The fallout of leverage continues. This week, we see the further unfolding saga of over-extended Three Arrows Capital (3AC), Voyager Digitial, and the assets of BlockFi go up for grabs. On the mining front, GPUs continue to get cheaper. If you’ve been shopping around, now is a good time to watch the market.
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Be well, Everyone.
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This was totally staged, but if it achieves the desired effects that are intended, the space might be all the more better for it.
Reports:
Headlines
Adoption
–Crypto custodian Prime Trust raises $100 million to add IRAs, staking to services suite
–Anchorage launches Ethereum staking for institutional investors
–CryptoCom Removes DOGE, SHIB, and 13 Other Altcoins From Earn Program
CBDC (are just Surveillance Tokens)
Company / Product / Project News
CRIMES AND SCAMS
DAO
–MakerDAO Votes Against More Streamlined Leadership
DeFi and Lending
–Voyager issues notice of default to 3AC over $675M loan obligations, legal action next
–Genesis Faces ‘Hundreds of Millions’ in Losses as 3AC Exposure Swamps Crypto Lenders: Sources
–Celsius Shareholder BnkToTheFuture Proposes Bitcoin Investments, Restructuring in Rescue Bid
–Three Arrows Capital Files For Bankruptcy: Report
–Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities
–BlockFi, FTX Agree to New Credit Deal and Acquisition Terms
–BlockFi Parts Ways With Head of US Trading
–Crypto Lender Ledn Joins the Acquisition Battle for BlockFi (Report)
–Here are four more big takeaways from the Morgan Creek call to acquire BlockFi
–Voyager Digital freezes trading, deposits, withdrawals and rewards, blames 3AC default
–FTX Cancels Celsius Deal After $2B Shortfall in Balance Sheet
–Troubled Lender Babel Finance Reportedly Hires US Investment Bank Houlihan Lokey
–Surprise twist as BlockFi receives Money Services License in Iowa
Here is a great summary of what went down with 3AC:
Exchanges
Fundraising and Sponsorships
Gossip
–Music Streaming Company Napster To Launch Its Own Token On Algorand
–Retail Investors Buying the Bitcoin Dip: Analysis
–FTX’s CEO Denies Rumors of Planning to Buy Robinhood
–KuCoin CEO slams insolvency rumors citing “no plan to halt withdrawal”
Implementation and Infrastructure
–Alkemi Earn integration brings DeFi lending to 1.5M Ledger users [PRIVACY ALERT- Ledger uses services that require KYC, and they use their own nodes for the Ledger Live software]
Metaverse / Web3
Mining
–Used Crypto Mining GPUs Flood The Market, But Should You Buy One?
–Marathon’s Crypto Mining Capacity Crippled Due to a Massive Storm
–Switzerland-based crypto mining firm expands operations to Texas
–Compass Mining Leadership Steps Down Following Alleged Non-Payment Debacle
–Sam Bankman-Fried Says He’d Consider Acquiring Troubled Crypto Miners Next
Nation States (and other political jurisdictions)
–El Salvador Buys the Dip: Adds 80 BTC at $19K
NFTs
-eBay acquires KnownOrigin, expanding its foray into NFTs and blockchain
–OpenSea Reports Data Breach, Warns Customers of Possible Phishing Attempts
Regulation, Legislation & Legal Matters
–Coinbase Refutes Allegations of Selling Sensitive User Data to US Government Agencies
–Basel Committee wants to limit banks’ digital asset exposure to just 1% of equity
–EU officials reach agreement on AML authority for supervising crypto firms
Stablecoins
–Tether continues to reduce commercial paper in sharp reduction since March
–Biden Official Says US Government Could Pass Stablecoin Rules by End of Year
Taxation
The Wall Street
KEEP AN EYE ON THIS –> https://bitcointreasuries.net/
…AND THIS –> https://www.buybitcoinworldwide.com/treasuries/
–MicroStrategy Acquires Fresh 480 Bitcoins Amidst Crypto Market Onslaught
–Grayscale’s legal challenge to SEC sparks response from the community
Time Capsule
–Former Ripple Labs Co-Founder Nears Empty Wallet After Steady Eight-Year Dump Marathon of XRP Holdings
–Meta to Shutter Novi Crypto Payments Wallet in September, Ending Libra Saga
Outside News
–Churches Across US Build Tiny Home Villages Amid Worsening Affordability Crisis
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