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nigeriabitcoincommunity · 2 years

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Top Crypto Lending Platforms (Celsius) On The Brink Of Collapse

Top Crypto Lending Platforms On The Brink Of Collapse 1. What happened to Celsius? 2. Voyager and BlockFi are they set to implode? 3. Should you pull your funds off lending platforms? #cryptolending @CelsiusNetwork @coinbureau @investvoyager OBIdient

Sadly, it has been a turbulent ride ever since the 2021 bear market started. And one of the unlucky outcomes has been the failure of major crypto lending platforms with billions of dollars in assets under management. A minute of silence for investors. In this post, I am going to be sharing with you the top crypto lending platforms that got severely hit by this bear market and the way…

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#CeFi lending #Crypto lending platforms #is blockfi insolvent #Is crypto lending safe?#what happened to 3AC?#what happened to celsius #What happened to finblox #what happened to voyager

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girlfriendsofthegalaxy · 1 year

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tuesday again 1/24/2023

new england winter: very cute and picturesque until you actually have to live here

listening

psycada by abstract, the opening track off the album hiking lung. a brief instrumental that sounds like a hazy-cicada-shimmer summer. it is a blisteringly hot day where you don't really have to do anything but even though you're out on the porch swing under the deck with a freezy pop it's not doing much. the vocals remind me very much of The Dandy Warhols once the rest of the album slides into more of a garage/psych rock vibe. a sort of understated fuzzy im-lying-down-right-now quality. i think these vocals would be background instead of lead in a more energetic track.

the album has several good tracks for the "datacore" playlist, which is full of mellow medium-paced instrumentals bc if i am alone with my thoughts while i clean addresses i will die

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reading

i have Bullet Train on hold at the library but tbqh this section is probably going to be me gloating over various crypto crashes for the forseeable future. Molly White of web3isgoinggreat.com reports on the Three Arrows Capital guys setting up a new venture to (checks notes):

Not only that [both partners currently on the run from their creditors], but the exchange plans to focus on claims trading — that is, the trading of claims held by creditors against debtors who are undergoing bankruptcy proceedings, like FTX, Celsius, BlockFi, or Mt. Gox (throwback!). The fact that 3AC was a major catalyst in kicking off the string of bankruptcies we saw throughout 2022 was not lost on observers, with Nic Carter of the Castle Island venture capital firm commenting that the endeavor "is akin to arsonists returning to the scene of the crime and offering to charge their victims for buckets of water".

mwah. very much glass houses since castle island is also on the verge of going under due to its almost total focus on blockchain infrastructure but GOD. what a sentence.

unpaywalled bloomberg article on the wayback machine here.

this is some of the dumbest fucking bullshit ive ever read and im so fucking happy i no longer have to care about this at a professional level.

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watching

Bullet Train (2022, dir. Leitch) asks "what if you put a whole bunch of assassins all on the same high-speed train?"

youtube

this is the glass onion of action movies. now i do like a perfect little puzzlebox of a movie made by people who really love movies, but this flavor of film is so fuckin smug about itself. this movie wants you to know it took AP Lit. this movie is a long variation of the whedon effect/"well THAT happened!” effect, where characters react to payoffs with the barest and briefest of setups an hour before in the movie.

the thing that made me have a good time is this movie was directed by the guy who directed Atomic Blonde, one of my top ten movies and one of the best action movies of the last decade. LOVE an ensemble of goons all introduced with their own setup/backstory scenes. this film is seventy percent tightly choreographed fights with improvised weapons in tight spaces.

i am a simple woman. i like a bloody, disheveled man.

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playing

alternating very fun and very unpleasant times with my big strong boy in wolfenstein: the new order. now, i am a little bit like "wow, you find the nazi prison camp level unpleasant? how shocking!" at myself. i was not really paying attention to the global rise of fascism in 2014 when this game came out bc i was busy dropping out of college and having a mental breakdown, but the nazis in shooters i have played or watched since 2014, especially call of duty: wwii, seem defanged compared to wolfenstein.

i will probably have more and more coherent things to say once i play more of this game, bc i am just about to bust out of prison at about ~9.5 hours of playtime. apparently this is the halfway point? after the first enigma code i looked up what the other ones do, decided i don't care about other game modes, and have not been trying especially hard to be a completionist about each level/unlock all the perks by doing different kills. i am talking to everyone and looking at everything and reading all the posters, and it is interesting how such a fast-paced shooter is adapting so well to me walking around and taking my sweet fucking time at whatever difficulty level is one below the recommended difficulty level.

a note on the plot-bearing moldy concrete. like yeah mold will grow on most things, including concrete, and yeah i guess the moldy concrete will kill you slower than the nazis will, but even though i love how lived in and cozy the kreisau circle hideout feels, it gives me the heebie jeebies. mold is quite bad for you. please prioritize another railing over another couch. also what the fuck math is tekla doing here??? i could not get a clearer shot even on max settings sorry

GOD i loved the london nautilus moon exhibit. yes i WOULD like to dual wield shotguns shooting nazis while running up and around a giant moon model. level perfectly tailored for me. HOWEVER! i would rather be shot in the head quickly and cleanly instead of trying to maneuver an EXPERIMENTAL HELICOPTER through a bunch of tunnels in creepy and wet conditions. being shot in the head would, again, be a much much cleaner and quicker death than any potential helicopter crash over the water. i hate planes to begin with but holy fuck helicopters no FUCKING thanks (ign screenshot)

for such a power fantasy of a game there sure are a hell of a lot of stealth sections. no stealth game is ever going to hold up to dishonored but boy did i really want these sections to feel more like dishonored.

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making

fussing around with a f/allout: new vegas courier six/veronica/christine riff on classic noir film The Big Sleep for femslash feb. it's fun to write six even bitchier than usual

“Did you want to be the detective or the lady?” Six asked.

“Both of them were pretty cold fish.” It was very stupid to wait when she could have this immediately. Veronica flipped the covers back on her way over.

“Harsh words to throw at a woman, especially when she’s already in your bedroom.” Christine clutched at Six’s silk pajama lapels as she was tipped back up. Six’s other hand dropped to play with her dressing gown tie.

“Now, baby, a fish is–” They were never ever going to let Six live that one down.

“You know,” Six said with as much dignity as anyone groping her wife’s ass could have, “being shot in the head — twice! took all the memories of fish from my previous aquatic life as a Shi Town mermaid.”

#tuesday again #tuesday again no problem #these have gotten much longer since i decided it's fine to do an article for the reading section and it's okay to game again #Bandcamp #Spotify

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ailtrahq · 8 months

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Large-scale pump and dump from whales caused the OX token price to plummet by 50% momentarily before rising back again. On Monday, Oct. 2, Open Exchange Token (OX) suddenly went down by 50%, from 0.013 to 0.0092, in a matter of minutes. However, the token regained its 50% value within just 10 minutes. According to a defi analyst @dealerdefi, this rollercoaster ride in the OX market was caused by a series of “pump and dump” actions by whales. What is happening with OPNX (OX) right now?In 5 minutes, the price dropped by 50%, but later rose back by 50% in 10 minutes.I decided to investigate 🕵️‍♂️sifuvision.eth transferred 200M of OX to this address:0xce19a11ec8982e4a419f2c41edca4f473a3aaa87Then this address… pic.twitter.com/v6Vlfsy9YN— dealer.eth (@dealerdefi) October 2, 2023 So, what actually happened? The timeline Earlier today, a series of transactions took place involving large volumes of OX tokens. An address known as ‘sifuvision.eth’ transferred a staggering 200 million OX to another address. Soon after, 72 million of these tokens were moved to a separate wallet, leaving 32 million OX in the original recipient’s possession. Just an hour later, 40 million OX tokens were sold from a different address, causing the token’s price to plummet by nearly 50%. The recovery Soon after the price nosedived, a buyback transaction worth about $150,000 from an unknown address caused the price to surge back up by 40%. The rapid recovery raised eyebrows, with some speculating that ‘whales’ might be manipulating the market to sell their tokens at a higher price to retail investors. Adding fuel to the fire, the address that initially received 200 million OX tokens got another deposit—this time, 128 million OX. This further deposit is perplexing and raises questions about whether we can expect more price swings in the coming days.OX token has experienced large-scale sell-offs since Friday. The token’s value initially crashed by 40% on Friday after Open Exchange’s co-founder Su Zhu was arrested in Singapore on allegations of fraud for his bankrupt crypto hedge fund – 3AC.

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ahnewsworld · 1 year

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Bankrupt 3AC Founder Expects Genesis Bankruptcy, What Happens To Grayscale?

The DCG and Genesis debacle continue to wax strong and Grayscale Bitcoin Trust has taken some of the heat from this. The majority of the concerns have been raised around the ability of Digital Currency Group to be able to repay its debt to Genesis, which owes creditors a significant amount of money. Now, co-founder of bankrupt crypto hedge fund 3AC Su Zhu has joined the conversation and his…

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cryptosnewss · 2 years

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Coinlist That Suffered from 3AC Crash Halts Withdrawals, Here's What Is Known

Coinlist That Suffered from 3AC Crash Halts Withdrawals, Here’s What Is Known

Youri Molchan Coinlist has suspended deposits and withdrawals for some coins, here’s what can happen Contents Here’s why Coinlist froze withdrawals Is Coinlist on the verge of bankruptcy? Colin Wu, Chinese journalist and blogger specializing in cryptocurrencies spread the word that another cryptocurrency platform suspended deposits and withdrawals. Coinlist, the largest crypto platform for…

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bitcofun · 2 years

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Three Arrow Capital (3AC), a Singapore-based crypto hedge fund that at one point handled over $10 billion worth of properties, turned into one of the lots of crypto companies that declared bankruptcy in this bearish market However, the fall of 3AC wasn't simply a market-driven phenomenon. As more info emerged, the collapse looked more like a self-inflicted crisis brought upon by an uncontrolled decision-making procedure. To put it concisely, the hedge fund made a series of big directional sell Grayscale Bitcoin Trust (GBTC), Luna Classic (LUNC) and Staked Ether (stETH) and obtained funds from over 20 big organizations. The May crypto crash resulted in a series of spiral financial investment collapse for the hedge fund. The company folded and the loan defaults have actually caused mass contagion in crypto. The very first tips of possible insolvency happened in June with a puzzling tweet from the co-founder Zhu Su in the wake of the motion of 3AC funds. The crypto market crash resulted in an extreme decrease in the costs of leading cryptocurrencies consisting of Ether ( ETH), which resulted in a series of liquidations for the hedge fund. 3AC exchanged approximately $500 million worth of Bitcoin( BTC) with the Luna Foundation Guard for the comparable fiat quantity in LUNC simply weeks prior to Terra imploded The reports increase after Zhu eliminated all reference of financial investments in ETH, Avalanche ( AVAX), LUNC, Solana ( SOL), Near Protocol ( NEAR), Mina (MINA), decentralized financing (DeFi) and nonfungible tokens (NFTs) from his Twitter bio, keeping just a reference of Bitcoin ( BTC). The series of liquidations for 3AC had a disastrous effect on crypto loan providers such as BlockFi, Voyager and Celsius. Much of the crypto loan providers needed to ultimately apply for insolvency themselves due to direct exposure to 3AC. Sam Callahan, a Bitcoin expert at BTC cost savings prepare supplier Swan, informed Cointelegraph: " Using just openly readily available details, in my viewpoint, the failure of 3AC can actually be broken down into 2 things, 1) Poor threat management and 2) Unethical and possibly criminal habits. The very first is a timeless example of what takes place when you utilize excessive take advantage of, and the trade turns versus you. In this case, 3AC obtained numerous countless dollars, primarily from cryptocurrency financing platforms, to make arbitrage bets in dangerous DeFi procedures. One such dangerous bet was on Terra. Naturally." He included that 3AC didn't own up to the errors, went on to obtain more cash and "apparently even utilized customers' funds to make bets to attempt to make their cash back. This was the minute when 3AC changed into more of an outright Ponzi plan. As basic market conditions continued to intensify and liquidity dried up, 3AC was exposed as the Ponzi plan it had actually ended up being, and the rest is history." Looking at the timeline of occasions in 3AC: May 11--12: Immediately following the Luna collapse, numerous loan providers inquire about Luna direct exposure, 3AC states there is absolutely nothing to fret about. May 18: Co-founder Kyle Davies attempts to avoid loans from getting called June 3: Interest rates raised on loans due to market conditions June 7: 3AC group pitches financiers on brand-new chances to conserve the business June 10--11: Crypto choices broker Deribit margin calls 3AC's account mobyDck June 13: Davies attempts to organize a brand-new loan from Genesis to pay the margin call June 16--17: 3AC insolvency commonly reported 3AC ultimately submitted for a Chapter 15 personal bankruptcy on July 1 in a New York court without any recognized location of the creators. Recent: Not simply Bitcoin rate: Factors impacting BTC miner success Marius Ciubotariu, the co-founder of Hubble Protocol, thinks the 3AC loaning crisis highlights the durability of the DeFi environment. He informed Cointelegraph: " The difficulties that dealt with 3AC are not special to cryptocurrency nor monetary markets as a whole.

Cryptocurrency is presently the only monetary market where market characteristics are enabled to play out. 3AC crisis has actually exposed how durable DeFi procedures really are. Celsius suffered from loaning losses and was being margin called. In worry of on-chain automatic liquidations that show up to everybody, they hurried to pay their MakerDAO and Compound loans initially." 3AC owes financial institutions $3 billion 3AC liquidators have actually asked for a stay of procedures versus business and access to its Singapore workplaces in a petition to the High Court of Singapore The court files reveal that 3AC owes about $3 billion to lenders, out of which 3AC's greatest lender, trader Genesis Asia Pacific, a subsidiary of Digital Currency Group, lent $2.36 billion. Among the long list of financial institutions, Zhu Su likewise sued for $5 million. In addition to Zhu's claim, 3AC financial investment supervisor ThreeAC Limited is supposedly making a $25 million claim. Kyle Davies' better half, Kelli Kali Chen, is apparently looking for a declared $657 million financial obligation in the very same filing in the Eastern Caribbean Supreme Court. A court in the British Virgin Islands bought 3AC into liquidation on June 27. I've simply seen the list of lenders to # 3AC and discovered that @zhusu has actually sued for $5 million. While being on the run, he has actually in some way discovered the time to vigilantly and ruthlessly submit types to pursue a claim versus his own Fund. https://t.co/YFfWmYZOoM-- Soldman Gachs ⌐ ◨- ◨ (@DrSoldmanGachs) July 18, 2022 There is speculation that creators Zhu and Kylie utilized financiers' funds to make a downpayment on a $50 million luxury yacht purchase. Other reports have actually declared that Zhu attempted offering his home in the wake of the 3AC crisis. A report from blockchain analytic company Nansen revealed that there was an active and trackable contagion in the markets. The stETH depeg was triggered in part due to the fact that of TerraUSD Classic's (USTC) implosion. The report declared that 3AC was a victim of this contagion as it offered its stETH position at the peak of the depeg panic, taking a substantial hairstyle. Jonathan Zeppettini, worldwide operations lead at decentralized self-governing currency platform Decred.org, thinks market conditions played a bare minimum in the 3AC legend and just assisted in avoiding the scams even more. He informed Cointelegraph: " In truth, they were simply taking part in other frauds such as Terra and functioning as an intermediary in between doubtful financial investments and loan providers who believed their record was so remarkable it discharged them from needing to do any due diligence. Cascading liquidations brought on by the marketplace fixing required completion of the video game. In truth, their design was constantly a ticking time bomb and would have imploded ultimately no matter what." Michael Guzik, CEO of institutional loaning platform CLST, informed Cointelegraph that 3AC stopped working to alleviate market dangers and the wave of collapses, and the liquidity crisis beneath all of it, is a "tip of the value of olden lending/borrowing practices like take advantage of and counterparty threat evaluation." 3AC run in a really nontransparent method for being the biggest crypto hedge fund, and after the collapse embeded in, it continued to lie to financiers about the level of losses to lending institutions, motion of funds and its directional market direct exposure. Centralization and opaqueness in crypto companies 3AC's fall highlights the fragility of the centralized decision-making procedure that can become a headache throughout the bearishness. The centralization of the decision-making procedure in 3AC's operations just emerged after its positions began getting liquidated. Zhu and Davies, the creators of the tainted hedge fund, exposed that they got a series of death dangers after the collapse of 3AC, which required them to go into hiding.

The 2 creators confessed that the overconfidence substantiated of a multiyear booming market, where lending institutions saw their worths swell by virtue of funding companies like theirs, caused a series of bad choices that ought to have been prevented. Joshua Peck, creator and primary financial investment officer at crypto hedge fund Truecode Capital, described to Cointelegraph that what made 3AC's failure particularly pernicious was its equity capital investing, it typically handled the treasury for its portfolio business, plus it was so well related to that lots of other platforms extended them significant credit, such as Blockchain.com's $270 million in loans. Recent: Proof-of-time vs proof-of-stake: How the 2 algorithms compare The complete degree of its connection with other digital possession companies was uncertain up until 3AC's positions started liquidating throughout the cryptocurrency bearish market in2022 It quickly emerged that numerous companies were more exposed to 3AC than was broadly comprehended. Peck informed Cointelegraph: " Our view is that to prevent overall loss in the crypto market, the totality of the cryptocurrency threat profile need to be handled. Supervisors with a background in the engineering disciplines are more certified to handle cryptocurrency portfolios since most of the threats related to digital properties have more in typical with software application tasks than monetary companies. This was definitely real when it comes to Three Arrows Capital." 3AC's failure grew out of control into a disaster that reduced the similarity Celsius, Voyager and a couple of other crypto financing companies in addition to them. The degree of the damage brought on by 3AC direct exposure is still unfolding, however it is necessary to keep in mind that the crypto market has actually handled to get previous Terra and the crypto loaning mess. Read More

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primorcoin · 2 years

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New Post has been published on https://primorcoin.com/nfts-banned-in-minecraft-sec-lists-9-tokens-as-securities-and-3ac-founder-blames-cockyness-for-company-meltdown-hodlers-digest-july-17-23/

NFTs banned in Minecraft, SEC lists 9 tokens as securities and 3AC founder blames cockyness for company meltdown: Hodler’s Digest, July 17-23

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

3AC founders reveal ties to Terra founder, blame overconfidence for collapse

After five weeks of being AWOL, the founders of defunct crypto hedge fund Three Arrows Capital (3AC), Su Zhu and Kyle Davies, resurfaced via an interview with Bloomberg. The duo admitted to operating the firm with overconfidence as a result of the multi-year bull market. They also noted that they were very close with Terra founder Do Kwon and, despite running a major hedge fund, were shocked that the project’s extremely risky algorithmic stablecoin went bust. Zhu and Davies said they overlooked several red flags as a result of the kinship.

Mojang Studios bans Minecraft NFT integrations

Minecraft developers Mojang Studios banned nonfungible token (NFT) integrations in their wildly popular flagship game this week. The firm cited issues with NFTs being associated with price speculation, exclusion and rug pulls. “To ensure that Minecraft players have a safe and inclusive experience, blockchain technologies are not permitted to be integrated inside our client and server applications,” the firm announced. Crypto-skeptic gamers also called on Fornite developer Epic Games to follow suit, but the company said it “definitely won’t” institute a similar ban.

SEC listing 9 tokens as securities in insider trading case ‘could have broad implications’ — CFTC

The U.S. Securities and Exchange Commission (SEC) has listed nine crypto assets as securities as part of the insider trading case against former Coinbase product manager Ishan Wahi. The SEC named Powerledger (POWR), Kromatika (KROM), DFX Finance (DFX), Amp (AMP), Rally (RLY), Rari Governance Token (RGT), DerivaDAO (DDX), LCX, and XYO. These were just nine of a total of 25 different assets that were allegedly used for insider trading.

Experts reveal what Tesla’s $936M sell-off means for Bitcoin

Following the news that Tesla sold 75% of its Bitcoin in Q2 for roughly $936 million, experts have remained relatively unfazed. Markus Thielen, chief investment officer at digital asset manager IDEG, told Cointelegraph that Tesla likely sold off its BTC as it was “seen as a distraction from their core business.” Financial consultation site Finder’s share trading expert, Kylie Purcell, suggested that many firms have moved to “shore up capital in cash currencies” amid the current macroeconomic climate. Some Twitter users even called the move a “nothingburger,” implying that Tesla’s move may ultimately be insignificant.

Amazon.eth ENS domain owner disregards 1M USDC buyout offer on OpenSea

On Tuesday, the Amazon.eth ENS domain belonging to an anonymous OpenSea user fetched a bid of 1 million USD Coin. It has become a common practice for speculators to register ENS domains under the names of prominent entities in hopes of scoring a big payday. The bid went unanswered, however, and it is unclear why such a large sum of money was ignored. The next largest bid on the domain totaled just 6,300 USDC.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $23,478.96, Ether (ETH) at $1,598.64 and XRP at $0.36. The total market cap is at $1.06 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Ethereum Classic (ETC) at 71.03%, Bitcoin Gold (BTG) at 50.95% and Lido DAO (LDO) at 48.60%.

The top three altcoin losers of the week are TerraClassicUSD (USTC) at 17.08%, Elrond (EGLD) at 5.05% and Internet Computer (ICP) at 1.85%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“All the Ethereum killers from back in the day didn’t succeed, and I don’t expect them to succeed at all.”

Freddy Zwanzger, Ethereum ecosystem lead at Blockdaemon

“Developers should be free to decide how to build their games, and you are free to decide whether to play them.”

Tim Sweeney, Founder and CEO of Epic Games

“Don’t try to fix fraudsters or Nazis or terrorists. They will remain. They existed before the internet and they’ll exist after.”

Tomer Poran, vice president of business development at ActiveFence

“Crypto revolutionized how people use the web, as we’ve seen Chrome extensions utilized. If we can prove this in mobile devices, that will be a game changer.”

Anatoly Yakovenko, co-founder of Solana

“The Merge upgrade is like changing the engine on a plane mid-flight. We are overhauling everything from the consensus algorithm to the execution environment.”

Vasily Shapovalov, co-founder of Lido

“I would not be surprised if Tesla keeps nibbling in Bitcoin when Bitcoin stabilizes, otherwise they would have sold 100%.”

Markus Thielen, chief investment officer at IDEG

Prediction of the Week

Bitcoin may hit $120K in 2023, says trader as BTC price gains 25% in a week

The price of BTC could be heading to $120,000 next year, according to a Bitcoin trader who goes by TechDev on Twitter. They flagged the True Strength Index (TSI) for BTC as evidence, a metric that uses several base calculations to determine how overbought or oversold the asset is at a particular price. According to TechDev, the asset’s price decline since November has remained on trend, and if historical patterns repeat themselves, BTC could pump to a peak of between $80,000 and $120,000 next year.

FUD of the Week

Gemini cuts more staff as many crypto prices increase: Report

Gemini, the crypto exchange owned by Cameron and Tyler Winklevoss, reportedly cut another 7% of its employees this week. The move came just two months after the firm laid off 10% of its employees as a result of the current bear market. The report came from TechCrunch, which cited a source close to the firm who noted that Gemini had 68 fewer employees on the company’s Slack channel this month.

FBI issues public warning over fake crypto apps

This week, the U.S. Federal Bureau of Investigation issued a public warning over fake crypto apps. The FBI estimates that the apps have duped investors out of a whopping $42.7 million so far. Cybercriminals are said to have created the apps using the same logos and branding as legitimate crypto firms to scam investors. The FBI stated that 244 people had already fallen victim to these fake apps.

Skybridge announces suspension of withdrawals from one of its crypto-exposed funds

Taking a cue from firms such as Celsius and Voyager, SkyBridge Capital has suspended withdrawals from its crypto-exposed Legion Strategies fund. Founder Anthony Scaramucci stated the decision was made to “temporarily suspend until we can raise capital inside the fund.” He stated that there was “definitely no fear of any liquidation whatsoever.”

Best Cointelegraph Features

The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin

Widely credited as the inventor of digital cash, David Chaum is sometimes known as the “father of online anonymity” or the “godfather of cryptocurrency,” whose work inspired the near-mythical group called the Cypherpunks from which Bitcoin emerged.

Will intellectual property issues sidetrack NFT adoption?

In posting NFT artwork on social media, a new owner could be breaking intellectual property laws. A “wave of litigation has already begun.”

How blockchain technology is used to save the environment

It’s hard to overestimate the role blockchain technology will play in achieving more sustainability and lessening the climate crisis.

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#Blockchain #Coinbase #CoinbaseNews #Crypto #CryptoNews #TraedndingCrypto

#Blockchain #Coinbase #coinbaseNews #Crypto #CryptoNews #TraedndingCrypto #CryptoPress #Trending Cryptos

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thesecrettimes · 2 years

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Three Arrows Capital Founders Speak After Filing Bankruptcy, Exec Says the ‘Whole Situation Is Regrettable’

This week the two co-founders of the embattled cryptocurrency hedge fund Three Arrows Capital spoke to Bloomberg about their fund crumbling at the seams. The co-founders Su Zhu and Kyle Davies did not disclose their whereabouts, but a lawyer who monitored the interview noted the duo is located in the United Arab Emirates. Zhu said that he would “maybe” accept being called “stupid,” but people saying that he “absconded funds during the last period” is “not true.”

3AC Founders Discuss the Company’s Financial Woes

The crypto hedge fund Three Arrows Capital Ltd. (3AC) founded by Su Zhu and Kyle Davies has been a focal point in the crypto industry for the last couple of weeks since reports noted in mid-June that the fund was insolvent. On June 15, Zhu tweeted “We are in the process of communicating with relevant parties and fully committed to working this out,” but at the time nobody knew exactly what he meant. Further reports have shown that the crypto fund’s leveraged positions were liquidated by a number of exchanges. Reports had also disclosed that 3AC owed Voyager Digital $655 million and days later, a British Virgin Islands court ordered that 3AC’s assets were targeted to be formally liquidated. By the first week of July, 3AC filed for bankruptcy protection, leveraging the Chapter 15 process in order to protect the company’s assets in the United States. Amid all the chaos surrounding the company, the two co-founders had not been talkative about the situation and no one was sure where the duo was located. This week, the 3AC co-founders decided to do an interview with Bloomberg, and Zhu and Davies gave the interviewer a more descriptive account of their story. The two acknowledged that the company’s fallout spread like a contagion across the entire crypto industry and they deny attempting to abscond funds out of the company’s coffers before the full collapse. Zhu said the firm’s execs suffered significant personal losses in an attempt to rescue the sinking ship. “People may call us stupid,” Zhu remarked. “They may call us stupid or delusional. And, I’ll accept that. Maybe,” Zhu said. “But they’re gonna, you know, say that I absconded funds during the last period, where I actually put more of my personal money back in. That’s not true.” On July 8, reports noted that Zhu and Davies were in hiding and allegedly not being cooperative. Zhu, however, admits the founders have been forced into hiding because they were getting death threats. “That does not mean that we haven’t been communicating with all relevant authorities,” the 3AC co-founder told Bloomberg. “We have been communicating with them from day one,” he added. Davies stressed that the entire ordeal was unfortunate and the duo is aware a lot of people lost funds. Davies remarked: The whole situation is regrettable. Many people lost a lot of money. The 3AC co-founders explained that prior to the collapse they were extraordinarily bullish and had put a number of trades on leverage expecting a market turnaround. “We positioned ourselves for a kind of market that didn’t end up happening,” Zhu said during the interview. Interestingly, before the company’s fallout, Zhu spoke about being careful with “reasonable amounts of leverage,” and he told people that “you don’t want to overestimate your ability to do things.” Furthermore, Zhu stated at the time that crypto traders “don’t want to be blown out during a supercycle.” Speaking about the situation this week, Davies said the hedge fund did very well when the crypto cycle was good. Davies said: We believed in everything to the fullest. We had all of our… almost all of our assets in there. And then in the good times we did the best. And then in the bad times we lost the most. Zhu also discussed other crypto firms like Celsius, a crypto lender that’s been dealing with financial troubles and bankruptcy proceedings. “It’s not a surprise that Celsius, ourselves, these kind of firms, all have problems at the same time,” the 3AC executive said. “We have our own capital, we have our own balance sheet, but then we also take in deposits from these lenders, and then we generate yield on them. So if we’re in the business of taking in deposits and then generating yield, then that, you know, means we end up doing similar trades.”

Crypto Hedge Fund Founder Claims He Lived Frugally, Executives Discuss Terra LUNA Fallout

The 3AC executive also pointed to the speculation and accusations that said Zhu and Davies lived extravagant lifestyles and he said the company’s yacht was bought last year and has a “full money trail.” Zhu noted that he only had two homes in Singapore and that he biked to work regularly, living frugally. “We were never seen in any clubs spending lots of money. We were never seen, you know, kind of driving Ferraris and Lamborghinis around,” Zhu explained. “This kind of smearing of us, I feel, is just from a classic playbook of, you know, when this stuff happens, when funds blow up, then you know, these are kind of the headlines that people like to play.” Toward the end of the interview with Zhu and Davies, the 3AC co-founders discussed how they were taken off guard by the Terra UST and LUNA blowout. The hedge fund invested millions of dollars into the Terra ecosystem and now those funds are now near worthless. “What we failed to realize was that Luna was capable of falling to effective zero in a matter of days and that this would catalyze a credit squeeze across the industry that would put significant pressure on all of our illiquid positions,” Zhu said. The 3AC co-founder added that the team may have been too fond of Terra’s co-founder Do Kwon. Zhu concluded: We began to know Do Kwon on a personal basis as he moved to Singapore. And we just felt like the project was going to do very big things, and had already done very big things. If we could have seen that, you know, that this was now like, potentially like attackable in some ways, and that it had grown too, you know, too big, too fast. Terra’s Do Kwon has been criticized a great deal during the last few months as well and has been accused of a few shady acts like allegedly cashing out $2.7 billion before the blockchain’s fallout. Like Davies and Zhu, Kwon recently did an interview for the first time since Terra’s collapse and noted that he was “devastated” by the ordeal. Kwon further stressed that there’s a big “difference between failing and fraud” as he denies he did anything wrong. Kwon did accept that he put a lot of faith into Terra’s LUNA as it grew massive and that he believed it was capable of greatness. What do you think about the interview with Davies and Zhu from Three Arrows Capital? Let us know what you think about this subject in the comments section below. Read the full article

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davidwiliam6260 · 2 years

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Not all customers will receive their crypto under the proposed recovery plan, said Voyager

The exact amount reimbursed to users will “depend on what happens in the restructuring process and the recovery of 3AC assets”, said Voyager. Following Voyager Digital filing for bankruptcy on Tuesday, th...e crypto lending firm said its aim was to preserve customer assets but did not formally state whether it would be able to return...

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bumblebeecrypto · 2 years

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Voyager cannot guarantee all customers will be able to receive their crypto

Voyager, a crypto lending firm and brokerage stated the exact amount of crypto reimbursed to customers will “depend on what happens in the restructuring process and the recovery of 3AC assets.” Voyager has provided an update on its restructuring plan to compensate its customers and resume their account access. The firm clarified that while their USD deposits are safe, they cannot guarantee what…

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#Crypto #CryptoCurrency

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bitrss-news · 2 years

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#Crypto #News:

Voyager can't guarantee all customers will receive their crypto under proposed recovery plan The crypto lending firm said that the exact amount reimbursed to users will “depend on what happens in the restructuring process and the recovery of 3AC assets." https://t.co/iUeAi0XHp7

— BitRss News (@RssBit) Jul 11, 2022

#Crypto #News

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nftcryptonews · 2 years

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Voyager can't guarantee all customers will receive their crypto under proposed recovery plan

The crypto lending firm said that the exact amount reimbursed to users will “depend on what happens in the restructuring process and the recovery of 3AC assets."

from Cointelegraph.com News https://ift.tt/T3CZ0pf

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sundayevenings11pm · 2 years

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19 June 2022 - Lei

So many things have happened over the last few weeks. First of all, of course, we had an amazing trip in Bali. My soul feels re-grounded and my outlook stays open. :) And then, of course, we got back and were all hit with Covid. So that took an entire week away from us.

On the side of the market, everything took a steep downward turn - SNP is at $3600, price of Eth dropped to $900, two very large looming bankruptcies - Celcius and 3AC. I am not exposed personally, so it doesn’t affect me directly. In fact it’s going to be an opportunity moment soon. But yes - general mood of the market is dire.

On the side of careers, an interesting propositioned dropped onto my table: a Devrel role at Argent, remote Europe, $100-130k. Covalent has yet to propositioned me with anything wrt change in position - so my plan right now is to wait for both balls to land back on my court, and make a judgment call with a fuller set of information.

In the mean time, I want to continue moving with what I originally intended to do. Which is to complete my 100 days into Web3. The last that I worked on it was 1st June, so it’s been 20 days since I’ve worked on that. I wna cover 5/5 days again this week. Get back into the momentum of learning, doing really deep work, and creating.

I am just so happy that I am feeling so refreshed and my baby is also feeling very refreshed and we can both be happy and tackle everything ahead of us.

And in the backdrop of the waves and the meandering streets, amen.

Goals/priorities of the week:

1. Complete 5/5 days for Solidity

2. Move some stuff forward for Covalent work (Hackathons, mainly)

3. Gain clarity on both options (argent n Covalent)

If I manage to finish number 1, it’s a good week.

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newzitech · 2 years

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Everything About Three Arrows Capital's Insolvency Risks and What Happened

Everything About Three Arrows Capital’s Insolvency Risks and What Happened

One of the largest crypto venture capital firms, Three Arrows Capital, is on the verge of insolvency as it grapples through asset sales and bailouts. The recent condition of 3AC links to all that has happened in the crypto space starting from the collapse of the Terra ecosystem. As said, Three Arrows Capital has been one of the largest VC funds at one point in time and was managing more than $18…

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shayanyaan · 7 years

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Emotion

I’ve always said we rail enthusiasts are quite emotional people. We are so easily moved by the strangest things. Something as trivial as a train changing its name or a train turning up with a different engine than usual will make us distraught. While millions of people travel on these trains completely oblivious (and rightly so) to the name or the engine at the front, we are up in arms, demanding that our sadness be shared and expressed more widely. For us a train isn’t and never has been just a piece of metal that gets one from A to B. I am sure every rail fan will remember the moment they first had this epiphany – of an intangible yet all-consuming love. And who can explain love?

--

As I pass through the security barricade into platform 1 at Secunderabad, I know that the journey I am about to undertake is no ordinary one. The legendary Godavari Express is just sliding out but I pay little attention to it. Other regular trains come and go. East Coast, Ajanta, Narayanadri, Charminar. But the only name that matters this evening is Rajdhani and the fact that I will be on it. For an overnight dash to Bangalore.

Secretly I am hoping that the journey will be anything but a dash. Even before it has begun, I wish that this journey lasts forever. As I cross the foot over bridge, I gaze towards the sky. The dying embers of the dusk to which I have been a witness a million times, from this very spot, seem a little more dramatic than usual. Or perhaps it is my preoccupied mind playing tricks. One of my favorite trains, the Bangalore Rajdhani is coming to the end of an era. And the even the sunset seems to be paying tribute, in deference.

In a few days, the Rajdhani will be hauled end to end by an electric loco, doing away with the electric to diesel loco change that happens at Secunderabad. In a bid to experience one last Rajdhani run in the company of a diesel loco, I have booked myself in one of the 3AC coaches at the front of the train. I’ve never been happier to make use of IRCTC’s coach preference option. B1 – just second from the loco.

The Rajdhani snakes into platform 10, with its customary electric loco having powered it from Delhi. I have taken my position at the fag end of the platform to witness the loco change. I have stood at this very spot for goodness knows how many years, to watch the uncoupling of the electric and the diesel taking its place. I have stood at this spot with many of my rail fan friends, all of them sharing the same emotions of excitement and a mild sense of one upmanship in knowledge of the fact a venerable old diesel can be as powerful as an electric.

This time too, I feel the same sentiments. But they are slightly tarnished by the knowledge that all of this is about to be history in a matter of days. I feel a rising lump in the throat followed by moistening of the eyes. It would be no exaggeration to compare it with two lovers being separated not by mere differences in opinion, but by something rather more cruel - death. Amid all this, I almost fail to notice that the electric loco has been detached and the diesel loco from Krishnarajapuram base is ready to back onto the train.

The khalasi unscrews the couplers, adjusts their height and makes a knot with binding wires on the brake pipes. Then, he flashes his green lamp signaling to the shunter in the waiting diesel loco that all is well. The shunter accelerates gently and backs on to the train. With the faintest of jerks, the loco is attached to the train and the pilots climb aboard. I linger for a moment longer thinking about these khalasis and pilots, some of whom are very well known to a lot of us. Surely they too must realize the significance of what is about to happen in a few days. Surely they must echo the same emotions.

The starter comes on and most likely my last journey on a diesel hauled Bangalore Rajdhani is underway. The chief is rather sedate through Begumpet and up to Lingampalli, after which all 4000 horsepower of the EMD loco are let loose. Vikarabad and then Tandur are ignored in grand imperiousness, a style that only a Rajdhani can wield. By the time we reach our first halt at Sedam, it is pouring with rain. I get out onto the platform anyway. I am just looking for every excuse to take a look at the diesel loco at the head of the Rajdhani.

Early in the morning I head to the door one last time. I want to watch the Rajdhani waltz through the Makali ghats one last time with a diesel at its helm. The Makali crossing on the Rajdhani, with the EMD horns reverberating all around is one of the great wonders of the world. From the door, I can see the deep black of the night being smudged slowly by the royal blue of an approaching dawn. I can see faint outlines of the ghats occasionally lit more brightly on the curves by the powerful beams of the loco’s headlights. It is just serene.

--

Cut to July the first. With an incredibly heavy heart, I stand at the same location on platform 10 at Secunderabad and watch the Rajdhani arrive and depart with the same electric loco. The diesel hauled Bangalore Rajdhani has now been relegated to the pages of history. All I have are the memories of countless Sunday evenings at the station, and countless journeys on the train that has been so dear to me. Memories that I shall treasure like none other.

Never again will the ghats of Makali be disturbed by the smoke, chug and horn of a diesel hauled Rajdhani Express.

--

(I should mention that I’ve written this from my home, on the other side of the world based purely on text message updates from my dear friend and rail fan Prithvi, who was lucky enough to squeeze in one last journey on the diesel hauled Rajdhani. Later he took some time off work and took this brilliant picture – one of the last couple of diesel runs. Obviously I’d loved to have traveled on the train with him, but I’d like to think he has experienced the emotions on my behalf too.)

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primorcoin · 2 years

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New Post has been published on https://primorcoin.com/celsius-is-bankrupt-with-1-2b-balance-sheet-hole-su-zhu-returns-to-twitter-and-opensea-purges-20-of-employees-hodlers-digest-july-10-16/

Celsius is bankrupt with $1.2B balance sheet hole, Su Zhu returns to Twitter and OpenSea purges 20% of employees: Hodler’s Digest, July 10-16

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.