🔥 Bitcoin hits highest price since September!

Markets

Coinbase soars 10% as crypto markets rally and bitcoin notches highest price since September (3 minute read)Coinbase surged more than 10% on Tuesday, trading at $53 per share as the wider crypto market enjoys a week-long rally. The move in Coinbase stock comes as cryptocurrency prices continue their uptick. Bitcoin jumped 20% in the past week, according to Messari, while the industry's market cap rebounded to more than $1 trillion over the weekend. Bitcoin notched its highest price since September.

Can Barry Silbert Delay the Inevitable? (5 minute read)For months, two firms, both founded by bitcoin OGs, have been embroiled in a dispute related to a loan Gemini made to DCG subsidiary Genesis. The Winklevoss-founded exchange loaned upward of $900 million worth of their customers’ assets to Genesis, which it hired as its principle partner to earn yield for the Gemini Earn lending program. Gemini froze withdrawals from Earn the same day Genesis paused withdrawals. Since then Gemini co-founder Cameron Winklevoss has issued a series of increasingly heated statements – at first accusing Silbert of using “stall tactics” and now calling for Silbert’s ouster.

Misc

Bankrupt 3AC Seeks Funding For New Crypto Exchange—Gets Mocked For Proposed Name: GTX (3 minute read)The cryptocurrency hedge fund Three Arrows Capital (3AC)—which filed for bankruptcy last summer amid a steep crypto-market selloff—will seek funding to create a new exchange “GTX” that will focus on trading in crypto claims, according to a leaked pitch deck that has circulated online, a proposal that some have mocked for the proposed name’s similarity with FTX.

FTX debtors identify $5.5 billion of liquid assets in ’Herculean effort’ (2 minute read)Beleaguered crypto exchange FTX identified $5.5 billion in liquid assets in what CEO John Ray called a “Herculean effort” to assess the firm’s financial situation. FTX debtors have identified $1.7 billion of cash, $3.5 billion of crypto assets and $3 million of securities, the firm said in a statement. FTX filed for bankruptcy protection in November and could owe $3.1 billion to its top 50 creditors.

As crypto hackers and thieves make off with billions, there's another kind of fraud lurking in the industry. (3 minute read)Like a limp handshake, the downfall of FTX has served as a sorry introduction for readers without previous exposure to the nascent crypto industry. A once-niche segment of finance has been thrust into the mainstream, and now everyone and their mother knows the name Sam Bankman-Fried. I'm sorry to say when you dig deeper into the practices of opaque crypto exchanges, there's little to restore that faith.

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