Bitcoin Miners Filing for Bankruptcy

Markets & News

FTX co-founder Sam Bankman-Fried agrees to extradition in crypto fraud case (2 minute read)Indicted FTX co-founder Sam Bankman-Fried agreed Tuesday to be extradited from the Bahamas to the U.S., a Bahamian court official said. The paperwork has been filed with the court, and Bankman-Fried will fly to the U.S. on Wednesday, said Doan Cleare, the acting commissioner of corrections for the Bahamas Department of Correctional Services. Bankman-Fried, 30, is accused of misappropriating billions of dollars deposited in FTX, a huge cryptocurrency exchange that collapsed in November.

Core Scientific, One of the Largest Bitcoin Miners, Files for Bankruptcy Protection (3 minute read)Core Scientific (CORZ), one of the largest bitcoin miners by computing power, filed for bankruptcy as the crypto winter continues to take its toll on the industry. The company filed for Chapter 11 at Southern District of Texas bankruptcy court. The miner's estimated liabilities are between $1 billion- $10 billion, according to the filing. It has around 1,000-5,000 creditors, with the largest unsecured claim coming from investment bank B. Riley.

Bitcoin, Ethereum Trade In Green After Surprise Announcement From Bank Of Japan (2 minute read)Major cryptocurrencies like Bitcoin and Ethereum traded in green Tuesday night, with the crypto market capitalization rising 2.7% to $814 billion, following the surprise announcement from the Bank of Japan. The Bank of Japan on Tuesday announced that it is adjusting its yield curve control policy by expanding the trading on its 10-year yield target 0.23% to 0.50%, a decision expected to have major ramifications across the globe.

Tech

Visa Teases Ethereum Collab, Aims to ‘Actively Contribute’ to Crypto Development (3 minute read)Global payments giant Visa signaled its stronger, sustained interest in crypto on Monday, releasing a paper outlining how the firm could one day collaborate with the Ethereum network on automatic payments. The paper, sparked by an internal company hackathon held earlier this year, details how Ethereum users could—with support from Visa—schedule auto-payments sent from self-custodial crypto wallets.

Misc

Elizabeth Warren's New Financial Surveillance Bill Is a Disaster for Privacy and Civil Liberties (4 minute read)On Wednesday, Senator Elizabeth Warren (D-Mass.) introduced the “Digital Asset Anti-Money Laundering Act,” which would impose sweeping surveillance and registration requirements on almost all participants in blockchain networks – including software developers, miners and wallet creators. The bill would also effectively ban privacy-enhancing technologies in blockchain networks. The bill is a disaster for digital privacy and civil liberties.

India central bank chief warns crypto will cause the next financial crisis if permitted to grow (4 minute read)The Indian central bank’s governor said on Wednesday that it’s not at war with crypto, but asserted that cryptocurrencies have no underlying fundamentals and their usage should be prohibited. RBI Governor Shaktikanta Das told a room packed with banking executives and lawmakers that crypto has a huge inherent risk to the macroeconomic and stability of the nation. “After the development of the last one year, including the latest episode surrounding FTX, I don’t think we need to say anything more. Time has proven that crypto is worth what it’s worth today.”

Encrypted Messaging Protocol Mask Network Acquires Mastodon Server Pawoo.net (2 minute read)Social Coop Limited, an entity affiliated with Mask Network, a protocol that allows users to send encrypted messages and cryptocurrency transfers across social media, has acquired Pawoo.net, one of the largest instances/servers on social media site Mastodon, according to a blog post.

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