Digital assets deposited in Celsius Network’s Earn program belong to the bankrupt company’s estate and not individual users, according to a Wednesday ruling by U.S. Bankruptcy Judge Martin Glenn. The court also determined that Celsius’ bankruptcy estate can sell $18 million worth of stablecoins—crypto assets that peg their price to another currency like the dollar—which were deposited in Earn accounts…
Bonk, a meme token modeled after Shiba Inu (SHIB) that launched on Dec. 25, 2022, and some traders believe the token’s trading volume is potentially driving Solana (SOL) price up. Over the past 48-hours, SOL price has gained to 34% and Bonk is up 117% in the past 24-hours according to data from CoinMarketCap. While the wider crypto market remains…
Core Scientific plans to shut down 37,000 bitcoin mining rigs belonging to now-defunct crypto lender Celsius, according to an agreement between the two bankrupt firms. Celsius owes Core Scientific approximately $7.8 million for energy and hosting costs, as the crypto lender has been unable to make regular payments as outlined in the hosting contract. Celsius Owes Core Scientific $7.8 Million…
Celebrities had a shaky year promoting crypto firms and projects throughout 2022. Many found themselves named in lawsuits over their alleged promotion of since-failed projects, while others have been relentlessly mocked on social media for their involvement in the first place. From movie stars to television actors, sports stars to musicians, many celebrities may be regretting their endorsement deals last…
Sports merchandising giant Fanatics has divested its majority stake in NFT firm Candy Digital, according to a company memo obtained by Decrypt. Fanatics CEO Michael Rubin informed employees of the move today, writing that the company has sold off its approximately 60% stake in Candy Digital to a group led by Galaxy Digital, the other founding shareholder of the sports…
Judge Martin Glenn, who is presiding over the Celsius bankruptcy case, ruled on Jan. 4 that the funds in the Celsius interest-bearing Earn program belong to Celsius under the terms of the program’s terms of use. The funds reportedly amount to more than $4 billion. “The issue of ownership of the assets in the Earn Accounts is a contract law…
NFT Influencer CryptoNovo announced on Jan 4. that they have fallen victim to a cyberattack and lost two cryptopunks. The post on Twitter says “I just got hacked!!! Are you kidding me!?!” and includes a screenshot from OpenSea displaying two cryptopunks being transferred to another address. I just got hacked!!! Are you kidding me!?! pic.twitter.com/r1xS0mhD6P — CryptoNovo (@CryptoNovo311) January 4,…
Crypto fund investments in 2022 were the lowest they’ve been since 2018, according to a new CoinShares report. “Digital assets saw inflows—investors putting money into crypto products—totaling $433 million for the whole of 2022, the lowest since 2018 when there were inflows of only $233 million,” James Butterfill, CoinShares head of research, wrote in the report. That’s a 95% decrease compared…
South Korean tech giant LG Electronics announced that it has teamed up with Oorbit, a cloud-based technology platform and PIXELYNX, a company building an integrated music, gaming, and Web3 ecosystem, to bring the metaverse directly into the living rooms of viewers. Announced just in time for #CES2023, we’re excited to announce that we have partnered with @LGElectronics to bring interoperable…
Derar Islim, interim CEO of crypto market maker and lender Genesis, has sent a letter to clients updating them on the company’s efforts to prop up its finances and resume withdrawals and new lending. The letter, sent on Jan. 4, comes two days after a Twitter exchange between Barry Silbert, CEO of Genesis’ owner the Digital Currency Group, and Cameron…
