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Kevin O’Leary – a popular Canadian investor and host of the TV show Shark Tank – believes the unregulated cryptocurrency environment will cause the collapse of other companies. However, he remains a proponent of the industry, admitting that he invested 5% of his wealth in bitcoin. Future Trouble Seems Inevitable In a recent interview for Kitco News, O’Leary forecasted that the FTX demise will certainly not be the last such event in the cryptocurrency space. He claimed some of...

Barry Silbert’s crypto conglomerate, Digital Currency Group (DCG), revealed halting quarterly dividends until further notice. In an email to shareholders, as viewed by Bloomberg, the crypto investment firm said it is currently focused on “reducing operating expenses and preserving liquidity” in response to the current market environment. Troubles for DCG The FTX collapse exposed significant irregularities in Barry Silbert’s empire, with DCG at the receiving end of intense...

Genesis Global Capital is preparing to finally file for bankruptcy after FTX’s collapse blew a hole through the company’s financials, according to people familiar with the matter.  The bankruptcy may be filed as soon as this week. Per a report from Bloomberg on Wednesday, talks over the bankruptcy are still ongoing, and plans could change.  Shortly after FTX’s collapse, Genesis indicated that it may need to file for bankruptcy if it didn’t receive fresh funding. Its...

FTX’s former CEO, Sam Bankman-Fried, has reiterated claims that FTX US is solvent following FTX debtors’ latest statements to the contrary.  According to Bankman-Fried, the group failed to account for customers’ bank balances, which bring the US entity’s assets well above its liabilities to customers.  Clearing the Air on FTX US In a substack post on Wednesday, Bankman-Fried said that certain statements on Tuesday from Sullivan and Cromwell (S&C; one of the law firms...

Bitcoin’s rise within the past two weeks has made it one of the best-performing assets of the year, according to Bloomberg Intelligence.  The firm’s senior macro strategist, Mike McGlone, compares the rally to a similar recovery in early 2019 – but in a macro environment of contracting liquidity.  Is Bitcoin Back? In a post to LinkedIn on Wednesday, the analyst said that Bitcoin’s rally from the start of the year until January 17 may either signal either a bottom or a...

The cryptocurrency market staged an early recovery at the beginning of 2023, but many remain skeptical as to whether the ongoing rally will last. Some exchanges, including Coinbase and Crypto.com, continue with their staff cuts in a bid to weather the macro bear market, but others remain resilient. Case in point – Binance. BNB Coin is the native token of the exchange. It’s a base layer cryptocurrency and operates as the base unit of currency for the Build ‘N’ Build Chain...

Pi Network is a controversial cryptocurrency project that has been making rounds across the crypto industry over the past few weeks after the token was listed on some crypto exchanges, including the popular trading platform Huobi. Since its inception four years ago, the project has attracted millions worldwide as users can mine and earn its native token, dubbed Pi, by completing simple tasks. Some experts have raised concerns about the legitimacy of the Pi Network, claiming...

On Wednesday, the United States Department of Justice announced an international cryptocurrency enforcement action. The Department arrested the founder of Bitzlato – a Chinese crypto exchange involved in servicing financial criminals The DOJ broke the news on Wednesday, alongside representatives from the FBI, OFAC, and the Financial Crimes Enforcement Network (FinCEN). OFAC administers the US sanctions regime, while FinCEN monitors suspicious activity among financial...

Paul Krugman – a Nobel Prize-winning economist – recently published a piece saying that Tesla stock is a lot like bitcoin. He also commented that the CEO of Tesla – Elon Musk, who is a big crypto fan and has since gone on to purchase Twitter – couldn’t be trusted to “feed his cat.” Paul Krugman Isn’t Crazy About Either Musk or BTC The bitcoin-Tesla comparisons came given that both assets have plunged heavily following solid jumps in late 2021. Bitcoin, during that time,...