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According to a recent press release, crypto lending firm BlockFi has filed for chapter 11 bankruptcy protection. The company predictably began to battle liquidity issues in the wake of FTX’s monumental crash. BlockFi Hopes to Restructure The lender submitted its application for bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey alongside 8 affiliated companies. BlockFi's goal is reportedly to bring operations back to steady ground. Chapter 11 of the Bankruptcy Code typically allows for…

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 $842 billion. Bitcoin is trading at around the same value as last week, $16,500. Ethereum gained more than 3% over the past seven days. XRP increased by nearly 8% this past week. Almost all altcoins and Metaverse projects are trading in the green. The DeFi sector decreased the total value protocols (TVL) to around…

Binance released its highly anticipated proof of reserves (PoR) on Friday, providing blockchain-based evidence for the Bitcoin on its books.  However, many in the crypto community question Binance’s approach. Also, they aren’t fully sure they have the transparency they’re looking for. The Move to Proof of Reserves As Binance explained in its announcement, the exchange’s transparency system will add multiple tokens and networks within the next two weeks. For now, it solely validates its Bitcoin holdings.  The company’s initial audit…

While busy managing Twitter, Elon Musk has still been keeping up with the drama surrounding FTX and its former CEO, Sam Bankman-Fried (SBF). The billionaire has written numerous tweets this week signaling his distaste for SBF and media outlets covering him uncritically.  Musk began by ripping into the Wall Street Journal on Monday. The outlet published an opinion piece claiming that FTX ultimately failed “because Sam Bankman-Fried’s supporters lost confidence in him.” “Yeah umm … that is definitely not the…

In a recent publication, the Singapore police force revealed that they are looking into crypto lending platform Hodlnaut. The agency’s Commercial Affairs Department is reportedly handling the investigation into accusations of cheating and fraud among the DeFi lender's leadership. Users File Complaints with the Police According to the release, several accusatory reports surrounding the platform have made their way to the police since August. These allegations claim that the company’s leadership had shared false data regarding its exposure to an…

Ethereum co-founder Vitalik Buterin spoke on Saturday about the crypto community’s tendency to enable and welcome nefarious actors.  He named El Salvador President Nayib Bukele as an example, accusing enthusiastic Bitcoiners of overlooking his “not democratic government.” Enabling Bad Actors In an interview with The Straits Times, Buterin discussed the numerous “small countries” whose governments are experimenting with crypto adoption. When asked whether such efforts were safe for the countries involved, the developer said it depends on how these efforts…

El Salvador’s government has presented a bill to congress for regulating cryptocurrencies and related assets beyond just Bitcoin.  The legislation brings the Central American country a step closer to its goal of issuing blockchain-based Bitcoin-bonds. The Digital Securities Law The “Digital Asset Issuance Law” was presented by a spokesperson for the Salvadoran presidency late Tuesday. The legislation seeks to establish a dedicated crypto commission and Bitcoin Fund Management Agency for overseeing crypto debt sales. Tether CTO Paolo Ardoino said on…

Bo Shen, co-founder of venture capital firm Fenbushi Capital, shared via Twitter on Wednesday that his wallet had suffered an attack. A malicious actor carted off assets worth $42 million from the Chinese investor’s personal holdings on November 10. Hacker Gains Access Via Compromised Seed Phrase Per the tweet, the stolen funds included 38M USDC. Shen made sure to clarify in his post that the hack was isolated to his own accounts and Fenbushi wallets remained unaffected.  https://twitter.com/boshen1011/status/1595265219898789888?s=20  Blockchain security…

Terry Duffy – CEO of CME Group – says he was never fooled by the praise surrounding former FTX chief Sam Bankman-Fried.  In a recent interview, the CEO revealed that he called Bankman-Fried (SBF) a fraud to his face during an in-person meeting in March.  Detecting the Fraud During an interview with CNBC’s On The Tape podcast last week, Duffy recounted his encounter with SBF 7 months ago. Meeting for the first time, SBF told Duffy that his goal was…