- Digital Assets exchange Bitvavo can’t access €280 million euros on Genesis Global Capital (subsidiary of Digital Currency Group).
- Genesis claims are selling for 35p to the Dollar, reminds FTX before bankruptcy. Genesis Capital suspended withdrawals last month following a $1.2 billion loss to defunct crypto fund Three Arrows Capital and a $170 million loss to exchange FTX bankruptcy. They had $1.8 billion in loans outstanding, and rumours now suggest their hole is similar, about $2 billion.
- Another subsidiary, Grayscale Bitcoin Trust (GBTC) is impacted with a discount of near 50%, crypto investors worry about another sell-off. Grayscale Investments is exploring options to return a portion of capital of its BBTC if the SEC refuses to approve its spot bitcoin exchange-traded fund.
- Audit firm Mazars ceases proof-of-reserves work for crypto exchanges including Binance, Crypto.com and Kucoin. The reports are very limited said Mazars in a statement last Friday.
"They do not constitute either an assurance or an audit opinion" - Mazars spoke person
- Police in China arrest gang who laundered $1.7 billion via Tether even after Beijing’s crackdown. Starting from May 2021, the criminal gang allegedly used the proceeds from illicit sources including pyramid schemes, fraud and gambling and converted into Tether.
- FTX CEO Sam Bankman-Fried is expected to tell a court in the Bahamas he will no longer contest extradition to the United States.
- Amber Group, a Singapore-based crypto firm, has raised US$300 million in a series C round led by Fenbushi Capital. Previously, the crypto firm said it had less than 10% of its overall trading capital on FTX before it filed for bankruptcy but impact seems to be bigger as they announced last week the readjustment of their growth plan.
- Binance.US set to acquire Voyager Digital assets for $1 billion.
- Paypal announced an integration in Metamask wallet so that users can buy cryptocurrencies using their PayPal account.
- Ethereum addresses > 32 ETH continue to increase, transition to ETH2.0 is underway.
- G20 wants to build policy consensus on crypto assets.
To watch this week
- US initial jobless claims - Thursday 22nd, 8:30am
- US Personal consumption Expenditure (PCE) - Friday 23rd, 8:30am
- The Fed raised interest rates by 50bps on Wednesday following a better-than-expected CPI print earlier this week. We saw a retracement post-FOMC press conference.