including a full or partial sale. DCG has reportedly received multiple bids for the media company valued at over $200 million in recent months. DCG's venture capital portfolio includes 200 crypto-related companies.<\/p>\n

Best Cointelegraph Features<\/strong><\/h2>\n

\"\"<\/p>\n

<\/strong>How to stop AI from \"annihilating humanity\" using blockchain - Cointelegraph Magazine<\/strong><\/strong><\/h3>\n

Ben Goertzel has dedicated his life to developing an artificial general intelligence - and outlines how he plans to massively scale the blockchain to control it.<\/p>\n

Death threats from Crypto Mason from Maxis: Hall of Flame<\/strong><\/strong><\/h3>\n

Crypto Mason is only 22 years old but already has more than 1 million social media followers. And why did Lark Davis block him?<\/p>\n

Metaverse not the endgame, but the \"ongoing digital transformation\": Davos 2023<\/strong><\/h3>\n

Web3 leaders gathered at the World Economic Forum in Davos to discuss the first results of the Defining and Building the Metaverse initiative.<\/p>\n

Subscribe to<\/p>\n

The most engaging read in blockchain. Delivered once a week.<\/p>\n

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\t\t\t<\/p>\n

editorial staff<\/h2>\n

Cointelegraph Magazine writers and reporters contributed to this article.<\/p>\n

Source link <\/a><\/p>\n

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