Bitcoin (BTC) mining firm Greenidge said it lost about $130 million during the fourth quarter of 2022 while earning just $15 million, according to a Jan. 31 statement. The BTC miner was one of the several companies that had a difficult 2022 due to the challenging market conditions....
Four Real-World Asset (RWA) lending protocols ranked among the top ten Defi lending protocols that collect the largest sum of 180-day cumulative interest fees paid by users, according to crypto influencer Defilgnas' recent analysis. TrueFi (TRU), Maple Finance, Goldfinch (GFI), and Centrifuge (...
Bankrupt crypto lender Celsius could soon restructure and issue a cryptocurrency token to compensate users, according to a report from Bloomberg on Jan. 24. During a court hearing, Celsius attorney Ross M. Kwasteniet said the company could be reorganized into a publicly-traded company with proper licensing. That approach could serve...
The embattled crypto lender has filed a slew of voluntary bankruptcy notices in order to restructure itself.Genesis’s two lending subsidiaries, Genesis Global Capital and Genesis Asia Pacific, have filed for Chapter 11 bankruptcy. According to the announcement, the firm aims to enact “a global resolution to maximize value for all clients...
ByBit CEO Ben Zhou said his exchange's exposure to bankrupt crypto lender Genesis was restricted to its investment arm Mirana. Genesis Global's chapter 11 filing showed that Mirana was one of its top five creditors — the lender owes the investment firm $151.5 million. Zhou...
Genesis owes more than $3.5 billion to its top 50 creditors, according to its Chapter 11 bankruptcy filing. The filing shows that its biggest debt is $765.9 million to Gemini Earn users. However, earlier in January, Gemini co-founder Cameron Winklevoss had pegged Genesis' total debt to over 340,000 Gemini Earn users at $900 million. Genesis files for Chapter 11...
Genesis Global — a Digital Currency Group (DCG) subsidiary — filed for Chapter 11 bankruptcy protection on Jan. 19 in the bankruptcy court of the Southern District of New York, it said in a press release. The derivatives, spot trading, broker-dealer, and custody arms of Genesis are not part of the bankruptcy filing and are operating normally, the firm said. Restructuring Under Chapter...
Crypto lending company Nexo has settled with the U.S. Securities and Exchange Commission (SEC), according to a press release on Jan. 19. The SEC charged Nexo with failing to register its retail lending product — the Earn Interest Product (EIP) — which it first began to offer in the U.S. in June 2020. Nexo allegedly advertised the EIP as a way...
Silvergate Capital Corporation and its subsidiary Silvergate Bank announced a $1 billion net loss in the fourth quarter of 2022, according to a company report. The net loss attributable to common shareholders for the quarter stood at $33.16 per common share. Silvergate's fourth quarter report also...
Creditors of crypto lending platform Hodlnaut have rejected a proposed restructuring plan and would prefer to liquidate the company. Hodlnaut, a Singapore-based crypto lender, is considering liquidating itself after its creditors rejected a proposed restructuring plan and demanded the platform's assets be sold off. The creditors' group rejected a restructuring plan proposal that would have […] The post...
The frequent implosion of crypto lending platforms is rooted in their mismanagement and failure to respect bitcoin’s true value.This is an opinion editorial by Max Keidun, a contributor to peer-to-peer bitcoin trading and lending platform Hodl Hodl and CEO of Debifi.The bitcoin lending space has suffered from several major issues in recent months and years, from the fallout of the...
The collapse of two giant crypto lending businesses that also mined bitcoin yields a few interesting lessons.“Contagion” is the most popular word in crypto after the disastrous fallout of the past year. And dominos keep falling as investors painfully realize how closely intertwined the entire cryptocurrency industry is. Hundreds of billions of dollars were...
Following Orthogonal Trading's M11 loan default, decentralized insurance protocol Nexus Mutual has moved to withdraw all its assets from Maple Finance, as it expects to take a loss of roughly $3 million. Earlier in May, Nexus community members had unanimously...
Institutional crypto lending protocol Maple Finance has moved to end all its business deals with Orthogonal Trading over concerns that the latter is "effectively insolvent." Maple Financial lending partner Orthogonal Trading was caught up in the FTX collapse, which left the trading firm in a liquidity crisis. The trading firm has four...
Nexo says it will no longer accept new registrations, and operations for existing customers will eventually be die down. According to a blog post published on Dec. 5, the cryptocurrency lending and borrowing platform Nexo intends to gradually end operations in the United States "over the coming months." The decision to leave the United States […] The post...
Crypto lender Nexo announced on Dec. 5 that it was phasing out its products and services in the United States due to a lack of regulatory clarity. Today we are announcing the regrettable but necessary decision that Nexo will be phasing out its products and services in the United States due to a lack of regulatory clarity....
As BlockFi filed for bankruptcy, members of the crypto community reacted with mixed feedback as another platform fell. Podcaster Matt Odell offered a different explanation for BlockFi's bankruptcy filing despite the company citing the FTX contagion as the cause. According to Odell, the lending platform failed because it lent customer money to risky traders who […] The post...
Hodlnaut reportedly lied about its exposure to the now-defunct Terra algorithmic stablecoin and lost nearly $190 million. A police investigation into potential cheating and fraud violations is apparently underway against Singapore-based cryptocurrency lender Hodlnaut. Several complaints made against the platform between August and November 2022 prompted the police's commercial affairs department to launch an investigation […] The post...
Algo crypto trading platform, Upbots, detailed its recovery plan established due to its exposure to the fallout of FTX, and Alameda Research. Important announcement We are pleased to inform you that it has been decided to move forward by making some very important changes in our strategy: 1\. Launch of a new token2. Staking rewards temporary...
Crypto lender Genesis sought out an emergency loan of $1 billion from investors in the wake of FTX's collapse and ensuing bankruptcy but never got the funds it requested, The Wall Street Journal reported Nov. 17. The loan request came before the company sent out a notification to clients earlier this week that it would be suspending redemptions. Citing a document it reviewed,...
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