Weekly Top Crypto News (Jan 9 – Jan 15)

A rather volatile week for the market as Bitcoin officially reclaimed the $20,000 mark after a long period of gloom. Here, let’s review this week’s top crypto news with Coincu!

Wyre Lifted The 90% Customer Withdrawal Limit After Receiving New Funding

Following the acquisition of additional money, Wyre has lifted the 90% withdrawal cap it imposed on users earlier this week. The business declared that it had secured funding from a “strategic partner” that would enable it to carry on with business as usual, including starting to accept deposits once more. Prior to it, Wyre imposed withdrawal caps, preventing users from completely emptying their accounts.

FTX Suddenly Recovered Over $5 Billion Of Assets

FTX suddenly recovered over $5 billion in highly liquid assets, including crypto and cash. The number of recoveries is surprisingly high compared to the $1 billion recovered last month. However, the specific property list has yet to be disclosed. The large amount gives hope of additional compensation to the investors and creditors of the exchange.

Sam Bankman-Fried Insisted He Didn’t Steal Funds From FTX And Alameda

Sam Bankman-Fried denied any involvement regarding the allegations that Alameda had used FTX customer funds. He asserted that the collapse of FTX and its sister company Alameda Research was caused by the fall of the cryptocurrency market and insufficient hedging on Alameda’s side. The former FTX CEO said he was pressured into naming John Ray as the new CEO.

Crypto.com Announced Layoffs Of 20% Due To FTX Collapse

After cutting staff in June of last year, Crypto.com would be making its second round of layoffs in around six months. As the crypto company continues to suffer from the impacts of the ongoing crypto winter, Crypto.com CEO announced that the company is reducing its employment by about 20%.

Binance Receives Failure To Maintain “Flawless” Its Stablecoin’s Reserves In The Past

Binance acknowledged systemic issues that resulted in at least $1 billion of its Binance Smart Chain BUSD supply being undercollateralized. The pegging method has subsequently been improved, according to a spokesperson for the exchange, who also noted that maintaining the peg includes several teams and has not always been perfect, which may have caused operational delays in the past.

Avalanche Joins With Amazon Web Services

Amazon Web Services will fully support Avalanche’s infrastructure and dApp ecosystem. The partnership will make it easier for individuals to launch and manage nodes on Avalanche and aims to give the network more power and flexibility for developers.

Bitfarms Looking To Avoid Default On BlockFi’s $20 Million Loan

As the value of the equipment declines, Bitfarms is attempting to restructure a loan with BlockFi in order to prevent default. Only $5 million worth of assets, including some mining equipment and the Bitcoin they generate, are used to secure the $20 million in outstanding debt owed by the BlockFi. The miner has been making an effort to pay off its debt, but there are still $47 million in unpaid loans, including the loan with BlockFi.

Silvergate Has Been Sued For Securities Law Violations

A class-action lawsuit has been filed against Silvergate Bank in the Southern District Court of Southern California, alleging violations of the Securities Exchange Act of 1934. Silvergate’s platform failed to detect cases of money laundering, resulting in regulatory sanctions for the company.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News