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What happened to the crypto lending industry in 2022?

The year 2022 was riddled with crypto platform crashes. This article takes a deep dive into what the future holds for crypto lending and how crypto staking can be an alternative form of investment in the meantime.

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.

Judge Allows FTX To Auction Off Four Business Units

Judge John Dorsey authorized FTX to sell LedgerX, Embed, FTX Japan, and FTX Europe.

Attorney Claims FTX Has Recovered Over $5B Worth Of Assets

Andy Dietderich, the attorney representing FTX, reported that the firm has recovered $5B in cash, liquid crypto, and liquid securities.

U.S. Government Confiscates $455 Million Worth of Robinhood shares From SBF

United States Department of Justice takes possession of Sam Bankman Fried’s Robinhood shares.

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.

FTX Users Request Court To Redact Private Information From Bankruptcy Filings

Clients of FTX International have requested the court to withhold their identities and private information from FTX's bankruptcy filings to protect the exchange's user base from identity theft and other cyber scams.

FTX-Owned Japanese Exchange Aims To Return Users’ Assets In February 2023

Liquid, a Japanese exchange owned by FTX, announced its plans to initiate the process for returning users’ crypto assets in 2023.

Binance CEO Cautions Users About “Widespread” API Key Leaks From 3Commas

Changpeng Zhao warned Binance users to disable 3Commas API keys following several reports of API key leaks from 3Commas.

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.

Two Former FTX Executives Plead Guilty To Fraud

Former FTX executives Caroline Ellison and Gary Wang pleaded guilty to charges of committing fraud as the exchange’s former CEO, Sam Bankman-Fried, was extradited to the US.

Coinbase CEO Proposes Guidelines For Regulation Of Crypto Industry

Brian Armstrong outlined a blueprint for regulating centralized actors and stablecoin issuers in the wake of FTX’s collapse.

FTX Seeks Court Approval To Auction Off Four Business Units

FTX filed a motion with the Bankruptcy Court in Delaware to auction off Embed, LedgerX, FTX Japan and FTX Europe.

Binance CEO Cautions Against Holding Crypto In Self-Custody As The Exchange’s Weekly Outflows Top $3.66B

In a recent Twitter Space discussion, Changpeng Zhao claimed that investors are more likely to lose their crypto assets by keeping them in private wallets instead of centralized exchanges. 

CFTC Declares Bitcoin, Ethereum And Tether As Commodities

The Commodity Futures Trading Commission labeled Bitcoin, Ethereum and Tether as commodities in its lawsuit against FTX and Alameda Research.

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.

Bahamian Authorities Arrest FTX Founder Sam Bankman-Fried

Sam Bankman Fried, the Founder and Ex CEO of FTX, was arrested by the Royal Bahamas Police Force after US lawmakers filed criminal charges against him.

Coinbase CEO Expects Revenue To Decline By 50% In 2022

Brian Armstrong said Coinbase's annual revenue in 2022 may drop by over 50% due to bearish market trends coupled with the collapse of FTX.

FTX Reportedly Secured Its Australian License Through A Loophole

FTX Australia acquired the AFSL by purchasing IFS Markets in December 2021. This allowed FTX Australia to operate without undergoing any regulatory tests. 

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.

Liquidators Seize $35.6M From Three Arrows Capital

Teneo seized $35.6M from Three Arrows Capital’s bank accounts in Singapore following a lack of cooperation from its founders.

US Trustee Requests Court To Appoint External Examiner In FTX Bankruptcy Case

US Trustee Andrew R. Vara filed a motion with the Delaware Bankruptcy Court to hire an independent examiner to investigate FTX’s collapse.

Telegram CEO Seeks To Launch Crypto Exchange And Non-Custodial Wallets

Pavel Durov, the Founder and CEO of Telegram, announced his plans to build a decentralized crypto exchange and non-custodial wallets as a response to FTX's collapse.

US Senator Requests Major Crypto Exchanges To Disclose Consumer Protection Safeguards

Ron Wyden, the Chairman of the Senate Finance Committee, sent letters to the CEOs of six crypto exchanges asking them to reveal the measures they use to protect clients' 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.

Alameda Research Withdrew $204M From FTX US Before Filing For Bankruptcy

Arkham Intelligence reported Alameda Research pulled out crypto assets worth $204M from FTX US before filing for Chapter 11 bankruptcy on November 11.

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.

Bybit To Aid Institutional Traders By Launching $100M Support Fund

Bybit announced its plans to launch a $100M support fund to help institutional traders and market makers brave the current market conditions.

FTX Requests Court To Appoint BitGo As Its Official Custodian

FTX filed a motion with the bankruptcy court to allow asset custodian BitGo to safeguard its remaining assets.

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.

Attorney Claims Substantial Amount Of FTX’s Assets Are Stolen Or Missing

James Bromley reported that a large portion of FTX’s assets remain unaccounted for. He claimed that FTX has begun adding measures to safeguard its clients’ assets under the leadership of John J. Ray III.

Court Orders FTX To Reimburse Bahamas Regulators For Holding Its Assets

The Supreme Court of Bahamas ordered FTX to pay reimbursement fees to the Securities Commission of the Bahamas for holding the firm’s digital assets since November 11.

Binance Surpasses Coinbase In Holding The Largest Bitcoin Exchange Reserves

CryptoQuant's report revealed that Binance’s Bitcoin reserves have hit the 575K mark, thus making it the exchange with the largest BTC holdings.

Liquid Global Halts Trading Days After Suspending Withdrawals

Liquid Global has paused its trading services five days after suspending fiat and crypto withdrawals. This action is in accordance with FTX’s Chapter 11 bankruptcy proceedings in the Delaware Courts.

FTX Hacker Converts Over 30K Ethereum Tokens Into Bitcoin

The perpetrator behind the recent FTX hack swapped 30,990 Ethereum tokens (worth $36M) for Bitcoin via RenBridge.

FTX Sacks Three High-Ranking Executives

A spokesperson for FTX revealed that the firm has fired Co-Founder Gary Wang, CTO Nishad Singh, and Alameda’s CEO Caroline Ellison.

Chairman Of House Subcommittee Seeks Documents On FTX’s Collapse

The Chair of the Subcommittee on Economic and Consumer Policy has issued a letter to FTX’s former and current CEOs requesting more details on FTX’s collapse.

Bahamian Regulator Claims It Ordered Sam Bankman-Fried To Move FTX Assets To Government Wallets

The Securities Commission of the Bahamas (SCB) revealed that the agency instructed FTX to transfer assets to government wallets on November 12.

FTX's New CEO Criticizes The Exchange’s Corporate Practices Under Sam Bankman-Fried

John Ray III stated that FTX suffered from a complete failure of corporate controls under Sam Bankman-Fried's leadership.

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.

FBI Seeks To Extradite Sam Bankman-Fried For Questioning

The FBI is reportedly in talks with Bahamian authorities to extradite Sam Bankman-Fried to the US for interrogation on FTX's downfall.

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.

Bahamas Supreme Court Authorizes Liquidators For FTX Assets

The Bahamian Supreme Court has approved two insolvency experts from Pricewaterhouse Coopers (PwC) to act as joint provisional liquidators overseeing FTX assets. The Commission continues its investigation and is ready to help the police if needed.

Bitcoin Sees Record Increase In Number Of Holders Who Use Self-Custody Wallets

A recent report published by Glassnode revealed that the number of Bitcoin (BTC) users who have stored their BTC assets in self-custody wallets has hit an all-time high.

Crypto.com Recovers $990M Exposure From FTX

Kris Marszalek reported that Crypto.com only has a $10M exposure to FTX as it was able to recover $990M worth of funds from the now-bankrupt crypto exchange.

Binance To Launch Industry Recovery Fund To Support Troubled Crypto Ventures

Binance seeks to set up an Industry Recovery Fund to aid crypto projects that are under the threat of a liquidity crunch.

Kraken Freezes Accounts Owned By FTX And Alameda

Kraken has frozen FTX and Alameda Research’s accounts due to the recent events surrounding FTX to protect users’ funds.

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.

Sam Bankman-Fried Resigns As FTX Files For Bankruptcy Protection

The curtains have finally come down on the FTX liquidity crisis, with the exchange filing for bankruptcy in Delaware’s Federal Court and Sam Bankman-Fried stepping down as its CEO.

Bahamian Financial Regulator Freezes Certain FTX Assets

The Bahamas Securities Commission has frozen FTX Digital Markets’ assets following allegations against the crypto exchange. As a result, FDM directors cannot make any transaction without the Commission’s approval.

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.

Sam Bankman-Fried Seeks To Raise $4.9B For FTX

Sam Bankman-Fried reportedly aims to raise $4.9B from investors and other crypto platforms to aid FTX in escaping its liquidity crisis.

Tether Freezes FTX’s $46M Worth Of USDT Assets

Tether has frozen FTX’s USD Tether (USDT) balance following instructions from law enforcement authorities. 

FTX CEO Publicly Apologizes For Recent Liquidity Crisis

Sam Bankman Fried, the CEO of FTX, issued an apology and shed light on the circumstances that led to FTX facing a liquidity crunch.

Binance Publicly Shares Major Asset Holdings To Improve Transparency

Binance has disclosed its major asset holdings to the public to improve transparency and foster trust in the industry. The company is making this move the cushion the effects of the FTX bank run.

Kraken Reports Zero Exposure To Alameda Despite Holding 9K $FTT

Kraken stated that it is not affected by the FTX insolvency crisis despite possessing roughly 9,000 FTX Tokens (FTT).

Binance Terminates FTX-Bailout Deal

Binance has pulled out of its agreement to purchase FTX after going through the latter's finances.

Ledn Remains Unaffected By FTX’s Liquidity Crisis

Ledn reported that it has not experienced any issues in its operations despite having Alameda Research as one of its counterparties

Binance Considers Pulling Out Of FTX-Takeover Deal

Binance is reportedly considering terminating its acquisition deal with FTX less than a day after signing a non-binding LOI to “save” FTX from a liquidity crunch.

FTX Bank Run: An Unexpected Turn Of Events

This article covers what led to the downfall of FTX, the lessons, and the potential winners and losers of this event.

Circle CEO Dispels Uncertainty Over Material Exposure To FTX

Jeremy Allaire compared FTX's liquidity crunch to the Lehman Brothers crisis and reassured investors that Circle does not have any exposure to FTX or Alameda Research.

Nexo Boasts Of $0 Net Exposure To FTX

Nexo has boasted of its $0 exposure to FTX amid the exchange crisis. Its small loan to Alameda, fully collateralized by digital assets, was sold off a few days ago, making them immune to any losses.

Binance’s Acquisition Of FTX Causes Crypto Prices To Plummet

The Binance-FTX acquisition deal sparked liquidity fears in the crypto community, causing huge selloffs and wild fluctuations in the prices of crypto assets.

BlockFi Says Products Are Fully Functional Amidst The Binance-FTX Deal

BlockFi has stated that all its products remain fully functional regardless of the Binance-FTX deal. The lending firm, which was supposed to be acquired by FTX, will now run as an independent entity until at least July 2023.

Binance Agrees To Purchase FTX By Signing Non-Binding Letter Of Intent

According to the latest set of tweets by the CEOs of Binance and FTX, the two exchanges have reached an agreement wherein Binance will “fully acquire” FTX.

SBF Prefers Censorship?

Sam Bankman Fried releases a controversial "industry guide" that reveals his stance on major issues in the crypto industry.

Binance’s Stablecoin Hits All-Time High Market Share Of 15.48%

BUSD's stablecoin market share increased to its highest level at 15.48%. The token's market capitalization also grew by 22.88% within the past 2 months.

Voyager Requests Creditors To Vote In Favor Of FTX’s $1.42B Sale Plan

Voyager Digital urged its creditors to support FTX US’ sale agreement to purchase the bankrupt lender’s assets.

FTX To Delist Tokens That It Considers As Securities

Sam Bankman-Fried, the CEO of FTX, said his exchange will stop supporting certain tokens in the US to avoid facing regulatory issues.

FTX’s Tentative Deal May Allow Voyager’s Clients To Recover 72% Of Their Assets

Voyager Digital could allow its customers to retrieve up to 72% of their frozen funds as part of a provisional deal with FTX US.

Texas Regulators To Investigate FTX And Sam Bankman-Fried

The Texas State Securities Board will launch probes into crypto exchange FTX and its founder, Sam Bankman-Fried, over violation of the Securities Law.

CFTC’s Chairman Claims FTX’s Proposal Can Cause “Evolution” Of Financial Markets

CFTC's chairman voiced his opinions on FTX's proposal of eliminating the middleman in crypto derivative trading, and claimed it can potentially cause an evolution in the market structure.

Voyager’s Creditors Raise Objections Against Granting Legal Immunity To Executives

Voyager Digital’s Unsecured Creditors' Committee (UCC) objected to providing security to its executives from future action.

Crypto Exchanges Continue Operating In Russia Despite EU’s Sanctions

Although the EU demanded crypto platforms to suspend their services to Russia, many exchanges have not imposed any restrictions on their Russian users.

Visa To Launch Crypto Debit Cards In 40 Nations

Visa partnered up with FTX to roll out crypto-backed debit cards in 40 countries. The purchases made with these cards will be funded by holders’ FTX wallets. 

FTX’s CEO Reveals How They Will Approach Celsius' Auction

Addressing Simon Dixon's Tweets, Sam Bankman-Fried disclosed how FTX would place bids on Celsius’ Assets.

Celsius Submits Proposal For The Auction Of Its Retail Assets

Celsius filed a notice to auction its retail assets and exit Chapter 11 bankruptcy. According to sources, FTX has set its sights on acquiring Celsius' assets.

FTX Reportedly Seeks To Acquire Celsius’ Assets

According to sources, Sam Bankman-Fried, CEO of FTX, is considering bidding on crypto lender Celsius’ assets to bail the latter out of bankruptcy.

FCA Warns Citizens Over FTX’s Lack of Authorization to Operate in the UK

UK’s FCA says crypto exchange FTX is not authorized to operate in the country. It warns citizens of the risks of investing in unregistered companies.

GMX Allegedly Hit By A Price Manipulation Exploit

Decentralized exchange GMX reportedly suffered from a price manipulation exploit targeting the AVAX/USD pair, with the platform's estimated losses exceeding $500K.

FTX Emerges As The Top Bidder In The Auction To Buy Voyager’s Assets

FTX submitted the highest offer to purchase Voyager Digital’s assets by outbidding Wave Financial in an auction that began earlier this week.

Dust Labs Raises $7M While yOOts Performs Outstandingly

The yOOts project launched on Monday but has already achieved a big feat by generating over $6 million in sales. Its parent company, Dust Labs, toed a similar line by raising $7 million in a funding round.

VGX Surges By 125% In 24 Hours Following Rumors Of Voyager's Takeover

Voyager's native token, VGX, saw a sudden rise as its value surges by over 125% within 24 hours while rumors of the platform's buyout begin to circulate. 

Top Executives At FTX Respond To FDIC’s Allegations Of ‘False Statements’

Sam Bankman-Fried and Brett Harrison clear the air by pointing out that FTX is not FDIC-insured.

Financial Regulator Issues A Cease-And-Desist Letter To FTX US For "False" Statements

The FDIC recently issued cease and desist letters to five companies, including FTX.US, for false statements.

FTX Flags Aztec Protocol, Allegedly Freezes Users’ Funds

Bahamian crypto exchange FTX flags Aztec Network, Aztec Connect, and zk.money.

FTX And Paradigm Partner To Launch Crypto Futures Spread Trading

FTX enters a strategic partnership with Paradigm to offer 'one-click' futures spread trading to users.

Uzbekistan Blocks Access To Unlicensed Crypto Exchanges

Authorities of Uzbekistan have begun restricting access to crypto exchanges and trading platforms that are not registered under the nation’s laws.

FTX Strikes Deal To Bring Swaps To Reddit

Crypto giant, FTX, partners with Reddit to integrate swap features on the social platform.