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Is Genesis Filing For Bankruptcy?
Genesis has claimed that it is in talks with investors and wants to resolve its fund shortage without filing for bankruptcy.
Bankruptcy Filing Not Imminent
Crypto lending platform Genesis might not be one of the dominos that toppled over in the aftermath of the FTX debacle. The company has refuted reports of an imminent bankruptcy filing.
It has been in a $1 billion shortfall due to its significant exposure to the defunct crypto exchange FTX. Earlier, there were reports that the firm was having trouble raising money to cover the shortfall and was considering filing for bankruptcy. Although the company never announced a bankruptcy filing, several people familiar with the matter claimed so. However, in a more recent turn of events, a company spokesperson has refuted these claims. According to them, the company is continuing to explore other alternatives through constructive decisions with creditors and has no plans to file for bankruptcy as of now.
They stated,
“We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.”
Genesis Needs $1B Emergency Loan
Genesis’s misfortunes started with the downfall of the FTX crypto exchange. The lending platform, which had around $175 million locked away in its FTX trading account, experienced a severe liquidity crisis. According to reports, it had extended a loan to Alameda Research, accepting FTT tokens as collateral, which plummeted to zero after FTX’s collapse. As a result, the Genesis team had to freeze all withdrawals and start considering its options.
The company was approaching major investors like Binance and Apollo Global Management for a $1 billion emergency cash loan. However, Binance, which was considered a significant potential backer, turned down the investment. As of now, the company is still attempting to raise funds but might need to go the Chapter 11 route if all other options fail to materialize.
Where Does DCG Stand?
Industry-wide shockwaves are still destabilizing companies and firms involved in the FTX mess. Grayscale Investment’s Bitcoin ETF, Grayscale Bitcoin Trust (GBTC), is another such firm that has suffered in the aftermath, with its shares dropping by record percentages. Both Genesis and Grayscale Investments share the same parent company, Digital Currency Group (DCG), which already had to bail Genesis out after it was exposed to the now-defunct Three Arrows Capital (3AC) a few months back. Will DCG have to come to Genesis’s rescue once again? What about its own financial health? The questions are building.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Tom Brady, Stephen Curry, Warriors Sued Over FTX Association
Lawsuits hit a string of high-profile celebrities for endorsing and promoting the now-bankrupt FTX cryptocurrency exchange.
The list includes the likes of Tom Brady, Stephen Curry, Gisele Bundchen, Larry David, Naomi Osaka, and the Golden State Warriors.
Legal Trouble Mounts For FTX Promoters
As FTX’s sudden collapse continues to make waves in the crypto community, celebrities that endorsed the exchange have also come under scrutiny. A group of investors filed a class action lawsuit against individuals endorsing the exchange. The list includes high-profile names such as Tom Brady, Stephen Curry, Gisele Bundchen, Larry David, Naomi Osaka, and the Golden State Warriors.
According to the lawsuit, the platform targeted gullible investors through celebrity endorsements, describing the exchange as a “Ponzi Scheme.”
“FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors from across the country, who utilize mobile apps to make their investments. As a result, American consumers collectively sustained over $11 billion in damages.”
Case Could Be Brought To Federal Court
The lawsuit was filed in Miami and stated that the damages clear the $5 million minimum required to bring the case in federal court. Additionally, it states that it seeks to represent thousands that brought securities in the form of interest-bearing accounts. This lawsuit is the latest fallout that resulted from the collapse of FTX, sending shockwaves in the crypto community.
Until just over a week ago, the Sam Bankman-Fried-led FTX was considered a blue-chip crypto company which was valued at $30 billion. However, it was revealed that the exchange indulged in several unethical practices, shady accounting practices, raiding customer accounts, and making extremely risky investments.
“Although many incriminating FTX emails and texts have already been destroyed, we located them.”
The case is being handled by leading law firm Boies Schiller Flexner LLP and the Moskowitz Law Firm.
Details Of The Lawsuit
The lawsuit accuses FTX and the celebrities associated with the exchange of violating Florida Securities and Consumer Protection laws and engaging in an illegal civil conspiracy. The claims rely on a significant point, which is that FTX.US intentionally steered users to its overseas exchange where they could purchase “yield-bearing accounts” and avail of interest rates going up to 8% for lending assets such as ETH.
This point is significant because FTX has consistently maintained that American citizens were not allowed on the overseas exchange. It also stated that it actively prevented potential users from using the exchange. However, Edwin Garrison, one of the individuals that filed the lawsuit, claimed that he signed up to FTX US and identified himself as a US citizen. However, the application still showed him advertisements redirecting him to the overseas exchange.
“Despite the fact I identified myself by name and address, the FTX Trading App now shows that I am earning yield on the ETH. The yield is valued at 8 percent APR. I was able to access the yield-earning product after following a link to the FTX Trading App from FTX US’s website.”
Warriors Pause All FTX-Related Promotions
The Golden State Warriors, who had frequently shown in-arena ads for FTX, announced that they were halting all FTX-related promotions in the wake of the collapse. The reigning champions added that a Jordan Poole bobblehead given to 10,000 fans during Monday’s game was the last FTX promotion.
Others who endorsed FTX include actor Stephen Curry, NFL superstar Tom Brady and his then-wife Gisele Bundchen who featured in a nationwide ad campaign for the exchange.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
The Hideaways (HDWY) Steals Spotlight From Bitcoin (BTC) And Ripple (XRP)
Market optimism is once again running away ahead of the key US economic data this week. Along with this, Bitcoin (BTC) and Ripple (XRP) have shared declines despite prominent whale activities.
Bitcoin and Ripple holders are now keeping an eye on the most popular crypto project, The Hideaways (HDWY), which has stood tall against the broader bearish sentiment in the cryptocurrency community.
Bitcoin (BTC) Whales Scoop Massive BTC
Bitcoin (BTC) kickstarted the week with a prominent whale activity, moving $1.58 billion BTC in a series of transactions.
Despite the enormous whale transaction, Bitcoin is exchanging hands at $20,763.23. Consequently, this price level represents a decline of 2.20% in the past 24 hours, remaining fixed in a sticky trading range.
Another unexpected twist from the crypto space is the ongoing turmoil within the exchange FTX over liquidity concerns. Bitcoin (BTC) reacted bearishly in line with the news, placing a 2022 price prediction below the $20,000 mark.
Contrary to the crypto market, The Hideaways (HDWY) has permanently locked its liquidity, placing price stability as a top priority.
Ripple (XRP) Whales Are Also In Motion
Like Bitcoin (BTC), Ripple (XRP) whales were also circling late last week. Reports have revealed that a separate unknown wallet moved 60 million XRP to Bitstamp, which is about $28.03 million in value.
Another substantial Ripple was also processed by Bitso, amounting to $13.88 million in XRP from an anonymous wallet.
Nevertheless, Ripple (XRP) has posted an intraday 3.80% slump to $0.470830, reflecting a YoY low of 59.00%.
Experts have stated that Ripple supporters must wait about three months before its case against the SEC ends. Unlike The Hideaways (HDWY), multi-highs for Ripple are still far-fetched, and XRP is projected to sink to $0.30.
The Hideaways (HDWY) Is Set To Lead 2023!
Due to the popularity of The Hideaways (HDWY) presale, the project has made notable waves, making it the most popular cryptocurrency this year.
Bitcoin (BTC) and Ripple (XRP) investors have crowded the Hideaways, as the presale superstar is set to deliver up to 40x ROI in 2023. The high-potential initiative is on track to be the next Bitcoin in the crypto space.
The Hideaways (HDWY) is the very first to open opportunities in NFTs linked to high-tier property assets, securing passive income while holding on to crypto gains.
Higher returns await early investors as The Hideaways is currently sitting at a $72 million market capitalization, an inferior value that could grow to a market cap of over $1bn next year!
Along with its audit with Solidproof, analysts have hailed The Hideaways (HDWY) as the safest investment choice of the decade. Make sure you do not let this chance pass by.
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Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
CZ recovery fund for crypto projects in liquidity crisis
Bitcoin and crypto prices shot up this morning on the news that CZ wants to put together an “Industry Recovery Fund” in order to support strong projects undergoing a liquidity crisis.
All crypto was trending downwards this morning as the waves of selling continued on the back of the uncertainty and fear caused by the collapse and bankruptcy of Sam Bankman’s crypto exchange and trading empire.
However, the announcement by Binance CEO Changpeng Zhao (CZ) on Twitter earlier today, that his company would be putting together an Industry Recovery Fund, provided a much needed relief rally for the market, even if it might only be short lasting.
To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify. 1/2
— CZ
Bitcoin ATMs On The Rise In Canada
Recent statistics have revealed that the number of Bitcoin ATM locations in the North American country has surged by over 28% in the last year.
Record Number Of ATMs In 2022
Despite crypto prices taking a freefall across 2022, the industry has hit several milestones in other arenas. As retail brands and institutional investors show more interest in the asset, there has been a surge in installations of Bitcoin ATMs in locations across Canada. According to Coin ATM Radar, there has been a 28% increase in the number of Bitcoin ATM locations across Canada in 2022. According to the data found by the crypto ATM tracker, 2000 Bitcoin ATMs were deployed across Canada in 2021. In comparison, the number of ATMs in 2022 increased by over 500, reaching 2580.
Canada Is No.2 By Crypto ATMs
Breaking it down even further, Canada had 2289 ATMs in the first quarter of 2022. In the second quarter, the number of ATMs soared to 2438, indicating that each quarter brought about an increase of over 100 new ATMs, which is significantly higher than other countries. The new numbers have established Canada as the second-largest country in the world by crypto ATMs. The number one position is still occupied by the United States, which holds 33,851 crypto ATMs operational at the time. More specifically, a US-based crypto ATM, Bitcoin Depot, has even revealed plans to go public. Europe, on the whole, has 1478 ATMs, especially after the UK’s FCA shut down several crypto ATMs earlier this year. The total number of automated teller machines currently operating worldwide is 38,803.
Growing Crypto Adoption In Canada
It has been nine years since the first crypto ATM in Canada was installed on October 29, 2013, at a Waves cafe in Vancouver. This was also the first Bitcoin ATM in the world. Since then, the number of installations has increased yearly, indicating a growing crypto awareness among Canadians. In fact, even though the price of Bitcoin took a significant beating in 2022, the number of Canadians using crypto is at an all-time high. There has been a significant increase in items purchased with BTC in the country. The Canadian central bank conducted a nationwide survey that estimated over a two-fold increase in BTC ownership in 2021 compared to the 5% ownership from 2018 to 2020.
Canadian Politics And Crypto
Canada’s tryst with crypto has been quite interesting. The ruling party under Justin Trudeau’s leadership has been holding strictly anti-crypto policies. On the other hand, the country’s Conservative Party’s new leader, Pierre Poilievre, has championed crypto as a solution for inflation. In response to these highly pro-crypto views, Trudeau has called his opponent irresponsible and has criticized his views on Bitcoin.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
FTX Contagion Threatens Solana As Network TVL Dives Down
The domino effect of the rumors of the FTX carnage is playing out as the Solana ecosystem threatens to implode on the back of the crisis unfolding at FTX and Alameda Research.
According to CoinMarketCap, the SOL price had dropped to a low of $12.62.
FTX Turmoil Rocks Ecosystem
Solana’s total locked value (TVL) plummeted nearly 33% over the past 24 hours, as the news of the crisis at FTX and Alameda Research sent shockwaves across the crypto ecosystem. The Solana ecosystem, in particular, was hit hard by the news, as its TVL plummeted to $423 million in the last 24 hours. Currently, the TVL stands at $436 million, only a slight improvement over previously reported figures.
An increasing TVL means more coins are deposited into DeFi protocols, indicating bullish sentiment. Meanwhile, a falling TVL indicates users and investors are pulling out their funds from the protocol or ecosystem, indicating bearish sentiment. Solana is in the throes of bearish sentiment, as the PVL had plummeted by 50% before rebounding and settling at its current value.
Intricately Tied With FTX And Alameda
Alameda Research is FTX’s sister concern and is a major backer of the Solana ecosystem. In fact, Alameda has claimed that it owns 10% of the total Solana supply. However, industry watchers suspect that this figure could be significantly higher. Solana-based liquid staking protocol Marinade Finance has lost the most TVL, dropping over 35% in the last 24 hours. Other significant stakeholders in the ecosystem have reported similar falls.
More Pain On The Way
According to available on-chain data, Solana is not out of the woods yet. After taking a severe beating due to the FTX crisis, Solana Compass has revealed that an unprecedented amount of SOL tokens are currently in the process of being unstaked. According to the tracker, 60,399,401 SOL tokens, worth over $700 million at the time of writing, are listed as “deactivating.”
This means that at the start of the next epoch, the tokens will be unlocked. As per Solana’s current circulating supply, the market could see nearly 9% of the token supply dumped on the markets. Other leading blockchains have also seen significant drops in the total locked value, with Ethereum down over 10%, Binance Smart Chain down nearly 10%, and Tron down by 8.84%.
Other Coins Nosediving
Other major tokens in the Solana ecosystem are also in freefall. Lido’s staked SOL token lost parity with the SOL token and was trading at $12.1 on Orca. The price indicates that investors are willing to exit their positions and take on a loss now, anticipating a bigger loss after the token unlock. This means that the gap between stSOL and SOL will likely increase.
Other coins such as Serum (down 53%), Raydium (down 52%), Solend (down 48%), and Bonfida (down 47%) are also crashing. All of these are major projects in the Solana ecosystem. However, despite the ongoing challenges faced by the Solana ecosystem, the co-founder of Solana Labs, Anatoly Yakovenko, remained bullish and reiterated his stance despite recent losses. In a tweet posted on the 9th of November, he pointed to the quality of builders and projects on Solana, stating,
“I said this on stage at Breakpoint just a few days ago – the builders on Solana are second to none, and the projects they’re building can often only be built on Solana.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
