Crypto Lending News and Insights

The latest crypto lending news and insights to help you earn more in a safer way

Latest News

Binance.US pulls out of Voyager takeover deal

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.

Voyager must close acquisition deal with Binance.US by April 13

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.

Paxful to refund Earn account holders affected by Celsius’ bankruptcy

Paxful disclosed its plans to return the assets of Earn account holders whose funds were frozen following Celsius’ bankruptcy.

BlockFi agrees to return $100K to Californian users

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 approved to return 72.5% of assets to Custody account holders

Judge Martin Glenn ruled that Celsius’ Custody account holders can receive up to 72.5% of their crypto assets.

Celsius’ litigation expenses exceed $144M

Celsius' legal and advisory expenses have reportedly exceeded the $144M mark.

BlockFi holds uninsured funds worth $227M in Silicon Valley Bank

A recent court filing revealed that BlockFi holds $227M worth of non-FDIC insured funds in an MMMF with Silicon Valley Bank

Aave DAO votes in favor of removing BUSD from V2 lending market

The Aave DAO community approved the proposal to offboard Paxos-issued Binance USD from the Aave V2 Ethereum market.

Celsius processes withdrawals worth $17.7M for custody account holders

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.

Binance.US wins court approval to acquire Voyager Digital

Judge Michael Wiles has approved Binance US' proposal to acquire Voyager Digital despite significant opposition from the US regulators.

Celsius allows select Custody account holders to withdraw assets

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.

Crypto investor files lawsuit against BlockFi executives and Gemini

A BlockFi investor has filed a class-action lawsuit against BlockFi executives and Gemini, citing that the firms misled customers.

Voyager clients vote in favor of Binance.US’ restructuring plan

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 reportedly failed to record 7,000 intercompany transactions

A recent court filing claimed that Celsius failed to record 7,000 transactions between the bankrupt lender's affiliate firms.

Celsius debtors unveil NovaWulf-sponsored sale plan

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 asks US clients to withdraw funds by April

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 launches US Treasury-backed lending token

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.

Celsius extension request denied by US trustee and creditors

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 Integrates Proof of Reserve By Chainlink On Avalanche

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 Reaches An Agreement In The Bankruptcy Court

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.

Hodlnaut receives acquisition inquiries from potential investors

Hodlnaut’s interim judicial managers have received inquiries from interested parties who seek to acquire the firm.

Everlend Finance Shuts Down App Citing Liquidity Crunch

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.

Tether CTO denies allegations of borrowing from Celsius

Paolo Ardoino, the Chief Technology Officer of Tether, denied reports about Tether receiving loans from Celsius. 

Independent Examiner’s Report Shows Celsius Was Running A Ponzi Scheme

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.

Alameda seeks to recover $446M from Voyager

Alameda Research filed a complaint against Voyager Digital to recover $446M worth of crypto assets from the bankrupt lender.

Aave Deploys Version 3 On Ethereum Network

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.

Genesis Global Capital Files For Bankruptcy Protection

Genesis Global Capital filed for chapter 11 bankruptcy following a liquidity crisis caused by the collapse of Three Arrows Capital and FTX.

Hodlnaut’s Creditors Reject Restructuring Plan

Hodlnaut's creditors have rejected its restructuring plan. They instead seek to liquidate the firm’s assets.

BlockFi Releases Presentation Detailing The Progress In Its Bankruptcy Proceedings

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.

Nexo Pens Open Letter On Vauld Acquisition Deal

Nexo has published an open letter in response to Vauld rejecting its final takeover offer.

Celsius Seeks To Extend Deadline For Submitting Proof Of Claims

Celsius will file a motion to further extend the deadline for users to submit their claims until February.

Investors Sue Gemini Over Its Yield-Bearing Program

Investors have filed a lawsuit against Gemini and its Founders over allegations of committing fraud in the interest-bearing program, Gemini Earn.

Midas Investments Shuts Down Following Significant Losses

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.

Nexo Submits Final Takeover Proposal To Vauld’s Creditors

Nexo has sent an open letter to Vauld’s creditors after the latter called off its potential acquisition deal with Nexo.

Vauld Rejects Nexo’s Acquisition Proposal

Vauld has pulled out of potential acquisition by Nexo following Nexo's lack of response to due diligence requests.

Celsius Attracts 30 Potential Bidders For Its Retail Platform And Mining Business

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.

BlockFi Requests Court To Allow Holders Of Wallet Accounts To Withdraw Their Assets

BlockFi filed a motion with the Bankruptcy Court in New Jersey to enable withdrawals for Wallet Account holders.

Celsius' Lawyers Seek $52.8M As Litigation Fees

Celsius' legal consultancy firms have filed motions with the Court to receive $52.8M from the bankrupt crypto lender. 

Amber Group Raises $300M In A New Fundraising Round

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. ‍

Maple Finance Introduces Version 2.0 Of Its Smart Contract Architecture

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.

Tether Plans To Reduce Secured Loans To Zero In 2023

Tether announced its plans to remove secured loans in 2023 in response to widespread concern about the stablecoin issuer’s growing number of loans.

Nexo Obtains Regulatory Approval In Poland

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.

Judge Orders Celsius To Return $50M Worth Of Crypto To Investors

Martin Glenn ordered Celsius to return clients' assets worth $50M at Wednesday's court hearing.

Nexus Mutual Hit With $3M Loss Due To Orthogonal Trading's $36M Loan Default

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.

Court Grants Celsius Extension To Submit Chapter 11 Reorganization Plan

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 Severs Ties With Orthogonal Trading Due To $36M Loan Default

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.

Nexo To Exit US Market Due To Lack Of Regulatory Clarity

Nexo announced its plans to gradually exit the US market after hitting a “dead end” in its discussions with the US regulators.

Genesis And Digital Currency Group Owe $900M To Gemini Users

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.

BlockFi Sues Ex FTX CEO Bankman-Fried Over shares in Investment Company Robinhood.

BlockFi launches lawsuit against SBF shell company in a bid to enforce their previous agreement.

FTX Contagion Spreads As BlockFi Files For Chapter 11 Bankruptcy Protection

BlockFi emerged as the latest victim of FTX’s collapse as the crypto lender and eight of its associate firms filed for Chapter 11 bankruptcy.

Aave Pauses Lending Markets For 17 Ethereum-based Tokens

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.‍

Matrixport Seeks To Raise $100M To Hit $1.5B Valuation

Matrixport targets $100M in funding to attain a $1.5B valuation after securing $50M from its undisclosed investors.

Binance CEO CZ Confirms Plan To Restart Bid For Bankrupt Crypto Lender Voyager

Binance ready another bid for Voyager's assets while clarifying its status as not a Chinese company.

Crypto Lender Hodlnaut Under Investigation Over Allegations Of Fraud

Holdnaut is under investigation by the Singapore police force due to alleged misinformation and false representation.

Crypto Lender BlockFi Places Client Loans Into Forbearance

BlockFi makes further platform moves after stopping customer withdrawals.

Digital Currency Group Owes Intercompany Loans Worth $575M To Genesis

Barry Silbert, the CEO of Digital Currency Group, said the firm owes $575M to Genesis Global Capital, with these intercompany loans due in May 2023.

Genesis Rejects Notions Of Imminent Bankruptcy Filing

Genesis denied rumors of “imminently” submitting bankruptcy filings after failing to raise funds over the last week.

Iris Energy Unplugs Its Miners Following $100M Loan Default

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.‍

Investors Sue Nexo For Blocking $126M Worth Of Crypto

Three investors filed a lawsuit in the London High Court against Nexo for blocking them from withdrawing their crypto assets.

External Examiner Reports Shortfalls In Celsius’ Custody Program

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.”

Court Approves January 3 As Deadline For Celsius Customers to File Claims

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 Downsizes And Reshuffles Management Amid Bear Market

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 Presents Its Proof of Liquidity

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.

Nexo Reports Zero Exposure To Genesis

Nexo’s latest tweets revealed that the platform does not have any exposure to Genesis after the latter suspended its loan services.

Genesis Global Capital Suspends Loan Redemptions Following FTX Insolvency Crisis

Genesis becomes the latest firm affected by FTX’s collapse as its lending entity halts loan originations and redemptions due to liquidity issues.

Oxygen Protocol Opens Up About Its High Exposure to FTX

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 Lending Pauses Withdrawals As FTX Contagion Spreads

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.

Voyager Reopens Bidding Process Following FTX Bankruptcy

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.

Matrixport’s Exposure To FTX Impacts 79 Users

Matrixport’s Earn products were affected by the insolvency of FTX, resulting in losses to 79 clients.

BlockFi’s Leadership Team Page Gets Taken Down

BlockFi's leadership page has been taken down a few hours after the crypto lender began suspending withdrawals.

BlockFi Halts Withdrawals Following FTX/Alameda Crisis

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.

Celsius Requests Extension For Submitting Restructuring Plan

Celsius filed motions requesting the Court to extend its exclusivity period for submitting a restructuring plan.