Bitcoin deep dive: 15M BTC in self-custody as Binance withdrawals peak, derivatives switch to ‘risk-off’ A weekly recap of key Bitcoin metrics affecting its price performance in the market, published every weekend. James Van Straten · 3 days ago
Nexus Mutual expects $3M loss from Orthogonal Trading’s M11 loan default
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 voted to allocate about 15,348 ETH into Maple’s M11 Credit pool. However, the collapse of…
Maple Finance severs ties with Orthogonal Trading over insolvency concerns
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 active loans in…
Nexo bows out of US on regulatory uncertainty
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…
Upbots issues recovery plan in light of FTX, Alameda exposure
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…
Genesis sought $1B emergency loan but never got it
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…
Circle drops Yield rates to 0%
Circle, the company that runs and issues USDC has dropped their Circle Yield product APY rate to 0%. Back in June I wrote about my anxieties around Circle. Oh hey, what’s that? Genesis and its yield product customers are exposed to the credit risk of Genesis? And Genesis loaned $2.3bn to 3AC? Well I for…
Genesis Crypto-Lending unit halts customer withdrawals
Genesis Group Advisory, Venture Capital Company in Europe Genesis Group provides cloud based information technology services to businesses and end users for a range of applications including video rendering, AI, and blockchain development applications. Learn More Info Twitter
FTX reaches out to Kraken for help as it scrambles for $9.4B bailout; Alameda owes exchange $10B
After Binance walked away from the FTX takeover deal, the cryptocurrency exchange has turned to Kraken for a possible bailout, Reuters reported, citing two people familiar with the development. The latest development emanates after FTX CEO Sam Bankman-Fried said he’s working on emergency moves to raise funds. Further, Tron founder Justin Sun has surfaced as…
Crypto short liquidation cross $750M in 4 hours as Bitcoin reclaims $20k
Over $750 million in crypto shorts have been liquidated over the past 4 hours as Bitcoin reclaims $20,000. Bitcoin and Ethereum led the liquidations, with $356.14 million and $328.18 million, respectively, wiped out. Data from Coinglass below highlights the breakdown across the cryptocurrency industry. Source: Coinglass The liquidations mark a three-month high, as shown in…