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Bankrupt lender Genesis has asked the court to approve its proposed settlement agreement with the imploded crypto hedge fund 3AC. Bankrupt cryptocurrency lender Genesis has asked the court to approve its proposed settlement agreement with the imploded crypto hedge fund Three Arrows Capital (3AC). According to a court filing on Nov. 9, Genesis argued that the 3AC debtor should receive an allowed general unsecured claim against Genesis in the amount of $33 million. The amount accounts for 3.3% of $1 billion in claim s originally asserted against Genesis debtors. “Agreement provides that the 3AC debtor shall receive an allowed general unsecured claim against GGC in the amount of $33 million in full and complete satisfaction of the more than $1 billion dollars in claims asserted against each of the Genesis debtors,” the document reads. According to Genesis, 3AC’s $1 billion claim s against Genesis were the largest asserted claim s in Chapter 11 cases associated with the collapse of the ...

A new project aims to build a peer-to-peer marketplace to facilitate censorship-resistant, permissionless trading among Bitcoin users. Peer-to-peer (P2P) Bitcoin (BTC) marketplace s remain an important cog in allowing users to move money across borders, but their future depends on becoming permissionless and unstoppable according to Paxful’s Ray Youssef. Youssef, alongside Nicolas Gregory and Antoine Riard, is driving the development of Civ Kit, a P2P marketplace that will leverage the technology of Nostr and the Lightning Network to power a decentralized platform allowing censorship resistance and permissionless trading among peers. Youssef spoke exclusively to Cointelegraph’s Joe Hall at the Surfin’ Bitcoin conference hosted in Biarritz, France about the in-development project that is aiming for an alpha release toward the end of 2023. According to the white paper co-authored by Youssef, Gregory and Riard, the Civ Kit system will use the Nostr protocol for its P2P order book and...

Find out why it’s crucial for peer-to-peer (P2P) payment networks to be able to operate offline. What is a peer-to-peer payment protocol, and how does it work?Is Bitcoin truly a peer-to-peer protocol?Why did Satoshi Nakamoto describe Bitcoin as “peer-to-peer electronic cash”?What about other digital payment systems?What would it take for CBDCs to be considered peer-to-peer?What is machine-to-machine commerce, and how can it benefit from P2P payments?Do we even need these peer-to-peer protocols?Is there a true peer-to-peer payment solution available? What is a peer-to-peer payment protocol, and how does it work? Peer-to-peer (P2P) payment protocols are sets of rules and standards that enable transactions directly between two parties without intermediaries like banks or payment processors. P2P payment protocols increase security with cryptographic encryptions and provide lower transaction fees, as there are no intermediaries involved. Blockchain-based P2P protocols are widely used in th...

Bitcoin's price fell approximately 8% in a span of 10 minutes, leaving crypto investors scrambling to make sense of the drop. Elon Musk's SpaceX reportedly selling its Bitcoin (BTC) holdings, the bankruptcy of a Chinese property giant and fears of interest rate hikes have been among the theories raised as to Bitcoin's freak price dip. On Aug. 18 around 9:35 pm UTC, the price of Bitcoin suddenly plummeted over 8% in a span of 10 minutes, taking with it the wider cryptocurrency market, leaving many in the crypto community scratching their heads. the fuck was that? pic.twitter.com/Lh2zGXv29n — Molly White (@molly0xFFF) August 17, 2023 While there appears to be no consensus as to why the markets suddenly dropped, several crypto market analysts have shared their initial theories with Cointelegraph.  SpaceX offloads Bitcoin, interest rate fears eToro market analyst Josh Gilbert pinned the drop on a report that SpaceX may have offloaded some or all of its $373 million in Bitcoi...

The dismembered corpse of a missing American crypto investor has been found in a Bulgarian sewer by plumbers attempting to fix a blocked drain. As reported by the Daily Mirror, Christian Peev was reported missing by his cousin on August 10. However, police in Sofia believe that the 41-year-old may have been murdered two days earlier by his friend Vesco Valchinov. It’s thought that Valchinov, who met Peev when he was working as a bartender, killed Peev with a dumbbell before chopping up his body and flush ing much of it down his toilet. Parts that he was unable to flush , such as pieces of bone and Peev’s head, he buried. Valchinov was arrested after police used his phone to track him to a hotel in Vitosha Mountain. Police say that another man, Konstantin Subotinov, helped him to dismember and hide Peev’s body . According to local media, Mr Peev had previously helped Valchinov with his crypto trades, leading police to suspect that the murder was motivated by money. The investigatio...

Alphapo, a payment processor, reportedly fell victim to hackers, resulting in a loss of more than $23 million in various coins and tokens. Crypto “detective” ZachXBT, who has been closely tracking the movement of stolen funds across different networks, brought to light the Alphapo attack on July 23. Earlier today Alphapo hot wallets were drained for $23M+ on ETH, TRON, BTC. HypeDrop (Alphapo customer) has since had withdrawals disabled. On Ethereum the stole n funds were swapped for ETH then bridged to Avalanche and Bitcoin. pic.twitter.com/pj7i3ZlBrX — ZachXBT (@zachxbt) July 23, 2023 According to ZachXBT’s report, the hackers exploited vulnerabilities in Alphapo’s security measures, gaining access to the platform’s hot wallets for Ethereum, Tron, and Bitcoin. Subsequently, they drained these wallets, causing substantial losses for the payment processor. As part of their attack, the hackers utilized the stole n tokens to purchase additional ...

The Payment Revolution Through FedNow The Federal Reserve has touted the FedNow service as one that will allow Americans to send and receive payments instantly and for 24 hours a day, round the clock. The modernization of the American payment system through the FedNow service is a testament to the flexibility of the apex bank to join the revolution in payments by providing an equally robust service for all Americans. advertisement The payment system in the country, as it stands, is rife with many setbacks, including but not limited to the high transaction costs and delays in settlement. The Federal Reserve has been making the move to launch this service since as far back as 2019, seeing that new technologies, especially blockchain are beginning to dominate the payment landscape. The FedNow service is not the first of its kind as other sovereign countries including the United Kingdom, Brazil, and India have floated related services in the past. The ...

Bitcoin ETFs are back in the spotlight after several companies filed with the SEC. This week’s episode of Market Talks discusses why approval would be a big deal for Bitcoin. In this week’s episode of Market Talks , Cointelegraph welcomes Natalie Brunell, a podcast host, educator and media commentator in the Bitcoin space. Her podcast, Coin Stories , consistently ranks among the top 50 to 100 on Apple podcasts. She has over 300,000 Twitter followers, and is an award-winning TV journalist and former investigative reporter. Brunell explains how Bitcoin (BTC) is a tool for the financial empowerment of billions of people worldwide and how the depreciating United States dollar is stripping away people’s economic dignity. The elephant in the room when discussing Bitcoin with someone new to the crypto space is its volatility and risk factor. Brunell describes how to overcome this, and how to explain that Bitcoin might be better than traditional assets, including stocks and real estate. Brune...

Money laundering in Russia may include converting illicitly obtained bitcoin into fiat, after a drug dealer’s case led to a disagreement in the law from the nation’s Supreme Court. As reported by the Russia n Legal Information Agency (RAPSI), the Supreme Court of the Russia n Federation’s decision to overturn a defendant’s acquittal marks the first case of money laundering via Crypto currency.  The defendant was initially arrested after reportedly storing large quantities of drug precursors and producing mephedrone on a large scale. He sold drugs for bitcoin and converted his crypto into 8 million rubles ($91,000) in total, and sent the funds to his roommate’s daughter’s bank accounts. In his initial court case, the defendant was found guilty of drug trafficking but was acquitted on charges of money laundering. The court decided that since the bitcoin never ‘entered circulation,’ the money laundering charge couldn’t stick. Prose...

Also Read: XRP Bulls Coming In Signals On-Chain Data advertisement SEC To Wave Green Flag For Bitcoin ETF? The US SEC has been on a spree of rejecting applications around spot Bitcoin ETF mentioning the risk of fraud and manipulation in the market. However, the commission only allowed ETFs based on Bitcoin futures contracts to operate in the market. A wave of agreement can be seen among the market experts that BlackRock might succeed this time. It is expected that the US SEC is more likely to give a green light to the application as its concerns have been largely addressed. However, this move can prove to be massive good news for the crypto industry leading it to recover from recent losses. Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Must Read ...

SEC-regulated firm INX only lists five cryptocurrencies on its platform, considering them as non-securities. Amid lawsuits against United States-based exchange s like Coinbase and Binance.US, an exec at a domestic digital asset firm has noted the legal implications of these recent enforcement actions for the industry. The era of trading cryptocurrencies as non-securities is coming to an end, according to Itai Avneri, chief operating officer at the blockchain trading firm INX. Avneri believes that a massive amount of coins offered for trading on crypto exchanges is among core reasons for legal issues. “You cannot continue to trade cryptocurrencies as if they are not securities. Those days are over,” Avneri said in an interview with Cointelegraph on June 19. According to the COO, INX outlined this exact idea in its prospectus five years ago. “It's like we had this crystal ball in our hands,” he added. According to data from CoinGecko, Coinbase has as many as 241 cryptocurrencies lis...

According to Chinese reporter, Wu Blockchain “With the recent plummet of altcoins and the relative stability of Bitcoin, the market share of Bitcoin has been close to 50% recently, setting a new high since April 2021.” Historical data shows that the bear markets of 2018 and 2022 saw the BTC market share rise above 50% for an extended period, to the extent of reaching 69%. According to Tradingview, with the recent plummet of altcoins and the relative stability of Bitcoin, the market share of Bitcoin has been close to 50% recently, setting a new high since April 2021. During the bear market period from 2018 to 2022, the Bitcoin market share has… Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Must Read Best Crypto Exchange Affiliate Programs In 2023 Must Read ...

Welcome to the 122nd Weekend Shift! What’s the deal? Over the weekend, we’ll update this post with some of the most interesting articles, podcasts, charts, and opinion pieces we’re too busy to write about. OK, only Crypto ? Not necessarily. We do that Monday to Friday, so we try to explore new subjects on weekends. Feel free to join in and submit entries on Twitter. Any topic is fair game. 46 mins ago The Context: Is Binance chief CZ going to jail? The SEC’s suit backs up suspicions that CZ and execs hoped to use Binance US as a regulatory shield to keep the heat off Binance. Latest from @BennettTomlin Subscribe and read: https://t.co/KDTZ7uCT5R pic.twitter.com/le7KhkZn8r — Protos (@Protos) June 9, 2023 Starting off with the latest issue of The Context. Subscribe and read ️ 45 mins ago Okay https://t.co/szcMsR3uB0 pic.twitter.com/c16yUDJRaT — Ki Young Ju (@ki_young_ju) June 8, 2023 44 mins ago Get out of crypto platforms now, I can't say it...