Tag Archives: AA News

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...

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...

The fall of Sam Bankman-Fried’s $32 billion crypto empire highlighted the importance of self-custody for users. In fact, investors have already hopped on the trend of holding their assets themselves rather than entrusting their hard-earned money to a third-party platform. According to the latest data compiled by crypto analytic company, Santiment, Bitcoin’s supply on centralized crypto exchanges has dropped from 11.85% to 6.65% over the past year. ? The overall supply of...

The crypto industry has seen a significant surge in the number of developers working on various projects, according to a new report by Electric Capital. The firm, which has invested in several early-stage Layer-1 platforms and crypto startups —like Bitwise, Gitcoin, dYdX Near Protocol, and Inmunefi— found that the number of developers in the crypto industry has doubled over the past two years. Electric Capital obtained its data by identifying 250 million code commits across...

Mamoru Yanase – Deputy Director-General of Japan’s Financial Services Agency (FSA) – urged global watchdogs to impose tougher regulations on the cryptocurrency industry. He believes digital asset exchanges should be treated the same way as banks. It’s All Because of FTX According to Yanase, one way to prevent another collapse of a cryptocurrency platform is if regulators treat such entities as traditional financial institutions. The Japanese referred to the demise of FTX,...

The cryptocurrency-focused bank – Silvergate Capital – reported a net loss of $1 billion for the last quarter of 2022 due to the turmoil reigning in the digital asset sector. The firm recently laid off nearly half its workforce amid massive client withdrawal requests. The Disappointing Q4 The fourth quarter of 2022, with its market decline and company bankruptcies, put a dark stamp on crypto’s legacy. The California-based Silvergate Capital said those dynamics triggered a...

OSL, a Hong Kong-based digital asset exchange, is cutting roughly a third of its costs following months of turbulence in the crypto market.  That includes staff cuts – though the firm did not reveal how large a portion of its workforce was laid off.  OSL provides crypto trading and custody services alongside software solutions for institutional clients.  Hugh Madden, CEO of OSL’s parent company BC Technology Group, specified in a statement on Tuesday that the exchange cut...