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Celsius Network’s lead investor BnkToTheFuture and its co-founder Simon Dixon have proposed a recovery plan for the beleaguered crypto lender. In a June 18 statement, Dixon - also BnkToTheFuture’s CEO - said the solution involves security tokens, debt, and equity. To prove the recovery plan works, he noted that Bitfinex previously used a similar strategy. According to Dixon, BnkToTheFuture helped save Bitfinex from liquidation in 2016 after the exchange suffered a high-profile hack. He did not specify how security tokens,…

MakerDAO, the organization behind the DAI stablecoin, has temporarily suspended the depositing and minting of DAI on the crypto lending platform Aave. The suspension came after Maker (MKR) holders voted to disable the Aave DAI Direct Deposit Module (D3M) on June 16. The proposal got a 64% approval rate, allowing Maker to implement the change on June 17. According to Maker, [embed]https://twitter.com/MakerDAO/status/1537217119913484288[/embed] By disabling Aave’s D3M, Maker stopped Aave traders from borrowing DAI against staked Ethereum (stETH), which lost its…

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 $865 billion. Bitcoin has dropped below $20,000 following a new 18-month low. Ethereum lost almost 28% of its value over the past seven days. XRP dropped by nearly 10% this past week. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector lost over $8 billion from the total…

The crypto venture capital firm Three Arrows Capital has now confessed that it’s in deep financial trouble. It is considering selling its assets or getting a bailout by a larger company to stay afloat. Desperate Times for 3AC As reported by the Wall Street Journal, company co-founders Su Zhu and Kyle Davies have confirmed such bailout considerations. They are both speaking with legal and financial advisors to develop a solution for the investors and lenders they owe. Their troubles are…

Ethereum co-founder Vitalik Buterin recently showed doubt that cryptocurrencies will replace traditional currencies on the world stage. He does, however, believe cryptos can co-exist as an alternative asset class. Assets, Not Currencies As reported by Reuters, Vitalik made his comments at the VivaTech conference in Paris. “I do not expect cryptocurrencies to take over the world,” he said. “It’s about cryptos and digital and governments.” [caption id="" align="aligncenter" width="2880"] Vitalik Buterin. Source: Fortune[/caption] As originally conceived, Bitcoin was created as…

Laurentino Cortizo, the President of Panama, has partially vetoed a bill that would have regulated Bitcoin and legalized decentralized autonomous organizations (DAOs). Local media outlet La Prensa reported yesterday after obtaining a copy of the 32-page veto. Cortizo vetoed Bill No. 697 (Crypto Law) for failing to adapt to rules that regulate the Panamanian banking system. While Cortizo admitted the proposal is new, he said it must adapt to Panama’s monetary system. According to him, this system has seen the…

The complainant labeled the now-struggling meme token Dogecoin a pyramid scheme.   The richest man in the world is facing a lawsuit filed after Dogecoin, the meme crypto he promoted, dropped to a nadir. The claimant, a certain Keith Johnson is demanding a settlement of almost $258 billion in damages. Johnson claims the defendant advertised Dogecoin as a legitimate investment when it was just "a pyramid scheme". He also desires that New York law bans the defendant from promoting the…

Three Arrows Capital (3AC), one of the largest crypto venture capital firms, has reportedly stopped communicating with multiple partners for which it manages money. This comes amid growing rumors that the company is insolvent, hastily paying off debts similar to Celsius. Silence From 3AC The first partner to speak out was Danny Yuan, Head of Trading at crypto market maker 8 Blocks Capital. In a Twitter thread on Wednesday, he explained that 3AC had breached an agreement with his firm…

New findings reveal that Bitcoin usage may have a smaller carbon footprint than the classical banking system.   Bitcoin's popularity has skyrocketed within the last few years as more institutions turn to cryptocurrency and the solutions it provides. However, despite its numerous advantages, the king crypto has come under fire for its massive energy consumption rates. The digital coin reportedly uses 122 TWh of electricity per year, more than is used by some countries, such as Finland.  How BTC’s Power…