The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
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Welcome to Tuesday. Here’s what you need to know today: |
- Crypto lender BlockFi files for bankruptcy.
- BlockFi sues FTX founder Sam Bankman-Fried.
- Huobi will help the nation of Dominica develop a digital currency.
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Crypto lender BlockFi filed for Chapter 11 bankruptcy protection on Monday, saying ithoped to restructure while it continues its operations. BlockFi received a $400 million line of credit from bankrupt exchange FTX earlier this year and has about $257 million in cash on hand, according to a press release. |
BlockFi CEO Zac Prince (CoinDesk) |
BlockFi also sued FTX founder Sam Bankman-Fried for his Robinhood Market shares on Monday. Bankman-Fried, through his Emergent Fidelity Technologies holding company, pledged his stake in the online trading company as collateral for a loan. Crypto exchange Huobi’s token climbs 15% over the past 24 hours after the firm announced a partnership with the Commonwealth of Dominica. Blockchain developer Tron and DMC Labs will issue a national token called dominica coin (DMC) and a digital identity (DID). Huobi will provide Dominica DID status to every registered user. |
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Market Insight: Wrapped Bitcoin Wobbles |
The market contagion from crypto exchange FTX’s swift collapse has spread to a key digital asset: wrapped bitcoin, a widely traded clone of the largest cryptocurrency. According to a new report from crypto analysis firm Kaiko, wrapped bitcoin (WBTC), the largest wrapped version of bitcoin on the Ethereum blockchain, has traded at a discount to bitcoin’s price since Sam Bankman-Fried's embattled FTX exchange filed for bankruptcy protection on Nov. 11. Kaiko said WBTC’s discount dropped to as low as 1.5% Friday after investors reacted to questions posed on Twitter about whether WBTC is fully backed. The rumor was based on data from Messari's dashboard on Dune Analysis that says FTX’s sister company, Alameda Research, was a top WBTC merchant by the number of tokens minted. Read the full story by Jocelyn Yang. |
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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