Leading cryptocurrencies have regained lost ground after weeks of general declines, but on the business side, Vauld and Voyager have become the latest crypto lenders fight bankruptcy to Celsius and BlockFi.
Along those same lines, former leading crypto hedge fund Three Arrows Capital (3AC) recently filed for Chapter 15 bankruptcy, and now the company’s lawyers are unable to locate founders Su Zhu and Kyle Davies, according to that filing.
3AC’s attorney and liquidation representatives do not know where co-founders Su Zhu and Kyle Davies are. From Friday’s bankruptcy filing: pic.twitter.com/oy8jHMYHFg
So, The crypto bailouts have begun, with billionaire Sam Bankman-Fried leading the vanguard. Its exchange, FTX, expanded a $250 million line of credit to ailing crypto lender BlockFi last month. The following day, Alameda Research, another SBF company, extended a $500 million line of credit to Voyager Digital. Two weeks later, FTX reached an agreement BlockFi to purchase directly. Well, Alameda does owed to Voyager $377 million, so that was a borrower who saved his lender.
Binance CEO Changpeng “CZ” Zhao criticized the deal in an interview for Decrypt’s gm podcast. CZ also said he intends to do some rescues himself: “Some of these are actually good deals. So I think you will see that we will invest, save and save several projects.”
We’re happy to return the Voyager loan and get our collateral back if we work for Voyager
Justin Sun from TRON also made it clear that he is available.
Worst. Fracture. je.
Earlier this week, it was revealed that the personal information of more than a billion people was leaked from a Shanghai Police Database and offered for 10 Bitcoin (worth $202,000 at the time).
#Shanghai has suffered the largest breach of user privacy to date:
1B+ residents with Chinese citizenship. The data includes: ✅ Names ✅ Address ✅ Birthplace ✅ National ID number ✅ Mobile # ✅ All crime/case details 💰 Everything for 10 BTC
Web3 must (and can) be better.https://t.co/c3xo1NE9GE
— 🤓Kenny 🦇🔊 (ETHcc Paris | Direct message me to meet me!) (@superanonymousk) July 3, 2022
According to Bloomberg, the data included everything from names and national ID numbers to cellphone numbers and food orders. And there were timestamps of when the details were recorded.
CZ offered a technical explanation.
Billionaire CEOs and crypto HODLers Michael Saylor and Elon Musk both tossed their favorite coins this week. Saylor tweeted about how much value Bitcoin has gained since his company, MicroStrategy, first announced his plan buy and HODL. (He neglected to mention that he was quiet on his investment.)
On August 11, 2020, @MicroStrategy went to his #Bitcoin Strategy, acquisition of 21,454 bitcoins for a total purchase price of $250 million.
BTC’s performance since then is +83%, $MSTR is +79%, S&P +16%, Nasdaq +6%, Gold -14%, Bonds -16% and Silver -33%.
And CNN Business reported that another of Elon Musk’s companies, The Boring Company, will accept Dogecoin for rides on a new Las Vegas subway system that will allow passengers to travel around the city in Teslas at about 35 miles per hour.