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What Led Genesis To Halt Withdrawals: The Complete Story

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What Led Genesis To Halt Withdrawals: The Complete Story

2022 has bought the collapse of many projects as several firms filed for bankruptcy in the crypto space. 

It all started with Terra‘s crash in May, after which Celsius filed for bankruptcy in July. This was followed by Three Arrows Capital, a crypto hedge fund, and Voyager, a crypto brokerage service.

Now, after four months, the crypto space has been hit with another bankruptcy case filing, FTX, which filed Chapter 11 of bankruptcy protection this month. The FTX collapse, in turn, has affected many other projects like Gemini, BlockFi and Genesis.

How Did 3AC’s Collapse Impact Genesis?

Meanwhile, Genesis Trading, a cryptocurrency market operator and financing company, started facing issues in June 2022 when the firm was hit by severe liabilities of hundreds of millions of dollars. These losses emerged along with the demise of Three Arrows Capital. Additionally, sources revealed that Genesis’s losses are connected to over-leveraged fund manager Three Arrows Capital and Hong Kong crypto financier Babel Finance.

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2/ We previously stated in June that we mitigated our losses with respect to a large counterparty who failed to meet a margin call. Now that the BVI bankruptcy process has commenced, we can confirm that the counterparty was Three Arrows Capital.

— Michael Moro (@michaelmoro) July 6, 2022

Former CEO Michael Moro had remarked on behalf of Genesis, which is owned by Digital Currency Group (DCG): 

“As we announced on June 17, We minimized our damages with a big competitor who could not fulfill a margin call to us.”

However, Michael Moro later claimed that they had liquidated security, covered their downward position, and recovered.

FTX Gets Contagion, Spreads Genesis

Now, days after FTX and Alameda collapsed, Genesis, which acquired $140 million from its parent company, the Digital Currency Group, has decided to halt new loan sanctions and withdrawals. This was announced through a Twitter thread.

Our #1 priority is to serve our clients and preserve their assets. Therefore, in consultation with our professional financial advisors and counsel, we have taken the difficult decision to temporarily suspend redemptions and new loan originations in the lending business.

— Genesis (@GenesisTrading) November 16, 2022

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Recently, Genesis announced that its derivatives business had nearly $175 million in locked funds in its FTX trading account. After this announcement of Genesis’s connection with FTX, many projects like Tether and Galaxy Digital claimed no relation with Genesis or its partner Gemini. However, Genesis has stated that it currently has no relationship with FTX or Alameda Research.

As per Genesis Global Capital, the firm had more than $2.8 billion in total active loans. On the other hand, Derar Islim, the present CEO, claims that Genesis Trading serves as Genesis Global Capital’s broker and operates independently.

Islim has assured creditors over the call that the firm is looking for solutions and trying to find a new source for fresh liquidity. He has assured people that the complete details will be revealed next week. As per Islim, FTX’s collapse saw too many withdrawal requests, which overpowered Genesis’ present liquidity.

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Telegram Introduces No-SIM Sign-Ups With Blockchain-Powered Numbers

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Telegram Introduces No-SIM Sign-Ups With Blockchain-Powered Numbers

Popular messenger Telegram now allows users to open accounts without the need to provide their mobile phone numbers. With the app’s latest update, they can log in using blockchain-based numbers instead, and they can be purchased with cryptocurrency on the Fragment platform.

Telegram Promises ‘New Era of Privacy’ With Accounts That Don’t Require Phone Numbers

One of the most popular messaging services in the crypto community, Telegram, has issued a new update to its application. The messenger now allows users to have an account without linking a cellphone number, an option that takes privacy to a new level, according to an announcement which insisted:

Today starts a new era of privacy. You can have a Telegram account without a SIM card.

“On Telegram, your phone number was never visible to strangers — our users control who can see their number and whether others are allowed to find them by their phone number,” the Telegram team reminded.

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From now on, however, they will not even need one in order to set up a new account with Telegram. Instead, they will be able to log in using blockchain-powered numbers, which will be anonymous, the statement released on Tuesday revealed.

The numbers will be available on Fragment, and can be purchased with toncoin (TON), the cryptocurrency used on the decentralized Open Network blockchain originally designed by Telegram. Fragment launched in late October as a blockchain auction platform and is also selling usernames.

Since May, Telegram users can send and receive toncoin directly within the chats. In 2019, the U.S. Securities and Exchange Commission filed a case against Telegram over the toncoin project, but in 2020 the messenger settled with the regulator.

Another privacy-oriented feature coming with this update allows you to set up a global timer to automatically delete messages in all new chats. It can be applied to existing chats as well. Self-destructing messages were introduced in 2013 but this new option expands user control, the company pointed out.

In June, Telegram announced it’s launching a premium tier of services, seeking to monetize its platform which has over 700 million monthly users. And in August, founder and CEO Pavel Durov hinted at a series of upcoming Web3 enhancements and talked about the benefits of reserved and tradable usernames, and group and channel links for auction.

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accounts, App, Blockchain, cellphone, Feature, Fragment, messaging, messaging app, messenger, mobile phone, Number, option, Phone, phone number, Privacy, sign-up, Sign-ups, SIM, SIM-Card, smart phone, Telegram, usernames, users

What other features do you expect from Telegram or the messenger you are using? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, wichayada suwanachun / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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LINK Price Keeps Steady With 7% Surge In Last 7 Days, But Things Might Change

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LINK Price Keeps Steady With 7% Surge In Last 7 Days, But Things Might Change

LINK, within the last 30 days, has already visited the $5 region twice, changing hands at $5.96 at one point in November 10 and going to as low as $5.69 on November 21.

Since then, the Chainlink network crypto asset has managed to recapture the $6 and $7 territories and is doing a great job at sustaining the latter.

  • Chainlink experienced a price correction that dissolved its 7% weekly gains
  • LINK is still in the midst of a price pump of more than 20% during the past two weeks
  • Chainlink network now has 20 successful integrations

In fact, according to tracking from Coingecko, at the time of this writing, the digital asset trades at $7.29 – a value that is 30% more than its currently monthly low.

Earlier Tuesday, the altcoin was sporting a weekly gain of 7%. However, as it entered a minor correction phase, the increase was trimmed to just almost 1%.

The crypto declined by 2.8% during the last 24 hours but is still sitting on a 24% price pump over the last two weeks.

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Although things might be looking a little bit good for Chainlink, investors and holders need to keep an eye on its whales as their market participation could easily pull the asset down once again.

A Quick Glance At Chainlink Metrics

It appears now that LINK holders have nothing to worry about especially that the asset’s Relative Strength Index (RSI) is still hovering above the 50-neutral zone.

However, the crypto’s Money Flow Index (MFI) has now settled in an overbought region after tremendous selling pressure was observed in the market.

Meanwhile, over the last two days, the observed market outflows among exchanges were higher than the inflows, giving the cryptocurrency the ability to sustain its upward momentum during the same period.

Source: TradingView

The demand for Chainlink token seemed to have outweighed the on-going selling pressure as evidenced by the higher number of addresses receiving it as compared to the addresses sending it, 2,207 and 893, respectively.

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Although these point towards a bullish momentum, holders and investors need to be wary about LINK whales as those holding at least a million units are contributing to the selling pressure.

If these large investors continue to reduce their balances by selling their holdings, there’s a big chance that the asset’s price will plummet once again.

⬡ Chainlink Adoption Update ⬡

This week, there were 20 integrations of 5 #Chainlink services across 7 different chains: #Arbitrum, #Avalanche, #BNB Chain, #Ethereum, #Fantom, #Optimism, and #Polygon.

Check your Staking v0.1 eligibility now: https://t.co/Gdt5Fj7XGp pic.twitter.com/DUjh6RGmeM

— Chainlink (@chainlink) December 4, 2022

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Some Positive Developments For Chainlink Ecosystem

To provide more security for the LINK network’s oracle infrastructure, the Chainlink Staking v0.1 is expected to go live next week.

This new feature is also deemed crucial in increasing demand for the cryptocurrency by convincing traders to hold rather than sell their coins.

The DeFi project also attained another milestone in its interoperability drive after achieving a total of 20 blockchain integrations including some with the biggest names in the industry such as Binance Smart Chain (BNB), Polygon (MATIC), Ethereum (ETH), Fantom (FTM), Optimism (OP) and Avalanche (AVAX).

LINK total market cap at $3.5 billion on the daily chart | Featured image: HBB Solutions, Chart: TradingView.com
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Web3 Blockchain Gaming Project Oasys Closes Strategic Funding Round With Participation Of Galaxy Interactive And Nexon

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Web3 Blockchain Gaming Project Oasys Closes Strategic Funding Round With Participation Of Galaxy Interactive And Nexon

Oasys, a Gamefi-oriented Web3 blockchain project, has announced it has closed a strategic funding round led by Galaxy Interactive, a VC firm, and Nexon, a gaming company. The round, whose numbers were not disclosed, will allow the company to enhance its ecosystem by expanding its pool of partners to take blockchain gaming to mainstream audiences.

Oasys Closes Strategic Funding Round to Expand Its Ecosystem

Oasys, a Japan-based, gaming-oriented blockchain project, announced the completion of a strategic funding round on Dec. 6, with the participation of Galaxy Interactive, an entertainment-oriented venture capital company, and Nexon, a South Korean gaming company. Other companies, including Presto Labs, MZ Web3 Fund, Hyperithm, Jets Capital, Jsquare, AAG, YJM Games, and Chainguardians, also participated in the round.

While the company did not share the amount of funds raised during this round, it did inform that they will be used to enhance its ecosystem, strengthen its validator network, and also expand its partners network. Oasys believes that this new funding round will also be able to create new business opportunities in the sector.

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While the crypto and blockchain sector was affected by the demise of FTX, the cryptocurrency exchange, Oasys’ director Daiki Moriyama believes that this constitutes an opportunity to build real decentralized structures. Moriyama stated:

The wake of the recent incidents in the Web3 industry have emphasized the importance of building a decentralized and robust business — one premised on creating quality games and gaming content.

Furthermore, Moriyama explained the company aims to rely upon this element, the decentralization, and the support from all the partners in its ecosystem to produce “a new breed of blockchain games with the gameplay and unparalleled experience the community desires.”

Token Sale Successful

Oasys’ token sale, which was open until Dec. 4, reached its funding goal in less than 12 hours, according to reports. It received participation from investors in 60 countries, even as Oasys is still in the launch stages of its mainnet.

Previously, the company has enrolled the support of other Japanese gaming powerhouses, such as Sega, Square Enix, and Bandai Namco, and international gaming companies such as Ubisoft, which serve as validators for the Oasys blockchain. Square Enix also reported examining the development of blockchain-based games as part of the partnership established with Oasys in September. Sega is already producing its first licensed blockchain game, that will use Oasys as part of its service structure.

Tags in this story

Blockchain, Daiki Moriyama, funding round, Galaxy Interactive, GameFi, Gaming, nexon, oasys, South Korea, VC, Web3

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What do you think about the recent Oasys funding round? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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