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Crypto lending platform Celsius Network has filed for bankruptcy, Ethereum developers have agreed on a program to transition to PoS, the founder of 3AC has accused creditors of
Crypto lending platform Celsius Network has filed for bankruptcy, Ethereum developers have agreed on a program to transition to PoS, the founder of 3AC has accused creditors of bullying and other incidents of the week leading up to it.
In the midst of the Ethereum blockchain’s upcoming transition to the Proof-of-Stake (PoS) consensus algorithm, ETH offerings tested a range above $1,400. At the time of writing, the asset is trading around $1,350.
After the release of the US inflation report on July 13, the bitcoin price slumped below $19,000, but by the end of the week, the asset regained its decline and is now trading around $21,130.
According to CoinGecko, the top 10 digital assets by market cap closed the week with mixed success. Ethereum showed the best dynamics – the price of the cryptocurrency increased by more than 10%. Dogecoin was the worst – coin prices fell 8.5%.
The total capitalization of the cryptocurrency market has reached $1 trillion. The Bitcoin dominance index dropped to 40.2%.
Crypto lending platform Celsius Network and some of its subsidiaries have filed for bankruptcy in New York court. The company hopes the restructuring will “maximize value for all stakeholders.”
Celsius said it has $4.3 billion in assets as of July 13. His debts to customers and creditors totaled $5.5 billion.
The petition also mentions a “private loan platform” that the company used to finance its operations from September 2019 to February 2021. As a result, Celsius reduced its $509 million debt to $439 million. Journalists of the Financial Times learned that EquitiesFirst was the aforementioned counterparty.
Prominent Ethereum developers tentatively confirmed the blockchain’s transition to the PoS consensus algorithm on September 19, 2022, during the next call.
The final date will largely depend on the Goerli testnet transition to PoS, scheduled for August 11. Two weeks before the “merge”, Bellatrix upgrade is activated on the mainnet.
The attackers sent malicious tokens disguised as an airdrop from Uniswap to more than 70,000 addresses. Victims were redirected to a scam site. Thus, the hackers pulled 4295 ETH (~$4.6 million) from the protocol and sent it to the Tornado Cash mixer.
Twitter sued Elon Musk for refusing to buy the social network for $44 billion. The platform aims to compel Tesla’s president to fulfill his obligations and complete the purchase. The document says the businessman “showed off” and acted maliciously.
Lenders are trying to seize the assets of hedge fund Three Arrows Capital (3AC) until the company is liquidated. Co-founders Su Zhu and Kyle Davis contacted plaintiffs’ lawyers via Zoom without video, but only lawyers answered questions put to them. Creditors said the whereabouts of the 3AC leadership were unknown and the Singapore office was not operational.
In response, Su Zhu called the hedge fund creditors’ statements “bullying” and questioned whether the company had breached its obligations at the start of the liquidation process.
JPMorgan noted the drop in the cost of producing bitcoin. Experts stated that according to the June results, the indicator dropped from ~$24,000 to ~$13,000, largely due to the reduction in electricity consumption with more efficient installations. They added that what happened could be a hindrance to the growth of the cryptocurrency price.
Glassnode warned that if the rate does not recover meaningfully in the coming quarter, the risk of miners selling more bitcoins will remain.
This week, miners of the first cryptocurrency shut down operations in Texas amid a heatwave caused by peak demand for electricity. On July 10, the state’s main grid operator ERCOT urged residents and businesses to save money and warned that daytime demand could exceed production.
Later, the network’s daily computing power dropped to February levels (~160 EH/s).
Meanwhile, the cost of bitcoin mining devices per hashrate generated has dropped to December 2020 levels.
The competition was timed to coincide with the success of KuCoin, which has 20 million users registered on the platform. Since the beginning of 2022, the stock market has attracted 9.5 million people.
Investors will be able to earn up to $20,000 and receive special bonuses and airdrops. KuCoin will release detailed rules and reward list by the end of July.
On July 14, the Celo blockchain suspended work on block 14 035 018. Shortly before the event, decentralized exchange Uniswap v3 deployed its smart contracts on the Celo network.
Restarting the network on the second attempt appeared only a day later. The team stressed that users’ assets were not affected and promised to share more details after the analysis.
In the second quarter of 2022, STEPN’s M2E platform generated $122.5 million in app usage fees. The team will send 5% of the amount to the GMT tokens recovery and burning program.
Other initiatives include improving the fraud protection system, optimizing the application and expanding the team.
Ryan Wyatt, CEO of Polygon Studios, said that more than 48 projects from the collapsed Terra ecosystem have started to migrate to Polygon’s second-layer Ethereum network.
During the week, the Polygon (MATIC) rate increased by more than 25%. The main impetus was the announcement of the project’s participation in the Disney Accelerator program. This year is dedicated to augmented reality, NFT and artificial intelligence technologies.
President of Kazakhstan Kassym-Jomart Tokayev signed a law providing for the introduction of differentiated mining tax rates. The rate is determined based on the average electricity price for the reporting period:
Regardless of the cost of electricity when using renewable resources, the tax rate for miners will be 1 tenge per 1 kWh.
The Financial Stability Board under the G20 group will make recommendations on the regulation of cryptocurrencies in October 2022. The regulator noted that losses from crypto investors threaten to “infect” some traditional financial markets, such as the short-term lending space.
The International Organization of Securities Commissions has also committed to developing regulatory standards for digital assets by the end of 2023.
Yuga Labs, the company behind the Bored Ape Yacht Club NFT collection, has published a simple article of the Otherside project.
The other side is “a platform for creating worlds”. From the start of Improbable, MSquared (M²) will launch on the network of interoperable metaversions. M² uses a set of Project Morpheus technology components focused on optimizing network traffic and increasing processing efficiency.
The launch of Otherside will take place in several stages. As part of the first phase, only NFT owners and “selected third-party developers” from the Otherdeed collection will have access to the platform. They will be able to complete The Voyager’s Journey story campaign and become the first content creators on the platform.
Also on ForkLog:
Education cards, FTX president Sam Bankman-Fried talked about Algorand, fiat money, the Merkle tree, the MVRV indicator, and the “digital gold” thesis.
Traditional recaps gathered the week’s main events in the areas of cybersecurity and artificial intelligence.
The decentralized financial sector continues to attract increasing attention from crypto investors. ForkLog has gathered the most important events and news of the last weeks into a summary.
On July 11, live ForkLog LIVE discussed the latest news and possible price movements of bitcoin. The guests were ForkLog resident Ton Weiss, Credentia’s Stepan Gershuni and Strategy and governance’s Pavel Prigolovko.
They just released a new special report on cross-chains and parachains.
Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
