Mayowa Adenle
I am a crypto analyst. I am responsible for analyzing and predicting trends, pricing, demand, and trading volumes of any number of cryptocurrencies currently available.
Articles by Mayowa Adenle
1 year ago
0 mins read
On January 7, Wyre, a cryptocurrency payment platform, announced that it would be imposing a 90% withdrawal cap on customer accounts. This decision was made in response to the prolonged bear market and in the “best interest of [Wyre’s] community.” The company also announced that Yanni Giannaros, Wyre’s CRO and COO, would be serving as interim CEO. In addition, Wyre’s partnership with the cryptocurrency wallet MetaMask has ended, with MetaMask asking its users to refrain from using Wyre on its mobile aggregator while it disables the extension. These developments come amid rumors that Wyre may be closing down.
1 year ago
1 min read
Court documents exposed that FTX Digital Markets spent a whopping $40 million from January to September 2023 before being declared bankrupt due to a lack of liquidity. Over $15 million was used for luxurious accommodations, with $5.8 million going to the Albany Hotel where its CEO Sam Bankman-Fried had a $30 million penthouse. About $7 million was utilized for meals and entertainment, with half of it being allocated to catering services. Flights cost FTX almost $4 million, and more than $500,000 was consumed by postage and delivery. The company also made a private agreement with an airline to ship their
1 year ago
1 min read
Since April, the AVAX token of Avalanche, the blockchain company behind the decentralized cryptocurrency exchange Trader Joe, has been unable to break through its resistance level. Nevertheless, Trader Joe’s services, such as lending, leveraging, staking, and farming, have made considerable strides in recent weeks. According to data from Dune Analytics, the trade swap volume of Trader Joe reached its zenith in December 2022 and has been rising since then. USDC/WETH and GMX/WETH swaps comprised the majority of the volume, and a closer examination of the protocol’s trading volume for each liquidity pool showed a large number of transactions, demonstrating abundant
1 year ago
1 min read
The governor of the Bank of France, Francois Villeroy de Galhau, has called for mandatory licensing for local digital asset service providers (DASPs) in the country, instead of just registration, as a response to recent turmoil in the cryptocurrency markets. Currently, DASP licensing is optional in France, with only 60 out of the country’s registered cryptocurrency firms choosing to obtain one. These firms are required to meet certain requirements related to business organization, conduct, and financing. An amendment proposed in December by a member of the Senate finance commission would eliminate the clause allowing companies to operate without a license.
1 year ago
1 min read
The US government is reportedly in the process of seizing or has already seized 56 million shares of Robinhood, worth around $465 million, owned by Sam Bankman-Fried, the former CEO of FTX. The seizure is part of the legal case against Bankman-Fried, who faces charges including wire fraud and money laundering. Bankman-Fried purchased a 7.6% stake in Robinhood in May 2021, with 90% of the 56 million shares being owned by him and the remaining 10% by FTX co-founder Zixiao (Gary) Wang. The shares were later used as collateral for a loan from cryptocurrency lender BlockFi and became the subject
1 year ago
1 min read
The U.S. Securities and Exchange Commission (SEC) has raised an objection to Binance US’s proposed purchase of the assets of the bankrupt crypto platform Voyager. Binance US won the bid for the acquisition with a bid of $1.022 billion on December 19, 2022, and agreed to cover up to $15 million in costs. The SEC’s complaint emphasized that the disclosure statement for the transaction did not provide adequate information regarding how Binance US could finance the purchase or about its future business practices after the acquisition. Additionally, the SEC has requested more information on Voyager’s contingency plans in the event
1 year ago
1 min read
The US Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have issued a joint warning to banks of the potential dangers posed by cryptocurrencies. The regulators noted the potential for fraud and scams, deceptive representations and disclosures, market volatility, stablecoins, and contagion risks. They further cautioned that holding or issuing crypto assets on a decentralized network is not compatible with sound banking practices, but that banks should not be discouraged from offering such services if allowed by law. This warning follows the collapse of Bahamas-based FTX.com in November 2022, which
1 year ago
1 min read
Three users of cryptocurrency exchange Gemini’s Earn program have filed a request for class-action arbitration against Genesis Global Capital and Digital Currency Group (DCG). The request comes after the exchange suspended redemptions in the Earn program due to Genesis freezing withdrawals. Furthermore, the claimants allege that the terms of the master agreement for Gemini Earn were broken when Genesis failed to disclose and later concealed its insolvency. And that it worked with DCG to hide the insolvency by exchanging $2.3 billion in debt for a promissory note due in a decade. The Winklevoss brothers, who founded Gemini, and their company,
1 year ago
1 min read
The Central African Republic (CAR) has announced that it will not be listing its national cryptocurrency, Sango Coin, due to “current market conditions,” according to a statement from Sango Coin’s marketing team on a Telegram channel. The CAR had previously planned to add the coin to its listing by the end of 2022, but the decision has been met with low investor enthusiasm and a court ruling that found the government’s proposal to grant citizenship to Sango currency holders to be unlawful. Despite these setbacks, the CAR government is continuing with the token sale, which is currently in its second
1 year ago
1 min read
SushiSwap CEO Jared Grey has proposed changes to the token economics of the SUSHI token in an effort to address the liquidity crunch facing the protocol. On December 6, Grey announced that the project’s treasury had a runway of just 1.5 years, leading to a proposal that 100% of fees earned by SushiSwap be redirected to Kanpai, the project’s treasury, for one year or until new token economics are introduced. Grey has now proposed a new model that seeks to increase liquidity and create more utilities for SUSHI, as well as “promote maximum value for all stakeholders.” The new model
1 year ago
1 min read
Midas, a custodial investment platform, has announced that it will close down operations due to a $63.3 million deficit in its decentralized finance (DeFi) portfolio. The company’s DeFi portfolio lost $50 million, or 20% of its $250 million assets under management (AUM), and user withdrawals of more than 60% following the collapses of Terra, FTX and Celsius made it impossible for Midas to sustain its fixed yield model. Midas’s total liabilities in Bitcoin, Ether, and stablecoins are at $115 million while its current assets are worth around $51.7 million, resulting in a total deficit of $63.3 million. Despite the closure,
1 year ago
1 min read
Yuga Labs, the creators of the popular Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs), are facing a counterclaim in an ongoing lawsuit against artist Ryder Ripps and the founder of NFT marketplace Not Larva Labs, Jeremy Cahen. Yuga Labs had accused Ripps and Cahen of copying their NFT collection and devaluing the original BAYC products, but the pair have denied many of the allegations, claiming that their version of the BAYC collection, called RR/BAYC, does not infringe on Yuga Labs’ copyright and that they used conceptual art to critique the imagery used by Yuga Labs. The U.S. District Court
