Tag Archives: AA News

Cryptocurrency entrepreneur and billionaire Justin Sun is reportedly evaluating FTX’s assets for potential purchase. As reported by the Wall Street Journal, Sun said on Tuesday that he is open to “any kind of deal,” with the exchange, and that “all options” are on the table. “Right now we are evaluating assets one by one, but as far as I understand the process is going to be long since they are already in this kind of bankruptcy procedure,” he added.  FTX closed its first...

Iris Energy – an Australian crypto mining company whose main purview is the operation of BTC mining sites in Canada running on renewable energy exclusively – has recently ceased mining in two subsidiaries. Nevertheless, the firm still maintains that its business continues to be profitable. Immediate Repayment of Loan Demanded The subsidiaries operating as Special Purpose Vehicles (SPVs) used Bitmain mining rigs financed by a $107.8 million loan from the New York Digital...

As bad news regarding FTX’s bankruptcy keep appearing in crypto (and mainstream) media, investors have rushed to bet against bitcoin and the crypto market, with bear positions hitting two-year highs. According to the “Digital Asset Fund Flows Weekly Report” from European cryptocurrency investment firm CoinShares, a bearish sentiment took hold of the crypto market during the last week to such an extent that short positions accounted for 75% of all trades in the market. This...

Despite the ultimate crash of FTX, the Japanese subsidiary of the company reportedly plans to allow client withdrawals by the year’s end. The fiasco of Sam Bankman-Fried’s exchange became one of the major events in crypto’s history. Once valued at approximately $32 billion, it recently failed to honor users’ withdrawal requests and reported severe liquidity issues. FTX filed for bankruptcy a few days later to “develop a process to maximize recoveries.” FTX Japan With a...

Genesis, the crypto brokerage platform that froze withdrawals last week, may resort to bankruptcy if it fails to raise money from potential investors, according to people familiar with the matter. As reported by BNN Bloomberg, Genesis has spent the past several days attempting to raise $1 billion in capital from potential investors. This backs up a Wall Street Journal report from Friday, which claimed the trading firm was unsuccessful in its endeavor.  Bloomberg stated that...

On November 21, U.S. Patent and Trademark Attorney Michael Kondoudis announced that JP Morgan & Chase Co, the largest bank in the United States— and one of the largest financial companies in the world— registered a patent to venture into the Web3 with a digital crypto wallet. According to Kondoudis, the U.S. Patent and Trademark Office (USPTO) approved the application by JP Morgan & Chase Co.on November 15. The wallet will offer services like virtual currency transfer...

Shares for Coinbase, America’s largest cryptocurrency exchange, are trading at another all-time low as Bitcoin and the crypto market log some of the lowest digital asset prices in over two years. COIN stock fell 8.9% on Monday, from $44 at 14:20 UDT to $41.23 when the day closed.  The current price is down 37% over the past month, and 87% from its all-time high of $342 in November of last year.  Meanwhile, Coinbase 2028 bonds are trading for only $0.51 on the dollar,...

The American billionaire investor and hedge fund manager – Bill Ackman – reiterated his support for crypto, maintaining that the sector is “here to stay.” He also endorsed the blockchain-based network Helium, saying the project’s token HNT could “build intrinsic value over time.” Helium’s Merits In a recent series of tweets, the Founder and CEO of Pershing Square Capital – Bill Ackman – argued that Helium is one of the “interesting crypto projects” with numerous benefits. For...

Bitcoin crashed back beneath $16,000 on Monday, marking another 2-year low of $15,588.  Bitcoin began to show weakness at $16,000 at roughly 16:30 UDT, when the price briefly wicked down to $15,917. The asset then recovered to roughly $16,000, before crashing again to $15,588 at 19:45 UDT.  Ethereum also collapsed below $1,100 to just $1,084 at the time. The last time Bitcoin’s price touched these lows was in early November 2020, prior to Bitcoin’s bull market run that took...

The US Bankruptcy Court of the Southern District of New York approved crypto lender Celsius’ motion for a deadline for customers to file a claim. January 3rd, 2023, has been set as the last date for creditors to file a proof of claim against the bankrupt firm. The filing reads, “The United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) has entered an order (the “Bar Date Order”) establishing 5:00 p.m. prevailing Eastern Time on January...