Galaxy Digital to Purchase GK8 from Failed Lender Celsius

In a Friday announcement,  financial services and investment management company Galaxy Digital revealed plans to purchase asset custody solution GK8. The firm, led by Mike Novogratz, won a bid allowing it to acquire GK8 from Celsius network under the lender’s bankruptcy proceedings. Galaxy to Implement GK8’s Custody Technologies GK8 is a blockchain-focused cybersecurity provider for financial institutions to store their digital assets. The platform also allows users to perform transactions without an internet connection. In their release, Galaxy digital noted…

Crypto Lender BlockFi Files for Bankruptcy

According to a recent press release, crypto lending firm BlockFi has filed for chapter 11 bankruptcy protection. The company predictably began to battle liquidity issues in the wake of FTX’s monumental crash. BlockFi Hopes to Restructure The lender submitted its application for bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey alongside 8 affiliated companies. BlockFi's goal is reportedly to bring operations back to steady ground. Chapter 11 of the Bankruptcy Code typically allows for…

Singapore Launches Probe into Crypto Lender Hodlnaut

In a recent publication, the Singapore police force revealed that they are looking into crypto lending platform Hodlnaut. The agency’s Commercial Affairs Department is reportedly handling the investigation into accusations of cheating and fraud among the DeFi lender's leadership. Users File Complaints with the Police According to the release, several accusatory reports surrounding the platform have made their way to the police since August. These allegations claim that the company’s leadership had shared false data regarding its exposure to an…

SBF and FTX are Frauds and Thieves, Says Kraken’s New CEO

During a recent interview, leading exchange Kraken’s incoming CEO David Ripley shared his thoughts about last week’s FTX saga. Ripley did not hold back in his criticism of the exchange, as he blasted the team alongside Sam Bankman-Fried calling them thieves. This comes after outgoing CEO, Powell, had branded SBF “sociopathic”. Ripley said on Friday: I think, what it boils down to from all the information we have [and] this bankruptcy report that has now been released is that FTX…

Crypto Lender Genesis Tried But Failed to Get $1B Emergency Funds

According to new reports, crypto lending platform Genesis sought to obtain a $1 billion loan at the start of the week. The company reportedly sought emergency funds on November 14 in the wake of the FTX crash. However, Genesis was unable to gather the money it needed. Genesis Global May be Facing Liquidity Problems A Washington State Journal report cited a crucial fundraising document as the source of its data. Per the paper, Genesis Global Capital is facing liquidity issues…

BlockFi May File for Bankruptcy after FTX Collapse

Per a recent publication from the Wall Street Journal, crypto lending platform BlockFi is set to file for bankruptcy. BlockFi's distressed tweets and recent reports credit the forthcoming move to FTX exchange's historic crash, noting “significant exposure” to the failed company.  BlockFi Halts Withdrawals In the days following the fall of Sam Bankman-Fried’s FTX Global, the crypto industry has continued to feel the aftershocks. FTX filed for Chapter 11 bankruptcy alongside 130 affiliated companies including sister firm Alameda research. According…

FTX Officials Verify $600M Hack, Warn Users Off Website

In a statement on the platform’s official Telegram page, FTX’s Telegram admins revealed the platform has been the victim of a hack.  PeckShield Tracks the Hack in Real Time In the closing hours of Friday, several wallets linked to FTX exchange began to suspiciously move assets worth millions of dollars, without any prior notice. This morning, FTX raised the alarm of a breach via its official telegram page. [caption id="" align="aligncenter" width="695"] An alarm was first raised by the FTX…

No Funds From Tether as FTX Faces $9B Liquidity Crisis

In a tweet on Thursday, Tether CTO Paolo Ardoino revealed that the stablecoin issuer has no intentions of an FTX bailout.  SBF Seeks Funds From Various Sources Sam Bankman Fried-led crypto exchange FTX is grappling to stay above water as fears of insolvency push an ongoing bank run. The platform’s Tuesday controversy regarding a Binance acquisition further worsened the situation. Now SBF is on the hunt for rescue funds scaling $9 billion and he is looking to both investors and…

Hacker Moves $2.5M of Deribit Loot to Tornado Cash

Per Etherscan data, the culprit behind last week’s $28M attack on exchange platform Deribit is transferring the funds via crypto mixer Tornado Cash. Hacker Transfers Part Loot in 17 Operations So far, the Deribit attacker has moved 1,610 Ethereum tokens, over 2.5 million USD at ETH’s current prices.  The hacker processed the move in 17 transactions, sixteen 100 ETH transfers, and 10 ETH later on. The first dates back to November 5, roughly 2 days after the breach took place. Notably,…

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