Genesis, a cryptocurrency lending and trading platform, filed for Chapter 11 bankruptcy on Thursday. According to a press release, the company is planning to restructure its business to “maximize value for all clients and stakeholders.”
CNBC has reported that the total amount of funds that FTX has managed to recover during the bankruptcy process so far has increased to $5 billion.
Key takeaways: Authorities in The Bahamas arrested Sam Bankman-Fried on Monday The arrest follows an indictment shared with the Bahamian authorities by U.S. prosecutors SBF is expected to be extradited to the U.S., where he will face wire fraud, security fraud conspiracy, and money laundering charges The Bahamas are expected to extradite SBF to the…
Weeks after suspending withdrawals, the crypto lending firm BlockFi filed for bankruptcy on November 28
SafePal, a Binance-backed decentralized wallet platform, has recorded a surge in new users following FTX’s insolvency and eventual bankruptcy, according to a press statement shared with CoinCodex.
The crypto market is showing signs of recovery as coins go green after several days of red across the board. Investors and traders are interested to see which cryptocurrencies are the first to bounce back after FTX went under, and although the majority are still struggling to get out of the red, a few are making headway.
During an ask me anything (AMA) session on Monday, which attracted more than 500,000 listeners, Binance CEO Changpeng “CZ” Zhao discussed a number of issues plaguing the crypto space in light of recent events.
Changpeng “CZ” Zhao, the CEO of Binance, announced on Twitter today that the company is forming an industry recovery fund designed to mitigate the negative impact of the recent FTX / Alameda Research fiasco. CZ stated that the fund is meant to lend a helping hand to projects that “are otherwise strong, but in a liquidity crisis.”
SERC-regulated MoonXBT stresses on regulation importance for crypto after Binance’s massive FTT liquidation.