FREEBTCTAP - Free Bitcoin Knowledge Tap In!
  • Crypto Currency News
  • Crypto Deals
  • Crypto Stories
  • Crypto Gold
  • Home
    • Bitcoin 101 Books
    • Bitcoin Creator
  • FreeBtcTap - Nice Hash
  • FreeBTCTap - CryptoTab Real Free Bitcoin Miner
  • FreeBTCTap - What’s FreeBitCo.in
  • Contact
  • Privacy Policy
  • Terms And Conditions
  • About Us
  • Crypto Currency News
  • Crypto Deals
  • Crypto Stories
  • Crypto Gold
  • Home
    • Bitcoin 101 Books
    • Bitcoin Creator
  • FreeBtcTap - Nice Hash
  • FreeBTCTap - CryptoTab Real Free Bitcoin Miner
  • FreeBTCTap - What’s FreeBitCo.in
  • Contact
  • Privacy Policy
  • Terms And Conditions
  • About Us

The Last 3 Days Have Had A Significant Impact On LUNA And The Bitcoin Crash.

6/15/2022

0 Comments

 
Picture
Credit: medium.com
Celsius, a popular staking and lending platform, paused withdrawals from its platform on June 13. A growing number of users believe Celsius mismanaged its funds following the collapse of the Anchor Protocol on the Terra (LUNA; now LUNC) ecosystem and rumors of its insolvency continue to circulate.

According to allegations, the company ran out of available capital to repay investors who were redeeming positions based on a rumor, but facts follow closely behind the allegations.

Celsius Network has since lawyered up and hired restructuring attorneys from law firm Akin Gump Strauss Hauer & Feld LLP maybe they will open a door to a great new business plan

An even larger issue emerged on June 14 after crypto venture capital firm Three Arrows Capital (3AC) reportedly lost $31.4 million through tradingon Bitfinex. Furthermore, 3AC was a known investor in Terra, which experienced a 100% crash in late May.
​
On Tuesday, it was revealed that 3AC had begun selling assets, including $40 million in Lido Staked Ethereum (stETH). Although unconfirmed, 3AC has been attempting to keep a $264 million Aave loan and a $35 million Compound loan from being liquidated.

3AC was also heavily exposed to Terra. Do Kwon's Luna Foundation Guard (LFG) used 3AC to make another $1.5 billion Bitcoin purchase on May 5 to supplement Terra's stablecoin reserves.

BitMEX confirmed on Friday that it liquidated Three Arrows Capital positions the previous week. To avoid prison time, BitMEX co-founder Benjamin Delo reached a $10 million settlement with the Commodity Futures Trading Commission (CFTC) for failing to "establish, implement, and maintain an Anti-Money Laundering (AML) program."

​Alex Mashinsky took to Twitter this afternoon, speaking publicly for the first time since his company froze withdrawals on Sunday night, to reassure the Celsius community that the company's team is working "nonstop" on the issue and to ask for customers' patience.
Picture

Alex Mashinsky did not say when he hopes or expects Celsius to be operational again.
0 Comments



Leave a Reply.

    RSS Feed

    BtcTap Staff

    We will work around the clock to provide Crypto news.


    NordVPN 2-years plan with 70% off for only $3.49/mo (30 days risk-free. Not satisfied? Get your money back, no questions asked.)

    Archives

    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    November 2021
    October 2021
    September 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020

    Categories

    All
    Altcoins
    Bakkt’s Exchange
    Bangladesh Crypto Currency News
    Bitcoin News
    Bitcoin Wallet
    Crypto Bills
    Crypto Currencies And Rappers
    Crypto Currency Exchange
    Crypto Currency News
    Crypto Currency Politics
    Crypto Price Prediction
    Crypto Roundups
    Crypto Staking
    Crypto Taxes
    Elon Musk
    Ethereum
    Federal Reserve
    Ira Platform
    MeMe Crypto
    Metaverse
    Mining’s Rig
    NFT
    Nigeria Crypto Currency News
    Our 1st Round Picks For 2022
    PayPal
    Prophet Muhammad Crypto Currency
    Reddit News
    Robinhood
    Short Articles
    Stablecoin
    Staff Picks
    Vietnam Crypto Currency News

    RSS Feed