Bankrupt crypto lender Celsius Network has filed a complaint against lending firm EquitiesFirst Holdings in a bid to recoup assets. According to a sealed adversary complaint filed on Sept. 6, Celsius is seeking injunctive relief and a declaratory judgment associated with the “recovery of money/property” — according to the title of the docket. The filing named both EquitiesFirst and its…
The Financial Accounting Standards Board (FASB) voted unanimously on Wednesday to change how companies account for and disclose holdings of cryptocurrencies like Bitcoin and other digital assets. The new rules will take effect starting in 2025 and are aimed at providing investors and other financial statement users with more transparency around these volatile assets. Established in 1973, the FASB is recognized…
Collapsed crypto company Genesis Global on Wednesday filed two lawsuits against Digital Currency Group (DCG) and Digital Currency Group International (DCGI) demanding the repayment of over $600 million in loans—including over $115 million in Bitcoin. DCG is the parent company of Genesis, a lender that halted withdrawals in November following the crash of crypto exchange FTX. In Wednesday’s legal actions,…
The Financial Accounting Standards Board (FASB) has unanimously approved rules for accounting for the fair value of companies’ cryptocurrency holdings, according to media reports. The rules will go into effect in 2025. The FASB is the United States organization that sets accounting and reporting standards for organizations that follow U.S. Generally Accepted Accounting Principles (GAAP). It issued a call for…
As the Detroit Lions and Kansas City Chiefs gear up to kick off the NFL season on Thursday, the online discussion platform Reddit dropped a sizable batch of NFT-backed avatars to commemorate the league’s 32 teams. The wave of digital assets represents one of the largest collections of so-called Collectible Avatars released by Reddit to date, the company told Decrypt.…
Amid the United States Securities and Exchange Commission (SEC) delaying a decision on Ark Investment Management’s spot Bitcoin (BTC) exchange-traded fund, the firm has proposed an investment vehicle with exposure to Ether (ETH). In a Sept. 6 filing, Ark Invest and 21Shares requested the SEC approve the listing of shares of a spot ETH ETF on the Cboe BZX Exchange.…
The sharp increase in global interest rates may have limited investors’ appetite for crypto ventures, but new projects are still flourishing and attracting capital to speed up growth. Data from the Cointelegraph Research Venture Capital Database shows June closed out with a 29.73% decrease in venture capital investments, with just $779.32 million secured in 62 deals, compared to June 2022.…
Bankrupt cryptocurrency lender Genesis Global Capital (GGC) filed two suits on Sept. 6 seeking the repayment of overdue loans from affiliated companies. The loans are worth over $600 million in total. GGC filed the complaints against Digital Currency Group (DCG) and DCG International Investments (DCIG) in the Southern District of New York Bankruptcy Court. GGC and DCGI are both owned…
Blockchain analytics platform Arkham Intelligence claims to have identified the addresses of the Grayscale Bitcoin Trust. The trust consists of more than 1,750 addresses holding a total of over $16 billion worth of Bitcoin (BTC), according to a Sept. 6 thread on X (formerly Twitter). Arkham claimed that Grayscale is “the 2nd largest BTC entity globally.” Breaking: Arkham has identified…
Bitcoin (BTC) price action suggests that the asset remains in a precarious position and a recent report from ARK Invest said that short-term Bitcoin investors had no choice but to capitulate in August as the percentage of Bitcoin supply in profit fell by 14 percentage points. Bitcoin market sentiment and monthly valuation change in August. Source: ARK Invest Although many…
