Crypto Guides, Knowledge & Insights

Crypto Lender Genesis Lays Off 30% More of Its Staff

Genesis Global Trading let off more staff on Thursday, a spokeswoman for the cryptocurrency trading firm revealed to WikiBIT in a statement.　　According to a source acquainted with the situation, Genesis laid off around 30% of its workforce, reducing it to 145 personnel. Genesis had laid off 20% of their 260-person workforce in August.　　The sales and business development departments have been particularly severely affected, according to the source.　　“As we negotiate unprecedented industry headwinds, Genesis has made the painful decision to cut its global staff,” a Genesis representative stated in a statement. “These steps are part of our ongoing efforts to advance our business. We truly appreciate the efforts of our brilliant and dedicated staff as we continue to seek the best long-term solution for Genesiss business, clients, and workers.”　　The layoffs came after the company informed its clients on Wednesday that it will be “cutting costs and driving efficiencies” amid a difficult environment for crypto firms.　　Genesis, a subsidiary of crypto giant Digital Currency Group, has suffered as a result of the worldwide market collapse caused by the failure of Sam Bankman-FTX Frieds exchange. Genesis disclosed in November that its derivatives division had $175 million in money that could not be withdrawn. Later,

2023-01-06Deep Dive

After "uncertainty", the cryptocurrency startup Juno advises customers to withdraw

Because of “uncertainty” over its crypto custodian partner Wyre, Juno, a supplier of fiat-to-crypto on-ramp solutions, has advised its customers to liquidate or self-custody the cryptocurrency on its platform.　　The company clarified in a tweet on January 4 that it relies on its “crypto partner” for those services and does not keep any cryptocurrency belonging to its users.　　“Due to uncertainty with our crypto partner, we have taken preemptive action in the interest of our customers,”　　It claimed that it is actively contacting customers to request them to take possession of their own property.　　It is believed that Wyre, a licensed money service company in the United States, is the “crypto partner” in question.　　According to reports, Wyre CEO Ioannis Giannaros told staff that the company “will need to unwind [...] over the next couple of weeks” earlier this week.　　Giannaros said in the email obtained by Axios that the company was “still running” but that it will be “cutting back to plan our next steps.”　　In its most recent Twitter thread, Juno stated that there were still $1.25 million worth of cryptocurrency funds owned on the service, and it has been contacting users to persuade them to take control of their investments themselves.　　Juno also converts stablecoins

2023-01-05Deep Dive

In light of the "imploding NFT market," Fanatic buys 60% of its shares in Candy Digital.

As trust in the investment portfolio dwindles, sports apparel manufacturer Fanatics is selling its shares in Candy Digital, a nonfungible token (NFT) startup.　　Fanatics, a sports company owned by Michael Rubin, was reportedly selling its 60% investment in the NFT startup on January 4.　　Fanatics, which was established in 2011 and is now estimated at $31 billion, is a well-known brand in sports merchandise and online shopping.　　However, the NFT industry has been severely impacted by the crypto bear market in 2022, and Rubins company appears to be aiming to move away from “standalone” NFT firms.　　According to CNBC, a group of investors led by Mike Novogratzs Galaxy Digital will buy a share in Candy Digital. Rubin stated in a message that was sent to the publication:　　“Over the past year, it has become clear that NFTs are unlikely to be sustainable or profitable as a standalone business.”　　According to him, selling off our stake in Candy Digital “enabled us to make sure investors were able to recuperate the majority of their investment via cash or new shares in Fanatics.”　　“Especially in a collapsing NFT market that has seen precipitous decreases in both transaction volumes and pricing for standalone NFTs,” he continued, this was a positive conclusion

2023-01-05Deep Dive

SEC launches a protest against Binance.US's acquisition of Voyager Digital

Because of a lack of “necessary information,” the United States Securities and Exchange Commission (SEC) has filed a “limited objection” to cryptocurrency exchange Binance.proposed USs $1 billion acquisition of insolvent cryptocurrency lender Voyager Digital.　　On January 4, the SEC submitted a limited objection, citing a lack of information on Binance.ability USs to finance the purchase, how Binance.US would operate after the agreement, and also how customer funds would be protected both during and after the purchase. Similar to a regular object, a limited denial solely pertains to a certain aspect of the procedures.　　　　The watchdog also requests more information from Voyager regarding what would occur if the transaction was not completed by April 18.　　The lender wants to provide a modified disclosure form before a conference on the topic, according to the SECs filing, which said that it has previously discussed its concerns with Voyager.　　Some commenters read the SECs objection as an intimation that Binance.US wouldnt be able to finance the acquisition without engaging in “some improper dealing,” like borrowing money from Binances international entity.　　Although the CEO of Binance, Changpeng Zhao (CZ), has claimed that Binance.US is a “totally autonomous organization,” a Reuters story dated October 17 said that the U.S. entity actually

2023-01-05Deep Dive

5 Cryptocurrency Launch to Buy in in 2023

We thoroughly examined each cryptocurrency and offered advice on how to find new ones. In addition to providing answers to the most frequently asked concerns concerning recently released cryptocurrencies, our guide also includes important information that readers should consider and self-evaluate in order to determine whether a project is worthy.Calvaria (RIA)　　The brand-new game Calvaria offers players multiple rewards using its native cryptocurrency. Pre-sales for the $RIA token have been profitable, raising more than $2.5 million since they began.　　Buyers who want to obtain RIA tokens at the cheapest price have a limited window of opportunity because the price rises with each step. Less than 20 million presale tokens are still available first before the project enters its fifth and last stage and is offered to exchanges and the general public. By the moment RIA tokens are published on big exchanges, their value might be substantially higher than $0.0325.　　　　To further boost the launchs popularity, Calvaria is also giving away $100,000 worth of tokens to three lucky participants. To enter, investors must purchase $100 worth of RIA tokens. If participants do specific actions, such as tweeting $calvariagang, which earns an extra 25 entries, Calvaria rewards them with numerous entries. Investors who join the

2023-01-05Deep Dive

Bitcoin Halvings Are Bull Market Things — Will This Time Be Different?

This bear market is punishing. Top cryptocurrencies have dropped by more than 70%, catastrophic bankruptcies have left potentially millions out of pocket, and bitcoin miner surrender appears to be becoming more imminent by the day.　　But how harsh is it？ Previous boom-and-bust cycles provide context.　　WikiBIT examined bitcoin price data dating back to 2010 — when bitcoin (BTC) was worth a fraction of a dollar — to determine the length of each bull and bear market.　　So far, the current bear market has lasted 335 days, beginning on February 3, 2022. Since then, Bitcoin has dropped about 55%, from nearly $36,300 to a low of $15,550.　　Were still not in the midst of the longest bitcoin bear market on record. The previous large bear reigned supreme for 390 days, from February 21, 2018 to March 18, 2019. During that time, Bitcoin fell 70% from $10,250 to a local low of under $3,200.　　Our approach was to map current criteria of the commencement of a bear market from the traditional finance industry. When an asset trades 20% below its recent high for more than two months, a bear market has begun.　　A bear market ends when an asset trades 20% above its recent bottom for one month

2023-01-05Deep Dive

Class Action Arbitration Complaint By Gemini Clients Is Fueled by the Genesis-DCG Loan

In reaction to Genesis Global Capital and Digital Currency Group restricting withdrawals and Gemini stopping its Earn redeeming scheme, three Gemini Earn customers have requested class action arbitration over them.　　CoinDesks parent organization is also DCG.　　A class-action lawsuit is frequently considered as an alternative to class-action arbitration, a mechanism for resolving disputes between parties by a neutral third-party arbitrator. The appeal process is often informal and voluntary. Nevertheless, the arbitrators ruling is final and cant be challenged, so it may go more quickly and cheaply than a class-action lawsuit.　　　　According to the plaintiffs, Genesis neglected to surrender their digital content as well as those of all other Gemini Earn members as mandated by the Master Agreements between both the company and users.　　They contend that Genesis first violated the Master Agreement whenever the company went bankrupt in the summer of 2022 but failed to notify its clients of the situation.　　Then, they claim, Genesis entered into a phony transaction with its parent corporation, DCG, to conceal the financial ruin, swapping the right to recover a $2.3 billion debts incurred to Genesis by the now-bankrupt hedge fund Three Arrows Capital for a loan agreement with a due date of 2033 for a note with a

2023-01-04Deep Dive

These 3 Alternative Currencies Will Skyrocket in 2023, According to Crypto Experts

Cryptocurrencies are here to stay, despite market volatility in 2022 and uncertainties around regulation. Many cryptocurrencies will undoubtedly continue to be viable investments in 2023 and beyond as DeFi, NFTs, play-to-earn (P2E), and blockchain and smart contract application use cases become more and more prevalent.　　In other words, since blockchain technology is here to stay, any market gyrations offer a rare chance for savvy investors to buy potential cryptocurrencies at a discount. Recessions and bear markets are ideal times to invest money, as seasoned traders know best.　　Investors must, nevertheless, make sure that the initiatives they engage in conform with legislation, have staff with authentic names and a record of success, and present real-world use cases that show how blockchain technology can enhance everybodys daily lives in order to reduce risks and prevent frauds. Furthermore, think about investing in newly developing cryptocurrencies during its presale if youre seeking for extremely profitable investment prospects. You might see large profits from your investment with the appropriate timing and investment.　　FightOut (FGHT)　　A cutting-edge move-to-earn app called FightOut employs blockchain technology to pay customers for engaging in physical activity. To address the increasing need for move-to-earn and social workout apps, the educated and certified team behind FightOut,

2023-01-04Deep Dive

SEC files charges against CFO who embezzled money to invest in crypto

According to a press release issued on January 3, the Securities and Exchange Commission has filed fraud charges against a CFO who embezzled funds to invest in cryptocurrency.　　Cooper J. Morgenthau, the accused, was the CFO of African Gold Acquisition Corp., a special purpose acquisition (SPAC) company that arranged mergers and acquisitions between other companies.　　Between June 2021 and July 2022, Morgenthaus entire scheme involved the theft of more than $5 million. He initially stole $1.2 million directly from African Gold, then spent the money on personal expenses. He also traded crypto assets and securities, including “meme stocks,” with the funds.　　Morgenthau then attempted to make up for his losses by raising $4.7 million through two SPAC series known as Strategic Metals Acquisition Corp. I and II. However, he quickly re-invested the funds raised in that process in cryptocurrency.　　According to previous legal filings, Morgenthaus poor investments and reckless spending caused him to lose all of the stolen funds by August 2022.　　Morgenthau is also facing charges from the United States Attorneys Office for the Southern District of New York.　　Several other crypto-related cases have been investigated by the SEC in the last year. It settled with BlockFi in February 2022 over an unregistered product. It

2023-01-04Deep Dive

Binance declined to speak on rumors that it would acquire GOPAX, a South Korean exchange

According to a local news outlet, Decenter, citing an unknown industry official, Binance is attempting to acquire Lee Jun-haeng, GOPAXs founder and top shareholder, who currently owns 41.2% of the company. Lee will continue to serve as GOPAXs CEO.　　One of the five cryptocurrency trading firms authorized to offer customers fiat-to-crypto services in South Korea is GOPAX. Although Upbit, the leading company in the sector, holds over 80% of the market, GOPAX, the last of the five to obtain a license, owns only about 0.1%.　　　　According to company policy, they dont remark on rumors or conjecture, a Binance representative told Forkast through Telegram. Requests for remarks made by phone and email to GOPAX have received no response.　　Changpeng Zhao, the CEO of Binance, stated that the exchange is getting prepared to enter the South Korean sector in November. In order to advertise its blockchain ecosystem, Binance and the city of Busan entered into a cooperation last year that consisted of the establishment of a regional office in Busan.　　Since its decentralized finance (DeFi) provider GOFi stopped principle and interest rates on November 16 as a result of it brokering goods from Genesis Global Capital, which stopped withdrawals early that day, GOPAX has allegedly been

2023-01-04Deep Dive

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