Author: Mayowa Adenle

Article written by Mayowa Adenle

Biden team pushes for crypto regulation through congress

January 30, 2023 1 min read

Four senior officials in the Biden administration are calling for the US Congress to regulate the cryptocurrency market. The officials believe it would be a “grave mistake” to further connect crypto and traditional finance due to the risk of broader consequences. They point to the limited exposure of traditional financial institutions to cryptocurrencies as the reason why turmoil in the crypto market has not infected the broader financial system. The

Reports: BlockFi’s financials reveal $1.2Billion exposure to FTX

January 25, 2023 1 min read

Bankrupt crypto lending firm BlockFi has reportedly uploaded uncensored financials by mistake, revealing $1.2 billion in assets tied up with bankrupt exchange FTX and its related trading firm Alameda Research. According to a January 24 report from CNBC, the unredacted filings show that as of January 14, BlockFi had $415.9 million worth of assets linked to FTX and a whopping $831.3 million in loans to Alameda. The previously censored financials

Genesis aims for quick resolution of creditor disputes and exit from bankruptcy by May

January 24, 2023 1 min read

A lawyer for bankrupt crypto lending firm Genesis is optimistic the firm can resolve its creditor disputes as early as this week, and the company could come out of Chapter 11 proceedings by late May. Genesis filed for Chapter 11 bankruptcy on Jan. 19. At the time it already had a restructuring plan along with a path pursuing a “sale, capital raise, and/or an equitization transaction” so it could potentially

State of Massachusetts Exploring Blockchain for Government Services

January 23, 2023 1 min read

Two bills related to cryptocurrency were introduced to the Massachusetts House of Representatives. The first bill was for the creation of a special commission on blockchain technology, and the second was for protecting consumers in cryptocurrency exchanges. The bill for the special commission outlines the formation of a 25-member group that will investigate blockchain technology and its potential impact on the state of Massachusetts. The commission is to be taken

$50 million fund established by SSV Network DAO to support ecosystem development

January 20, 2023 1 min read

Decentralized protocol SSV Network DAO has launched a $50 million ecosystem fund to support the development of Distributed Validator Technology (DVT)-based applications. The funds were secured from various industry investors including Digital Currency Group, OKEx, HashKey, NGC, Everstake, HackVC, GSR, Chorus.One, SevenX, and 1kx. The fund is the first dedicated solely to DVT use cases and aims to solidify DVT as critical Ethereum infrastructure. DVT is an infrastructure primitive that

Moonstone Bank to Shift Focus Away from Crypto, Embrace Community Banking

January 20, 2023 1 min read

Farmington State Bank, also known as Moonstone Bank, has announced that it will be returning to its original mission as a community bank and will no longer be pursuing a business model that focuses on developing banking services for industries such as crypto and hemp/cannabis. The change in strategy is a result of recent events in the cryptocurrency industry and the changing regulatory environment that surrounds it. Despite this change,

Ulvetanna, a ZK proof startup, raises $15 million in seed funding

January 19, 2023 1 min read

Ulvetanna, a zero-knowledge-proof (ZKP) hardware firm, has closed a $15 million seed funding round led by Bain Capital Crypto and Paradigm. The round, which also saw participation from Jump Crypto, valued the startup at $55 million, according to Ulvetanna’s founder and CEO Radisav Cojbasic. The firm is building hardware to accelerate the process of generating ZKPs, a cryptographic method of authentication that proves specific information without revealing the content of

CoinDesk’s Potential Sale Sparks Speculation

January 19, 2023 1 min read

Digital Currency Group (DCG), the parent company of CoinDesk, a popular cryptocurrency-focused news site, is reportedly exploring options for a partial or complete sale of the company. This news comes amid reports of liquidity issues for DCG, which is owned by Barry Silbert. CoinDesk CEO, Kevin Worth, announced that the company has hired investment bankers from Lazard Ltd to help explore the potential sale. According to The Wall Street Journal,

Digital Fashion Brand Syky Secures $9.5 Million in Series A Funding Led by Seven Seven Six

January 18, 2023 1 min read

Digital fashion brand Syky has raised $9.5 million in a Series A funding round led by Seven Seven Six. The round also saw participation from Brevan Howard Digital, Leadout Capital, First Light Capital Group, and Polygon Ventures. Syky, led by former Ralph Lauren Chief Digital Officer Alice Delahunt, aims to build a blockchain-enabled luxury platform that will equalize creative opportunities for aspiring designers and showcase the best of fashion from

Arkham: Alameda Wallet Suffers $11.5M Losses Under Liquidator Management

January 17, 2023 1 min read

The liquidators of Alameda Research have reportedly incurred at least $11.5 million in losses since taking control of Alameda’s trading accounts. On January 16, a Twitter thread from Arkham Intelligence reported that one wallet under the control of liquidators has seen a string of “significant losses” due to liquidations, some of which were “preventable losses.” Arkham reported that the account ending in 0x997 initially had a short position of 9,000

South Korean Court Rules NFT Game Items Unfit for Trading

January 17, 2023 1 min read

On Friday, a court in South Korea ruled against the release of a blockchain-based play-to-earn (P2E) game called Five Stars. The Seoul Administrative Court dismissed the developer’s appeal against the Game Rating Administration Committee’s decision not to process the age rating for the game. At the heart of the issue is the use of non-fungible tokens (NFTs). The court ruled that NFTs are not game items if they are traded

U.S. House of Representatives Establishes New Subcommittee on Crypto

January 16, 2023 1 min read

The U.S. House of Representatives has created a new congressional subcommittee focused on digital assets. The Subcommittee on Digital Assets, Financial Technology and Inclusion will operate under the House Financial Services Committee and will be the first in the U.S. specifically focused on digital assets. The subcommittee will be chaired by Republican Congressman French Hill. The new subcommittee will provide rules for federal regulators on the topic of digital currencies,