Celsius lays out mining-focused reorganisation plan
Crypto lender Celsius has half a million creditors owed more than $5 billion, said the company’s attorneys during its first bankruptcy hearing. News of Celsius’ liquidity crisis broke on June 12, when it paused all customer withdrawals due to “extreme market conditions.” Celsius is betting big on its crypto mining operation to help fill the $1.2 billion hole in the company’s balance sheet.
Crypto prices today: Bitcoin down 0.45%, ETH falls 0.1%
Bitcoin is currently trading at $21,830.81, a decline of 0.44% over the previous day. Ethereum fell 0.1% over the last 24 hours to $1,522.15. Solana fell 0.18% to $43.32, while Cardano is trading lower by 0.01% at $0.473. Avalanche (AVAX) rose 0.17% to $23.52. The global crypto market cap stands at $1.01 trillion, a 0.09% increase over the previous day.
Bankrupt Three Arrows Capital owes $3.5B to creditors
Three Arrows Capital (3AC) owes a whopping $3.5 billion to 27 different companies, including Blockchain.com, Voyager Digital, and Genesis Global Trading. The details come from affidavits describing details of the bankruptcy and liquidation of the crypto hedge fund. 3AC failed to repay loans and missed multiple margin calls with lenders.
Argentinian exchange Buenbit launches crypto loans
Argentina-based crypto exchange Buenbit has launched a local currency loan product that uses crypto as collateral. Users will be able to use MakerDAO’s stablecoin (DAI) as collateral and withdraw up to one million nuARS, a stablecoin tied to the Argentine Pesos. The product is the first of its kind in Latin America.
Crypto startup funding falls by 26% in H1 2022: Report
As per a report by Crunchbase, investments in startups focusing on the crypto industry fell nearly 26% to US$9.3 billion across 534 deals in the first half of 2022. The drop in crypto startup funding mirrors a global pullback across sectors amid falling stock markets and asset prices.
