Crypto lender Genesis (unsurprisingly) filed for Chapter 11 bankruptcy, owing at least $3.4 billion in liabilities. This follows a lawsuit filed against both Genesis and Gemini by the SEC for their Gemini Earn program. Gemini co-founder Cameron Winklevoss tweeted that he plans to take direct legal action against DCG CEO Barry Dilbert and Genesis. The crypto markets have remained green despite another company biting the dust as a result of the FTX contagion.
The U.S. Securities and Exchange Commission (SEC) has filed charges against Avraham Eisenberg for allegedly stealing $116 million from crypto lender Mango Markets. Eisenberg is being charged for "manipulating the MNGO token, a so-called governance token that was offered and sold as a security," according to an SEC press release. Guess it wasn't legal to take that money, Avraham.
The U.S. Department of Justice (DOJ) put an enforcement action against Hong-Kong based cryptocurrency fund Bitzlato for alleged money laundering. The DOJ is claiming the Russian crypto exchange helped launder $700 million. In an announcement by DOJ last Wednesday, Bitzlato failed to meet the U.S. anti-laundering requirements. “Today the Department of Justice dealt a significant blow to the crypto crime ecosystem,” stated Deputy Attorney General Monaco. Twitter's sentiment: Which one is Bitzlato, again?
The German luxury car brand Porsche's venture into NFTs ended in disappointment, with only 25% sold. They decided to pull the NFTs off the market. “Our holders have spoken,” the brand’s Web3-focused account said on Twitter. “We’re going to cut our supply and stop the mint to move forward with creating the best experience for an exclusive community." Good call.
Bitcoin (BTC) is up 7.95%, and Ethereum (ETH) is down 0.03%. Bitcoin briefly reached the $23,000 threshold on Saturday. This rise after the Genesis filed for bankruptcy may mean the news was already priced into Bitcoin.
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