Celsius bankruptcy filings show a company in deep trouble

[ad_1] Celsius’ bankruptcy filing has revealed some unpleasant surprises about the state of the crypto lending platform, including a $1.2 billion deficit formed largely as a result of user deposits. A chapter 11 bankruptcy document signed off by Celsius CEO Alex Mashinsky on July 14 has revealed that the company holds around $4.3 billion in assets against $5.5 billion in liabilities, representing a $1.2 billion deficit.User deposits made up the majority

Celo network back online after almost 24-hour outage

[ad_1] Proof-of-stake-based blockchain Celo has been suffering from an on-and-off network outage lasting 24 hours, though the blockchain appears to be up and running again now. Celo is an open-source blockchain that enables users with phone numbers to make payments with crypto by using their phone numbers as a proxy for public keys. Celo updated its Twitter followers after the network came back online, noting it was the network’s first outage

UNI, MATIC and AAVE surge after Bitcoin price bounces back above $20K

[ad_1] Crypto investors found cause for celebration on July 14 as the market experienced a positive trading session just one day after the Consumer Price Index (CPI) posted a June print of 9.1%, its highest level since 1981. Daily cryptocurrency market performance. Source: Coin360The move higher in the market wasn’t entirely unexpected for seasoned traders who have become familiar with a one to two-day bounce in asset prices following the most

Ankr Network’s 2.0 upgrade aims to improve Web3 decentralization

[ad_1] Decentralized Web3 infrastructure provider Ankr Network (ANKR) has introduced its Ankr Network 2.0 upgrade aimed at transitioning blockchains into more resilient node networks.The upgrade is detailed in the Ankr 2.0 Whitepaper which was obtained by Cointelegraph ahead of its release later today.The upgrade centers around making Web3 more decentralized through several new features, such as an option to run an independent node, the ability to stake ANKR tokens on

Crypto markets need to hit ‘total panic’ before revival: Kevin O’Leary

[ad_1] Millionaire investor from the Shark Tank TV show Kevin O’Leary says there’s going to be “total panic” and “massive volatility” in the crypto markets ahead before the industry swings back toward stronger firms and clearer regulations.Despite the recent fall of crypto finance firms including Voyager Digital and Celsius, O’Leary told Cointelegraph on July 13 that we’re still missing a “real big event” seen in previous market cycles before we

OpenSea lays off 20% of its staff, citing ‘crypto winter’

[ad_1] Nonfungible token (NFT) marketplace OpenSea announced mass layoffs on Thursday, joining other crypto companies in reducing headcount during one of the most volatile periods in the industry’s history. Co-founder and CEO Devin Finzer took to Twitter Thursday afternoon to disclose that his company was laying off up to 20% of its staff. In a long message conveyed to employees, Finzer blamed “an unprecedented combination of crypto winter and broad macroeconomic

CleanSpark scoops up 1K+ mining rigs at ‘substantially discounted price’

[ad_1] Crypto mining firm CleanSpark announced the purchase of more than 1,000 Bitcoin miners amid the market downturn, reporting a “substantially discounted price” compared to that earlier in 2022.In a Thursday blog spot, CleanSpark said it had acquired 1,061 Whatsminer M30S rigs currently mining Bitcoin (BTC) at the Coinmint facility in New York, whose space the company shares with Riot Blockchain. The mining firm said it had purchased the machines

Circle discloses full breakdown of $55.7B USDC reserves

[ad_1] Circle Internet Financial has released a full breakdown of its USD Coin (USDC) holdings for the first time — a move designed to offer transparency and instill greater trust ain the stablecoin issuer. As of June 30, Circle’s $55.7 billion reserves were comprised of $42.12 billion in short-term United States Treasuries and $13.58 billion in cash held at regulated financial institutions in the country, the company disclosed Thursday. The weighted

3 reasons why Polygon (MATIC) is up 100%+ during a bear market

[ad_1] Unlike bull markets where traders can basically throw a dart at a list of coins to pick one that will go up, bear markets require much more effort to find projects that could perform well over the long-run.One project that has continued to show signs of mainstream adoption despite the onset of a crypto winter is Polygon (MATIC), a layer-two scaling solution for the Ethereum (ETH) network that is looking

CFTC labels 34 crypto and forex firms as unregistered foreign entities

[ad_1] The United States Commodity Futures Trading Commission, or CFTC, has added 34 unregistered foreign entities to its Registration Deficient List, including at least six providing crypto-related services.In a Thursday announcement, the CFTC said it had expanded its list of firms that it requires to register with the CFTC for providing services including trading binary options, foreign currency or other products such as cryptocurrencies. The additions to the Registration Deficient