27 Jan

FTX Lawyers Object to $100 Million Probe: Creditors Seek Answers

• FTX lawyers have objected to the US Trustee’s motion requesting the court to initiate an independent probe in the FTX bankruptcy case.
• The lawyers have argued that the cost of an independent examiner could be up to $100 million and would not provide any unique content than the newly appointed CEO John J. Ray III.
• The lawyers implied that such a cost would not provide the much-needed answer to creditors who have lost billions in the FTX scuffle.

FTX, a major US-based cryptocurrency exchange, recently imploded in what has been deemed the fastest big corporate failure in American history. The implosion has attracted the attention of U.S. lawmakers, several states, and regulatory agencies. In response, the Department of Justice’s U.S. Trustee overseeing FTX’s bankruptcy case requested the court to initiate an independent probe in early December.

However, FTX lawyers have vehemently objected to the formation of an independent examiner. The lawyers argued that the cost of such an examiner could be up to $100 million and would not provide any unique content than the newly appointed CEO John J. Ray III. According to the lawyers, an independent examiner could cost the bankrupt company up to $100 million and provide no unique content than the newly appointed CEO John J. Ray III.

The lawyers implied in a recent hearing that such a cost would not provide the much-needed answer to creditors who have lost billions in the FTX scuffle. The creditors committee, the FTX debtors, and the Bahamas Team (JPL) have all filed three objections to the US Trustee’s motion citing cost inefficiency.

The FTX lawyers argued that an independent examiner would be an unnecessary and expensive endeavor, and it would be more prudent to rely on the newly appointed CEO, John J. Ray III, to lead the investigation. Despite the objections, the court will ultimately decide whether or not to appoint an independent examiner.

The ongoing FTX bankruptcy case is being closely monitored by U.S. lawmakers, several states, and regulatory agencies. The creditors committee, the FTX debtors, and the Bahamas Team (JPL) have all expressed their desire for an independent probe as soon as possible. It remains to be seen whether the court will side with the FTX lawyers and reject the US Trustee’s motion, or if the court will take the initiative and appoint an independent examiner to investigate the matter.

19 Jan

Ethereum Set to Reach $5K by 2026 with Shanghai Hard Fork Update!

• Ethereum’s Shanghai update is scheduled for the first half of 2023 and could end the year with a potential high of $1866.79.
• Ethereum could potentially cross the $5,000 mark by the year 2026.
• The upcoming update on Ethereum Shanghai Hard Fork which is scheduled for 2023 may surge the price of the coin to greater heights.

Ethereum (ETH) is the second largest cryptocurrency, with a market capitalization of over $200 billion. It is the most popular altcoin in the crypto space, and holds its own against the leader, Bitcoin. Ethereum is still in the spotlight, despite the lukewarm response to the merger. Ethereum continues to hold its crown as the largest altcoin, and maximalists continue to back the digital asset.

The upcoming update on Ethereum Shanghai Hard Fork which is scheduled for 2023 could be the game-changer. This update is expected to bring a major shift in the functionality of Ethereum. The update is expected to improve the scalability, security, and efficiency of the blockchain network. This could potentially lead to increased adoption, and hence a surge in the price of Ethereum.

Analysts are predicting that Ethereum could end the year 2023 with a potential high of $1866.79. If this is true, then Ethereum could potentially cross the $5,000 mark by the year 2026. This would be a major achievement for Ethereum, and could further cement its position as the largest altcoin.

Ethereum is one of the most widely used cryptocurrencies, and has seen a steady growth in its price since its launch in 2015. It has been the most popular altcoin since its launch, and has seen a surge in its price in recent months. This has been attributed to the increased adoption of Ethereum, and the upcoming update on Ethereum Shanghai Hard Fork.

The Ethereum Shanghai Hard Fork is expected to bring a major shift in the functionality of Ethereum. The update is expected to improve the scalability, security, and efficiency of the blockchain network. This could potentially lead to increased adoption, and hence a surge in the price of Ethereum.

The Ethereum Shanghai Hard Fork is one of the most highly anticipated updates in the crypto space. It is expected to bring a major shift in the functionality of Ethereum, and could potentially lead to a surge in the price of Ethereum. The update is expected to improve the scalability, security, and efficiency of the blockchain network. This could potentially lead to increased adoption, and hence a surge in the price of Ethereum.

The Ethereum Shanghai Hard Fork could be the game-changer for Ethereum. It is expected to bring a major shift in the functionality of Ethereum, and could potentially lead to a surge in the price of Ethereum. Analysts are predicting that Ethereum could end the year 2023 with a potential high of $1866.79. If this is true, then Ethereum could potentially cross the $5,000 mark by the year 2026. This would be a major achievement for Ethereum, and could further cement its position as the largest altcoin.

Overall, Ethereum is a strong contender in the crypto space. It is the most popular altcoin, and has seen a steady growth in its price since its launch in 2015. The upcoming update on Ethereum Shanghai Hard Fork could be the game-changer for Ethereum, and could potentially lead to a surge in the price of Ethereum. Analysts are predicting that Ethereum could end the year 2023 with a potential high of $1866.79. If this is true, then Ethereum could potentially cross the $5,000 mark by the year 2026. This would be a major achievement for Ethereum, and could further cement its position as the largest altcoin.

19 Jan

. Crypto Lender Genesis Global Capital Faces Bankruptcy Filing

• According to a recent report, cryptocurrency lender Genesis Global Capital may soon be filing for bankruptcy.
• The move comes as no surprise, as the company has been in dire straits since November due to the collapse of major cryptocurrency exchange FTX.
• Creditors, which include well-known cryptocurrency exchange Gemini, are reportedly in negotiations with the firm over a bankruptcy plan.

Cryptocurrency lender Genesis Global Capital is reportedly preparing to take the drastic step of filing for bankruptcy. The move comes as no surprise, as the company has been in dire straits since November 16th, when it froze customer redemptions following the collapse of major cryptocurrency exchange FTX.

The implosion of FTX had a devastating effect on Genesis Global Capital’s institutional lending unit, forcing them to take drastic measures, such as suspending redemptions and new originations, in order to protect their financial interests. This move only exacerbated the firm’s financial difficulties, as they now find themselves facing mounting pressure to fulfill their obligations of $900 million worth of locked deposits.

In a bid to address the firm’s financial issues, creditors, which include well-known cryptocurrency exchange Gemini, are said to be in negotiations with Genesis Global Capital over a bankruptcy plan. Under the proposed plan, creditors may agree to a forbearance period of one to two years, in exchange for cash payments and equity in Digital Currency Group, the parent company of Genesis.

The future of Genesis Global Capital remains uncertain, as the company’s financial challenges are far from over. With creditors seeking to take control of the company, and the crypto market remaining volatile, whether or not the firm will be able to survive remains to be seen. For now, all eyes are on the negotiations between Genesis and its creditors, as the fate of the company hangs in the balance.