Headlines
▌DCG plans to sell Genesis trading and lending unit
The DCG creditor agreement revealed that DCG plans to sell the encryption trading department and lending department of its subsidiary Genesis as part of the bankruptcy process. Earlier on Monday, DCG and Genesis had reached a preliminary agreement with major creditors on a restructuring plan. The major deal includes closing Genesis' loan book and selling the bankrupt Genesis entity, according to people familiar with the matter. The refinancing of outstanding loans was also included in the investment term sheet, after DCG borrowed $500 million in cash and about $100 million worth of bitcoin from Genesis. The agreement will seek input from other creditors, including customers of Gemini Earn's loan products. Last month, Genesis filed for bankruptcy protection. The company owes more than $3.6 billion to its top 50 creditors, including the Gemini Trust Company.
Cryptocurrency
▌FTX Debtors Demand Return of Funds to US Politicians and Super PACs
FTX debtors are seeking to recoup millions of dollars provided to U.S. political action committees (PACs) and politicians. Confidential letters have been sent to individuals and organizations asking for the return of funds by February 28, 2023. Some bureaucrats, including Democratic Senators Joe Manchin and Tina Smith, have pledged money to charitable causes. Not sure if the law requires them to repay the funds to the now bankrupt FTX estate.
▌Judge delays ruling on setting up FTX examiner
A federal bankruptcy court judge in Delaware did not rule on whether to appoint an examiner in FTX's huge bankruptcy case, but will allow lawyers to discuss a "consensus resolution" on the issue. The U.S. trustee responsible for federal oversight of bankruptcy has asked the court to appoint an independent examiner to investigate the finances of the failed cryptocurrency empire. Lawyers for FTX debtors opposed the appointment of the examiner at a court hearing on Monday, saying it would be too expensive and could raise cybersecurity concerns. Judge John Dorsey acknowledged Monday that appointing an examiner could cost the bankruptcy estate hundreds of millions of dollars and discussed the possibility of providing the examiner with a fixed budget to address that concern. A similar examiner was appointed in the bankruptcy proceedings of crypto lender Celsius and filed a report last week. Counsel for the FTX Official Committee of Unsecured Creditors and the Joint Provisional Liquidators of the Bahamas also opposed the Examiner's motion.
▌Uniswap V3 will be deployed to Boba Network in the next few weeks
Jinse Finance reported that Boba Network will become the sixth chain to deploy Uniswap v3, and the deployment is planned to take place in the next few weeks. The move is backed by various entities including GFX Labs, Blockchain at Michigan, Gauntlet and ConsenSys. Earlier news, Uniswap community members voted in favor of deploying Uniswap v3 on Boba Network. The proposal was submitted by the Boba Foundation and FranklinDAO and ultimately received support from over 51 million votes.
▌Li.Fi calls on Uniswap to be deployed on the BNB Chain not just through a cross-chain bridge
The cross-chain DEX aggregation protocol LI.FI urged the Uniswap community not to deploy on the BNB Chain with only one bridge provider. A protocol as large as Uniswap should not rely on only one cross-chain bridge, and pointed out that none of the AMBs (arbitrary messaging bridges) have been tested enough to be considered a robust and secure solution that projects at the scale that Uniswap can fully rely on at the moment. Crypto bridge aggregator Li.Fi suggested that Uniswap should develop a robust bridge evaluation framework as a common governance model. It could then be promoted as an Ethereum improved protocol, setting the standard for other blockchain applications using bridge providers.
Social media platforms, particularly Meta's, are increasingly targeted by scammers worldwide, raising concerns about user safety and the effectiveness of platform moderation. Despite efforts to combat scams, Meta's response to fabricated news and inadequate safety measures underscore the ongoing challenge of protecting users from online threats.
WeatherlyBitcoin briefly dropped to $60,888, triggering a $140 million liquidation across the entire cryptocurrency market, while the U.S. Bitcoin spot ETF faced renewed capital outflow challenges.
AlexReporters from "China Business Journal" learned that on May 7th local time, TikTok and ByteDance filed a lawsuit in U.S. federal court, seeking a ruling that the "Restricting the Emergence of Security Threats that Risk Information and Communications Technology (RESTRICT) Act," which aims to ban TikTok, is unconstitutional, and to prevent the enforcement of the law. In the lawsuit, TikTok stated, "This is the first time in Congress's history that a law has been enacted to impose a permanent, nationwide ban on a specific speech platform."
MiyukiMiyukiU.S. financial giants, including Citibank and JPMorgan, are collaborating to leverage distributed ledger technology to explore the centralized settlement of multiple assets on a single platform.
WeiliangAmidst the chaotic landscape of meme coins, one project emerges with a bold vision: SCREAM. It endeavours to reshape our perception of meme coins and omit aimless token surfing.
Catherine$21M worth of wstETH returned to ZKasino's multisig wallet, renewing victims' hope amid investigations and arrests following the alleged exit scam.
WeiliangNigeria dismisses Binance's bribery claims, urging the crypto exchange to address money laundering and tax evasion allegations amid escalating government scrutiny.
AlexArgentinian President Javier Milei met with Musk and announced that the country will use natural gas to mine Bitcoin, aligning with a pro-cryptocurrency stance.
MiyukiPublicly traded companies collectively hold over $19 billion worth of Bitcoin in their treasuries. Leading the pack are prominent names such as MicroStrategy, Tesla, and Coinbase, along with Bitcoin mining firms.
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