Celsius is bankrupt with a $1.2 billion hole in its balance sheet, Su Zhu returns to Twitter, and OpenSea purges 20% of employees: Hodler’s Digest, July 10-16

0

Coming every Saturday, Summary of Hodler will help you follow every important news that happened this week. The best (and worst) quotes, adoption and regulation highlights, major coins, predictions and more – a week on Cointelegraph in one link.

Top stories this week

OpenSea lays off 20% of staff, citing ‘crypto winter’

NFT market leader OpenSea plans to lay off around 20% of its staff, with co-founder and CEO Devin Finzer citing “an unprecedented combination of crypto winter and general macroeconomic instability” as reasons for the move. He also added, “The changes we are making today put us in a position to maintain multiple years of trail in various winter crypto scenarios (5 years at current volume) and give us great confidence that we will not have only to go through this process once.

Celsius filed for bankruptcy

Celsius, the crypto lending platform that held customer funds for several weeks but previously claimed to be more reliable and secure than a bank, filed for Chapter 11 bankruptcy on Wednesday. an email received by Celsius customers, the company voluntarily filed for Chapter 11 reorganization and used the same company as Voyager Digital for its bankruptcy proceedings. It is unclear what will happen to user funds at this stage, as there may be a A $1.2 billion hole in the company’s balance sheet.

Polygon Selected to Participate in Disney’s 2022 Accelerator Program

Earlier this week, Disney invited Ethereum layer 2 scaling solution Polygon to participate in its prestigious 2022 accelerator program. Polygon was the only blockchain to receive an invitation despite the program this year focused on augmented reality (AR), NFTs and AI. Disney offers participants mentorship from the Disney Accelerator team and guidance from Disney management itself.

3AC co-founder returns to Twitter and accuses liquidators of ‘baiting’

Su Zhu, the co-founder of the defunct and insolvent crypto hedge fund Three Arrows Capital (3AC), returned to Twitter on Tuesday after nearly a month of inactivity. In his first tweet upon his return, he cryptically suggested that liquidators were baiting the company regarding StarkWare token warrants. Unsurprisingly, Zhu didn’t take the time to explain how he and his team caused the company to fail, or discuss the $650 million from Voyager Digital that it defaulted on.

Voyager cannot guarantee that all customers will receive their crypto under the recovery plan offered.

Speaking about the $650 million loan that 3AC defaulted on, Voyager Digital revealed this week that it cannot guarantee that it will be able to return all of its clients’ locked assets to the platform, as it does not is unsure of the amount of the 3AC loan he will be able to claim. “Exact numbers will depend on what happens in the process of restructuring and recovering 3AC’s assets,” the loan company said.

Winners and losers

At the weekend, Bitcoin (BTC) is at $20,877.21Ether (ETH) at $1,219.26 and XRP at $0.33. The total market capitalization is $939.8 billion, according at CoinMarketCap.

Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Quant (QNT) at 66.94%, Lido DAO (YES) at 63.32% and Aave (AAVE) at 34.44%.

The top three altcoin losers of the week are UNUS SED LEO (LEO) at 8.15%, Dogecoin (DOGE) at 8.74% and Basic Attention Token (BAT) at 7.71%.

For more information on crypto prices, be sure to read Cointelegraph’s market analysis.

Most Memorable Quotes

“Bank deposits are not even ‘customer assets’, much less ‘assets under management’. These are unsecured loans to the bank. They are therefore liabilities of the bank and fully at risk in the event of bankruptcy.

Frances Coppolaeconomist and author of the Coppola Comment blog

“In the past, innovative companies would have argued for less regulation. Now they understand and appreciate that the rules are there to help provide certainty. »

Nikhil RathiChief Executive of the UK Financial Conduct Authority

“It could be Mt. Gox 2.0. Legal proceedings may prolong the process of recovering any of their deposits from Celsius customers in the future.

Danny Talwarchief tax officer at Koinly

“Within growing companies, there is a danger that product and engineering teams will start shipping great slide decks instead of great products.”

Brian ArmstrongCoinbase CEO

“Crypto winters are always the best time to dive deep into those core concepts, get the job done, and build for the future.”

Alex TapscottManaging Director at Ninepoint Digital Asset Group

“I am confident that this latest judgment using NFT service has the potential to lead the way for digital service on the blockchain, with all the benefits of immutability and authentication.”

Demetri Bezainespartner at Giambrone & Partners

Prediction of the week

An NFT market worth $231 billion by 2030? The report predicts strong growth for the sector

Global research and advisory firm Verified Market Research (VMR) released a report this week which predicts that the total value of the NFT market could exceed $231 billion by 2030. The firm has estimated that the global NFT market is worth $11.3 billion in 2021 in a 202-page deep dive into the sector. VMR predicted that the entire NFT market would grow at a compound annual growth rate of 33.7% over the next eight years.

FUD of the week

“Nobody’s Holding Them Back” – North Korean Cyberattack Threat Grows

During an interview with CNN on Sunday, former CIA analyst Soo Kim suggested that the notion of generating foreign revenue via crypto cyberattacks has become a “way of life” for North Koreans due to several issues. faced by the current regime. “In light of the challenges facing the regime – food shortages, fewer countries willing to engage with North Korea, […] it’s just going to be something they’ll keep using because nobody’s holding them back, basically,” she said.

Tencent shuts down NFT platform as government policy prevents it from thriving

Chinese tech giant Tencent shut down one of its two NFT marketplaces this week, with the company citing a sharp drop in sales due to regressive government policies. Sales have been reported to have slowed mainly due to a flawed government policy that prohibits buyers from selling their NFTs in private transactions after purchase, suppressing speculative behavior and making the asset class less lucrative.

Sri Lanka’s central bank reiterates crypto warning following protesters seize president’s residence

As Sri Lanka faces economic and political turmoil and the President’s house is overrun by protesters, the Central Bank of Sri Lanka has eerily warned against the use of cryptocurrencies due to a lack of regulatory oversight and asset risk. Given that the warning comes as Sri Lanka’s inflation rates hit over 54% in June, a lack of crypto regulation is unlikely to be a problem for a local citizen.

Best Crypto Features

After the fall of Terra to Earth, prepare for the era of stablecoins

Did May’s algorithmic stablecoin crashes kill the concept, or is there still a role for fiat cryptocurrencies?

US Crypto Regulation Bill Aims to Bring Greater Clarity to DAOs

The Responsible Financial Innovation Act offers a comprehensive set of regulations for the digital asset industry, and one potentially impactful section is DAOs.

Your crypto wallet is the key to your Web3 identity

Web2 identity focused on linked email addresses and social media accounts. Now that Web3 is about to move in, here’s why crypto wallets will be the new key to identification.

Share.

About Author

Comments are closed.