Celsius pauses withdrawals, a crypto hedge fund faces insolvency however a Financial institution of America survey reveals crypto curiosity remains to be sturdy. These tales and extra this week in crypto.
Celsius Pauses Withdrawals
Crypto lending platform, Celsius, introduced that it had paused all withdrawals, swaps, and transfers between accounts, blaming “excessive market circumstances.” Whereas buyers had been with out entry to their cash, the platform’s native token, CEL, dropped 70% in worth inside an hour of the announcement, triggering one other wave of panic throughout the crypto market.
Crypto Hedge Fund Acquired Liquidated
One of many largest digital foreign money hedge funds, Three Arrows Capital (3AC), could also be dealing with insolvency after a liquidation totaling greater than $400 million brought on by current market occasions. The Dubai-based funding agency was liquidated by crypto lending corporations and is exploring completely different choices to deal with its challenges, together with asset gross sales or being rescued by one other agency.
US Crypto Corporations Chopping Employees
Two of the most important US crypto corporations, Coinbase and Blockfi, have introduced they’re shedding practically 20% of their staffs. Coinbase CEO Brian Armstrong admitted rising too rapidly in the course of the bull market. In the meantime, Binance is hiring, with CEO CZ seeing this second in time as a possibility to realize entry to a few of the trade’s greatest expertise.
Elon Musk Sued for Dogecoin Promotion
A disgruntled investor is searching for a whopping $258 billion in damages from Elon Musk for his promotion of Dogecoin. Keith Johnson’s lawsuit has been introduced agai nst Elon Musk for the alleged participation in a pyramid scheme that aimed to inflate the value of Dogecoin, claiming the “defendants deceptively alleged that Dogecoin is a professional funding when it has no worth in any respect”.
Moneygram Launches USDC Crypto-to-Money Program
US-based remittance agency, Moneygram has introduced the combination of the stablecoin USDC for its crypto-to-cash program. This system allows prospects to trade USDC for fiat currencies by utilizing the Moneygram app to rearrange an trade at any Moneygram department in Canada or the US to obtain the money.
Circle Points EUR backed Stablecoin
The issuer of USDC, Circle, has introduced that it will likely be issuing a second stablecoin, the Euro Coin to allow seamless switch of euro liquidity on-chain. Formally launching on June thirtieth on Ethereum, with different platforms to comply with, Euro Coin will likely be pegged 1:1 to the Euro and will likely be backed by euro-dominated reserves.
BoA Report Exhibits Crypto Curiosity Nonetheless Sturdy
A Financial institution of America report launched not too long ago reveals that shopper curiosity in crypto remains to be sturdy. A survey of 1000 current and potential customers of crypto exchanges discovered that over the subsequent six months, 91% of respondents supposed to purchase crypto whereas 30% stated they haven’t any plans to promote any of their crypto holdings over the identical interval.
The long-awaited .blockchain extensions at the moment are obtainable at Unstoppable Domains! Use your NFT area along with the hundreds of thousands of Blockchain.com customers, minimizing the chance of human error when sending and receiving funds. This can be a limited-time alternative to purchase a premium, unique .blockchain username, so seize your Unstoppable Area utilizing the hyperlink under.