News

DCG subsidiary Genesis Global Capital filed for bankruptcy protection in the southern district of New York on Jan 19. Following a massive hit from the recent FTX collapse the lender is the latest firm to fold in the ongoing crypto winter.   Lending Businesses Seek Bankruptcy Protection News of the filing broke via a press release on Thursday. Per the report Genesis alongside two lending subsidiaries Genesis Global Capital and Genesis Asia Pacific submitted voluntary Chapter 11 applications. This followed rumors…

The crypto market has retraced slightly since Wednesday after the Department of Justice announced an enforcement action against the small Chinese cryptocurrency exchange. News of the reveal – which was ultimately underwhelming for many in the community – nevertheless dampened a broad rally among digital assets throughout the week. Solana's Volatile Week Solana (SOL) – which rose as high as $24.75 on Monday – trades at $21.08 at writing time. While down roughly 10% since earlier this week, its still…

On Wednesday, the United States Department of Justice (DOJ) shut down Hong Kong-based crypto exchange, Bitzlato. The DOJ released a press release stating that the exchange was a den for criminal activities—from money laundering to ransomware. There were also claims that Bitzlato had received more than $15 million in ransomware payments. Furthermore, the exchange allegedly processed more than $700 million in illicit transactions. Organized Crackdown The seizure of the crypto exchange was a coordinated operation by law enforcement authorities in…

FTX debtors have identified $5.5 billion of liquid assets associated with both FTX and FTX US. Meanwhile, a substantial portion of it has gone up in smoke.  The latest update from the company states that $90 million in digital assets from the exchange “was subject to unauthorized third-party transfers post-petition.” FTX US Asset Shortfall FTX debtors unveiled details about its asset composition during a meeting with the  Official Committee of Unsecured Creditors (UCC) of FTX on Tuesday. Its numbers indicate…

The government of Russia may be partnering with Iran’s central bank to issue a new stablecoin backed by gold.  The stablecoin’s purpose will be to facilitate cross-border trade settlement. Russia’s New Trade Plan Per a report from the Russian media outlet Vedomosti on Monday, the stablecoin could ideally work as a substitute for dollars, ruble, and euro in foreign trade.  Anton Tkachev confirmed that negotiations for such a token were already taking place. However, the ongoing discussion at state level…

During a statement at the World Economic Forum in Davos, Switzerland, Ukrainian vice prime minister Mykhailo Fedorov expressed his hopes for the nation’s crypto sector. Fedorov is confident Ukraine could soon lead other countries in effective crypto jurisdiction. Although still in the pilot phase, Fedorov intends to be the first to test the country’s forthcoming CBDC, the e-hryvnia. Fedorov Acknowledges Ukraine’s Wartime Fundraise  As of June last year, Ukraine had netted more than $500 million in donations. Crypto funds made…

Skybridge Capital founder Anthony Scaramucci is putting money behind a new crypto firm formed by Brett Harrison, former boss of the defunct FTX US.  The software company will reportedly create a service that lets crypto traders access both centralized and decentralized markets.  Scaramucci Sticks By FTX US Boss According to Bloomberg, Harrison said Scaramucci will be using his own funds to back the former CEO’s software venture. The software in mind will let traders write algorithms for their trading strategies,…

Brad Jones – former leader of Texas’ energy grid – said on a recent DR panel that Bitcoin is helping balance the Texas grid – and make it green.  The former leader’s comments reflect Bitcoiners’ prior theories that the mining industry could become a boon to environmentalism, rather than a hindrance.  Miners Supporting Texas In a conference clip shared by DocumentingBTC, Jones explained that the Electric Reliability Council of Texas (ERCOT) had been long searching for demand-responsive loads of scale…

Seoul, South Korea’s capital and largest metropolis, has opened doors to its long-mooted digital environment. Under the region’s Metaverse Seoul project, residents of the city can access the city’s services in a virtual space.  Consequently, the South Korean metropolis becomes the first major city to set up a public metaverse platform. Phase 1 of the Metaverse Seoul Project  Underway City Mayor Oh Se-hoon revealed the initiation of the initial phase of Metaverse Seoul. Oh reports that the first phase of…