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The Exiled · 28.06.2022., 20:20

Kak god se okrene, iFinex + Bitfinex + Tether su od samih početaka negirali bilo kakve poveznice, da bi se naposljetku dokazalo i pokazalo da su itekak povezani, a ekipa koja se krije iza svega je u najmanju ruku sumnjiva.

Citiraj:

From 2014 to 2018, Bitfinex placed over $1 billion with Crypto Capital because it was unable to find a reputable bank to work with it.

Crypto Capital then either lost, stole, or absconded with $850 million. In order to fill the gap, Bitfinex dipped into Tether’s reserves for hundreds of millions of dollars.

EDIT:

Citiraj:

Crypto Broker Voyager Digital Suspends Trading, Withdrawals

Citiraj:

Crypto broker Voyager Digital Ltd. is temporarily suspending trading, deposits and withdrawals due to difficult market conditions, amid a deepening meltdown in beleaguered cryptocurrency markets. New York-based Voyager, which offers crypto trading, staking -- a way of earning rewards for holding certain cryptocurrencies -- and yield products, is among the companies that have taken a hit amid the fallout from Three Arrows Capital Ltd.’s liquidity problems. It earlier received a credit line from Alameda Research, Sam Bankman-Fried’s trading firm. Voyager plunged as much as 43% in US trading following the news, making it one of the worst-performing crypto stocks.

FTX US Signs Option to Buy BlockFi in Crypto Sector Shakeup

Citiraj:

FTX US, the crypto exchange co-founded by billionaire Sam Bankman-Fried, signed an agreement to inject capital into BlockFi Inc. with an option to purchase the crypto lender, a transaction born out of a market selloff that may spur further industry consolidation. The deal includes a $400 million revolving credit facility, which is subordinate to all client funds, BlockFi said. It also gives FTX US an option to buy BlockFi for as much as $240 million, based on performance triggers. Together with other potential consideration, the deal represents a total value of as much as $680 million, Jersey City, New Jersey-based BlockFi said in an emailed statement Friday. Buying BlockFi will give FTX another foothold to expand in the US market. FTX is also exploring whether it might be able to acquire Robinhood Markets Inc., in which Bankman-Fried already bought a 7.6% stake.

Crypto Hedge Fund Three Arrows Files for Chapter 15 Bankruptcy

Citiraj:

Crypto hedge fund Three Arrows Capital has filed for Chapter 15 bankruptcy, a move that protects its US assets while a liquidation is carried out in the British Virgin Islands. Representatives for Three Arrows filed the bankruptcy petition in New York on Friday, court papers show. Chapter 15 bankruptcy filings stop creditors from seizing a company’s assets in the US. A British Virgin Islands court ordered the liquidation of Three Arrows Capital earlier this week. The fund, founded by former Credit Suisse traders Zhu Su and Kyle Davies, managed an estimated $10 billion of assets as recently as March, according to blockchain analytics firm Nansen.

Voyager Files for Bankruptcy Citing Contagion in Crypto Markets, Three Arrows Capital's Loan Default

Citiraj:

Crypto lender Voyager Digital has filed for Chapter 11 bankruptcy. The company explained that the “prolonged volatility and contagion in the crypto markets” and the default of crypto hedge fund Three Arrows Capital (3AC) on a loan require it “to take deliberate and decisive action now.” In addition, the company said it “intends to seek recognition of the Chapter 11 case of Voyager in the Ontario Superior Court of Justice,” the announcement adds. A case filed under Chapter 11 of the United States Bankruptcy Code is frequently referred to as a “reorganization” bankruptcy. This type of bankruptcy puts a hold on all civil litigation matters and allows companies to prepare restructuring plans while remaining operational. In its filing, New Jersey-based Voyager estimated that it has more than 100,000 creditors. Alameda Research was the crypto lender’s largest single creditor, with unsecured loans of $75 million. In addition, Voyager said it has between $1 billion and $10 billion in assets, and liabilities worth the same value.

Voyager Digital duped customers with FDIC insurance

Citiraj:

Typifying the irrational exuberance of crypto investors, the firm’s equity (USD$49 million market cap) is trading lower than its crypto token VGX ($59 million market cap). VGX is subordinate to equity, confers no voting rights, and enjoys no investor nor consumer protection oversight. Instead, VGX is a “loyalty and rewards program” that allows token holders to earn “referral bonuses, lower transaction fees, prioritized customer support, higher PIK Interest rates, and access to special events and investment opportunities.” Billions of dollars of Voyager’s customer deposits are frozen pending the outcome of bankruptcy proceedings. Bloomberg columnist Matt Levine estimates that customers might only receive pennies on the dollar after it’s all finalized. Voyager’s marketing led customers to believe FDIC insurance would protect their assets in the case of the company collapsing — the fine print shows that to be incorrect.