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FTX owes over $3 billion to its 50 largest creditors

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

Genesis seeks the help of a restructuring specialist in its effort to stay afloat

Genesis Global Capital, a cryptocurrency lending company, has recruited a restructuring counsel to consider all possibilities, including but not confined to a potential bankruptcy.

According to a Nov. 22 New York Times report, it is believed that the company has hired investment bank Moelis & Company to probe options. However, people familiar with the situation have emphasized that no financial decisions have been made and that it is still possible for the company to avoid filing for bankruptcy.

It’s interesting to note that Moelis & Company was among the companies hired by Voyager Digital after it stopped accepting deposits and withdrawals on July 1 to investigate “strategic alternatives.”

Days later, as part of a restructuring strategy that would eventually “return value to customers,” Voyager Digital filed for Chapter 11 bankruptcy in the Southern District Court of New York.

But when a Bloomberg article on November 21 suggested otherwise, a Genesis spokeswoman recently informed Cointelegraph that the company has no “imminent” plans to declare bankruptcy.

OKX publishes a proof-of-reserves webpage and provides guidelines for conducting a self-audit of its reserves

A proof-of-reserves website has been made available by the cryptocurrency exchange OKX so that users may check the liquidity of the exchange’s reserves. This occurs at a time when cryptocurrency exchanges are being examined more closely following the demise of FTX. Both on its blog and in a tweet, OKX announced the launch of the new page.

Users can check the exchange’s reserves on the proof-of-reserves website. In addition, users may quickly review the exchange’s current reserves and liabilities for its major three cryptocurrencies, including Bitcoin and Tether, in the first section.

According to this overview, OKX presently has 101% of the USDT required to service all Tether withdrawals, while 102% of the BTC and ETH are required to handle all withdrawals in this currency.

FTX owes over $3 billion to its 50 largest creditors

FTX Trading LTD owes its top 50 creditors approximately $3 billion, according to a court document filed on Nov. 20. The document was filed as a part of the company’s Chapter 11 bankruptcy proceedings through the United States bankruptcy court for the district of Delaware.

According to the filing, FTX owes the top individual alone more than $226 million, while the remaining debtors each owe between $21 million and $203 million. The creditors’ names are unknown, and their addresses are kept private. According to the document:

The Top 50 List is based on the Debtors’ currently available creditor information, including customer information that could be viewed but is not otherwise accessible at this time. The Debtors’ investigation continues regarding the amounts listed, including payments that may have been made but are not yet reflected on the Debtors’ books and records. The Debtors are also working to obtain full access to customer data.”

Binance invests additional money in the hardware wallet sector

Binance, a cryptocurrency exchange, is moving into the hardware wallet market. On November 21, the company said that Binance Labs, its venture capital division, had made a strategic investment in Belgian hardware wallet company Ngrave and would be managing its forthcoming Series A financing.

Ngrave, a self-custody company founded in 2018, offers a security package made up of three main components:

  • The Liquid mobile app
  • The Graphene key backup tool
  • The connectionless hardware wallet Zero

Security continues to be one of the most considerable obstacles to adopting cryptocurrencies, according to Yi He, co-founder of Binance and head of Binance Labs. However, he said that “self-custodial wallets are one of the most secure methods for storing digital assets” and that Binance intends to keep supporting businesses that improve user security.

Tyler Z, director of investments at Binance Labs, added that “Binance Labs is excited to capitalize on the emerging hardware wallet sector and partner with Ngrave to bring sophisticated wallet products to both retail and institutional users.”

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What is Long-legged Doji?

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The extended top and lower shadows make form the long-legged Doji candle. This candle has close to equal closing and opening prices. It follows a sharp price increase or decrease and shows that market players are still determining what to do. Traders typically observe the price movement that develops after a long-legged Doji candlestick. It frequently ushers in a time of consolidation.

Any bitcoin trader’s toolbox should include candlestick patterns. Crypto traders can evaluate and assess the market trend and make pattern trading judgments only by understanding them and the numerous historical chart patterns.

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Top Crypto Meme of the Week

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November 25, 2022

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