Cryptocurrency News Today TheBitTimes.com

Explore the list of crypto bankruptcies in 2023, including detailed insights into the collapse of major exchanges. It’s quite evident that crypto had one of its worst years in 2022. The cascading collapse of two industry giants, Terraform Labs (responsible for LUNA and UST) and FTX, drove one of the harshest crypto winters in recent history. It eventually led to many bankruptcies, layoffs, and shutdowns across the market. So, 2023 mostly saw the fallout from the previous years, as the major bankruptcy proceedings from previous market leaders like Celsius, Voyager, Three Arrows Capital (3AC), BlockFi, and FTX progressed into different stages. Still, some notable crypto bankruptcies and exchange failures made it into the news. Let’s take a look at the list of crypto bankruptcies and failures of 2023. Notable crypto bankruptcies Genesis The year 2023 began under a cloud for the crypto currency sector, with Genesis, a prominent crypto lending subsidiary of Digital Curren...

Digital Currency Group reports a 23 percent rise in Q3 revenue to $188 million and reports notable repayments to bankrupt crypto lender Genesis.  Digital Currency Group (DCG) has announced a robust 23 percent year-over-year increase in its third-quarter revenue , bringing the total to $188 million, up from last year’s $153 million. First reported by Bloomberg, the figures were mentioned in an investor communication, revealing an EBITDA of $69 million for the period. DCG attributes its financial uptick to a revitalized cryptocurrency market, which has been in recovery mode this year after a major downturn in 2022. Today, Bitcoin rallied over $35,000, its highest price this year. The resurgence is driven in part by growing anticipation that U.S. regulatory authorities will soon greenlight the country’s inaugural spot Bitcoin ETFs. You might also like: Crypto-related stocks soar as Bitcoin gains 10% on the day DCG’s legal troubles continue amid growth While its ...

The purported sales are the latest measures the embattled firm has taken following moves in recent months to raise capital and preserve liquidity. Cryptocurrency conglomerate Digital Currency Group (DCG) has reportedly begun to sell its holdings in crypto funds managed by its subsidiary Grayscale Investments as it looks to raise capital and preserve liquidity. According to a Feb. 7 Financial Times report citing seen United States securities filings, DCG sold around a quarter of its shares in Grayscale’s Ether (ETH)-based fund for around $8 per share, despite each share holding a claim to nearly double that amount in ETH. The market price per share (gray) vs holdings per share (green) of the Grayscale Ethereum Trust (ETHE). Source: Grayscale It’s also said to have sold down small share parcels in Grayscale’s Litecoin (LTC), Bitcoin Cash (BCH) and Ethereum Classic (ETC)-based trusts in addition to its Digital Large Cap Fund — which combines Bitcoin (BTC), Ether, Polygon (MATIC), Solan...