🏓 BlockFi files for Chapter 11 bankruptcy
Hello and welcome. Remember, we said yesterday that today's would be interesting? BlockFi gets busted, Terra opens a platform, Yuga Labs is under investigation, and Compound rolls out restrictions. And that's not all. Let's crush it.
Your Favorite Crypto Digest From TradeCrypto.com #179
Daily statistics update:
Today's market is green. BTC is above $16,500; ETH is around $1,200.
💪 Bitcoin dominance: 37.88%
📉 Total Crypto Market Cap: $837.13B
😲 Fear and greed index: 26 (Fear)
🚀 Gainers (Top-100)
• Fantom (FTM) +16.41%
• ChainLink (LINK) +10.07%
• Bitcoin SV (BSV) +7.56%
😭 Losers (Top-100)
• Convex Finance (CVX) -3.80%
• Celo (CELO) -2.95%
• GMT (GMT) -2.76%
BlockFi files for Chapter 11 bankruptcy
Voyager, Celsius, FTX, and now BlockFi 📉. It was inevitable. Quick recap: BlockFi halted withdrawals on Nov 10th, a day before the FTX collapse went viral. The firm is at least prepared to deal with the regulators this time. Earlier this year, BlockFi was under SEC investigation, who thought the lender didn't file its lending product, and now, among all clients, also owes SEC $30M. I add that everything broke down after Terra 🛠. Then, the collapse of 3AC. Mighty FTX gave a hand (credit line) to BlockFi. Thus, the circuit's made.
Terra DAO is open for business
While Terra's Do Kwon is on the run from Interpol, the Terra 2.0 team built a no-code Enterprise platform for the businesses to build on 🏦. Now the Enterprise is available in beta, with seven users to test it before the full launch in May. Do Know played a role of an advisor to the project. Recall that after the news of the trial against Terra co-creator Daniel Shin, Kwon came on Twitter with reassurance that Terra 1.0 was not a scam, just a code mistake, for which he's sorry. Interesting, who believes that 🤥? And why businesses may choose Terra's platform other than anything else with a clean reputation? More questions than answers. We will see how it goes.
Yuga under a magnifying glass
Scott + Scott firm keeps an eye on Yuga to see whether the firm execs violated securities laws. Yuga is the home of BAYC, ApeCoin, and Otherside. The thing is, assets have dramatically lost in price since the launches. I can add here SEC's decision to investigate Yuga from Oct., as holding an Ape more resembles a long-term investment ♻️. Suggest watching Yuga's CEO Nicole Muniz's interview with D3 Network on youtube. CEO keeps repeating the great cultural value of Yuga 💎. As GankMan pointed out, the most remarkable performance of talking for 25 min without saying a thing.
Compound rolls out restrictions
A move was made following Aave's decision to freeze low liquidity pools to protect the protocol from insolvency risks. Now customers of Compound can lend up to 10 tokens on the protocol. Tokens such as UNI, COMP, wBTC, and YIFI were slashed significantly into smaller amounts 💰. To prevent another smart trader like Mango Market's exploiter Avraham Eisenberg from short-selling and leaving protocol with bad debt.
FTX resumes paying employees
But not SBF and or Caroline Elison 🤡. New CEO John III said the move is to continue business operations. Of course, within limits due to the bankruptcy filing. The exclusion of SBF from the list proves the new CEO's desire to distance FTX's remaining team from the former CEO and founder. SBF tried to clean the names of FTX employees 🧖♀️, which does not make him white and fluffy. As Elon Musk joked, someone else must have written this letter for him.
Conclusion: Dominos keep falling, but let me cite CZ, who pointed out that the further from FTX, the lesser would be the overall crypto industry contagion effect. The market, after all, is showing little growth today. And continuing the trend of this week, there is less fear. For how long? Let us know what you think.
See you tomorrow, folks! Thanks for being with us.
Brought to you by Maksym, Yana, and Aleksandar :)
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