3AC founders face global asset freeze valued at $1 billion

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Check out the latest highlights from the past week in our Good Crypto digest. For real-time updates, follow us on Twitter or Telegram.

quick weekly news

Shanghai’s historic $14M cross-border e-CNY gold purchase

The inaugural cross-border settlement involving the digital yuan central bank digital currency (CBDC), commonly known as e-CNY, was recorded on December 20. Reportedly, the Bank of China’s Shanghai branch successfully conducted a 100 million yuan ($14 million) e-CNY CBDC settlement received for gold from abroad via the Shanghai Financial Exchange International Board.

A Bank of China spokesperson emphasized, “This transaction will significantly bolster Shanghai’s financial foundation, supporting the comprehensive implementation of the free trade pilot zone strategy and fostering the advancement and enhancement of the international trade hub.”

U.S. Court sanctions confiscation of 69,000 BTC in Silk Road Case

A U.S. appeals court has finalized the legal procedure to officially seize 69,370 Bitcoin and various other cryptocurrencies from the defunct dark web marketplace Silk Road.

The U.S. District Court of Appeals for the Ninth Circuit confirmed the handover of these digital assets to federal control, affirming the government’s claim to these assets associated with Silk Road’s illicit activities.

The seized cryptocurrencies comprised Bitcoin, Bitcoin Gold (BTG), Bitcoin SV (BSV), and Bitcoin Cash (BCH). The initial ruling on Silk Road’s Bitcoin occurred in August, following the U.S. Justice Department’s 2020 seizure and subsequent request for the forfeiture of the cryptocurrency, valued then at over $1 billion.

Phantom goes multi-chain: adds Bitcoin, Ordinals, & BRC-20s

Solana wallet Phantom is expanding its horizons beyond the Solana ecosystem. In a beta opt-in program, users can now trade and transfer Bitcoin, Ordinals, and BRC-20 tokens, acknowledging the foundational role Bitcoin plays in the crypto landscape.

Phantom’s embrace of Bitcoin and other blockchains signals a shift towards a more inclusive approach – one that connects the crypto ecosystem. This bodes well for users seeking a single platform to manage their diverse crypto holdings and explore the full spectrum of DeFi possibilities.

3AC founders face global asset freeze valued at $1 billion

The British Virgin Islands court has ordered to freeze the assets of the founders of the bankrupt hedge fund Three Arrows Capital (3AC) – Su Zhu, Kyle Davies, and his wife – amounting to over $1.14 billion. This update comes from Bloomberg, citing an email from 3AC’s liquidator, the company Teneo.

The legal woes of 3AC founders Su Zhu and Kyle Davies just got deeper. A global freezing order has been slapped on their assets, including those belonging to Davies’ wife Kelly Chen, as part of efforts to recover the $3.3 billion owed to creditors after the hedge fund’s 2022 collapse.

The liquidator, Teneo, sought the order based on allegations that the founders directly contributed to the downfall of 3AC by causing “significant financial losses” exceeding the value of the frozen assets. Teneo further noted that this global action complements a similar domestic freezing order already imposed by the Singapore Court.

relative strength index indicator

The Relative Strength Indicator (RSI) is a crucial tool in market analysis. It`s a Momentum Oscillator used to give you an idea of how overbought or oversold a market is.

Here’s how it works:

• Overbought: When the indicator climbs above the 70 RSI level, it suggests the market might be due for a cool-down (a dip!).

• Oversold: If it falls below the 30 RSI level, the market could be undervalued, presenting a potential buying opportunity.

While popular in crypto (alongside moving averages), the RSI works on any chart, from stocks to commodities. It’s a versatile tool that can enhance your overall market analysis!

Read our full article to delve into the functionalities and strategic uses of RSI!

READ THE FULL ARTICLE

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top crypto meme of the week

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