Just a few weeks after SEC allegations, Bittrex filed for Chapter 11 bankruptcy

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Bitcoin withdrawals from Binance are suspended for the second time in 12 hours

Binance, a crypto exchange, suspended Bitcoin withdrawals on May 8 for the second time, attributing it to many pending withdrawals.

Binance stated on Twitter that it had halted BTC withdrawals “temporarily” due to a “large volume of pending transactions.” The transactions remained unprocessed since the exchange’s “set fees did not anticipate the recent surge in [Bitcoin] network gas fees.”

The exchange resumed Bitcoin withdrawals almost three hours later, processing pending transactions at higher transaction fees, and stated it was working on enabling withdrawals via the Lightning Network.

At the time, the Bitcoin mempool had around 400,000 transactions waiting to be processed. Binance saw significant Bitcoin net negative outflows on May 7, which it claimed was actually it moving Bitcoin between its hot and cold wallets.

Just a few weeks after SEC allegations, Bittrex filed for Chapter 11 bankruptcy

Bittrex, a cryptocurrency trading platform, has filed for Chapter 11 bankruptcy protection in the District of Delaware. In a filing on May 8, the company estimated that it had over 100,000 creditors, between $500 million and $1 billion in assets, and between $500 million and $1 billion in liabilities.

The bankruptcy filing covers Bittrex, Inc., its Seattle-based entity, two Malta-based entities, and an affiliated entity called Desolation Holdings LLC. However, the filing did not include Bittrex Global GmbH, the Liechtenstein-based global entity for exchange. 

Bittrex’s declaration follows the U.S. Securities and Exchange Commission (SEC) charging the company and its co-founder, William Shihara, for securities violations in April.

In October, Bittrex was also fined around $29 million in a settlement over Bank Secrecy Act violations.

OFAC is listed as the largest creditor in Bittrex’s bankruptcy filing, with a claim of $24.2 million.

For the first time since April, Paxful begins its marketplace activities

Paxful, a peer-to-peer crypto marketplace that suspended operations in April, has announced it is back online. In a recent update posted on its website, Paxful stated that its team had worked tirelessly to relaunch the platform with the safety and security of its users in mind. However, it remains unclear how the company plans to proceed. Despite suspending its marketplace, Paxful stated that its wallet had “remained fully operational.”

Earlier this year, Paxful CEO Ray Youssef and co-founder Artur Schaback were involved in a court case where they made allegations against each other regarding the misappropriation of company funds, money laundering, and evasion of United States sanctions against Russia. Youssef blamed the U.S. regulatory environment for suspending the marketplace’s operations and announced that there would be “key staff departures.”

In April, he unfroze 88% of specific users’ accounts and declared it his “final act” as CEO, although he is still listed as CEO on the company’s website. Paxful has been largely silent on social media since the announcement.

Alameda Research received $60M in USDT and MASK tokens from OKX

According to crypto analytics platform Arkham Intelligence, on May 9, approximately $60 million worth of digital assets were sent from crypto exchange OKX to wallets connected to failed hedge fund Alameda Research. The transfer included about 337.9 million Mask Network (MASK) tokens worth $1.3 million and $57.77 million worth of the Tether stablecoin.

Currently, Alameda Research holds over $284 million worth of assets in its crypto wallets, with its largest holdings being USDT, BitDAO (BIT), Ether, and Stargate Finance (STG). The funds may be part of an effort to pay back customers of Alameda’s sister company, FTX. 

OKX froze approximately $157 million in November on behalf of FTX and Alameda. On March 30, OKX announced that it planned to return the funds to pay back creditors following a motion by FTX to release the funds.

Trading using MACD vs. RSI as One of MACD Crypto Trading Strategies

The Divergence and Convergence-based trading strategies using the MACD and RSI indicators share similarities. Both display the strength of momentum, making using the same straightforward trading approach for both indicators possible. When comparing RSI and MACD, the MACD day trading strategy involves opening a trade when a crossover occurs. This is easier to identify due to the MACD’s ability to display these crossovers and momentum reversals.

This article will delve into the Moving Average Convergence Divergence (MACD) indicator and how it can provide valuable insight into price movements. You will learn how this indicator can aid you in making informed trading decisions.

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