Crypto Guides, Knowledge & Insights

Celsius Asks Creditors With Over $100,000 Withdrawn 90 Days Before Bankruptcy to Return Some Funds

According to the notice issued by Celsius bankruptcy trustee to creditors, Celsius creditors who withdrew more than $100,000 from Celsius within three months before July 13, 2022 (the day Celsius declared bankruptcy), will be required to return a portion of the funds or may face legal action.　　The notice states that Celsius will soon send letters to the relevant accounts, instructing them to pay back 27.5% of the withdrawn amount during the affected period. Those complying with these terms will be eligible for future distributions based on the restructuring plan.　　Moreover, users who withdrew amounts less than $100,000 are not required to return the funds. However, they still need to vote to accept the plan rather than opt out.　　Previously, in December 2023, Celsius successfully received approval for its restructuring plan from the New York bankruptcy court and will continue focusing on implementing its Bitcoin mining plans.　　Celsius announced on the X platform that the MiningCo transaction is considering establishing a new publicly traded Bitcoin mining company and plans to increase the distribution of liquid cryptocurrencies to account holders post-Celsius emergence from bankruptcy, expected to occur in early 2024.　　Additionally, Celsius revealed that customers will possess shares of Mining NewCo, a company managed by US

2024-01-10Deep Dive

The U.S. Financial Regulatory Authority Releases 2024 Regulatory Report

The Financial Industry Regulatory Authority (FINRA) released its annual regulatory report for the year 2024, featuring a dedicated section for the first time that discusses cryptocurrency assets.　　The section related to cryptocurrency assets is aimed at companies currently engaged in or intending to engage in cryptocurrency-related activities. The report notes that FINRAs Membership Application Program (MAP) follows SEC guidance to assess proposed cryptocurrency asset securities business lines based on applicable rules, such as the SECs financial responsibility rules and customer protection rules. Companies would be approved to act as private (non-public) placement agents, operate alternative trading systems for cryptocurrency asset securities, and provide custody services.　　FINRA also requires its members to notify the organization when engaging in non-securities cryptocurrency asset activities. Additionally, individuals involved in external business activities related to cryptocurrency assets, private securities transactions, and cryptocurrency mining operations are also required to inform FINRA.　　Reportedly, FINRA is a self-regulatory organization in the United States responsible for overseeing securities broker-dealers. FINRA operates under the supervision of the U.S. Securities and Exchange Commission (SEC).　　

2024-01-10Deep Dive

Fox Reporter: SEC Committee Members Still Likely to Postpone Approval of Bitcoin Spot ETF

Fox Business journalist Eleanor Terrett posted on X platform, suggesting an interesting reminder: the approval of the Bitcoin spot ETF by the five members of the U.S. SEC (Securities and Exchange Commission) may face potential delays. The SEC committee members include Gensler, Crenshaw, Peirce, Lizárraga, and Uyeda.　　Although theres no formal committee vote scheduled regarding the ETF, each commissioner evidently has the authority under 17 C.F.R. § 201.431 to request a review and a full commission vote, even if the matter has been delegated and approved by authorization. This provision allows an SEC commissioner to request the entire commission to review matters authorized by the staff.　　

2024-01-09Deep Dive

Creditors Claim DCG Has Not Fully Repaid Genesis Loan

DCGs Creditor Special Committee stated in court documents that DCG has not fully complied with repayment obligations to its bankrupt subsidiary, Genesis Global.　　Genesis and other debtors claim that, according to their repayment and main loan agreements, DCG still owes a certain amount of Bitcoin, along with $26 million in interest and late fees. ETCG and ETHE shares held by DCG have been used as collateral for loans from Genesis. However, DCG can only settle its dollar and Bitcoin demands with these currencies, not with other assets.　　Genesis claimed that as of Monday, DCGs outstanding balance was 4,550 BTC (approximately $214 million), with an additional 14,048 Bitcoin Cash (around $3.5 million), and late fees of 70 BTC.　　Previously, on January 6th, Digital Currency Group (DCG) posted on X platform, stating: “DCG announced that it has repaid all short-term loans to Genesis. DCG has repaid over $1 billion in debt to creditors over a year, including nearly $700 million to Genesis. We have fulfilled all current due debts. With the arrival of this milestone, we look forward to a new chapter for DCG and the future development of our industry. We will continue to honor our financial commitments as always.”　　

2024-01-09Deep Dive

BlackRock and VanEck Each Inject Seed Funds into Their Respective BTC Spot ETFs

The revised S-1 filings reveal that BlackRock has injected a $10 million seed fund into its Bitcoin spot ETF, while VanEck has injected a $72.5 million seed fund into its Bitcoin spot ETF.　　Seed funds refer to contributions made by banks and brokerages to purchase component stocks (in this case, Bitcoin) in exchange for ETF shares that can be traded on the open market on the day of listing. Seed funds are typically of a modest scale, designed to facilitate the operation of the ETF. Bloomberg analyst James Seyffart suggests that injecting seed funds may indicate an imminent launch of the ETF.　　

2024-01-09Deep Dive

Friend.tech Transfers 7800 ETH to Coinbase, Experiences 50% Decrease in TVL from Historical Peak

21.co analyst Tom Wan posted on X platform, indicating that the entire friend.tech treasury (all earning fees) was eventually transferred from an Externally Owned Account (EOA) address to a Multi-Sig address in December. Simultaneously, half of the fee revenue, totaling 7,800 ETH (approximately $16.6 million), was sent to Coinbase.　　Currently, the Total Value Locked (TVL) in friend.tech stands at around 15,000 ETH (approximately $33 million), marking a 50% decline from its historical peak of 30,000 ETH (approximately $50 million). Daily minting activity has significantly decreased, with redemption activities surpassing minting activities in most instances.　　On the Base chain, only 1.2% of active users are still using friend.tech, contributing only 1% of the daily fee revenue. During its peak, 54% of active addresses on Base used the protocol, contributing to 18% of the total fees.　　

2024-01-08Deep Dive

ETF Launch Expected This Thursday; GBTC Poised for Conversion/Listings on the Same Day as Other ETFs

The ETF Store President, Nate Geraci, posted on X platform, outlining five key points hes focusing on regarding the Bitcoin spot ETF this week:　　Remaining fee disclosures, particularly from BlackRock (iShares) and Grayscale. Currently, Fidelity leads with a 0.39% fee, while JPMorgan is at 0.59% (waived for the first six months).　　The SECs approval vote (likely on Wednesday). The SECs Trading and Markets division needs to approve the 19b-4 (exchange rule change) filing; the Corporate Finance division needs to sign off on the S-1 (registration statement). The critical aspect is the approval order for the 19b-4.　　The potential launch of the ETF on Thursday. In this case, interest lies in understanding the types of investors who are already prepared. There are rumors that BlackRock may attract $2 billion in the first week. How much capital will Fidelity, JPMorgan, and others bring？ Will ARK be able to purchase over $200 million to replace GBTC in ARKW？　　Will GBTC convert/list on the same day as other ETFs listings？ There are indications this might occur (based on executive X posts, documents, and general activity/news). This could be a significant advantage as GBTC currently holds $27 billion in assets and would automatically enter one of the top 60

2024-01-08Deep Dive

Bloomberg: Approval of Spot Bitcoin ETF Could Initiate Trading as Early as Next Business Day

Analysis suggests that before the Bitcoin spot ETF can commence trading, two technical requirements must be met. Firstly, the SEC needs to approve the 19b-4 filing submitted by the exchange intending to list the ETF. Secondly, the SEC must approve the relevant S-1 form.　　The SEC plans to vote on the 19b-4 filing submitted by the exchange in the coming days. It remains uncertain whether the SEC will take action on the issuers application (S-1) at the same time. If the SEC approves the Bitcoin spot ETF, the earliest possible start for ETF trading could be the following business day.　　A representative from the SEC declined to comment on the current status of the applications.　　

2024-01-08Deep Dive

Arthur Hayes: Predicts Bitcoin May Experience a 20%-30% Healthy Pullback in March

BitMEX founder Arthur Hayes has penned an analysis of the current cryptocurrency market trends and its potential risks. He points out that while the cryptocurrency market is in the early stages of a bull market, investors need to remain cautious about the upcoming market volatility and adjust their strategies accordingly.　　Hayes highlights three critical variables that will converge in March this year: changes in the United States Reverse Repurchase Program (RRP) balance, the renewal of the Bank Treasury Finance and Policy (BTFP), and the Federal Reserves decision on interest rate cuts.　　He anticipates a healthy 20% to 30% pullback in Bitcoin in early March, potentially even larger if the U.S.-listed spot Bitcoin ETFs have begun trading. He notes that if its expected that several hundred billion fiat will flow into these ETFs, Bitcoins price could surge to $60,000 or even approach its 2021 all-time high of $70,000. However, following this peak, due to a shortage of U.S. dollar liquidity, he foresees Bitcoin facing a 30% to 40% correction. This is why he refrains from buying Bitcoin until after the March decision date.　　Hayes mentioned that he plans to attempt selling at a high point in late February and buying substantial bearish options in

2024-01-05Deep Dive

Multiple Korean Institutions Engaged in the Investigation of Orbit Bridge Security Incident

The National Intelligence Service of South Korea has stated that it is collaborating with other parties to investigate the reasons behind the Orbit Bridge theft and the attackers.　　According to Article 48, Section 3 of the South Korean Information and Communication Network Act, information and communication service providers are required to immediately report infringement incidents to the Ministry of Science and ICT or the Korea Internet & Security Agency. Therefore, in the early stages of the Orbit Bridge cryptocurrency theft incident, the Korea Internet & Security Agency and the National Police Agency analyzed the causes of the event.　　Subsequently, the National Intelligence Service of South Korea also became involved in the investigation because the analysis indicated that the Lazarus hacking group from North Korea is likely the main perpetrator of this attack.　　

2024-01-05Deep Dive

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