The Weekly News Roundup, ending 3 July 2022 – The Fallout Continues

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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Articles on Medium this week


The Cost of Crypto Podcast

This Week In Twitter

This was totally staged, but if it achieves the desired effects that are intended, the space might be all the more better for it.



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


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:


Fundraising and Sponsorships

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

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

-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

Tether continues to reduce commercial paper in sharp reduction since March
Biden Official Says US Government Could Pass Stablecoin Rules by End of Year


The Wall Street
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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Categories: Weekly Headlines

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