More Than a Half Dozen US Securities Regulators File Actions Against Crypto Lender Nexo

Crypto lender Nexo is having issues with state authorities from California, New York, Washington, Kentucky, Vermont, South Carolina, and Maryland. The enforcement actions from multiple state securities regulators detail that Nexo’s Earn Interest Product (EIP) may be in violation of securities laws. Nexo Targeted by Several Securities Regulators Over the Crypto Lender’s Earn Interest Product Following the issues that took place last year against Celsius’ and Blockfi’s interest-bearing accounts, the crypto lender Nexo has been targeted by several state securities regulators concerning the company’s Earn Interest Product (EIP). The state…

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Since 2014, Roughly 42% of Failed Crypto Exchanges Have Disappeared Without a Trace for No Apparent Reason

Just recently, coinjournal.net published a report that shows the number of cryptocurrency exchanges that have failed during the last eight years. Interestingly, the researcher’s data shows that 42% of failed crypto asset trading platforms disappeared without a trace, giving users no explanation as to why the exchange shut down. During the Past 8 Years, Research Shows Only 22% of Failed Crypto Exchanges Have Left Due to Actual Business-Related Reasons A report that covers failed digital currency exchanges indicates that 42% of all the exchanges that have failed since 2014 have…

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Report: Equitiesfirst Named as ​​Mystery Debtor to Celsius, $439 Million Owed to Crypto Lender

Ever since Celsius paused withdrawals on June 12, the company has been the focus of attention due to the lender’s financial hardships. A month later, Celsius filed for bankruptcy in the U.S. by leveraging the Chapter 11 process. Two days after the bankruptcy filing, a report disclosed that two people familiar with the matter allege that the private lending platform that owes Celsius $439 million is Equitiesfirst. FT Sources Allege Private Lending Platform That Owes Celsius $439M Is Equitiesfirst During the last few weeks, bankruptcies, liquidations, and insolvencies have been…

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Maker cuts off Aave’s DAI supply as fallout from Celsius continues

MakerDAO has voted to cut off lending platform Aave’s ability to generate Dai for its lending pool without collateral as the risks of Celsius’ liquidity crisis loom large over the entire crypto ecosystem. The decentralized autonomous organization (DAO) made the decision as a means of mitigating the Maker protocol’s exposure to the beleaguered staking and lending platform in case Celsius goes belly up and implodes the staked Ether (stETH) peg as well. stETH is a token representing an amount of ETH that is staked on the Lido staking platform. Its peg…

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FTX CEO Sam Bankman-Fried Warns More Crypto Company Insolvencies Are Coming

In a recent interview, Sam Bankman-Fried, the founder of the popular exchange FTX, warned that some crypto exchanges are “secretly insolvent” and may soon fail. Bankman-Fried’s FTX and Alameda Research have already helped Blockfi and Voyager Digital as the 30-year-old billionaire says sometimes you have to do “what it takes to sort of stabilize things and protect customers.” Bankman-Fried’s FTX and Alameda Research Provide Credit Lines to Specific Crypto Firms The crypto economy has been hit hard by the current bear market and Terra LUNA and UST fallout that took…

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Report: $4B in Bitcoin Mining Loans Are in Distress — JPMorgan Analyst Says Price Pressure Stems From Miner Sales

Cryptocurrency-related lending has become a black smudge for the industry these days and according to a recent report, bitcoin’s low price has put billions in mining loans under stress. The report, which quotes the co-founder of mining company Luxor Technologies, Ethan Vera, says that roughly $4 billion in loans backed by crypto mining rigs are extremely close to running a risk of default. Analyst Says Miners ‘Are Nervous About Their Loan Books’ The price of bitcoin (BTC) is 21% lower than it was two weeks ago and the price drop…

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Binance launches $1B BSC fund, BTC futures ETF approval could arrive soon, and Celsius raises $400M: Hodler’s Digest, Oct. 10-16

[ad_1] Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Binance to launch $1B fund to develop BSC ecosystem Binance, the world’s biggest cryptocurrency exchange, announced an accelerator fund worth a whopping $1 billion this week. The funds will go toward supporting the development of the Binance Smart Chain ecosystem.  Binance outlined that the…

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6 Questions for Harumi Urata-Thompson of Celsius – Cointelegraph Magazine

[ad_1] We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and we throw in a few random zingers to keep them on their toes!   This week, our 6 Questions go to Harumi Urata-Thompson, chief financial officer and chief investment officer of Celsius Harumi Urata-Thompson is the chief financial officer and chief investment officer of Celsius. Additionally, she is the founder of Hut Consulting and the former chief operating officer for the CFA Society New York, for which she completed a successful turnaround…

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