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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 ...

The exchange's share in crypto spot trading was slashed by one-third over the past year. Crypto exchange Binance's market share in spot trading has fallen to 40% in late 2023, compared to 62% a year ago. According to the November 6 report by blockchain analytics firm 0xScope, the exchange has lost one-third of its market share in the past 12 months. "Binance's spot trading volume has seen a significant decline in the past year, perhaps due to its listing strategy," researchers wrote, "Most popular coins experienced a downturn immediately after being listed on Binance." At the same time, Korean crypto exchange Upbit saw the most significant increase, with its spot market share increasing from 5% to 15.3% during the same period. When all crypto trading volumes, including both spot and derivatives, are included, Binance's market share came at 51.2% in October 2023. This was followed by OKX (13.4%), Bybit (9.6%), Bitget (7.0%), and MEXC Global (6....

Play-to-earn projects live and die based on whether they have an influx of new users or the means to continue rewarding existing ones. All of this lacks sustainability in the long run. Web3 game development company QORPO says there are significant shortcomings in the play-to-earn space — and a drastically different approach is needed to create games that retain users and achieve sustainable tokenomics. Ever since the heady days of 2021 — when play-to -earn games reached their peak — Web3 has been in a period of reckoning. At its height, Axie Infinity was helping players in emerging economies like Ghana and the Philippines earn substantially more than the minimum wage. A crushing token bridge hack and a cooling market later led to rewards being cut considerably. When you zoom out, only a small handful of projects have achieved sustainable growth — and this relates to inherent flaws in the concept of play-to-earn. Entry costs can be high, with players sometimes having to splash out hun...

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...

To balance increased regulatory scrutiny with smooth user experiences, cryptocurrency players are turning to comprehensive identity verification platforms. People value the anonymity of a decentralized blockchain. Each user has a pseudonym in the form of a wallet address, which is stored in a decentralized ledger for every cryptocurrency transaction. So why do crypto platforms need identity verification? Fraud and the potential for harm have become too great to ignore, and regulators are paying attention, according to Christy Goldsmith Romero, a commissioner at the U.S. Commodity Futures Trading Commission. The commissioner also noted that cryptocurrencies are being used to fund cybercrime. “It’s essential for governments and particularly the industry to address what makes crypto so attractive to illicit finance,” Romero said, “and that is the allure of anonymity .” There remains uncertainty about what new regulations will dictate and how they will be administered. Crypto platforms m...

Although utilization rose, protocol and supply revenue declined, as more providers slashed fees to incentivize adoption. According to a July 13 report by Messari, Filecoin currently averages 954.2 pebibytes (1.07 billion gigabytes) worth of storage deals on its network, compared with 12.2 exbibytes (14.1 billion gigabytes) worth of raw storage capacity. Until recently, uptake had been sluggish due to high storage costs compared with centralized alternatives such as Amazon Web Services. During the most recent quarter, the protocol generated 2.5 million of its own Filecoin (FIL) in revenue, amounting to $11.5 million, representing a decline of 40.7% compared to last year’s second quarter in dollar terms. However, the decline was partly due to a sharp drop in the price of FIL tokens due to the 2022 cryptocurrency bear market, which was somewhat offset by the sharp increase in active storage deals. The price plunge also affected supply-side revenue, or money earned from block rewards...

Not all exchanges have disclosed wallet addresses for the funds, however. According to a new report published by blockchain analytics firm Nansen on June 14, most reputable cryptocurrency exchanges adopted user protection funds amid the collapse of FTX. Together, exchanges such as Binance, OKX and Bitget have more than $2 billion combined in nominal fiat protection funds . Meanwhile, Huobi’s insurance fund is collateralized by 20,000 Bitcoin (BTC), while Coinbase grants up to 150,000 British pounds ($189,140) worth of insurance to U.K. customers’ accounts. The Nansen researchers wrote: “Proof of Reserves should become the minimum standard in the exchange industry, However, as stated above, these are both positive indicators for an exchange but do not guarantee its solvency.” Among other items, Binance has maintained the top spot with regard to both spot and derivatives trading volume. In the spot sector, the exchange had an overall market share of 69% and a monthly trading volume...

The detention of a United States journalist in Russia has sparked a renewed push from Alexander Vinnik, the co-founder of BTC-e, for a possible “prisoner swap” deal. Alexander Vinnik, the Russian co-founder of an allegedly illicit crypto exchange, BTC-e, is seeking release by way of a deal known as a “ prison er swap.”  According to a May 24 report in The Wall Street Journal, Vinnik’s lawyer is attempting to alter a protective order on Vinnik’s case so that he could be considered as part of a prisoner trade deal between Russia and the United States. This could see him “swapped” for detained WSJ reporter Evan Gershkovich. “Mr. Vinnik should be permitted to … answer the accusations against him and advocate publicly for his inclusion in a prison er swap,” wrote David Rizk, an assistant federal defender in the Northern District of California. Citing sources familiar with the prison er-swap process, Rizk explained that such negotiations require a strong public campaign to “maximize the cha...

This week’s BTC options expiry could play a decisive role in Bitcoin price potentially trading below the $26,000 level. Bitcoin (BTC) price lost steam after a failed rupture of the $27,500 resistance on May 15, putting bears in a better position for the May 19 expiry. The regulatory newsflow likely played a key role in trimming investors’ risk appetite as governments seek more control over the sector. In a memo circulated among committee members, Democrats in the United States legislature sought to cement the SEC’s authority over crypto. The document was made public on May 10, including the argument that nearly all digital assets constitute securities. Moreover, according to Gensler’s view, even network nodes are in violation of securities laws. The United Kingdom’s Treasury Committee “strongly recommended” on May 17 regulating retail crypto trading and investment activity as gambling, consistent with the principle of “same risk, same regulatory outcome.” Treasury Committee Chair Harr...

The UK Treasury is seeking input on taxing the DeFi space, and on provisions around staking and lending. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The taxation arm of His Majesty’s Treasury in the United Kingdom has proposed new regulatory changes to simplify how DeFi returns are taxed and reduce the “administrative burden” for taxpayers. A DeFi options protocol has raised $17 million for a buy-side marketplace and an expanded number of listed tokens. USD Coin (USDC) issuer Circle launched a cross-chain USDC transfer protocol between Ethereum and Avalanche. Ordinals Finance, an Ethereum-based DeFi protocol, allegedly rug-pulled its users for over a million dollars and erased its presence from all social media platforms as news about the same broke out. The top 100 DeFi tokens by market capitalization had another mixed week in terms of price ...