Crypto Guides, Knowledge & Insights

Genesis Trading, a cryptocurrency lender, fires 30% of its employees.

20% of Genesis workers had previously been let go, and the CEO was changed in 2017. The Grayscale Bitcoin Trust is a part of Silberts crypto conglomerate. (GBTC) and mining firm Foundry were impacted by the 2022 market turbulence and the collapse of cryptocurrency hedge fund Three Arrows Capital.　　Based on the insider, who requested not to be identified since the figures are private, about 60 jobs were cut. At this time, the company employs about 145 people. Within a day of interim CEO Derar Islim telling clients that Genesis required additional time to resolve its economic meltdown, the latest cut was announced.　　Prior to this, the Wall Street Journal covered the cuts.　　Soon after the demise of the cryptocurrency exchange FTX and its sibling hedge fund Alameda Research, Genesis hired bankruptcy experts. According to the Wall Street Journal, immediately after Alameda, a significant Genesis client, collapsed, Genesis requested an urgent loan of $1 billion. Genesis stopped all redemptions when FTX sought bankruptcy proceedings on November 11.　　The atonement freeze has brought criticism on Silbert. A Genesis customer and the head of the cryptocurrency exchange Gemini, Cameron Winklevoss, accused Silbert of using “bad faith” stalling strategies previously this week and urged that Genesis find

2023-01-06Deep Dive

Mutant Ape Planet NFT developer charged with fraud for selling ‘worthless asset’

On January 5, the Department of Justice for the Eastern District of New York unsealed a criminal complaint against Mutant Ape Planet developer Aurelien Michel, accusing him of scamming investors.　　Michel was arrested on January 4 at JFK Airport and will appear before a magistrate within 24 hours.　　This is the first time such charges have been filed in the Eastern District of New York against an NFT project.　　Furthermore, the complaint stated that “none of the promised benefits were supplied” to holders of Mutant Ape Planet NFTs. Instead, Michel allegedly failed to meet the projects timeline and diverted monies to his personal accounts. The complaint further described NFTs that did not provide the “promised benefits” as a “worthless asset.”　　Breon Peace, United States Attorney for the Eastern District of New York, stated,　　“As alleged, the defendant engaged in a classic criminal plan to deceive people anxious to participate in a new digital asset market. All consumers and investors, especially those involved in the rapidly evolving market for NFTs and other crypto assets, are protected from fraud and manipulation.”　　Miche “falsely promised several prizes and benefits aimed to build demand for, and the value of, their newly acquired NFTs,” according to the allegations. Following the alleged

2023-01-06Deep Dive

A national cryptocurrency exchange will debut in Indonesia in 2023.

According to a Bloomberg article, Indonesia has declared intentions to launch a national cryptocurrency exchange in 2023. The government also intends to subject cryptocurrency to regulation examination by the Financial Services Authority (FSA).　　The Commodity Futures Trading Regulatory Agency, also referred to as Bappebti in Indonesia, is presently in charge of overseeing digital assets. Didid Noordiatmoko, the interim chairman of Bappebti, stated on Wednesday that the Indonesian exchange will be online by 2024, when the FSA will assume control of cryptocurrency regulation.　　The Indonesian government has made it clear that it views cryptocurrencies as a possible threat to its banking markets, even though this action appears to be largely supportive of the growth of cryptocurrency in the fourth most populous nation in the world. The central bank of Indonesia, Bank Indonesia (BI), published a white paper on December 1 outlining their strategy for a potential central bank digital currency (CBDC) in reaction to the increasing popularity of cryptocurrencies in the nation.　　　　“The future of the central bank is at a crossroads,” noted by BI Governor Perry Warjiyo. “Digital innovations may not only disrupt the banking system, but on a more pervasive scale, the possible disruptions on official currencies and central banking triggered by

2023-01-06Deep Dive

Crypto Lender Genesis Lays Off 30% More of Its Staff

Genesis Global Trading let off more staff on Thursday, a spokeswoman for the cryptocurrency trading firm revealed to WikiBIT in a statement.　　According to a source acquainted with the situation, Genesis laid off around 30% of its workforce, reducing it to 145 personnel. Genesis had laid off 20% of their 260-person workforce in August.　　The sales and business development departments have been particularly severely affected, according to the source.　　“As we negotiate unprecedented industry headwinds, Genesis has made the painful decision to cut its global staff,” a Genesis representative stated in a statement. “These steps are part of our ongoing efforts to advance our business. We truly appreciate the efforts of our brilliant and dedicated staff as we continue to seek the best long-term solution for Genesiss business, clients, and workers.”　　The layoffs came after the company informed its clients on Wednesday that it will be “cutting costs and driving efficiencies” amid a difficult environment for crypto firms.　　Genesis, a subsidiary of crypto giant Digital Currency Group, has suffered as a result of the worldwide market collapse caused by the failure of Sam Bankman-FTX Frieds exchange. Genesis disclosed in November that its derivatives division had $175 million in money that could not be withdrawn. Later,

2023-01-06Deep Dive

After "uncertainty", the cryptocurrency startup Juno advises customers to withdraw

Because of “uncertainty” over its crypto custodian partner Wyre, Juno, a supplier of fiat-to-crypto on-ramp solutions, has advised its customers to liquidate or self-custody the cryptocurrency on its platform.　　The company clarified in a tweet on January 4 that it relies on its “crypto partner” for those services and does not keep any cryptocurrency belonging to its users.　　“Due to uncertainty with our crypto partner, we have taken preemptive action in the interest of our customers,”　　It claimed that it is actively contacting customers to request them to take possession of their own property.　　It is believed that Wyre, a licensed money service company in the United States, is the “crypto partner” in question.　　According to reports, Wyre CEO Ioannis Giannaros told staff that the company “will need to unwind [...] over the next couple of weeks” earlier this week.　　Giannaros said in the email obtained by Axios that the company was “still running” but that it will be “cutting back to plan our next steps.”　　In its most recent Twitter thread, Juno stated that there were still $1.25 million worth of cryptocurrency funds owned on the service, and it has been contacting users to persuade them to take control of their investments themselves.　　Juno also converts stablecoins

2023-01-05Deep Dive

In light of the "imploding NFT market," Fanatic buys 60% of its shares in Candy Digital.

As trust in the investment portfolio dwindles, sports apparel manufacturer Fanatics is selling its shares in Candy Digital, a nonfungible token (NFT) startup.　　Fanatics, a sports company owned by Michael Rubin, was reportedly selling its 60% investment in the NFT startup on January 4.　　Fanatics, which was established in 2011 and is now estimated at $31 billion, is a well-known brand in sports merchandise and online shopping.　　However, the NFT industry has been severely impacted by the crypto bear market in 2022, and Rubins company appears to be aiming to move away from “standalone” NFT firms.　　According to CNBC, a group of investors led by Mike Novogratzs Galaxy Digital will buy a share in Candy Digital. Rubin stated in a message that was sent to the publication:　　“Over the past year, it has become clear that NFTs are unlikely to be sustainable or profitable as a standalone business.”　　According to him, selling off our stake in Candy Digital “enabled us to make sure investors were able to recuperate the majority of their investment via cash or new shares in Fanatics.”　　“Especially in a collapsing NFT market that has seen precipitous decreases in both transaction volumes and pricing for standalone NFTs,” he continued, this was a positive conclusion

2023-01-05Deep Dive

SEC launches a protest against Binance.US's acquisition of Voyager Digital

Because of a lack of “necessary information,” the United States Securities and Exchange Commission (SEC) has filed a “limited objection” to cryptocurrency exchange Binance.proposed USs $1 billion acquisition of insolvent cryptocurrency lender Voyager Digital.　　On January 4, the SEC submitted a limited objection, citing a lack of information on Binance.ability USs to finance the purchase, how Binance.US would operate after the agreement, and also how customer funds would be protected both during and after the purchase. Similar to a regular object, a limited denial solely pertains to a certain aspect of the procedures.　　　　The watchdog also requests more information from Voyager regarding what would occur if the transaction was not completed by April 18.　　The lender wants to provide a modified disclosure form before a conference on the topic, according to the SECs filing, which said that it has previously discussed its concerns with Voyager.　　Some commenters read the SECs objection as an intimation that Binance.US wouldnt be able to finance the acquisition without engaging in “some improper dealing,” like borrowing money from Binances international entity.　　Although the CEO of Binance, Changpeng Zhao (CZ), has claimed that Binance.US is a “totally autonomous organization,” a Reuters story dated October 17 said that the U.S. entity actually

2023-01-05Deep Dive

5 Cryptocurrency Launch to Buy in in 2023

We thoroughly examined each cryptocurrency and offered advice on how to find new ones. In addition to providing answers to the most frequently asked concerns concerning recently released cryptocurrencies, our guide also includes important information that readers should consider and self-evaluate in order to determine whether a project is worthy.Calvaria (RIA)　　The brand-new game Calvaria offers players multiple rewards using its native cryptocurrency. Pre-sales for the $RIA token have been profitable, raising more than $2.5 million since they began.　　Buyers who want to obtain RIA tokens at the cheapest price have a limited window of opportunity because the price rises with each step. Less than 20 million presale tokens are still available first before the project enters its fifth and last stage and is offered to exchanges and the general public. By the moment RIA tokens are published on big exchanges, their value might be substantially higher than $0.0325.　　　　To further boost the launchs popularity, Calvaria is also giving away $100,000 worth of tokens to three lucky participants. To enter, investors must purchase $100 worth of RIA tokens. If participants do specific actions, such as tweeting $calvariagang, which earns an extra 25 entries, Calvaria rewards them with numerous entries. Investors who join the

2023-01-05Deep Dive

Bitcoin Halvings Are Bull Market Things — Will This Time Be Different?

This bear market is punishing. Top cryptocurrencies have dropped by more than 70%, catastrophic bankruptcies have left potentially millions out of pocket, and bitcoin miner surrender appears to be becoming more imminent by the day.　　But how harsh is it？ Previous boom-and-bust cycles provide context.　　WikiBIT examined bitcoin price data dating back to 2010 — when bitcoin (BTC) was worth a fraction of a dollar — to determine the length of each bull and bear market.　　So far, the current bear market has lasted 335 days, beginning on February 3, 2022. Since then, Bitcoin has dropped about 55%, from nearly $36,300 to a low of $15,550.　　Were still not in the midst of the longest bitcoin bear market on record. The previous large bear reigned supreme for 390 days, from February 21, 2018 to March 18, 2019. During that time, Bitcoin fell 70% from $10,250 to a local low of under $3,200.　　Our approach was to map current criteria of the commencement of a bear market from the traditional finance industry. When an asset trades 20% below its recent high for more than two months, a bear market has begun.　　A bear market ends when an asset trades 20% above its recent bottom for one month

2023-01-05Deep Dive

Class Action Arbitration Complaint By Gemini Clients Is Fueled by the Genesis-DCG Loan

In reaction to Genesis Global Capital and Digital Currency Group restricting withdrawals and Gemini stopping its Earn redeeming scheme, three Gemini Earn customers have requested class action arbitration over them.　　CoinDesks parent organization is also DCG.　　A class-action lawsuit is frequently considered as an alternative to class-action arbitration, a mechanism for resolving disputes between parties by a neutral third-party arbitrator. The appeal process is often informal and voluntary. Nevertheless, the arbitrators ruling is final and cant be challenged, so it may go more quickly and cheaply than a class-action lawsuit.　　　　According to the plaintiffs, Genesis neglected to surrender their digital content as well as those of all other Gemini Earn members as mandated by the Master Agreements between both the company and users.　　They contend that Genesis first violated the Master Agreement whenever the company went bankrupt in the summer of 2022 but failed to notify its clients of the situation.　　Then, they claim, Genesis entered into a phony transaction with its parent corporation, DCG, to conceal the financial ruin, swapping the right to recover a $2.3 billion debts incurred to Genesis by the now-bankrupt hedge fund Three Arrows Capital for a loan agreement with a due date of 2033 for a note with a

2023-01-04Deep Dive

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