Genesis hires a bankruptcy avoidance specialist

Recent reports say that Genesis Global Capital has hired a restructuring counsel to look into all of the possible outcomes, including but not limited to the possibility of filing for bankruptcy.

According to a report that was published by the New York Times on November 22, it is known that the company has recruited the investment banking firm Moelis & Company to investigate potential courses of action. However, people who are familiar with the situation have emphasized that no financial decisions have been made and that it is still possible for the company to avoid filing for bankruptcy.
It’s interesting to note that Moelis & Company was also one of the companies hired by Voyager Digital after the company temporarily halted withdrawals and deposits on July 1 in order to investigate “alternatives in terms of strategy.”
A few days later, Voyager Digital filed for bankruptcy under Chapter 11 with the Southern District of New York. This was part of a plan to restructure the company so that clients would get their money back.
But a Genesis spokeswoman said not too long ago that the company had no “imminent” plans to file for bankruptcy, even though a November 21 story from Bloomberg said otherwise.

“Genesis maintains a positive and productive dialogue with its creditors,”  the representative said.
People say that Genesis is trying to get anywhere from $500 million to $1 billion from investors to fill a gap caused by “unprecedented market turmoil” and the failure of the cryptocurrency exchange FTX.
According to a report that was published by Bloomberg on November 22, the financially troubled lending company has outstanding loans totaling $2.8 billion on its balance sheet. Approximately thirty percent of the company’s lending has been done to “related parties,” which includes both its parent company, Digital Currency Group, and its affiliate and lending unit, Genesis Global Trading.
In a letter that has been going around lately, the CEO of Digital Currency Group, Barry Silbert, claims that the company owes Genesis Global Capital $575 million, and that payment is due in May 2023.
Since FTX’s exchange was shut down on November 11, all attention has been focused on Genesis, Grayscale Investments, and their parent business, Digital Currency Group. People are afraid that these companies could be the next exchanges to fail because of the spread.
Over the last week, all three corporations have made efforts to allay the concerns of their investors.
In a tweet sent out on November 17, Grayscale Investments aimed to reassure investors by stating that “the safety and security of the holdings underlying Grayscale digital asset products are unaffected.” The tweet was in reference to the withdrawal halt implemented by Genesis Global Trading, and it added that the company’s products are still functioning normally.
In the meantime, Digital Currency Group CEO Barry Silbert’s most recent letter to investors eased investors’ worries by telling them that the company is on track to make $800 million in sales in 2022. 


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Argentina’s fan token drops 31% after losing against Saudi Arabia

The value of the Argentine Football Association Fan Token (ARG) has significantly decreased as a result of Argentina’s shocking loss to Saudi Arabia in the first match of the FIFA World Cup by a score of 2-1. This is in line with the expectations of the country’s devoted soccer supporters, who believed that Argentina would win its opening match.

The information that was supplied by Coingecko indicates that the price of an ARG token before to the beginning of the match was $7.21.

However, as a result of the soccer team led by Lionel Messi’s poor performance, the price of the token fell by 31% to reach $4.96 by the time the game was over. It then rose to $5.22 at the time this article was written, but it had already reached $5.22 when it was written.

On the other hand, the floor price of “The Saudis,” a Saudi Arabian-themed nonfungible token (NFT) collection that is unrelated to the soccer team, increased by 52.6% over the same period of time, going from 0.196 Ether (ETH) to 0.3 Ether before leveling off at a price of 0.225 Ether, which is approximately $250 in value. “The Saudis” does not have any connection to the Saudi Arabian national soccer team.

On the Socios platform, which is a blockchain-powered fan engagement platform, CHZ operates as a native ERC-20 token. Socios is one of the most prominent factors behind the recent growth in the number of sports-fan tokens.

Despite the fact that the tokens do not represent ownership in the teams, buyers of them are provided access to certain awards and the opportunity to vote on certain decisions made by the teams that sponsor them. This is the case even if the tokens do not reflect ownership in the teams.

In the recent past, there has also been an increase in demand for fan-based tokens in the business of athletics.

Since January 2022, the volume of token sales has climbed by more than 250% on a month-to-month basis on average. This growth can be traced back to the beginning of the year.

Despite the fact that they were not designed to be used in this manner, it seems that some individuals have understood the tokens as a way to indirectly gamble on the success of the teams who are utilizing them.

The value of the tokens may also be impacted by occurrences and tendencies that are unrelated to the success of specific soccer teams. For example, the natural ebb and flow of cryptocurrency markets as well as breaking news may have an effect on the value of the tokens.

In May, the blockchain-based decentralized smart contract platform Algorand became the first official sponsor of the FIFA World Cup to be powered by blockchain technology.

The final round of the competition is set to take place on December 18 this year.


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Core Scientific’s future is under “substantial doubt”

The bitcoin miner Core Scientific has voiced “substantial doubt” that they would be able to continue their activities over the course of the next year given the present status of the company’s finances. 

The corporation disclosed to the United States Securities and Exchange Commission (SEC) on November 22 that it had incurred a net loss of $434.8 million during the third quarter of 2022. This information was included in the quarterly report that the company had filed with the SEC.

After reporting a net loss of $862 million for the second quarter of the year 2022, the total amount of the company’s net losses for the year currently stands at $1.71 billion.

According to the statements made by the company, more liquid resources will be required for it to be able to continue doing business until the month of November 2023. The statement predicted that the company’s financial resources “will be depleted by the of 2022 or sooner. “

It stated that it had doubts about its ability to raise funds through financing or capital markets, citing “uncertainties and current market conditions” which have reduced the availability of those kinds of liquidity sources. It stated that it had doubts about its ability to raise funds through financing or capital markets. Additionally, it indicated that it had concerns about its capacity to generate capital via private placements of its securities.

It was also noted as one of the reasons why it is facing a liquidity pressure, along with the declining price of Bitcoin and an increasing hash rate. These are the three main reasons why it is now undergoing a liquidity squeeze. In addition, it was mentioned that further “substantial doubt exists” regarding its capacity to continue operating because it is “very difficult to predict when or if Bitcoin prices will recover or energy costs will abate.” This is because it is “very difficult to predict when or if Bitcoin prices will recover or energy costs will abate.”

Core Scientific had previously indicated in a filing made with the SEC on October 26 that a combination of factors, such as a low Bitcoin price, rising electricity costs, and a refusal from bankrupt crypto lender Celsius to repay a $2.1 million loan, could result in Core Scientific’s cash resources being depleted. The filing was made because Core Scientific had previously indicated that this could happen “depleted before the end of the year 2022, if not sooner if possible.

In addition to this, it has decided to cease paying payments to some of the businesses that it has borrowed money from in the past. As a direct result of making this choice, the company warns that it runs the risk of being sued for nonpayment and experiencing a rise in the interest rate.

Argo Blockchain is attempting to raise additional liquidity by way of subscription for ordinary shares, and the company has warned that it, like Core Scientific, is at risk of ceasing operations if it is unable to do so. Argo Blockchain is attempting to raise additional liquidity by way of subscription for ordinary shares. Mining bitcoin is difficult in the present market, and Core Scientific is not the only firm that is having problems maintaining its operations in this environment. Argo Blockchain is an example of.

Iris Energy, a mining business based in Australia, is likewise showing signs that it is having difficulty meeting its financial obligations. On November 21, the business informed the SEC in a statement that it had turned off some hardware owing to the fact that the units were not producing sufficient income “a cash flow that is insufficient for the situation.

state of Bitcoin mining, and said in a tweet dated November 22 that this type of response is to be expected anytime the price of Bitcoin is lower than the cost to mine. The tweet noted that this kind of reaction is to be anticipated whenever the price of Bitcoin is lower than the cost to mine.


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Bitpanda is Germany’s first “European retail” crypto platform.

The news that Bitpanda has secured a cryptocurrency custody license from the German financial organization known as BaFin was published in a post on the company’s official blog, where the announcement was made.

Following the acquisition of this license, the cryptocurrency exchange that maintains its headquarters in Austria is now legally authorized to market its services to individuals who are located in Germany.

In addition to this, Bitpanda said that they were the first retail bitcoin exchange to be founded in Europe to achieve this particular distinction.

As a direct consequence of the collapse of the FTX cryptocurrency exchange, people are paying more attention to cryptocurrency exchanges that do not have any rules and operate outside of a country’s jurisdiction.

Because of this, a significant number of exchangers are working toward obtaining licenses in various nations so that they can provide evidence that they are a trustworthy business.

Bitpanda is now legally regulated in the country of Sweden, joining the ranks of other countries like as Austria, the United Kingdom, Italy, the Czech Republic, and Spain. The number of nations in which Bitpanda is legally regulated has increased with the acquisition of this new license.

In the bitcoin sector, there were already four other businesses that have the license before Coinbase, Kapilendo, Tangany, and Upvest were able to secure it for themselves.

Bitpanda claims that it is the first “European” retail bitcoin platform to acquire the license since its headquarters are located in Austria. This is because Austria is considered to be part of Europe.

Since the collapse of FTX, the subject of how to give licenses to and otherwise govern cryptocurrency exchanges has been at the forefront of public conversation. Specifically, the question is whether or not cryptocurrency exchanges should be licensed at all.

According to Jon Cunliffe, who is the deputy governor of the Bank of England, the BoE plans to set up a “regulatory sandbox” in order to establish how to successfully supervise exchanges in order to discover how to properly oversee exchanges. In addition, the Senate of the United States has started conducting hearings to study efficient methods to regulate cryptocurrency exchanges. These hearings are being held as part of an ongoing investigation.


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Shiba Inu developer says WEF will influence metaverse policy

One of the volunteers who is helping out with the Shiba Inu project is both the project manager and the principal developer for the project. His name is Shytoshi Kusama. This person has stated on social media that the World Economic Forum (WEF) is interested in partnering with the meme-based cryptocurrency on subjects relevant to global policy, and they have expressed their desire in doing so. Additionally, this person has stated that the World Economic Forum (WEF) has expressed their desire to do so. This individual has also mentioned that the World Economic Forum (WEF) has voiced their intention to do so, which is an additional point of interest.

Kusama said in a vote that took place on November 22 that the World Economic Forum (WEF) had “kindly invited” the Shiba Inu initiative to participate on “MV global policy.” Twitter was used to spread the word about the vote.

At the time that choice was made, it seemed as if the individual who was responsible for creating Shiba Inus was alluding to a regulation that is applicable in the metaverse.

Although there have been times when cryptocurrencies and blockchain technology have been discussed at WEF events, it would appear that a partnership with a meme token that is substantially used is a first for the organization. This is because the WEF has not previously been involved with such a partnership. Meme tokens are digital assets that are used to represent memes. Memes may be represented by meme tokens.

At the time of publication, more than sixty-five percent of the approximately nine thousand people who participated in Kusama’s survey had cast their vote in favor of Shiba Inus collaborating with the WEF. On the other hand, approximately ten percent of those polled stated that it didn’t make a difference either way. This is where Kusama’s survey may be located.

On Twitter, Yayoi Kusama is followed by more than 861,000 people at the present time.

The price of SHIB has dropped by about 80 percent during the course of the previous year, as shown by data that was made public by Cointelegraph Markets Pro. This information was made accessible by Cointelegraph Markets Pro. At the time that this article was published, the price of one SHIB token was $0.0000088, which is a significant reduction from its prior value.

Prior to the publication of this article, Blockchain.News made many attempts to get in contact with the WEF; but, the organization did not respond to any of our inquiries. Blockchain.News is publishing this article nevertheless.


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Alexey Pertsev will remain held until next year’s hearing

On November 22, the creator of Tornado Cash, Alexsey Pertsev, was hauled before a court in the Netherlands for a hearing during which it was ruled that he would stay in prison in the Netherlands for an extra three months. This decision was made after the hearing. After spending 103 days in jail awaiting his preliminary court hearing, Pertsev appeared before a judge at the Palace of Justice in’s-Hertogenbosch. The hearing was held in connection with his case. During the course of the hearing, a condensed version of the allegations that are being leveled against him was presented.


Before the opening statement for the defense was made by Advocate WK Cheng, the prosecution gave a detailed account of the investigation that they had conducted. They depicted Pertsev in their presentation as an important cog in the wheel that is Tornado Cash’s operations, which is not accurate.


Cheng shed light on a variety of issues that offer an overview of the use cases for Tornado Cash and refute the misunderstandings that surround its operation. Cheng’s talk can be seen here.


The attorney for the defense said once again that he was of the opinion that the state had only shown one aspect of Pertsev’s connection to Tornado Cash in their case. He made this declaration while also disclosing that the initial date for the first session has been altered to the 20th of February in the year 2023. This revelation came at the same time as the previous announcement.


In spite of the fact that Pertsev’s legal team had given a number of assurances that he would be subject to monitoring at his home and weekly check-ins at the local police station in the event that he was released, the prosecution expressed concern that Pertsev could flee the country if he were to be released from custody before the beginning of the trial. This concern was voiced despite the fact that Pertsev’s legal team had made a number of assurances


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Zonda Slashes Maker/Taker Fees by 50% Across All Markets From November 22-29

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Tallinn, Estonia, 22nd November, 2022, Chainwire

Zonda, the leading cryptocurrency in Eastern Europe, will slash maker and taker fees by 50% for one week.

Zonda is the largest cryptocurrency exchange in Eastern Europe. It serves dozens of cryptocurrencies and continues to make inroads across Central Europe. 

Part of the Zonda growth plan is increasing the user base and the upcoming 50% reduction in maker/taker fees is part of that strategy. Users will pay less to complete trades on the platform, allowing them to use their capital more efficiently.

The 50% reduction goes into effect on November 22, 2022, at 12:00 UTC, until November 29, 2022, at 12:00 UTC. All verified Zonda users will automatically benefit from these reduced trading rates, except those with a dedicated fee plan. Moreover, the discount applies to all trading pairs on the exchange. 

Zonda has been operational since 2014 and serves over 1 million traders globally. In addition, the exchange holds a Finance Intelligence Unit license and conducts thorough AML procedures.

About Zonda

The original company was founded in Poland in 2014 by local crypto enthusiasts to serve as a platform for buying and selling cryptocurrencies. In the following years, it has dominated the Polish market, becoming a symbol of cryptocurrency exchanges in Poland by frequently upgrading its platform, ensuring an intuitive and state-of-the-art experience for investors.  
In November 2019, the company moved to Estonia. BB Trade Estonia OÜ became the operator of the exchange platform, and the platform gained its Finance Intelligence Unit (FIU) license. The company rebranded to Zonda in 2021 with the goal to expand beyond Poland and Eastern Europe.


Mark Hartley


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