The Bitcoin / Crypto Currency Thread

Attributed to P.T. Barnum … “There’s a sucker born every minute.”

ETA: “If it sounds too good to be true, it probably is.” Attributed to a an ancient goose of yesteryear.

Binance

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While wordsmithery isn’t the right description, I can’t think of something better. I really like this one sentence.

For starters, Binance CEO, Changpeng Zao, known informally as “CZ”, has said repeatedly that the company has no headquarters, which sounds contemporary at first, but appears to be a diversion from the fact that Binance has been banned from operating in several countries.

The entire article is full of data, well written, and easy to understand.

More Binance

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SEC - blame the victims, sue the survivors

SEC sues Genesis, Gemini. The Securities and Exchange Commission on Thursday sued Genesis Global Capital LLC and Gemini Trust Company LLC over a $900 million crypto-lending program that allegedly violated investor-protection laws.

The SEC filed its civil lawsuit in Manhattan federal court alleging that Genesis should have registered the product, which would have required providing clients with detailed financial disclosures. The companies began marketing the program to individual investors in February 2021 and raised billions of dollars’ worth of crypto assets from hundreds of thousands of investors, the SEC said.

Elsewhere

Crypto.com cuts 20% of its staff, citing economic downturn and FTX collapse. Crypto.com is cutting a fifth of its global workforce, in a second round of layoffs in six months, after a plunge in the value of many cryptocurrencies and the collapse of rival FTX.

FTX liquidation doesn’t seem to be particularly well run.

Still, things are looking up

Bids on FTX ac­counts hit 15.5 cents on the dol­lar on Wednes­day on the bank­ruptcy claims trad­ing plat­form Xclaim Inc., which runs a mar­ket for buy­ing and sell­ing cryp­tocur­rency ac­counts in chap­ter 11. Chero­kee Ac­qui­si­tion, which runs a sep­a­rate bank­ruptcy claims mar­ket, said bids on FTX claims in­creased to roughly 14 cents on the dol­lar this week af­ter lawyers de­tailed their ef­forts to find and se­cure the com­pa­ny’s as­sets.

The bids were still just a frac­tion of the ac­counts’ listed value, but they rep­re­sented the high­est of­fers since the cryp­tocur-rency firm’s swift col­lapse in early No­vember. FTX ac­counts had been priced at be­tween 6 cents and 11.5 cents on the dol­lar since it plunged into chap­ter 11, ac­cord­ing to Chero­kee Ac­qui­si-tion.

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Bitcoin has held steady above $21,000 for the last two days, bringing it back above the price it was when Sam Bankman-Fried’s crypto exchange, FTX, began its slide toward bankruptcy.

Since Monday, bitcoin has largely held steady above $21,000, well above its Nov. 2 price of $20,283

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Genesis going down too

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If you care about the market in crypto claims, ie where you sell you account balance in some bankrupt crypto exchange for “cash now”

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BlockFi’s 125 remaining employees are being paid handsomely as part of the proposed retention plan designed to keep some people on board during the bankruptcy process, the filing shows.

The retained employees will collect an aggregate $11.9 million on an annualized basis. Among the remaining staffers are three client success employees, who will each take home an annualized average of over $134,000.

Five employees still with the company make an average of $822,834, according to the presentation, which shows that BlockFi’s retention “plans are larger than comparable crypto cases.”

Must be nice! BK firm but we get ours… .My turn to say Pay your bills deadbeats!

WTH is a client success employee at a BK firm???

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BS. “I know nothing”