Binance.US backed out of the Voyager acquisition deal, citing the uncertain regulatory environment in the US as the reason for terminating the asset purchase agreement.
A recent court document claimed that Voyager and its creditors may lose $10M every month if the bankrupt lender fails to close its deal with Binance.US by April 13.
The Department of Financial Protection and Innovation (DFPI) announced that bankrupt lender BlockFi will refund $100K worth of crypto assets to its California-based clients.
Celsius interim CEO Chris Ferraro reported that eligible custody account holders withdrew $17.7M in crypto after the bankrupt lender reopened withdrawals on March 2.
Celsius has reopened withdrawals for select holders of Custody accounts. The news has received a mixed reaction from the crypto community as only a fraction of Celsius users can withdraw their tokens.
A recent survey conducted by Stretto revealed that 97% of Voyager Digital clients voted in favor of Binance.US’ $1.022B plan to purchase the bankrupt lender’s assets.
Celsius’ debtors have released a sale plan that outlines their strategy to compensate the bankrupt crypto lender’s clients. The proposed sale plan will be sponsored by investment firm NovaWulf Digital Management.
Nexo announced its plans to shut down lending services for US-based customers on April 1. The crypto lender asked its US clients to withdraw their assets from its platform before the deadline.
Flux Finance has launched a decentralized lending protocol that is backed by OUSG. This will enable users to deposit USDC and DAI into the Flux protocol and in return, earn fUSDC and fDAI respectively.
The US trustee and Celsius creditors have denied Celsius an extension of its timeline to submit its Chapter 11 restructuring plan. One reason for the refusal is the increased cash burn.
Aave has integrated Proof of Reserves by Chainlink on Avalanche. This will enable on-chain verification and transparency of lending markets. It will also ensure bridged assets are adequately collateralized.
Genesis, Gemini, and DCG have agreed in the bankruptcy court to help Earn users recover their assets. The agreement lays a framework to maximize value for all Genesis clients and stakeholders.
Everlend Finance has announced it will shut down due to the market’s liquidity crunch. It urges users to withdraw their assets immediately as the platform has been moved to withdrawal-only mode.
An independent examiner report has revealed that Celsius used new customer funds to pay for withdrawals. Celsius operated a riskier business different from what it advertised to customers.
Aave has deployed its V3 on the Ethereum Network after a successful unanimous vote by its governance. The upgrade incorporated a flexible architecture that helps mitigate user risk and improve capital efficiency.
BlockFi provided a presentation highlighting the progress since its first-day hearing. The bankrupt lender will provide details on its liabilities and assets on January 11, 2023.
Midas Investments announced its plans to shut down its platform after incurring significant losses that have led to a large asset deficit for the firm.
Celsius provided an update on its ongoing business processes and disclosed that it has received multiple bids for its assets ahead of its auction process.
Amber Group has raised $300 million in its Series-C fundraising round led by Fenbushi Capital. The money generated will be used to protect and assist clients affected by the FTX collapse.
Summary: Maple has released Maple 2.0, a fundamental upgrade of its smart contract architecture. This version comes with new features that will help improve the quality of services to Maple’s users and partners.
Nexo has won regulatory approval in Poland. It is now registered with the Ministry of Finance of Poland as a Virtual Asset Service Provider (VASP). This gives the company the right to provide services and harness Poland’s potential as a growing crypto hub.
Nexus Mutual is facing a $3 million loss due to Orthogonal Trading’s loan default. This accounts for about 1.5% to 2.6% of the company’s assets. Nexus has initiated actions to recover available funds in the M11 pool.
Celsius has been granted an extension of its exclusivity period by the court. The company promises to utilize this period to develop plans for a stand-alone business and the benefits of its customers and stakeholders.
Maple Finance has cut ties with Orthogonal trading due to its $36 million default loan. The lending firm expressed disappointment in Orthogonal, citing its misrepresentation of financial position as a violation of agreements.
Genesis and its parent company, Digital Currency Group (DCG), owe $900M to users of Gemini Earn. Gemini has formed a creditors’ committee to re-acquire these funds.
Aave has temporarily frozen lending markets for 17 Ethereum-based tokens. According to the approved proposal, these are low-liquidity asset pools, and their freezing will reduce the risk profile for highly volatile assets.
Iris Energy has unplugged many mining machines due to a loan default. The lender has demanded that the payments be made in full immediately, and the hosting arrangements with the facilities have been terminated.
Shoba Pillay, the external examiner in the Celsius bankruptcy case, reported that the lender's Custody program lacked proper “accounting and operational controls or technical infrastructure.”
The court has approved January 3 as the bar date for all Celsius customers to file their claims. Stretto will send out a notice to all customers through emails, physical mail and notifications on the Celsius app.
Bitcoin lender, Unchained Capital, has laid off 15% of its employees and restructured its management. This action is due to the prolonged bear market and not any form of exposure to FTX.
Midas Investments has publicly showcased its Proof of Liquidity, revealing addresses for $91 million AUM out of its $145 million. The platform promised to continue its efforts to update users and promote transparency.
Oxygen has revealed it has significant exposure to FTX, stating that the exchange was the custodian for about 95% of the tokens in its ecosystem. The DeFi lender is now looking for ways to protect its ecosystem.
Salt has halted withdrawals and deposits due to the impact of FTX’s collapse. The firm states it will not be continuing operations until it is sure about the extent of impact and the way forward.
FTX’s collapse has prompted Voyager to reopen the bidding process for its buyout. The company is in active discussion with other interested companies and is making efforts to ensure maximum value is returned to its customers.
BlockFi has announced that it will limit platform activity, including clients’ withdrawals. This follows the FTX liquidity crunch and a series of reassuring tweets by BlockFi.
