Earn
Digital Currency Group halts dividends in an effort to preserve liquidity
Venture capital firm Digital Currency Group (DCG) has told shareholders it is halting its quarterly dividend payments until further notice as it attempts to preserve liquidity. According to the letter sent to shareholders on Jan. 17, the firm is focused on “strengthening our balance sheet by reducing operating expenses and preserving liquidity.” DCG said it was also considering selling some of the assets within its portfolio. Its financial issues are derived from the woes of a subsidiary, crypto broker Genesis Global Trading, which reportedly owes creditors more than $3 billion. Customers are currently unable to withdraw funds from Genesis after it halted withdrawals on Nov. 16, which has prompted Cameron Winklevoss — on behalf of his exchange Gemini and its users with fund...
Frozen bank account triggers switch to Bitcoin salary for a whole year
As Bitcoin (BTC) adoption continues to sow seeds around the world, more and more people are choosing to accept the original cryptocurrency as payment for their goods and services. For individuals, that means accepting BTC as their salary. A Florida-based Bitcoin advocate called SVN (not his real name) took his entire salary in BTC for the past year. Cointelegraph reached out to him to understand why he did it and if there are certain advantages to earning the world’s most recognizable cryptocurrency. SVN explained that when the bank froze one of his accounts, he turned “to Bitcoin as a solution to keep my life going while the issue got resolved.” While banks have the power to unbank customers at will, or must follow governmental instruction–such as during the Canadian trucker protest in wh...
Bankruptcy judge orders $44M in crypto to be returned to Celsius customers
A federal judge has ordered crypto lender Celsius to return crypto worth around $44 million to the platform’s custody program customers. According to Bloomberg, the verbal order was delivered by United States Bankruptcy Judge Martin Glenn in a Dec. 7 hearing, with the judge noting: “I want this case to move forward. I want creditors to recover as much as they possibly can as soon as they possibly can.” The amount — which applies only to crypto held within custody accounts — is a tiny fraction of the billions Celsius owes creditors, and the latest decision comes after an agreement was reached between Celsius advisers and stakeholders that crypto deposited in the custody accounts belonged to its users and not the platform. It is important to note that this order only applies to pure custody ...
