BlockFi announces deal with FTX US, including ‘option to acquire’ for $240M

FTX US has inked a deal with BlockFi that will give the crypto derivatives exchange the option to purchase the lending firm. In a Friday Twitter thread, BlockFi CEO Zac Prince said the crypto lending firm had signed agreements with FTX US for a $400-million revolving credit facility as well as the option to acquire … Read more

British Virgin Islands court reportedly orders to liquidate 3AC

Troubled cryptocurrency venture capital firm Three Arrows Capital (3AC) is facing more uncertainty amid new reports on the company’s liquidation. A court in the British Virgin Islands on June 27 ordered the liquidation of Singapore-based 3AC, the British news agency Sky News reported on Wednesday. The information in the report refers to an unspecified person … Read more

SOL price eyes 75% rally as Solana paints a bullish reversal pattern

Solana (SOL) continued its recovery trend on June 28 while inching closer to triggering a classic bullish reversal setup. SOL’s price gained 2.42%, reaching an intraday high of $39.40/ The SOL/USD pair is now up 50% as a part of a broader retracement move that began on June 14 after falling to lows of $26. … Read more

Not the best week for crypto lending: Law Decoded, June 20-27

Due to Celsius Network’s withdrawal suspension in mid-June, the very topic of crypto lending made its entryway to the acute issues list for the regulators. Last week, lawmakers and officials continued to raise the question of necessary action, with significant utterance belonging to one of the key European crypto skeptics, Christine Lagard. European Central Bank … Read more

Celsius denies allegations on Alex Mashinsky trying to flee US

Troubled crypto lending firm Celsius is putting their best foot forward to recover operations alongside CEO Alex Mashinsky, who currently stays in the United States, the company has claimed. A spokesperson for Celsius has denied rumors that the company’s CEO tried to flee the U.S. last week amid the ongoing liquidity crisis of the Celsius … Read more

How low can Ethereum price drop versus Bitcoin amid the DeFi contagion?

Ethereum’s native token Ether (ETH) has declined by more than 35% against Bitcoin (BTC) since December 2021 with a potential to decline further in the coming months. ETH/BTC weekly price chart. Source: TradingView ETH/BTC dynamics The ETH/BTC pair’s bullish trends typically suggest an increasing risk appetite among crypto traders, where speculation is more focused on … Read more

Celsius Network hires advisers ahead of potential bankruptcy: Report

Crypto lending platform Celsius Network has reportedly onboarded advisers from a management consulting firm in advance of the company possibly facing bankruptcy. According to a Friday report from the Wall Street Journal, Celsius hired an unknown number of restructuring consultants from the firm Alvarez & Marsal to advise the platform on potentially filing for bankruptcy. … Read more

FTX may be planning to purchase stake in BlockFi: Report

Crypto exchange FTX is reportedly in talks to acquire a stake in BlockFi following the company issuing a $250 million credit to the lending firm. According to a Friday report from the Wall Street Journal, FTX is currently in discussions with BlockFi regarding the crypto exchange purchasing a stake in the firm, but no equity … Read more

Voyager Digital cuts withdrawal amount as 3AC contagion ripples through DeFi and CeFi

The Singapore-based crypto venture firm Three Arrows Capital (3AC) failed to meet its financial obligations on June 15 and this caused severe impairments among centralized lending providers like Babel Finance and staking providers like Celsius. On June 22, Voyager Digital, a New York-based digital assets lending and yield company listed on the Toronto Stock exchange, saw … Read more

Swan Bitcoin CEO against crypto lenders: Users are way under-compensated for the risk

Swan Bitcoin CEO Cory Klippsten believes that the liquidity crisis involving Celsius Network may be just the beginning of a broader collapse in the crypto lending space.  “It doesn’t matter if you’re an amazing CeFi lending platform, taking these retail deposits and lending them out the back end and giving them yield, or a terrible … Read more