Tag Archives: AA News

Digital Currency Group (DCG), the parent company of wholly-owned subsidiary, crypto brokerage firm Genesis, is reportedly looking to offload some of its venture capital portfolios to raise funds to cover part of the latter’s debt crisis. Genesis halted withdrawals in November, becoming the latest crypto lender to face a financial crisis. According to the Financial Times on Tuesday (January 12, 2023), anonymous sources revealed that Genesis is currently swimming in a debt...

Sam Bankman-Fried (SBF) has released a written statement detailing his account of FTX and Alameda Research’s collapse, including approximations of each firm’s financials before it took place.  The former CEO maintains that FTX could have made customers “substantially whole” within a few weeks, had he not been pressured to file for bankruptcy.  The Pre-Mortem The document, titled “FTX Pre-Mortem Overview,” began by pinning Alameda’s collapse on three causes. These included a...

Samsung investment arm’s subsidiary – Samsung Asset Management Hong Kong (SAMHK) – outlined plans to list Samsung Bitcoin Futures Active ETF on the Hong Kong stock market starting January 13. According to the official announcement, the fund in question is a sub-fund of Samsung ETFs Trust III, an umbrella unit trust established under Hong Kong law. Samsung’s Bitcoin Futures Active ETF The Samsung Bitcoin Futures Active ETF seeks to provide economic exposure to BTC’s value by...

The US Labor Department just announced the inflation numbers (CPI) for the last month of 2022, and they stand at 6.5% YoY. At the same time, most experts also nailed the core CPI increase at 5.7%. CryptoPotato reported earlier this week that all eyes will be on the US Labor Department come Thursday, with most estimations suggesting that the inflation numbers will be around 6%. The actual figures announced by the US government are precisely the same – a YoY increase of 6.5%...

El Salvador faced a tough year after making Bitcoin legal tender in the country. But the country’s Legislative Assembly voted to pass a historic – Digital Asset Issuance legislation – that is expected to set the stage for the issuing of President Nayib Bukele’s bitcoin bonds, aka, the Volcano Bonds. The new law will focus on setting up a legal framework around the issuance of digital assets and the wider crypto classification, which includes every other type of digital asset...

Thailand’s Securities and Exchange Commission (SEC) has reportedly launched an investigation against the distressed cryptocurrency platform Zipmex. The watchdog will inspect whether the latter breached some domestic rules when offering digital asset services and products. More Problems for Zipmex According to a Bloomberg coverage, the top financial regulator of Thailand will probe the bankrupt Zipmex for violating local laws and running a “digital-asset fund manager without...

Binance US’ plan to acquire some of Voyager Digital’s assets for $1.02 billion is one step closer as the bankrupt crypto lender received initial court approval for its proposal. The United States District Judge Michael Wiles of the bankruptcy court for the Southern District of New York on January 10th approved Voyager to work out a purchase agreement with the crypto exchange and to solicit creditor votes on the sale. Uncertainty of the Deal According to the Reuters report,...

Dutch crypto exchange Bitvavo claimed to have received an offer from Digital Currency Group (DCG) on January 9th to repay 70% of its debt within an acceptable period. However, the company refused the offer citing that the crypto conglomerate has sufficient funds available for full repayment. The development comes days after the trading platform revealed it is actively engaged in conversations with DCG to recover the resulting debt along with other creditors and advisors. The...

Indian crypto exchange WazirX released its proof-of-reserves (PoR) report disclosing its reserves-to-liability ratio of over 1:1. Alongside the paper, published by CoinGabbar, a third-party platform that tracks crypto assets, WazirX also made its wallet addresses, and list of exchanges available to the public. At press time, the Indian company had over $283 million of total user assets in the form of stablecoin USDT. Proof-of-Reserves WazirX, in a statement, highlighted that...

Crypto proponent and CEO of Galaxy Digital, Mike Novogratz, commented on the fiasco between two industry participants – Digital Currency Group (DCG) and Gemini – and how it will affect the entire market. The American investor noted that although the issue “isn’t good news” for the industry, it won’t involve massive selling that will affect crypto prices as it plays out over the next quarter. The DCG-Gemini Fiasco Recall that the DCG debacle started in the wake of FTX’s...