Crypto Guides, Knowledge & Insights

Insolvent Crypto Company Voyager Assets Will Be Acquired by Binance.US for $1 Billion

In a recently revealed and unexpected arrangement, Binance.US, the American subsidiary of the global cryptocurrency exchange Binance, would acquire the remaining funds of the now-defunct crypto lender Voyager Digital.　　According to Reuters, the contract between the two businesses values Voyager at approximately $1 billion and stipulates that Binance.US will deposit $10 million and reimburse Voyager for some costs up to $15 million.　　　　The sales price consists of $20 million in total, plus payments to Voyagers clients.　　The agreement would effectively allow Binance.US to pay $20 million for the opportunity to purchase 3.5 million customer records from Voyager, according to a Forbes piece that was also released on Monday. After the acquisition, it will be up to Binance.US to do all it can to maintain the users and their funds on the site.　　In all other words, the $1 billion assessment for Voyager is not the sum paid by Binance.US, but rather a sum mostly derived from the obligations of Voyager to its customers.　　Voyager has stated that in order to move through with the right opportunity with Binance.US, it would ask the Bankruptcy Court for permission. On January 5, 2023, there is a hearing set where this is anticipated to occur. 　　Unidentified sources told Forbes

2022-12-23Deep Dive

The largest cryptocurrency exchange in the world provides evidence that it is not the future FTX.

Following the failure of FTX, the top cryptocurrency exchange Binance has introduced a new proof-of-reserves method that is intended to restore confidence and transparency to the industry.　　In order to guarantee that all clients funds are returned in full in the case that everybody chooses to withdraw all of their holdings at once, proof of reserve entails assets maintained by an exchange or custodian.　　“When a user deposits one bitcoin, Binances reserves increase by at least one bitcoin to ensure client funds are fully backed,” the discussion described in a blog post.　　“[The] Proof of Reserves (PoR) System... is the next step in our effort to provide transparency on user funds. The launch of this feature will start initially with BTC, with other tokens and networks being added in the next couple of weeks.”　　With a reserve ratio of 100%, Binance indicated that there are presently more bitcoin reserves than customer funds.　　The measure is in line with the vow issued by Binance CEO Changpeng Zhao (CZ) to guarantee that individual cryptocurrency investors do not give up hope in the market after the liquidity issue at FTX disclosed serious flaws in one of the most renowned firms in the sector.　　The most recent investigation revealed that

2022-12-23Deep Dive

Sam-Bankman Fried's $440 million worth of Robinhood stocks are under threat from FTX.

John J. Ray III, the new CEO of FTX, submitted a request in a U.S. Sam Bankman-Fried owns 56 million shares in Robinhood Markets, valued at $440 million, and on Thursday, the insolvency court ordered an automatic stay to be implemented or the stay measures to be extended. According to FTXs inquiry, the cryptocurrency exchange firm and its subsidiaries own the stocks of Robinhood.　　　　On December 22, a court document stated that FTX had submitted a motion in the United States. For the District of Delaware, bankruptcy proceedings. The exchange asserts that the 56 million shares of Robinhood that SBF purchased are FTXs assets and therefore must remain frozen again until demands of rival creditors are settled.　　　　BlockFi, a cryptocurrency lender, and Yonathan Ben Shimon, an independent creditor, are pursuing different legal cases in New Jersey and Antigua to take ownership of the shares. In December, just before his incarceration, Sam Bankman-Fried made an additional attempt to take ownership of Robinhood shares. SBFs petition in an Antigua court still seems to be unresolved, and he can try to seize possession of $440 million worth of Robinhood shares.　　Whereas the business seeks to come up with a plan to pay off all of its

2022-12-23Deep Dive

In 2023, Keep An Eye Out For These 3 New Cryptocurrency Launches.

Cryptocurrencies are risky and highly volatile investments. As a result, its critical for buyers to become familiar with the tokens on this list of fresh currencies to make sure they align with their objectives.　　In light of this, weve examined each of the recently added cryptocurrency listings we noted above:Dash 2 Trade　　Dash 2 Trade merits a spot on our list of the best seven additional cryptocurrency launches that will take off in 2023 as one of the years most profitable presales.　　A cryptocurrency analysis and social trading system called Dash 2 Trade was created by dealers for traders. Dash 2 Trade, which is supported by the D2T token and network, gives cryptocurrency traders in-depth market data and equips them to develop tactics that are appropriate for the current market. The platform makes signals, metrics, and social trading tools available to traders of all experience levels, making the market more accessible to newcomers and part-time participants.　　To offer you a clearer picture, there are thousands of tokens in the cryptocurrency market. Every week, a large number of new tokens are introduced to the market, making it challenging for traders to keep track of and study all of these assets scattered across many industries. Moreover,

2022-12-22Deep Dive

In 2023, Keep An Eye Out For These 3 New Cryptocurrency Launches.

2022-12-22Deep Dive

Kazakhstan and Binance to Begin Blockchain Education System

With the vision of reaching 40,000 people by 2026, Binance has launched a blockchain education course in collaboration with important Kazakh governmental institutions. The group created the Blockchain Center in collaboration with Astana Hub, the National Bank of Kazakhstans Center for the Development of Payout and Financial Technologies, the Ministry of Digital Development, Innovations, and the Aerospace Industry of the Republic of Kazakhstan, and the Ministry of Education of the Republic of Kazakhstan.　　　　This most current endeavor resulted from a discussion in May of this year between Kazakhstans president, Mr. Tokaev, and Binance co-founder and CEO Changpeng Zhao (CZ). They talked about working together to inform the general public about block chain throughout the meeting. In accordance with the conditions of the contract, Binance will provide instructional materials and assistance to assist institutions in developing and implementing a fundamental education programme on blockchain and adherence.　　In order to firmly establish its position in the Kazakh market, Binance has been working very hard. In October 2022, Binance was granted a temporary license by Kazakhstans AIFC Financial Services Authority (AFSA), enabling it to run a marketplace for digital content and provide custodial operations inside the Astana International Financial Center. The most recent collaboration expands

2022-12-22Deep Dive

Over $1 billion worth of stablecoin transactions were made on the OP Network.

Santiment analytics show that there is an unusually large amount of USDT and USDC on the OP blockchain. The rise in stablecoin volume and the regional peak in the price of OP happened simultaneously. The cost of OP has dropped by more than 3% over the last nearly 24-hour period. Santiment, a blockchain monitoring company, reports some irregularities in Optimisms network activity (OP). Today, Santiment tweeted a summary of their results.　　According to the research, Optimism, among the few blockchains with “growing TVL and blockchain activity,” has recently displayed some unusual behavior. The extraordinarily high transaction volume of stablecoins on the Optimism chain may be the most exciting aspect of network activity, according to the research.　　The average USDT and USDC volume of transactions on Optimism is less than $10 million, according to Santiments study. The discovered aberration, however, revealed that this amount lately increased dramatically to beyond $1 billion.　　During the time when the stablecoin volume of transactions skyrocketed, there was a considerable amount of coin velocity in conjunction with the unusual stablecoin trading volume. Regarding the amount of active addresses, there was no irregularity found.　　Over $1 Billion in Stablecoin Transactions on the OP Network first published on Coin Edition.　　STABLECOIN　　Due to the

2022-12-22Deep Dive

Gary Wang and Caroline Ellison, former FTX and Alameda executives, enter plea to DOJ allegations.

According to Williams, Wang and Ellison are both assisting the Justice Departments probe. Williams didnt mention the specific counts that Wang and Ellison were facing or the ones to which they both admitted guilt.　　　　The SEC accused both Wang and Ellison with misleading FTX investors in a separate transaction late on Wednesday, claiming they were both participating with its probe and revealing both had reached agreements with the SEC.　　The 28-year-old Caroline Ellison oversaw FTXs affiliate Alameda Research, a crypto hedge fund. Sam Bankman-Fried, a former CEO of FTX, and Ellison formerly collaborated at Jane Street.　　Bankman-Fried shared a residence with Gary Wang, 29, during their time as undergraduates at the Massachusetts Institute of Technology. In 2019, Wang and Bankman-Fried co-founded FTX.　　After receiving approval from the Bahamas Minister of Foreign Affairs, a judge on Wednesday authorized Bankman-extradition Frieds to the United States. Sam Bankman-extradition, Frieds and transportation to American custody were also verified by Williams.　　The Bahamas Royal Police detained Bankman-Fried on December 12 night. Bankman-Fried was really being detained at the Fox Hill prison in New Providence, Bahamas, up till Wednesday.　　A Bankman-Fried representative declined to speak.　　“As I said last week, this investigation is very much ongoing and is moving very quickly,” he said.

2022-12-22Deep Dive

SEC Calls FTT Exchange Token a Security

The U.S. Securities and Exchange Commission stated in a lawsuit filed late Wednesday that FTXs exchange token FTT was promoted as an investment contract and is a “security,” in a move that is guaranteed to have a wide-ranging impact on the industry.　　“If demand for trading on the FTX platform increased, demand for the FTT token may increase,” the SEC claimed in its lawsuit. “The significant distribution of tokens to FTX pushed the FTX management team to take steps to lure more users into the trading platform, increasing demand for, and trading price of, the FTT token.”　　The SEC made the assertion in a complaint filed against former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang.　　The complaint stated that the profits from the token sale would be used to fund the development, marketing, business operations, and expansion of FTX, while also emphasizing that FTT is a “investment” with profit potential.　　“The FTT materials made it obvious that the efforts of FTXs core management team would drive the growth and ultimate success of FTX,” the complaint stated.　　The “buy-and-burn” policy of FTT was also mentioned. This program, which is used by many other exchange tokens, is similar to a stock buyback in which

2022-12-22Deep Dive

Debt restructuring agreement between bitcoin miner Greenidge and NYDIG

As part of the arrangement signed on Tuesday, NYDIG would buy mining equipment from Greenidge with a processing capability of roughly 2.8 ex hashes per second (EH/s). The devices will stay hosted at Greenidge.　　The Nasdaq-listed miner intends to keep control of mining equipment with a 1.2 EH/s capacity, but under the terms of the deal, it may pass its credit, coupons, and other property to NYDIG.　　　　In return, NYDIG agreed to lower the indebtedness to $57 million to $68 million.　　According to the firms statement on Tuesday, Greenidge stands to lose the ability to sustain its daily operations in the coming two months with no further cash.　　The board of Greenidge has reportedly “engaged in active conversations about the possibility and timing of a voluntary bankruptcy file,” according to Greenidge.　　Even with the NYDIG purchase, based on the firm, Greenidge still requires at least $20 million in extra liquidity to cover its funding requirements.　　On Tuesday, Greenidges Nasdaq shares closed down 17.97% at US$0.3012 compared to US$17.46 a year earlier.　　Core Scientific and Compute North are two American mining companies that are struggling with liquidity issues. Foundry Digital LLC, a different miner, announced last month that it intends to purchase two turnkey mining operations from Compute

2022-12-21Deep Dive

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