🥶 Frustrations Mount for Genesis Creditors
In today’s edition: 🚨 Hackers empty Monero community wallet, ⏸️ Aave hits pause on markets, 📊 Block’s $2.42B revenue, and more!
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Two Genesis Creditors Describe Their Frustrations With the Bankrupt Crypto Lender
Two Genesis creditors, BJ and Branden, who prefer to use pseudonyms for security reasons, spoke with Unchained about the alleged fraud by the crypto lender and its parent company, Digital Currency Group (DCG). The discussion is one of the first times Genesis creditors have spoken with a media organization about the situation.
BJ and Branden explain how they gave more loans to Genesis after it took a $1.1 billion hit from the liquidation of Three Arrows Capital and how they then came to be members of the ad hoc group, a collective of Genesis customers who came together to try and save the company from bankruptcy.
They talk about how they now want DCG to pay back the $1.1 billion it owes over a shorter timeframe and to pay back any Bitcoin in actual Bitcoin. The discussion with Unchained followed shortly after New York Attorney General Leticia James filed a lawsuit against Genesis, along with its parent company Digital Currency Group, and Gemini Trust.
Listen Here!
What’s Poppin’?
by Brandy Betz, James Rubin and Samyuktha Sriram
Monero Community Wallet Loses Entire Balance in Hack
The community crowdfunding wallet lost 2,675 XMR worth close to $460,000 in an attack, while the source of the vulnerability is still yet to be identified.
DeFi Protocol Aave Pauses Multiple Markets After ‘Issue On A Certain Feature’
Aave V2 has paused its markets on Ethereum and frozen certain assets on Avalanche, Polygon, Arbitrum and Optimism after reports of an issue with a feature on the protocol.
Block Reports $2.42B in Bitcoin Revenue
The payments giant attributed the 37% year-over-year growth to higher market prices and more BTC sales to customers.
BitGo, Copper Partner for Off-Exchange Crypto Asset Custody
The partnership will allow institutional investors to trade on global exchanges while storing their assets in a regulated, walled-off environment.
Daily Bits…✍️✍️✍️
🔒 Roger Ver filed a lawsuit against a Matrixport subsidiary for the release of $8 million in frozen assets, alleging unjustified withholding.
📰 The U.S. Supreme Court will review a Coinbase case to determine if a Dogecoin sweepstakes dispute is subject to arbitration.
🤝 FTX is looking for court approval to sell $744 million in Grayscale and Bitwise assets to prepare for creditor distributions.
⚖️ The SEC seeks a summary judgment against Do Kwon and Terraform Labs, citing a clear-cut securities violation under the Howey test.
🛑 Bitfinex experienced a minor security breach but no core systems were compromised. The company plans to alert impacted users, but most of these accounts are empty or inactive.
⚖️ Avraham Eisenberg's trial for the Mango Markets exploit was delayed to April 2024 after an unexpected prison transfer hampered the defense lawyers’ ability to prepare for trial.
💸 A Uniswap V3 user's error in a liquidity pool creation led to a $700,000 loss, but the MEV bot rushing to exploit the arbitrage profited only $260 after fees.
🔀 OpenSea announced a 50% workforce reduction and a strategic pivot towards a new vision dubbed "OpenSea 2.0."
🔥 Voyager's VGX token value increased after the company intentionally burned nearly one-third of its supply.
Today in Crypto Adoption...
🔗 Yuga Labs and Magic Eden partnered to launch an Ethereum NFT marketplace, ensuring enforcement of creator royalties.
📰 Hong Kong's Securities and Futures Commission is considering proposals to allow retail investors to purchase spot crypto ETFs, focusing on innovation and risk management.
What Do You Meme?
Recommended Reads
Jurrien Timmer on Bitcoin vs Gold as a Store of Value
XReg Consulting on why True DeFi cannot be regulated
Coinbase: Tokenization and the New Market Cycle
📈 Your Market Update 📉
BTC is up .2%, trading at $35,226
ETH is up .3%, trading at $1,896
BTC dominance: 49.86%
Crypto market cap: $1.38T
*All data as of today, 05:45 am ET
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