blockfi
BlockFi files motion to return frozen crypto to wallet users
Bankrupt crypto lending platform BlockFi has filed a motion requesting authority from a United States bankruptcy court to allow its users to withdraw digital assets currently locked up in BlockFi wallets. In a motion filed on Dec. 19 with the U.S. Bankruptcy Court in the District of New Jersey, the lender asked the court for authority to honor client withdrawals from wallet accounts that have been frozen on the platform since Nov. 10. The court documents also request permission to update the user interface to properly reflect transactions as of the platform’s pause. In a widely shared email sent to affected users, BlockFi called the motion an “important step toward our goal of returning assets to clients through our chapter 11 cases,” adding “It is our belief that clients unamb...
This simple Bitcoin options strategy allows traders to go long with limited downside risk
Bitcoin (BTC) bulls were hopeful that the Nov. 21 dip to $15,500 would mark the cycle bottom, but BTC has not been able to produce a daily close above $17,600 for the past eighteen days. Traders are clearly uncomfortable with the current price action and the confirmation of BlockFi’s demise on Nov. 28 was not helpful for any potential Bitcoin price recovery. The cryptocurrency lending platform filed for Chapter 11 bankruptcy in the United States a couple of weeks after the firm halted withdrawals. In a statement sent to Cointelegraph, Ripple’s APAC policy lead Rahul Advani said he expects the FTX exchange bankruptcy to lead to greater scrutiny on crypto regulations.” Following the event, several global regulators pledged to focus on developing greater crypto regulat...
Bitcoin shrugs off BlockFi, China protests as BTC price holds $16K
Bitcoin (BTC) held crucial $16,000 support into Nov. 29 as bulls weathered ongoing FTX fallout and macro triggers. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader teases BTC long as $16,500 reappears Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD leaving lower levels untouched overnight. The pair had seen a flash downturn after the Nov. 27 weekly close thanks to uncertainty from China over COVID-19 measures. A recovery nonetheless took the market higher, with $16,500 coming into play at the time of writing. As Cointelegraph reported, traders and analysts had warned that it was all but essential to preserve current support, with a violation opening up the road to $14,000 or lower. Popular trader Crypto Tony even felt comfortable going long BTC on th...
Fidelity to beef up crypto unit by another 25% with 100 new hires
$4.5 trillion asset management firm Fidelity Investments is reportedly set to hire another 100 people to bolster the firm’s growing digital assets division — a stark contrast to the recent squeezing out of crypto-talent. A Fidelity representative told Bloomberg on Oct. 22 that the firm has begun a new round of hiring which will bring the Fidelity Digital Asset’s headcount to around 500 by the end of the first quarter of 2023. A search on Fidelity’s job board currently shows 74 live results for digital asset-related positions, which cover areas relating to blockchain technology, business analysis, customer service, finance and accounting, product development, and corporate services including compliance. Almost all of the current listings are based in the United States — wi...
Ether staking could trigger securities laws — Gensler
Ethereum’s upgrade to proof-of-stake may have placed the cryptocurrency back in the crosshairs of the Securities and Exchange Commission (SEC). Speaking to reporters after the Senate Banking Committee on Sept. 15, SEC chairman Gary Gensler reportedly said that cryptocurrencies and intermediaries that allow holders to “stake” their crypto may define it as a security under the Howey test, according to The Wall Street Journal. “From the coin’s perspective […] that’s another indicia that under the Howey test, the investing public is anticipating profits based on the efforts of others,” WSJ reported Gensler as saying. The comments came on the same day as Ethereum’s (ETH) transition to proof-of-stake (PoS), meaning the network will no longer rely on energy-intensive “...
Contagion: Genesis faces huge losses, BlockFi’s $1B loan, Celsius’s risky model
It’s been another day of watching the ripples of contagion spread through the crypto market. With Three Arrows Capital being ordered into liquidation by a British court, details have also emerged today of BlockFi liquidating a $1B loan to 3AC, and the fallout from the insolvency was partly to blame for lending firm and market maker Genesis Trading facing losses of “a few hundred million dollars.” Withdrawals remain suspended at the possibly insolvent lending and borrowing platform Celsius, which was revealed to have had a highly risky 19 to 1 assets-to-equity ratio before it ran into liquidity troubles this year. Celsius’ risky business According to documents reviewed and reported on by the Wall Street Journal (WSJ) on June 29, Celsius was operating on very fine and risky margins as ...
FTX may be planning to purchase a stake in BlockFi: Report
Crypto exchange FTX is reportedly in talks to acquire a stake in BlockFi after the company issued a $250 million credit to the lending firm. According to a Friday report from the Wall Street Journal, FTX is currently in discussions with BlockFi regarding the crypto exchange purchasing a stake in the firm, but no equity agreement has been reached. The reported ongoing talks followed BlockFi signing a term sheet with FTX to secure a $250 million revolving credit facility on Tuesday. “BlockFi does not comment on market rumors,” a BlockFi spokesperson told Cointelegraph. “We are still negotiating the terms of the deal and cannot share more information at this time. We anticipate sharing more on the terms of the deal with the public at a later date. FTX founder and CEO Sam Ban...
