Category: Cryptocurrency News

What is Web5, where is Web4 and what would be the recently announced initiative by Block subsidiary TBD to create a new layer of decentralization on top of the Web.

While awaiting Crema Finance’s report on the situation, the Crypto Twitter community took it to themselves to track down the hacker’s wallet and better understand the problem.

At the time the 08 global financial crisis had a huge impact on Bitcoins creator, Satoshi. Satoshi saw what happened when people blindly trusted their money in banks. In 08 banks collapsed under dodgy lending schemes and people got seriously burnt. Bitcoin was created to create a decentralized payment system, free from government control where…
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You pull out your phone … a few swipes and you're on the home screen. "Hmm … where do I want to go today?" A list of locations displays, a network all around the world. Everything is accessible to you … but instead of renting someone else's property … it's your own. ​ I'm working…
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Crypto hedge fund 3 Arrows Capital is slated to be another pillar piece of 2022’s bear market headlines, joining the likes of brutal bear market moments that include Terra Luna’s downfall and CeFi’s drama. While rumors have swirled for several weeks now about 3AC’s status, limited details with concrete information have been released. That’s evolving to close out this week, as new reports have shown that 3 Arrows Capital is filing for Chapter 15 bankruptcy in New York. A Dozen Headaches & 3 Arrows Makes For Chapter 15 In a bull market, it can all be rainbows and sunshine – and 3 Arrows was certainly seeing that with an AUM at around $10B earlier this year. As the tides have shifted this year, though, so too has the business operations. The unraveling began in early June with speculation that 3AC was failing to make owed payments, headlined by ~$80M owed to derivatives exchange Deribit. Following roughly a week or so of silence from 3AC co-founders Zhu Su and Kyle Davies, Su posted this this tweet, essentially confirming that 3AC was facing serious liquidity issues: We are in the process of communicating with relevant parties and fully committed to working this out — Zhu Su 🔺 (@zhusu) June 15, 2022 It’s been dominos ever since. CeFi platform Voyager Digital stated that they could lose in excess of $650M due to the 3AC collapse, according to the Financial Times; the platform has since suspended withdrawals and trading. Fellow CeFi player BlockFi also sustained roughly $80M in losses, according to the Times. This week, 3 Arrows filed for Chapter 15 bankruptcy in New York, following liquidation as well as regulatory inquiries from Singaporean officials, where the hedge fund is based. Chapter 15 is geared towards addressing “cross-border insolvency.” Strong headwinds for Bitcoin (BTC) this year have exemplified the crypto market’s uphill challenges recently. | Source: BTC-USD on TradingView.com Related Reading | Leading Crypto Exchanges See Negative Funding Rates, Have The Bears Taken Over? State Of CeFi: Pulse Check Centralized finance platforms, commonly referred to as CeFi, aim to take the utility of DeFi and integrate easy-to-use mechanisms and UI to attract more casual consumers with aggressive yields. However, speculation has surrounded a bevy of these firms as speculators suggest that their loans are high-risk and that their liquidity is volatile. Then comes the subsequent problem – where even if liquidity isn’t an immediate issue for a CeFi platform in a downturn, users belief in potential liquidity concerns leads to a bankrun, and now liquidity becomes an issue because of mass withdrawals. Many believe that some CeFi platforms have engaged in riskier processes to generate yield, which adds another layer of complexity, and for platforms with ties to VC firms like 3 Arrows Capital, things only get even cloudier. Related Reading | Can This Bitcoin Ratio Have Hints For A Bottom? Featured image from Pixabay, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

Meta Platforms, formerly Facebook, has announced the end of its crypto project Novi. Users are advised to withdraw funds as soon as possible. The announcement followed the introduction of a digital wallet for the metaverse, announced by Meta CEO Mark Zuckerberg. Crypto Project Novi Ending Facebook owner Meta Platforms Inc. (Nasdaq: META) announced Friday that […]

so concerning reports are coming out about every project, this past week multiple reports about Coinbase and USDC being on the verge of collapse. Yesterday and today Kucoin has been facing the brunt of these reports with many post stating that it's about to halt withdrawals, this wasn't helped by some users reporting USD deposits…
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