Tag Archives: social

A group of investors has filed a class-action complaint against Gemini Trust Co. and its founders, Tyler and Cameron Winklevoss, alleging that the U.S. cryptocurrency exchange sold unregistered securities in the form of interest-bearing accounts. The lawsuit comes about a month after Gemini halted withdrawals due to liquidity issues facing one of its business partners. Gemini Faces Class Action for Fraud The plaintiffs, Brendan Picha and Max J. Hastings, filed the action in a...

The Solana ecosystem that was once heavily tied to Sam Bankman-Fried’s FTX has been badly wounded after the collapse. As debates accelerated over the prospects of Solana, its native token – SOL – has plummeted 96% from its all-time high of $260 in November last year. Adding to its woes, crypto asset management company Matrixport is reportedly gearing up to delist Solana and Solana-U dual currency investment products on December 30th. Interestingly, Matrixport is founded by...

Blockchain protocol Coti announced the successful hard fork event – MultiDAG 2.0 – that aims to transition the ecosystem from a single currency infrastructure to a multi-token network. In a press release shared with CryptoPotato, Coti also revealed the launch of the Mainnet on December 29th, during which Explorer 2.0 was also deployed alongside the Bridge 2.0 wallet app. In a statement, the team behind the protocol said, “This launch signifies a massive step for the crypto...

Cryptocurrency lender Celsius Network said it is preparing to file a motion requesting a deadline extension for users to submit their claims by another month. In its latest update, Celsius stated that the motion is scheduled to be heard by the bankruptcy court on January 10. The deadline will be extended until at least then. “For now, the deadline is extended until the motion is heard by the Court. We will provide further updates on the bar date as they become available.”...

Bitcoin continued with minor price declines in the past 24 hours, resulting in a dip to a weekly low of under $16,500. Most altcoins are also in the red, including substantial losses from Solana and Terra Classic. Bitcoin Dropped to Weekly Lows The primary cryptocurrency had a calm weekend, in which it stood at around $16,800 without any movements in either direction. This resulted in closing the week at precisely the same spot it was seven days ago. The start of the new week...

The cryptocurrency platform Midas Investments disabled deposits and swaps due to severe financial losses caused by Celsius’ bankruptcy and FTX’s fiasco. CEO Iakov Levin said the organization will aim to focus on a new project next year that will be “fully transparent” and will offer an “improved investment experience.” Another Victim In a recent blog post, Midas Investments’ Founder and CEO said the company shut down services on its platform yesterday (December 27). It...

FXT founder and former CEO Sam Bankman-Fried (SBF) borrowed over $546 million from his trading house, Alameda Research, to purchase a 7.6% stake in Robinhood earlier this year. According to an affidavit filed in the High Court of Justice Antigua and Barbuda on December 12 before the arrest of SBF, the former billionaire teamed up with FTX co-founder Zixiao (Gary) Wang to borrow the funds. They were used to support Emergent Fidelity Technologies, another FTX affiliate, to...

Wading through the wreckage of FTX and Alameda, it is clear that some communities were hit a lot harder than others. Several DeFi protocols sporting close ties with the two entities have suffered. Solana, for one, has been hit the hardest since the collapse. The once top 10 market cap asset, SOL has slid to the 17th position, and the struggle may continue in 2023 as well. Solana FUD Solana (SOL) had an impressive run-up last year and was one of the best-performing tokens of...

Cryptocurrency investor Avraham Eisenberg has been arrested in Puerto Rico on charges of commodities fraud and manipulation for allegedly stealing more than $100 million from decentralized finance (DeFi) protocol Mango Markets. This marks the first time a U.S. resident has faced charges for manipulating a DeFi platform. Eisenberg Drains $110M from Mango Markets Recall that Eisenberg admitted that his team used a “highly profitable trading strategy” to drain Mango Markets of...

The American business intelligence corporation – MicroStrategy – bought 3,205 BTC between November 1 and December 24. The company sold 704 BTC on December 22, meaning its total holdings currently stand at 132,251 BTC. The largest BTC corporate holder – MicroStrategy – continues following its bitcoin agenda purchasing more amounts of the primary cryptocurrency. It acquired 2,395 BTC for approximately $42.8 million, at an average price of around $17,871 per coin between the...