{"id":9896,"date":"2023-01-21T04:23:27","date_gmt":"2023-01-21T04:23:27","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=9896"},"modified":"2023-01-21T04:23:28","modified_gmt":"2023-01-21T04:23:28","slug":"genesis-files-for-bankruptcy-cardano-creator-wants-coindesk","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9896","title":{"rendered":"Genesis files for bankruptcy; Cardano creator wants CoinDesk"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><em>The biggest news in the cryptoverse for Jan. 20 saw Genesis Global Capital file for bankruptcy. Elsewhere, Cardano creator Charles Hoskinson confirmed that he is interested in acquiring CoinDesk. ByBit said its exposure to Genesis was limited to its investment arm, and former FTX.US president Brett Harrison is reportedly raising funds for a new startup. Plus, research on hedging in the Bitcoin market.<\/em><\/p>\n<h2>CryptoSlate Top Stories<\/h2>\n<h3 class=\"post-title\">Genesis Global caves to liquidity issues, files for Chapter 11 bankruptcy<\/h3>\n<p>Genesis Global \u2014 a Digital Currency Group (DCG) subsidiary \u2014 filed for Chapter 11 bankruptcy protection on Jan. 19 in the bankruptcy court of the Southern District of New York, it said in a press release.<\/p>\n<p>The derivatives, spot trading, broker-dealer, and custody arms of Genesis are not part of the bankruptcy filing and are operating normally, the firm said.<\/p>\n<p>Under Chapter 11, the firm is considering restructuring, which will be led by an independent special committee of the board of directors, it said.<\/p>\n<p>The firm has between $1 billion and $10 billion in assets and liabilities, according to the press release. Genesis said it has over $150 million in cash, providing \u201cample liquidity\u201d to support its business operations and the restructuring process.`<\/p>\n<h3 class=\"post-title\">Cardano founder Charles Hoskinson confirms interest in CoinDesk acquisition<\/h3>\n<p>Cardano (ADA) founder Charles Hoskinson confirmed interest in acquiring the crypto-focused media outlet CoinDesk on Jan. 19.<\/p>\n<p>Hoskinson said CoinDesk appeared to be overpriced for its $200 million asking price, adding that he would decide after reviewing the firm\u2019s books.<\/p>\n<p>Hoskinson said his media interest is broad as he is focused on \u201chow to get to journalistic integrity again.\u201d He added that Cardano had received bad press in the past as certain media outlets had to push specific agendas \u2014 citing examples including how FTX funded The Block.<\/p>\n<h3 class=\"post-title\">Gemini co-founder threatens lawsuit against DCG, Barry Silbert<\/h3>\n<p>Gemini co-founder Cameron Winklevoss threatened a lawsuit against crypto conglomerate Digital Currency Group (DCG) and its CEO Barry Silbert if they failed to make a \u201cfair offer\u201d to creditors like Gemini Earn users.<\/p>\n<p>Gemini is prepared to take \u201cdirect legal action against Barry, DCG, and others who share responsibility for the fraud that has caused harm to the 340,000+ Earn users and others duped by Genesis and its accomplices,\u201d according to Winklevoss\u2019\u00a0Jan. 20 Twitter thread.<\/p>\n<p>Winklevoss said Genesis\u2019 bankruptcy was crucial to recovering Earn users\u2019 assets. He added that the bankruptcy would subject the firm to a judicial oversight that would force it to reveal \u201cmachinations that brought us to this point.\u201d<\/p>\n<h3 class=\"post-title\">ByBit CEO clarifies Mirana exposure to bankrupt Genesis<\/h3>\n<p>ByBit CEO Ben Zhou said his exchange\u2019s exposure to bankrupt crypto lender Genesis was restricted to its investment arm Mirana.<\/p>\n<p>Genesis Global\u2019s chapter 11 filing showed that Mirana was one of its top five creditors \u2014 the lender owes the investment firm $151.5 million.<\/p>\n<p>Zhou said Mirana only managed some of ByBit\u2019s assets, adding that the firm\u2019s clients\u2019 funds were separated and its earn product does not use Mirana.<\/p>\n<p>The ByBit CEO further clarified that the $151 million exposure was collateralized by around $120 million which Mirana had liquidated already.<\/p>\n<h3 class=\"post-title\">Former head of FTX.US raises $5M from Coinbase, Circle for a new crypto startup<\/h3>\n<p class=\"p1\">Former FTX.US President Brett Harrison\u00a0is in the process of launching a new cryptocurrency startup that would service institutional clients.<\/p>\n<p class=\"p1\">According to a Bloomberg News report, Harrison has raised $5 million from well-known industry investors, including Coinbase Ventures and Circle.<\/p>\n<p class=\"p1\">Harrison\u2019s new company \u2014 dubbed Architects \u2014 will reportedly cater to institutional clients and provide them with access to both centralized and decentralized crypto markets.<\/p>\n<h3 class=\"post-title\">AI avatars launch on Polygon as CharacterGPT brings NPCs to life<\/h3>\n<p>Alethea AI and Polygon Labs are jumping on the AI hype with the launch of an AI-powered NFT project that allows users to create NFT avatars through text-based prompts similar to OpenAi\u2019s Dall-E image generator.<\/p>\n<p>The project plans to allow \u201canyone to rapidly create, train and trade AI Characters as NFTs on Polygon.\u201d CharacterGPT, created by Alethea AI, claims to go \u201cbeyond traditional text-to-image engines like Open AI\u2019s Dall-E 2\u2026 to generate fully interactive and intelligent AI characters with a single-line prompt in natural language.\u201d An example of the creation process is shown in the video below.<\/p>\n<h2>Research Highlight<\/h2>\n<h3 class=\"post-title\">Research: Market hedged the shortest amount in over 2 years as Bitcoin rose to $21k<\/h3>\n<p>Investors betting against Bitcoin grew to some of the highest on record as markets welcomed the new year. Bears were seemingly in complete control of the price action as Bitcoin teetered above $16,000. However, <em>CryptoSlate\u00a0<\/em>analysis has found that those shorting Bitcoin were not in as strong a position as investors first thought.<\/p>\n<p>The purchase of roughly $200 million in Bitcoin on spot trading markets was enough to force massive short liquidations due to dwindling volume. In addition, several large trades executed on major exchanges moved the needle just enough to create a brief short squeeze that took Bitcoin from $16,800 to over $21,000.<\/p>\n<p>The below chart shows the futures long liquidations dominance (i.e., long liquidations \/ (long liquidations + short liquidations)). The 50% mark in the middle of the chart represents an equal amount of long and short liquidations. Values above 50% indicate more longs liquidated, and values below 50% indicate more shorts being liquidated.<\/p>\n<h2>Crypto Market<\/h2>\n<p>In the last 24 hours, Bitcoin (BTC) rose 6.02% to trade at $22,301.53, while Ethereum (ETH) was up 5.55% at $1,639.39.<\/p>\n<h3>Biggest Gainers (24h)<\/h3>\n<p>Saitama (SAITAMA): 69.22%Hooked Protocol (HOOKED): 22.75%MAGIC (MAGIC): 20.67%<\/p>\n<h3>Biggest Losers (24h)<\/h3>\n<p>Serum (SRM): -3.16%Casper (CSPR): -2.41%Terra Classic (LUNC): -1.44%<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/cryptoslate-wrapped-daily-genesis-files-for-bankruptcy-cardano-creator-wants-coindesk\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The biggest news in the cryptoverse for Jan. 20 saw Genesis Global Capital file for bankruptcy. Elsewhere, Cardano creator Charles Hoskinson confirmed that he is interested in acquiring CoinDesk. ByBit said its exposure to Genesis was limited to its investment arm, and former FTX.US president Brett Harrison is reportedly raising funds for a new startup. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-9896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9896","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9896"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9896\/revisions"}],"predecessor-version":[{"id":9898,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9896\/revisions\/9898"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9897"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}