cryptocurrency exchange
Celsius bankruptcy victims get proof-of-claim deadline from US court
The ongoing case of the Celsius bankruptcy continues as the United States Bankruptcy Court in the southern district of New York State approved a new filing deadline. According to an official document, a deadline has been set for those filing any claims against the former digital assets lender. Any person or entity – which covers individuals, partnerships, corporations, joint ventures and trusts – who wishes to do so must submit a proof of claim by Jan. 3, 2023, 5:00 pm Eastern Time. Celsius itself made a thread on Twitter, informing its former users of the recent court deadline approval, along with step-by-step information as to how claims are filed: We created this video to help explain the claims process: https://t.co/jXmL1VQNxg — Celsius (@CelsiusNetwork) November 20, 2022 T...
FTX owes over $3 billion to its 50 biggest creditors: Bankruptcy filing
According to a court filing on Nov. 20, FTX Trading LTD owes its top 50 creditors over $3 billion USD. The document, which was submitted through the United States bankruptcy court for the district of Delaware, was filed as part of the company’s Chapter 11 bankruptcy proceedings. FTX discloses its top 50 creditors are owed $3.1 billion. The largest creditor is owed $226 million. All names were redacted. pic.twitter.com/JGeddvMB7w — Tom Dunleavy (@dunleavy89) November 20, 2022 The filing indicated that FTX owes the top individual alone in excess of $226 million USD, with all others owed sums approximately ranging between $21 million and $203 million. The creditors’ identities are unknown, and their locations undisclosed. The document explained: “The Top 50 List is based on the Debtors’...
FTX funds on the move as thief converts thousands of ETH into Bitcoin
According to blockchain analysis company Chainalysis, funds stolen from the FTX crypto exchange are now being converted from ETH into Bitcoin. On Nov. 20, Chainalysis took to Twitter to encourage exchanges to freeze these coins, should the thief attempt to convert them into fiat or further obfuscate the assets through other means. 1/ Funds stolen from FTX are on the move and exchanges should be on high alert to freeze them if the hacker attempts to cash out — Chainalysis (@chainalysis) November 20, 2022 Amid the controversial collapse and bankruptcy of FTX, news broke that an unknown actor had stolen 228,523 ETH from the exchange. The ownership of these coins, worth a whopping $268,057,479 USD at time of publication, currently rank the thief as one of the largest owners of ETH in the world...
South Korea investigates crypto exchanges for listing native tokens
Native cryptocurrencies turned out to be the biggest factor contributing to the demise of numerous exchanges and ecosystems this year, most recently during the FTX collapse. Korea’s financial authority, Korea Financial Intelligence Unit (KoFIU), took notice of the same as it launched a probe into crypto exchanges in relation to listing their in-house, self-issued tokens. Crypto exchange FTX and its 130 affiliate firms recently filed for bankruptcy due to a price crash of its in-house token, FTX Token (FTT). While Korean crypto exchanges are barred from issuing native tokens, KoFIU’s probe into the same is to ensure regulatory adherence for investor’s safety, according to a local report. Initial investigations revealed that all crypto exchanges performed lawful operations across South...
Binance CEO CZ begins working on Vitalik Buterin’s ‘safe CEX’ ideas
The collapse of numerous major crypto ecosystems in 2022 revealed the urgent need for revamping the way crypto exchanges operate. Ethereum co-founder Vitalik Buterin believed in exploring beyond “fiat” methods to ensure the stability of crypto exchanges, including technologies such as Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARKs). Following a discussion with angel investor Balaji Srinivasan and crypto exchanges such as Coinbase, Kraken and Binance, Buterin recommended options for the creation of cryptographic proofs of on-chain funds that can cover investor liabilities when required, also known as safe centralized exchanges (CEX). Having a safe CEX: proof of solvency and beyondhttps://t.co/AKEweYZfj2 Big thanks to @balajis and staff from @coinbas...
Bitcoin scarcity rises as bad exchanges take 1.2M BTC out of circulation
One of the biggest factors differentiating Bitcoin (BTC) from fiat currency and most cryptocurrencies is the hard limit of 21 million on its total circulating supply. However, the demise of numerous crypto exchanges over the last decade has permanently taken out at least 5.7% (1.2 million BTC) of the total issuable Bitcoin from circulation. The lack of clarity around a crypto exchange’s proof-of-reserves came out as the primary reason for their sudden collapses, as seen recently with FTX. Historical data around crypto crashes revealed that 14 crypto exchanges, together, were responsible for the loss of 1,195,000 BTC, which represents 6.3% of the 19.2 Bitcoin currently in circulation. Bitcoin lost due to defunct crypto exchanges. Source: Casa Blog An investigation conducted by Jameson ...
Nickel Digital, Metaplex and others continue to feel the impact of FTX collapse
Nickel Digital Asset Management is not the only company feeling the effects of FTX’s collapse and bankruptcy. NFT protocol Metaplex also laid off “several members of the Metaplex Studios team” due to the “indirect impact” from the collapse of crypto exchange FTX. The co-founder and CEO of Metaplex Studios, Stephen Hess, shared in a thread on Twitter: “While our treasury wasn’t directly impacted by the collapse of FTX and our fundamentals remain strong, the indirect impact on the market is significant and requires that we take a more conservative approach moving forward.” (3/7) While our treasury wasn’t directly impacted by the collapse of FTX and our fundamentals remain strong, the indirect impact on the market is significant and requires that we take a more conservative approach moving fo...
US crypto exchanges lead Bitcoin exodus: Over $1.5B in BTC withdrawn in one week
Bitcoin (BTC) has flooded out of exchanges in the past week as users become wary of security and regulatory scrutiny. Data from on-chain monitoring resource Coinglass shows United States exchanges in particular seeing heavy BTC balance reductions. U.S. exchanges lead BTC exodus In the wake of the FTX scandal, efforts to draw attention to the risk involved in custodial BTC storage stepped up on social media. Users appeared to heed the warning, withdrawing over $3 billion in cryptocurrency in the week immediately following the solvency debacle and ordering record numbers of hardware wallets. The aftermath of FTX is only just beginning, meanwhile, and as regulators plan investigative action and more attention to crypto as a whole, investors angst continues to grow. The data shows the trend is...
Bybit releases reserve wallet addresses amid calls for transparency
Crypto exchange Bybit publicly released the addresses of its largest crypto wallets on Nov. 16. This came on the heels of FTX’s collapse and calls within the industry for greater transparency. Bybit listed the addresses in a press release. Nansen also produced a dashboard of Bybit’s wallets which indicated that over $1 billion of the exchange’s assets are in BTC, USDT, ETH, and USDC. In the press release, the company claimed that these assets represent over 85% of the total cryptocurrency held by the exchange. 1) Disclosing Bybit main users asset wallets (excluding other assets and non consolidated wallets are too many to list ~+20%). Around $1.9B. Bybit is also working on POR solutions such as Merkel Tree on UID level. https://t.co/fAszQVKNJF — Ben Zhou (@benbybit) November 16, 2022 The c...
What are crypto whale trackers and how do they work?
There are dedicated solutions to track the actions of crypto whales. These solutions can provide analytics on whale actions and, in some instances, can also make investment/trading decisions for the user. Crypto traders and investors constantly track the amount of cryptocurrencies going in and out of exchanges. When a cryptocurrency like Bitcoin or Ether (ETH) is moved in large quantities into an exchange, it is expected to see some sell action resulting in a fall in price. Conversely, if cryptocurrencies flow out of exchanges into wallets, it is considered a precursor to a rise in price. This is because when exchanges have a high net outflow of cryptocurrencies, they have reduced supply resulting in an increase in price. Oftentimes, a whale could buy cryptocurrencies on an exchange and mo...
Here are top tips by the crypto community to get through the bear market
The crypto bear market of 2022 has wiped out more than 70% of the market capitalization from the top. The total crypto market cap breached $3 trillion at the bull market’s peak last year but currently struggling to remain above $1 trillion. At a time when the majority of the cryptocurrencies are moving sideways with no significant bullish momentum recorded in months, it can get a little frustrating, especially for those who jumped in at the market top in hopes of making some quick money. As crypto-winter worsens, the Reddit crypto community shared their coping mechanisms and some “serious” tips to remain on top of their mental health during this cyclic event. One Reddit user wrote that they are in it for the long term, thus, they ignore the charts and daily fluctuations. “I igno...
Fortune did not, in fact, favor the brave: Matt Damon’s Crypto.com TV spot turns 1
The crypto industry has had its share of issues with marketing, from projects many authorities labeled scams to high-profile branding with sports franchises, but one ad that has stood out came from crypto exchange Crypto.com featuring Hollywood star Matt Damon. Many have ridiculed the “fortune favors the brave” ad starring Damon since its release in October 2021, using the TV spot as a creative springboard to criticize the crypto space and celebrities supporting it. The creators of South Park aired two episodes and one two-part special poking fun at crypto users and the Crypto.com ad specifically. Late-night TV hosts including Stephen Colbert also targeted the ad spot with parodies and jokes following the market downturn in May. Still shot of Matt Damon in the Crypto.com TV spot, sinc...
