City Arrow Financial News

Cryptocurrency brokerage firm Genesis, which is seeking at least $1 billion in fresh capital, warned on Nov. 21 that it might file for bankruptcy without it.

Binance's American entity Binance.US will acquire Voyager Digital’s assets in a $1.02 billion deal, months after the FTX-Voyager acquisition failed as a result of the FTX collapse.

Su Zhu and Kyle Davies, the two founders of now-bankrupt crypto hedge fund Three Arrows Capital, has launched a new platform for trading in crypto-related bankruptcy claims.

The launch of the exchange project backed by the bankrupt hedge fund Three Arrows Capital (3AC) attracted a mob of angry community members who took to Twitter, expressing their disappointment with the state of the crypto space. 

The crypto winter and FTX collapse has decimated the ranks of cryptocurrency lenders. Genesis, BlockFi, Voyageur Digital and Celsius Network all filed for bankruptcy in the past seven months, and the contagion may still not be over. But at least one crypto lender appears to be on the comeback trail. 

Three Arrows Capital founder Kyle Davies has not responded to a subpoena issued over Twitter aiming to gather information related to the firm’s assets.

Terra Luna Classic price pumped hard on Thursday and Friday this week following news that USTC was going to be repegged. The community has been seeking validation following the collapse of UST last May.

United States fund manager WisdomTree saw the value of its digital asset holdings decline sharply in the fourth quarter, reflecting the prolonged bear market in Bitcoin (BTC) and other cryptocurrencies. 

A Voyager creditor and finance lawyer wants to see a chapter 11 trustee appointed in crypto brokerage Voyager Digital’s bankruptcy trial, which would see Voyager lose control of its estate.

In a defensive interview CEO Cathie Wood has stood by her thesis that Bitcoin will hit $500k by 2030.

Tether (USDT) — the world’s largest stablecoin by market capitalization — has never received any loan from the bankrupt cryptocurrency lender Celsius, according to the chief technology officer.

Non-fungible token (NFT)-based fantasy game and marketplace Sorare: Football has partnered with the Premier League in a multi-year licensing deal - crypto drama or not.

Nicholas Merten, a crypto trader and the creator of the DataDash YouTube channel, joined Cointelegraph’s Crypto Trading Secrets podcast for an interview with host Benjamin Pirus, discussing a number of topics, including his opinions on the state of the crypto market. “I think that right now, we’ve been going through what can only be seen as a period of consolidation,” he said when asked about his thoughts on the price of Bitcoin (BTC) as of Jan. 9, the date of the interview.

Bitcoin (BTC), the world's largest and most popular cryptocurrency, has prolonged its strong winning streak and reached its highest level since mid-September, about 22,687. Meanwhile, the second largest cryptocurrency Ethereum (ETH), is also experiencing a significant rise as It has increased by roughly 7% to $1,656, reaching a four-month high.

It looks as if the bear cycle is going to claim another high-profile crypto company. On Jan. 19, Digital Currency Group’s (DCG’s) lending subsidiary, Genesis, filed for Chapter 11 bankruptcy. Here we have yet another industry giant with a tale of incestuous lending, little risk management to speak of and opaque reporting policies. 

The filing lists more than 100,000 creditors, with aggregate liabilities ranging from $1.2 billion to $11 billion dollars.Derar Islim, interim CEO, Genesis, says: "While we have made significant progress refining our business plans to remedy liquidity issues caused by the recent extraordinary challenges in our industry, including the default of Three Arrows Capital and the bankruptcy of FTX, an in-court restructuring presents the most effective avenue through which to preserve assets and create the best possible outcome for all Genesis stakeholders."Despite the bankruptcy filing, Winklevoss is threatening to sue DCG, saying that Genesis owes more than 340,000 of its customers a total of $900 million.Gemini partnered Genesis for its Earn interest-bearing product, but customer assets were frozen after Genesis halted withdrawals following the FTX collapse."We have been preparing to take direct legal action against Barry, DCG, and others who share responsibility for the fraud that has caused harm to the 340,000+ Earn users and others duped by Genesis and its accomplices," Winklevoss tweeted.Last week, the Securities and Exchange Commission charged both Genesis and Gemini with offering and selling unregistered securities over the Earn product - which was ended earlier this month.

Bloomberg reports that Genesis may be getting ready to declare bankruptcy. The troubled crypto lender has been under the shadow of insolvency for weeks, following the credit crisis that has hit the crypto industry.

As more and more crypto companies face scrutiny – and some throw in the towel after a rough bear market - questions are being raised whether that could be a good thing for crypto after all.

The founders of now-bankrupt crypto hedge fund Three Arrows Capital and troubled crypto exchange CoinFlex have teamed up to create a new exchange focused on the claims of failed crypto projects.

Amid mounting criticism on social media, crypto investment firm CoinFLEX has attempted to clarify its plans to build a new crypto exchange with Three Arrows Capital (3AC).

The founders of a bankrupt crypto hedge-fund firm are seeking to launch an exchange where creditors to insolvent digital-assets firms, including their own, would be able to buy and sell claims.