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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 ...

Pedro Magalhães, a blockchain developer who claims to have reverse-engineered Brazil's pilot CBDC has found code that would allow accounts to be frozen or drained at will. A blockchain developer who claims to have reverse-engineered the source code of Brazil’s pilot central bank digital currency has discovered functions in the code that would allow a central authority to freeze funds or reduce balances.  He has since argued, however, that there could be situations that such functions could be beneficial. The source code of the Real Digital pilot project was posted on GitHub portal on July 6 by Brazil’s top bank. It was explained at the time that the Real Digital pilot project is intended for use only in a test environment and that the “presented architecture” may be subject to additional changes. Pedro Magalhães — a blockchain developer and founder of tech consulting firm Iora Labs — later that day claimed to have been able to “reverse engineer” the open source code of Banco...