In an open letter, Cameron Winklevoss slammed DCG’s Barry Silbert for allegedly playing the victim card while owing $1.2 billion to Gemini’s 232,000 Earn customers.
Čítaj viac
Customers will soon be able to load up the Voyager app and see how much will be available for withdrawal.
Čítaj viac
OPNX exchange has quipped about its earlier low trading volume before experiencing a big surge in volume during the last 24 hours.
Čítaj viac
OPNX CEO Leslie Lamb said the exchange planned to launch claims trading aimed at helping users from bankrupt crypto platforms including FTX and Celsius.
Čítaj viac
The U.S. judge presiding over the Three Arrows Capital bankruptcy case has upped the pressure on Kyle Davies to comply with a January-issued subpoena.
Čítaj viac
Stablecoin issuers Circle and Paxos have each received approvals for their respective licenses from the Monetary Authority of Singapore (MAS), the city-state’s central bank.Circle received in-principle approval for a Major Payments Institution License allowing it to issue cryptocurrencies and facilitate domestic and cross-border payments while Paxos received its license to offer digital payment token services.Circle and Paxos both announced their approvals on Nov. 2, which came a week after the MAS issued two consultation papers on proposals for regulating digital payment token service providers and stablecoin issuers under Singapore’s Payment Services Act (PSA).The PSA was passed by the Singapore Parliament in 2019, which purports to regulate payment systems and authorizes MAS to oversee the conduct of payment service providers.Circle, the issuer behind USD Coin (UDSC), and Paxos with its Pax Dollar (USDP), both U.S. dollar-pegged stablecoins will now be able to offer their respective stablecoins and other digital payment token products within Singapore.According to Dante Disparte, Circle’s Chief Strategy Officer and Global Head of Public Polic, its approval is set to open up greater potential for cryptocurrencies and open payment systems to drive economic growth in Singapore under the more innovative-friendly regulatory framework.Co-founder and CEO of Circle Jeremy Allaire added the license “in one of the world’s leading financial hubs” will be “instrumental to Circle’s regional and global expansion plans in raising global economic prosperity.” Paxos Asia CEO Rich Teo was also thrilled with its approval:“We’re excited to have MAS as our regulator, and with their oversight, we’ll be able to safely accelerate consumer adoption of digital assets globally in partnership with the world’s biggest enterprises.”Related: Singapore MAS examines crypto firms ahead of new regulations: ReportWhile it remains to be seen how many more firms will follow Circle and Paxos’ footsteps, the easing in regulations comes as MAS knocked back over 100 out of 170 applicants in late 2021 under the tighter regime. MAS took things one step further in mid-2022 following the now saga that stemmed from Singapore-based and bankrupt Three Arrows Capital’s (3AC), with chief fintech Sopnendu Mohanty stating that MAS will be “brutal and unrelentingly hard” on “bad behavior” from the crypto industry. Singapore is fighting to take back its perception to be one of the more crypto-friendly countries. However, it continues to tread with caution for retail investors — with Singapore’s largest bank DBS recently deciding to only expand its crypto trading services to accredited investors who meet strict criteria. Cointelegraph reached out to Circle and Paxos for comment but did not receive an immediate response.
Čítaj viac
Liquidators for Three Arrows capital (3AC) have asked a U.S. court to grant them permission to subpoena the embattled crypto hedge fund’s founders through “alternative means.”To this date, the whereabouts of Three Arrow Capital founders Su Zhu and Kyle Davies remains unknown, with some accusing the duo of being on the run. In a court motion filed to the United States Bankruptcy Court Southern District of New York on Oct. 14, advisory firm Teneo claimed that standard methods to contact the duo have failed as the “Founders’ whereabouts remain unknown.”It also said that the request for Advocatus Law LLP, the “Singapore counsel purporting to represent the Founders” has declined to accept the subpoenas on behalf of the pair, adding that the founders have also “yet to offer any forthright cooperation” having “only made themselves directly available for two brief discussions” since proceedings began.As a result, the liquidators had asked the court to use “alternative means” to serve subpoenas, which is understood to include reaching out to the duo on their Twitter accounts and email addresses.With the filing of this new motion, liquidators say they seek the “authority to serve subpoenas for the production of documents and testimony on the Founders, the Investment Managers, and third parties.” Meanwhile, an Oct.18 report from Bloomberg claims U.S. regulators are launching a probe into possible legal violations by the Singapore-based hedge fund.Bloomberg alleges the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) are now investigating whether 3AC misled investors and failed to register with the appropriate agencies. Both Zhu and Davies have been keeping a low profile in the wake of 3AC’s insolvency since June. 3AC filed for a Chapter 15 bankruptcy on Jul. 1 in a New York court; however, Zhu and Davies’ current location has never been disclosed.Zhu resurfaced briefly on Twitter in July when he accused liquidators of ‘baiting’ them for information to use in court, with Davies retweeting the post, but the duo has gone radio silent again since then. 3AC managed billions in assets at one point but became another crypto firm to go bankrupt in the bear market after the broad sell-off in digital assets spurred in part by the collapse of the Terra blockchain and alleged poor management decisions on their part.
Čítaj viac
Starry Night Capital, a nonfungible-token (NFT)-focused fund launched by the co-founders of the now-bankrupt hedge fund Three Arrows Capital (3AC), has moved over 300 NFTs out of its address, according to reports. The Starry Night Capital was founded last year by Su Zhu and Kyle Davies, and pseudonymous NFT collector Vincent Van Dough. At the time, the fund planned to exclusively invest in “the most desired” NFTs on the market. Blockchain data provider Nansen on Oct. 4 on Twitter noted that the NFTs were reportedly shifted from a wallet associated with the fund, including “Pepe the Frog NFT Genesis,” which sold for 1,000 Ether (ETH) in October last year, worth $3.5 million at the time. Nansen said the NFTs previously collected by Starry Night Capital are moving to a Gnosis Safe address. Gnosis Safe is a platform used to manage digital assets on Ethereum, giving users complete self-custody over funds and digital assets. A report from Bloomberg estimates the Starry Night Capital collection’s total value sits at around $35 million.NFTs previously collected by Starry Night Capital are moving to a Gnosis Safe address.These NFTs include:- Pepe the Frog NFT Genesis, sold for 1,000 ETH (~$3.5M) on Oct 5, 2021- Fidenza #718, sold for 240 ETH (~$1.1M) on Nov 13, 2021Some other notable NFTs below pic.twitter.com/8PU13CqMnn— Nansen (@nansen_ai) October 4, 2022It comes months after the Singapore-based crypto hedge fund, 3AC was ordered into liquidation by a court in the British Virgin Islands, leading to the appointment of liquidation firm Teneo, which has gained control of at least $40 million of 3AC assets so far as of an August report from Cointelegraph. That sum however accounts for only a tiny fraction of the 3AC’s debt to its creditors, which amounts to at least $2.8 billion.The NFT’s transfers came almost four months after Starry Night Capital’s main crypto wallet moved almost all of its digital tokens to a new address. The Singapore-based crypto hedge fund, 3AC, became one of the many crypto firms that went bankrupt following the collapse of the Terra ecosystem earlier this year. The company, which once had over $10 billion in assets under management, eventually filed for a Chapter 15 bankruptcy on Jul. 1 in a New York court.
Čítaj viac
Cryptocurrency exchange FTX US has secured the winning bid for the assets of crypto brokerage firm Voyager Digital with a bid valued at approximately $1.4 billion according to Voyager.Voyager said the bid was made up of the fair market value of its crypto holdings “at a to-be-determined date in the future” estimated to be around $1.3 billion along with $111 million of what it says is “incremental value,” but did not provide further details.Little information was given regarding what will happen to Voyager customers still awaiting access to their crypto holdings, with Voyager stating additional information about crypto access “will be shared as it becomes available.”Today, after a competitive auction aimed at returning maximum value to customers, @FTX_Official US was selected as the highest and best bidder. Press release linked below. More information about what this agreement means for customers to follow.https://t.co/OmOd7pvSza— Voyager (@investvoyager) September 27, 2022Voyager only mentioned that the FTX US platform “will enable customers to trade and store cryptocurrency after the conclusion of the company’s chapter 11 cases.“Cointelegraph contacted FTX and Voyager Digital for further comment but did not immediately hear back.The sale of the assets is set to be completed after a chapter 11 plan and an asset purchase agreement is submitted for approval by the United States Bankruptcy Court for the Southern District of New York on Oct. 19.Cointelegraph earlier reported that crypto platforms Binance and CrossTower also submitted bids alongside FTX to acquire Voyager’s assets, each proposing their own terms. A source claimed Voyager customers would receive their pro rata share of crypto assets and transition to the FTX platform if its bid was successful.Related: Sam Bankman-Fried denies report FTX plans to purchase stake in HuobiVoyager entered into a chapter 11 bankruptcy on July 5th, sometimes called a “reorganization” bankruptcy, it allows a firm to retain control of its assets and continue operating whilst it plans to restructure or sell the business.The filing was for an insolvency worth over $1 billion after crypto hedge fund Three Arrows Capital (3AC) defaulted on a $650 million loan from the firm, Voyager says its claims against 3AC remain with the bankruptcy estate.The company maintains its chapter 11 filing was “aimed at returning maximum value to customers” and also considered a reorganization, but stated the sale to FTX US was the “best alternative for Voyager stakeholders.”
Čítaj viac
While mainstream coverage of cryptocurrency has been overwhelmingly negative in the wake of the collapse of the Terra ecosystem, the bankruptcy of Celsius and the fall of Three Arrows Capital, these events ultimately show why more of the financial system should operate on-chain, bringing more transparency and information to market participants.In all three cases, the damage was caused and exacerbated by opaque, off-chain entities. And while the reason for the trio of events is important, it has also caused considerable damage to the overall reputation of the industry. These events have made it clear that the industry is in need of more transparency, something that can be made possible with more on-chain data and data analysis tools. Proponents of blockchain technologies often tout their transparency: the networks are treasure troves of open, incorruptible financial data allowing for economic activity to be measured with an unprecedented degree of accuracy. This new technology creates immutable records of all transactions where sentiment and investor behavior can be measured through the collection and study of data.On-chain data gives us insight into market events On-chain data analysis has become essential in the blockchain space. By looking at transaction data and crypto wallet balances, we can gather valuable insights into market conditions. This is crucial for participants and investors trying to plan their next move. Not only does data tell a story of the market’s past, but it allows each and every investor to make an informed decision before initiating any trades or interacting with the market. Related: A $10B hedge fund gone bust with founders on the runThe importance of analytics platforms has become more apparent than ever before — they are essential for learning from our mistakes and understanding weaknesses within the blockchain ecosystem. The events leading up to Celsius’ collapse and the unveiling of 3AC’s holdings were researched and analyzed thoroughly by analysts and media alike. Research has helped specifically to paint a picture that outlined where the contagion started and how it spread. This was only possible because some of that data was on-chain. If 3AC and Celsius had a full picture of their holdings on-chain — similar to a platform such as Aave which anyone can audit and verify collateralization — fewer investors and creditors may have been duped. On-chain metrics for bitcoin as of Aug. 23, 2022. Source: Into the BlockSimilarly, on-chain intelligence plays a role in real-time market movements, not just in analyzing the past. Data that provides users near real-time information about the movements and positions of the industry’s most important and largest players proved to be essential when Terra USD (UST) lost its peg. Organizations with insights into this data managed to avoid the worst of the UST de-peg.Leveling the playing fieldOn-chain analysis offers the promise of equal access to information and is not based on hype, sentiment, or technical analysis. This type of analysis can be focused exclusively on data, where the major benefit of on-chain metrics is that they explain investor behavior and network health in real-time. Additionally, on-chain data levels the playing field by making the strategies and activities of top participants public knowledge. Related: Crypto Biz: The 3AC saga takes another bizarre twistTransparent data is a core feature of blockchain networks. While the collapse of Luna, 3AC, Celsius and others was treated as a validation of the belief that it is an ecosystem of “shadowy super-coders” where criminals and scams flourish, the reality is that these entities only managed to harm investors because such large elements of their operations were off-chain.Ultimately, the antidote to crypto contagion is not regulation or law enforcement, but in bringing more financial infrastructure on-chain where it can be analyzed and used by the wider public. John Calabrese is the head of product at Nansen, a blockchain-analytics firm. He holds more than 10 years of experience in product management and previously worked for companies in the finance technology space including FIS and Fidelity, and at startups such as Cinch and Monit. John has roots in traditional finance, earning his CFA and FRM designations, but is most passionate about the future of finance where products are more decentralized, transparent, and efficient through blockchain technology. When not working or trading crypto, John can be found at home spending time with his Shiba Inu, Nutmeg.The opinions expressed are the author’s alone and do not necessarily reflect the views of Cointelegraph. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice.
Čítaj viac
Tento príspevok bol pôvodne publikovaný na stránke...
Čítaj viac
According to Twitter user @DrSoldmanGachs, a self-proclaimed creditor of troubled Singaporean crypto hedge fund Three Arrows Capital (3AC), the now-defunct entity allegedly owes $2.8 billion in claims, as discovered through a recent 3AC creditors meeting. In addition, the claim amount could be understated, as many have either not made their claim or have not disclosed their claim amounts for reasons of confidentiality.As told by DrSoldmanGachs, the meeting voted to elect a creditor committee comprising Digital Currency Group, Voyager Digital, Blockchain Access Matrix Port Technologies and CoinList Lend. These five parties above represent approximately 80% of the current level of claims.3AC assets are believed to be comprised of bank account balances, direct crypto holdings, underlying equity in projects and nonfungible tokens. At the time of publication, it is unclear how much in the fund’s equity remains. Last year, the hedge fund reportedly held $6 billion in assets and $3 billion in liabilities.Via a series of highly-leveraged bullish directional bets with borrowed money from major crypto institutions, 3AC became insolvent amid the ongoing cryptocurrency bear market. Its founders allegedly fled and defaulted on loan payments that were left behind, leading to a major contagion among centralized finance firms tha lent money to 3AC.Both of 3AC’s co-founders, Su Zhu and Kyle Davies, could not be located after the fund’s blowup. Ironically, Su Zhu is allegedly claiming $5 million from 3AC, while Chen Kaili Kelly, wife of Kyle Davies, is allegedly claiming $66 million. However, such claims are reportedly quasi-equity and subordinate to the distribution of leftover assets, if any, to creditors.To get you up to speed:After making a series of large directional trades (GBTC, LUNA, stETH) and borrowing from 20+ large institutions, Three Arrows Capital (3ac) went bust.Then the founders ran, and the loan defaults have lead to mass contagion in crypto.— Jack Niewold (@JackNiewold) July 18, 2022
Čítaj viac
