Prices may be in the green for the week, but Crypto Twitter remains focused on the ongoing liquidity crunch in the sector.
Singapore exchange Zipmex this week froze withdrawalsand Legion Strategies, the hedge fund associated with Anthony Scaramucci’s Skybridge Capital, have suspended buyouts. Meanwhile, Blockchain.com joined Gemini, Coinbase and OpenSea by announcing mass layoffsand electric vehicle manufacturer Tesla. cashed out 75% of my bitcoin for $936 million.
MicroStrategy CEO and Bitcoin billionaire Michael Saylor was quick to point out the bitter truth about the Tesla sale.
If you sell 75% of your bitcoin, you will only have 25% of your #bitcoin left.
In the midst of bankruptcies, one firm is hoarding that money: U.S. law firm Kirkland & Ellis, previously hired by bankrupt crypto lenders Voyager and Celsius to help restructure, was hired this week by Babel Finance. Last Sunday, Babel put the withdrawal on hold, citing “liquidity pressure“.
A sworn affidavit from Kyle Davis, co-founder of the recently bankrupt Three Arrows Capital, alleges that the former cryptocurrency hedge fund owes $65 million to his wife and $5 million to co-founder Su Zhu. Davis and Zhu, who were virtually silent for five weeks, recounted bloomberg what they were work with investors’ funds before everything collapsed.
Zhu Su is seeking $5 million from 3AC’s bankruptcy, and the wife of 3AC co-founder Kyle Davis is seeking $65 million.
DeFi news outlet The Defiant has compiled some of the most touching letters written to the judge by those affected by the Celsius bankruptcy. They really drive the human cost of a liquidity crisis into their heads.
Many of those affected by the Celsius bankruptcy wrote letters to the judge…
From a more optimistic perspective, the LBRY blockchain-based file-sharing network has defeated the US Securities and Exchange Commission in court. I think not every non-bitcoin token on the blockchain is a security after all. and Gary Gensler?
We are free!
The judge was skeptical of many of the SEC’s requirements.
The SEC was forced to admit that the significant use of LBRY was not speculative.
Judgment in 4-8 weeks on summary judgment, litigation seems unlikely
On Wednesday, the popular sandbox game Minecraft published by Microsoft announced that block NFT usage and blockchain technology on their servers and prohibit the creation of NFTs based on their assets. Axie Infinity co-founder Jiho took the news upbeat.
Minecraft has banned NFTs.
This is a big sign of adoption. Just as banning books makes them more popular, Web2’s backlash against NFTs will pave the way for viral growth. https://t.co/2bkb7PznOF
The NFT Worlds project, which is based on Minecraft, posted a lengthy protest on Twitter.
innovation, player experience and creators. We believe that an open, free, enhanced version of what Minecraft brought to the world will be a better future for creators, developers, and ultimately gamers.
Popular NFT marketplace OpenSea has engaged in a sassy verbal skirmish with competitor from Solana.
Twitter user @8892OS, who claims to be an “art dealer” and provider of “emergency liquidity assistance”, allegedly robbed someone for a lot of Ethereum and that person… sent more?
Russian-born Ethereum creator Vitalik Buterin has been thanked for his humanitarian efforts to help Ukraine fend off Vladimir Putin’s ongoing incursion.
Finally, GameStop’s new NFT platform drew criticism for including an NFT that was clearly inspired by the world-famous image of the 9/11 victim by Associated Press photographer Richard Drew, known as “The Falling Man”.
It appears that the NFT has since been delisted.
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