11 January

The deal, which will be the subject of another confirmation hearing in March, also needs approval from a majority of Voyager’s creditors. During the hearing, Kirkland & Ellis partner Christine Okike, also speaking on behalf of Voyager, said lawyers had “resolved for the purposes of today” objections made by the SEC and the state of New Jersey.

We do not want to delay getting crypto back into our customers hands. Importantly … we also took a very hard look at a standalone self-liquidation … the self liquidation auction is not an option that is going to put the most money in our customers pockets.

Voyager initially agreed to sell itself to FTX, but reopened the bidding process after Sam Bankman-Fried’s exchange collapsed in November. Binance.US swooped in with the winning offer in December.”

See Also: Mark Cuban Will Be Deposed for Promoting Bankrupt Crypto Lender Voyager

“Chainalysis explained that while sanctions applied to Tornado Cash saw its ‘front-end website taken down, its smart contracts can run indefinitely, meaning anyone can still technically use it at any time.’

Because Tornado Cash is a smart-contract-based decentralized platform, no person or organization can ‘pull the plug’ as easily on Tornado Cash as they could with a centralized service.

In 2022, users deposited a total of 1,233,129 ETH to it and withdrew 1,283,186 ETH from it.”

See Also: Blockchain privacy groups urge new US Congress to protect privacy rights

Decentralized-finance (DeFi) project Yearn Finance will allow users to create their own vaults to accrue yield and deposit proceeds to earn even more token rewards. Yearn will charge 10% as performance fees for providing such a facility. The permissionless vaults are part of a broader V3 plan, which aims to make Yearn wholly decentralized in the future in terms of products and services offered to users.

So far, users have been limited to vaults created by Yearn’s contributors and developers. With the introduction of the “permissionless vault factory,” anyone can create their own strategies and offer them on Yearn, where other interested users can deposit their own tokens and earn yields.

More than 24 vaults are already active on the Yearn platform, offering yields ranging from 1.3% to as much as 17% annualized. Yearn had over $360 million in total value locked as of Tuesday.”

“In his letter Tuesday, Silbert said DCG has borrowed from Genesis Capital, but ‘these loans were always structured on an arm’s length basis and were priced at prevailing market interest rates.’

Silbert said DCG has a $1.1 billion promissory note maturing in 2032 with Genesis Capital, which arose from DCG assuming its subsidiary’s bankruptcy claim against crypto hedge fund Three Arrows Capital. DCG, according to the letter, also owes the subsidiary $447.5 million (of actual U.S. dollars, not crypto) borrowed between January and May 2022 at interest rates of 10% to 12%, plus 4,550 bitcoin (BTC), worth about $78 million.

As for DCG’s role in Genesis Capital attempting to restructure, Silbert said: ‘Because of the outstanding loans and the promissory note that DCG owes to Genesis Capital, DCG executives, including those on the Genesis board, have no decision-making authority related to any restructuring of Genesis Capital.’

Gemini raised the temperature in the fight this week, calling for Silbert to step down as CEO of DCG and officially canceling the Gemini Earn program. Gemini has raised questions about the movement of money between Genesis and DCG.”

See Also: Gemini Terminates Its Crypto Yield Product, Amping Up Battle With Genesis
See Also: Gemini’s Cameron Winklevoss Calls for Barry Silbert’s Ouster From Crypto Conglomerate DCG
See Also: Grayscale Bitcoin Trust Shares Jump 12%, Narrowing Discount

Twitter is continuing to develop a new feature that will allow users to give each other “Awards” using “Coins” that can be purchased with fiat currency. Twitter is currently developing a purchase interface and menu item button for Coins, and will use Stripe to process payments in fiat.

While it’s unlikely that these Coins will exist on the blockchain, it’s possible crypto could be added as a payment method through Stripe, allowing users to buy Twitter Coins with crypto in the future. Stripe leaned into supporting crypto payments last year, and Twitter tested USDC payouts through Stripe for creators monetizing their content through its social media site last year as well.

Twitter’s Awards will include reactions such as “Mind Blown,” “Bravo,” “Bullseye,” “Gem,” and “Crown,” to name a few. Such reactions—which will require Coins to give to a user’s tweet—are similar to Reddit Gold.”

The U.K. government is “fully behind” a stablecoin for wholesale settlements that occur between banks, Andrew Griffith, the economic secretary, said in a meeting in Parliament on Tuesday. The stablecoin – a digital asset backed by fiat currency – wouldn’t be issued by the government, but instead by a third-party provider, Griffith told the Treasury Committee.

I want to see us establish a regime, and this is within the FSMB (Financial Services and Markets Bill) for the wholesale use for payment purposes of stablecoins.

Despite the FTX debacle, the U.K. government still wants to establish the country as a crypto hub, said Griffith, and wants to allow space for this ‘potentially disruptive game-changing technology that can challenge but also turbocharge all of those (financial) industries.’

The U.K. Treasury is launching a consultation on what issuing a central bank digital currency (CBDC) for wholesale and retail payments will look like, but Griffith said he believes that the stablecoin will get there first.”

See Also: Hong Kong’s Finance Regulator Calls for ‘a More Solid Footing’ for Crypto
See Also: Russia to begin work on CBDC settlement system as sanctions endure
See Also: Nepal Orders Internet Providers to Block Crypto-Related Websites

“It purchases a series of culturally significant artifacts. Now crypto investment collective PleasrDAO is pivoting to host virtual live auctions with the creation of PleasrHouse. Its inaugural sale this Thursday will feature a non-fungible token (NFT) created in collaboration with whistleblower Edward Snowden, political activist Daniel Ellsberg and The Freedom of the Press Foundation, which was teased in a tweet by PleasrDAO saying, “The revolutionaries will be televised.”

The premier NFT on sale is titled, “Wouldn’t You Go To Prison To End This War?”, the words Ellsberg said just after he surrendered to officials for leaking the “Pentagon Papers” in 1971. The token features the video of the interview with the Pentagon Papers superimposed on it. Proceeds of the sale will be donated to the Freedom of the Press Foundation and the Daniel Ellsberg Initiative for Peace and Democracy.”

See Also: Metaverse Can Build Access for Big Companies, Says Virtual Brand Group CEO

“Nishad Singh, FTX’s former director of engineering and a housemate of Bankman-Fried, is said to have met with prosecutors in a “proffer session.” Such meetings often include an offer of “limited immunity” to encourage the interviewee to speak freely. Singh has not been accused of wrongdoing.

Central to Singh’s deal is information on FTX’s and Bankman-Fried’s large donations to various political campaigns, according to Bloomberg, citing people familiar with the matter.

Singh personally has donated more than $9.3 million to Democratic Party-aligned initiatives since 2020. In April 2021, the political action committee Mind The Gap, founded by Bankman-Fried’s mother, received a $1 million donation from Singh. According to court documents from November, Singh received $543 million in loans from Alameda Research. The former FTX affiliate is recorded as granting $4.1 billion in loans to related parties.”

Former Alameda Research CEO Caroline Ellison and former FTX CTO Gary Wang have both pleaded guilty to fraud charges.”