HCN supersedes crypto’s faults
Crypto News Talk is a bilingual series of programs produced by Himalaya Australia Digital Soldier H-Pay Promotion Group, aiming to promote H-coin, Himalaya Exchange, H-Pay, knowledge and changes in the crypto market industry. The slogan of the program is Wealth Pulse, Commercial Opportunities, Strategic Outlook, Crypto News Talk.
Celsius Files for Bankruptcy After Cash Crunch
According to Bloomberg:
- Crypto lender Celsius is one of many crypto firms suffering in a bear market.
- Firm said pausing withdrawals was ‘difficult but necessary’.
- Celsius filed for Chapter 11 bankruptcy, the latest casualty of a $2 trillion crash that has wiped out some of the industry’s biggest names and exposed hundreds of thousands of individual investors to steep losses.
- The filing was made in the Southern District of New York.
- The platform held about $4.3 billion of assets against $5.5 billion of liabilities as of Wednesday, according to court papers.
- The company, one of the largest cryptocurrency lenders, had amassed more than $20 billion in assets by offering interest rates as high as 18% to depositors before it halted all withdrawals in June amid a panic run by clients.
- Meanwhile, crypto broker Voyager Digital Ltd. filed for Chapter 11 bankruptcy protection this month.
- Also, liquidators have been called in for bankrupted crypto hedge fund “Three Arrows Capital”.
- Bankruptcy processes can take a while to resolve.
- Creditors of Mt. Gox, at one time the world’s biggest Bitcoin exchange that closed doors in 2014 and began liquidation proceedings, has yet to be paid.
Massive layoffs pending amid a depressed cryptocurrency market
According to yahoo report in Taiwan:
- Coinbase’s stock price has plunged nearly 80% so far this year.
- Coinbase, the world’s second-largest exchange, has joined the ranks of layoffs, cutting 18% of its workforce in response to the U.S. recession.
- Coinbase currently employs more than 5,000 people, and the latest layoffs will result in about 1,100 job losses.
- Coinbase CEO Brian Armstrong said that the recession could lead to a depressed cryptocurrencies market, prolonging a sharp decrease in trading activity.
- Cryptocurrency lender BlockFi has also said it will lay off 20% of its staff.
- In addition, Crypto.com, Gemini, Rain Financia, and other cryptocurrency exchanges or related platforms have also announced layoffs recently.
According to G News:
- NFTs are digital assets that exist on the blockchain and include everything from artwork to texts and tweets.
- OpenSea was the largest marketplace for NFTs. It experienced exponential growth in 2021 following the growth of cryptocurrencies.
- OpenSea’s NFT sales on the Ethereum blockchain plummeted to $700 million in June, down from $2.6 billion in May and a far cry from its January peak of nearly $5 billion.
- Layoffs will keep the company growing at current volumes for five years amid a variety of potential economic downturns.
UK advocates for global cryptocurrency standards
According to Reuters:
- The U.K. Financial Conduct Authority says global standards are needed to regulate international cryptocurrency companies such as Binance to “keep the whole market credible.”
- Cryptocurrency companies are largely unregulated, but many countries are requiring them to show they have adequate measures in place to combat money laundering violations.
- Binance is not allowed to conduct any activities in the UK because it “cannot be effectively regulated”.
- But this year, regulators in Spain, France, and Italy allowed Binance to operate in their markets.
- Nikhil Rathi, chief executive of the FCA, said: “It is important to establish global standards, as we have seen in other areas such as anti-money laundering, which are essentially some well-organized cross-border activities, so having good common regulatory standards and cross-border information sharing is fundamental to what we want a credible cryptocurrency market.”
- – The Financial Stability Board, a global regulator, said this week that it hopes to present a draft recommendation to G20 countries to regulate crypto assets in October this year.
The above is a summary of the 3rd episode of the Crypto News Talk. For more content, please find the video on Gettr or Youtube.
Editor: 還政於民#4508 Eddy#3853 灭共小猫咪#7782
Publisher: Himalaya Australia Digital Soldier H-Pay Promotion Group
Video link:
https://gettr.com/streaming/p1jmcat5ed1
https://youtu.be/LvoPpkGmkaA
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The content of this article represents only the personal views of the author. The platform assumes no legal responsibility.
