The crypto app startup was founded by a former Coinbase engineer.
Binance Says Signature Bank Won’t Support Transactions for Crypto Exchange Customers of Less Than $100K
The crypto friendly bank has been reducing its involvement in crypto markets in recent months, part of the fallout from recent industry debacles.
First Hearing in Genesis Bankruptcy Case Set For Monday
Genesis’ first hearing in its bankruptcy case is set for January 23.
Genesis’ Crypto Trading Arm Is Moving Money Around, a Sign of Normalcy Amid Sibling’s Bankruptcy
About $125 million was sent to exchanges in the run-up to Genesis’ lending division filing for Chapter 11, and more was moved the next day.
Bitcoin Miner 1Thash Sent Almost All Its BTC to Binance
On-chain data sourced from CryptoQuant shows that the 5,592 BTC worth some $124 million that was transferred out of the miner’s address in the past three days ended up in Binance.
Moody’s Further Downgrades Coinbase Junk Bonds, Joining S&P
The ratings agency cited Coinbase’s weakened revenue and cash flow generation potential due to the ongoing crypto winter as reasons for the move.
SEC Sues Eisenberg for Draining Mango Markets, Alleges MNGO a Security
It’s the latest case to emerge from Avraham Eisenberg’s “highly profitable trading strategy.”
Genesis Claims $5.1B in Liabilities in First Day Bankruptcy Filing
Three of the institutional crypto brokerage’s entities filed for Chapter 11 protection late Thursday.
Fairfax County, Virginia Pension Funds Exposed to Genesis Bankruptcy
Two Washington, DC-area pensions invested $35 million in a VanEck fund listed as a Genesis creditor.
Crypto Trading Firm Cumberland DRW Disputes Genesis Exposure
The Chicago-based firm was listed among Genesis’ creditors in the amount of $18 million, but Cumberland said that’s too high. The document includes “misleading and incorrect information,” Cumberland tweeted.
Ex-FTX US Head Raises $5M for Startup Months After Exchange Collapse
Investors included the venture arms of Coinbase and Circle, a former FTX portfolio company.
Digital Currency Group Owes Subsidiary Genesis Global Over $1.65B
The crypto finance firm filed for Chapter 11 bankruptcy yesterday, with debts around $3.5 billion.
Former FTX Lawyer Opposes Hiring Sullivan & Cromwell for Bankruptcy
Individual objectors have sought to delay an FTX hearing in the United States Bankruptcy Court in the district of Delaware scheduled at 10:00 a.m. EST on January 20, 2023 expected to be about whether FTX can retain the services of New York law firm Sullivan & Cromwell (S&C) amid allegations from the U.S. Trustee claiming potential conflicts of interest.
Cameron Winklevoss Threatens Legal Action Against DCG CEO After Genesis Bankruptcy
The Gemini CEO has been involved in a weeks-long public spat with DCG over the repayment of a $900 million loan.
Genesis Owes Over $3.5B to Top 50 Creditors
Genesis has over 100,000 creditors between the of its companies that declared bankruptcy.
HNT Balloons As Token Gets 36% More Helium In Run-Up To Network Migration
Helium’s native token HNT has been bloating in price since the start of the year. According to CoinGecko, the token is up more than 36% in the past week. This means that the token is ready for more gains in the coming days or weeks as Helium merges with the Solana blockchain.
According to Helium’s tweet back on December 16th, the two blockchains will merge in the 1st quarter of this year. Will HNT continue its bullishness post-merge?
The Merge & External Developments On Helium
The Helium-Solana consolidation event is not just the only thing marked for investors and traders to watch. Nova Labs, formerly known as Helium, and T-Mobile announced a partnership back on September 20 last year.
Helium is migrating onto the @Solana blockchain ~Q1 2023. Did you know @Helium Hotspots will each be represented by an NFT on Solana—creating almost 1 million new Solana NFTs during the Helium #MintORama?
If you missed our Transition AMA on Dec. 1st, here’s a recap.— Helium Foundation (@HeliumFndn) December 15, 2022
According to the press release, the partnership would enable Helium Network users to use the T-Mobile 5G network alongside with Helium’s own native 5G network. This would entitle users to opt-in of the MOBILE rewards system.
This system rewards users for sharing data about Helium’s dead spots location in the United States which would help them save on cellular data plans. The public beta launch of the rewards system will launch during the 1st quarter this year.
Helium and Solana’s merge event will also happen at the same timeframe. The upgrade would enable the ecosystem to give more back to hotspot owners as 2 million HNT would be allocated annually for rewards.
It would also make the network faster and reliable as the proof-of-coverage system of Helium gets buffed.
What Does This Mean For HNT?
As of writing, the token faced a rejection at $3.4 with the bears trying to reach the $2.8 support line. The first few months of this year could set up HNT for greater heights as the rewards system and the merge of Solana and Helium happens at nearly the same time.
With the token’s price at $2.9, HNT is expected to face challenges in the short to medium term as volatility enters the market. If the token’s current support is broken, investors and traders might have a hard time to revert back to its current price point.
However, with the onset of its merge with Solana and the rewards system public beta launch, we might see less pain in the medium to long term. Investors and traders should also watch the token’s high correlation with Bitcoin as this could influence the price of HNT strongly.
For now, investors and traders are safe to hold HNT as this rejection could be quickly dealt with with external bullish prospects.
Featured image: Crestline
Genesis’ Crypto Lending Businesses Files for Bankruptcy Protection
The collapse of FTX was the final straw for Genesis, which earlier this year suffered losses of several hundred million dollars due to its exposure to failed crypto hedge fund Three Arrows Capital.
Huobi, Confirming Justin Sun as Leader, Takes Aim at ‘Rat Trading’
Singapore-based exchange Huobi confirmed Thursday that Justin Sun, founder and CEO of Tron, and one of the richest people in crypto, is not just a member of the Global Advisory Board, but is leading the exchange.
Gemini’s Bitcoin Inflows From Other Exchanges Dropped to Roughly Six-Year Low, CryptoQuant Data Shows
Gemini’s 30-day simple moving average of its BTC inflows from accounts on other exchanges suggest traders find Gemini less desirable than other exchanges.
Alameda-Connected Bank Exits Crypto Business
The sister company of collapsed crypto exchange FTX had taken an $11.5M stake in tiny Washington State-based Farmington State Bank in January 2022.