Action Financial News

Bitcoin is one of the most popular cryptocurrencies in the world. Its price has been on a roller coaster ride over the past few months, with its 24-hour trading volume recently blasting past $30 billion. This has led to speculation that Bitcoin could be headed for the moon. 

The Bank of England has headed off a potential staff strike after agreeing to a 3.5% pay rise for its 4,200 staff.

RobotEra has continued to cause massive excitement among players and developers. The Ethereum-based platform is designing a Sandbox-like metaverse in which players can create NFT-based land, structures, and in-game items, develop new metaverses, and connect with other NFT communities.

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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.

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The SEC maintains that Nexo offered an unregistered Earn Interest Product (EIP) to US investors in June 2020, costing $22.5 million in penalties, and then an additional $22.5 million in fines to regulators. As a result of the charges, Nexo has ceased offering the EIP and will go further to stop offering its services in the US.

The bitcoin price is up 0.4% at $20,910, recovering somewhat from a $1,000 plunge after a crypto exchange co-founder was arrested on Wednesday, and weak US data pointed to an economic hard landing.

Shiba Inu price appears to have taken a breather after a consistent push by bulls for slightly over two weeks. This pressure is not unique to SHIB, as Bitcoin price is down 2.2% in 24 hours to trade at $20,796, while Ethereum price is exchanging hands at $1,527 after sliding 3.3%. The most popular meme coin, DOGE is also in the red and trading at $0.081 after a 5.5% correction in 24 hours.

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The Digital Dollar Project (DDP) released a new version of its white paper "Exploring a U.S. CBDC" on Jan. 18. The project expanded the paper in order to examine central bank digital currency projects internationally, though its focus is still on the United States.

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.

Bitzlato processed more than $700 million in illegal funds, from activities including drug deals, illegal gambling, and ransomware attacks, according to the US Justice Department.The US, alongside several European partners, has also acted to seize Bitzlato’s servers and cryptocurrency, effectively shutting the exchange down.Deputy Attorney General Lisa O Monaco says: "Overnight, the Department worked with key partners here and abroad to disrupt Bitzlato, the China-based money laundering engine that fueled a high-tech axis of cryptocrime, and to arrest its founder, Russian national Anatoly Legkodymov. "Today’s actions send the clear message: whether you break our laws from China or Europe - or abuse our financial system from a tropical island - you can expect to answer for your crimes inside a United States courtroom."Legkodymov is charged with conducting an unlicensed money transmitting business.

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The House Republicans have announced the formation of a new subcommittee dedicated to cryptocurrencies and blockchain technology. This subcommittee will have a key role in developing legislation and regulations that will govern the use of these technologies.

Bitcoin price is extending the week-long rally that has seen it blast past $20,000 for the first time since early November. Bulls have $24,000 in sight, but first, they must disperse the stubborn seller congestion zone at $21,000.

The SEC’s filed complaint alleges that Gemini and Genesis’ crypto asset lending program, Gemini Earn, facilitated the offer and sale of unregistered securities to retail investors, allowing both firms to raise billions of dollars’ worth of crypto assets. The enforcement action outlines how the crypto asset-lending scheme allowed its customers to tender their crypto tokens to Genesis in exchange for an attractive interest rate. Gemini charged agent fees on these transactions (up to 4.29%). In November 2022, Genesis announced it would not allow Gemini Earn customers to withdraw their crypto assets as it lacked sufficient liquidity to meet withdrawal requests. At the time of this statement Genesis held approximately $900 million in investor assets from over 300,000 Gemini Earn investors. Genesis’ parent company Digital Currency Group (DCG) is considering selling assets to raise money to pay off the more than $3 billion it owes to creditors. Earlier this month, Gemini ended the Gemini Earn program, with retail investors still unable to withdraw their assets. Tyler Winklevoss, Gemini CEO, took to Twitter to respond to the SEC’s Thursday filing, stating: "It’s disappointing that the @SECGov chose to file an action today as @Gemini and other creditors are working hard together to recover funds. This action does nothing to further our efforts and help Earn users get their assets back. Their behavior is totally counterproductive […] It’s disappointing that the @SECGov chose to file an action today as @Gemini and other creditors are working hard together to recover funds. This action does nothing to further our efforts and help Earn users get their assets back. Their behavior is totally counterproductive.”

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The United States Commodity Futures Trading Commission (CFTC) filed suit against self-described digital artist Avraham Eisenberg on Jan. 9, charging him with two counts of market manipulation in connection with an exploit of decentralized finance platform Mango Markets. Eisenberg was arrested on related charges on Dec. 27 and is currently in custody.

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Things seem to be going from grim to grimmer at Silvergate Bank, with a hit to its Moody’s rating and a selloff by Ark Invest. The bank already experienced a run and has been tied to the FTX collapse.