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Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $980 billion. Bitcoin is up by over 23% after a highly successful week. Ethereum increased by almost 22% over the past seven days. XRP gained nearly 14% in value this week. Almost all altcoins are trading in the green. The DeFi sector increased the total value of protocols (TVL) to around $39 billion. Crypto…

Victims of the infamous BitConnect Ponzi scheme in 2017 are due to receive net restitution worth $17 million, according to a statement from the Department of Justice (DOJ) on Thursday. According to the DOJ’s statement, a federal district judge in San Diego ordered that the funds be distributed to 800 victims of the scam across 40 countries. The department described BitConnect as “a textbook Ponzi scheme” that paid earlier investors with money from newer investors.  BitConnect’s top promoter Glenn Arcaro…

Following Bitcoin's seeming resurgence in the past 48 hours, crypto stocks are also picking up the pace. Despite the general bearish sentiment, there seems to be a plot twist playing out in the stock market. Recent market performance shows S&P 500 and NASDAQ stocks sliding behind crypto-related stocks such as Coinbase (COIN) and Hut 8 (HUT). NASDAQ went down by a small extent, while S&P 500 dipped by 0.2%. However, the reverse was the case for stocks related to crypto…

Crypto lending giant Nexo saw its offices in Sofia, Bulgaria raided on Thursday, and the firm’s customers now appear to be clawing for their money back. Prosecutors are investigating the firm for a range of crimes involving money laundering, tax offenses, and more.  More Trouble for Nexo On January 12, the Bulgarian Prosecutor’s Office stated that over 300 are involved in Nexo’s Sofia office. Nexo is a lending firm that lets users earn interest by depositing assets on the platform.…

A Thursday release from the Financial Times claims that DCG subsidiary Genesis Global Trading has amassed a debt of over $3B to its creditors. DCG is currently under increased public scrutiny, as the company battles to stay on its feet. DCG’S VC Holdings Add Up to $500M According to the report, the broker’s creditors include exchanges Gemini and Bitvavo, alongside crypto savings company Donut. To address Genesis’ significant debt, Digital Capital Group is reportedly considering offloading a portion of its…

As companies reel out their 2023 goals, the world's largest cryptocurrency exchange, Binance has stated that it plans to grow its workforce by 15 - 30%. This means that it could hire between 1200 and 2400 employees this year. Following Binance CEO's revelation at a conference in Switzerland, Binance also secured regulatory approval in Sweden. Binance's plans to expand come amid massive layoffs across the crypto sector. CZ disclosed that in spite of the market turbulence last year, the exchange…

Bitvavo – a Netherlands-based crypto exchange – is unhappy with Digital Currency Group (DCG)’s proposed plan to compensate Genesis’s troubled creditors. While DCG has offered to recover 70% of funds owed to such firms, Bitvavo has deemed the plan unacceptable. Pay it All Back, Says Bitvavo In a statement from Bitvavo on Tuesday, the exchange claimed that DCG “has sufficient funds available for full repayment.” As such, its offer to repay just 70% of debts “in a period acceptable to…

Cameron Winklevoss returned to Twitter on Tuesday with another callout of Digital Currency Group (DCG) and its CEO, Barry Silbert. Winklevoss accused both Genesis Global, DCG, and Silbert of defrauding Gemini, and over 340,000 users of the company’s Earn program. Lies and Fraud at DCG? According to a public statement from the exchange CEO, each party misrepresented the financial health of DCG and Genesis. This lured lenders into continuing to make loans to Genesis, buying time to “dig themselves out…

A local report from news firm news1 claims Huobi Korea has plans for a split from its parent company Huobi Global. The subsidiary will purchase all shares from its parent body and go independent.  Huobi Korea to Change its Name According to the release, the Korean subsidiary of the exchange platform intends to put stronger roots down in the region. As such, the company will acquire its shares from the main body. It also reportedly has plans to take on…