The biggest crypto news and ideas of the day |
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Hello and welcome to The Node. This is Daniel Kuhn, here to take you through the latest in crypto news and why it matters. In today's newsletter: |
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BlockFi Files for Bankruptcy as FTX Contagion Spreads: The crypto lending company filed for Chapter 11 bankruptcy protection Monday, days after suspending withdrawals. The company, which had been valued at $3 billion in 2021 and received a $400 million loan from FTX this year, reportedly has about $257 million in cash on hand and more than 100,000 creditors. - FTX US' corporate owner, West Realm Shires Inc., and the U.S. Securities and Exchange Commission are among BlockFi's largest named creditors.
- Meanwhile, several U.S. state regulators are investigating crypto trading firm Genesis Global Capital over potential securities law violations.
MakerDAO Community Rejects $500M CoinShares Bond Investment Proposal: The decentralized lending protocol MakerDAO has rejected a plan for CoinShares to actively manage between 100 million and 500 million USDC for the DAO by investing in a portfolio of corporate debt securities and government-backed bonds. Some 72% of votes were cast against the proposal. Coinsquare Says Client Data Breached: One of Canada's largest cryptocurrency exchanges, Coinsquare, may have been breached, the company said. It added that customer assets are "secure in cold storage and are not at risk." The company suspended activities on its platform after detecting the vulnerability last week, triggering speculation of possible liquidity issues. - Customer names, email addresses, addresses, phone numbers and other information was exposed, according to a company email Friday.
- Separately, U.K. crypto fraud rose by 32% to 226 million pounds ($273 million) this year, according to data from the nation's police unit Action Fraud.
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Putting the news into perspective |
The Bitcoin Obituary Obituary D.K. writes about the recent spike in predictions that bitcoin and crypto will fail following the implosion of FTX. These accounts often mistake what crypto is meant to achieve – like The Economist forecasting that a lack of trust will bring down a trustless protocol. Another path forward? Rather than imagining the end of crypto, Harvard economist Matthew Ferranti thinks bitcoin could end up on central banks' balance sheets. Read the full article here. Read the full article here. |
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Overheard on CoinDesk TV... |
"What this ecosystem provides is an opportunity for the consumer to control their personal information. When that happens the relationship between content brands and the consumer shifts." – Former TIME President and incoming MoonPay Enterprise President Keith Grossman, on CoinDesk TV's "First Mover" |
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GoodCrypto Closes Pre-Seed Round to Build the Ultimate Trading Terminal for Decentralized Exchanges GoodCrypto was developed as one of the most advanced trading platforms for centralized exchanges. Despite the market downturn, trading activity on GoodCrypto has continued to grow, a testament to its constant development. GoodCrypto has over 300,000 mobile app downloads, and although it originates from Ukraine, it has a global presence across 93 countries. What's driving users to GoodCrypto is its ability to provide advanced trading tools that work consistently across all spot and derivatives exchanges. *This is sponsored content from GoodCrypto. |
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| - Congressmembers Tried to Stop the SEC's Inquiry Into FTX (Prospect)
- A forgotten banking scandal suggests FTX is the tip of the crypto iceberg (Dirty Bubble Media)
- Abracadabra Calls On Sushi For Emergency Assistance As Faulty Oracle Places $10M At Risk (The Defiant)
- US ApeCoin Holders Blocked From Official Staking Website (The Defiant)
- Line to Shutter US Crypto Exchange Next Year, Suspends Onboarding Today (Decrypt)
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BlockFi Files for Bankruptcy