Monday, March 20, 2023
Bitcoin - Altcoin News
No Result
View All Result
  • Login
No Result
View All Result
Bitcoin News
No Result
View All Result
Home News Alex Mashinsky

Layoffs, Lawsuits, Frauds: Crypto Makes Shaky 2023 Start

news by news
January 6, 2023
in Alex Mashinsky, Celsius, Genesis Global, Huobi Exchange, Layoffs, News, United States
0
Layoffs, Lawsuits, Frauds: Crypto Makes Shaky 2023 Start
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

READ ALSO

Breaking: Republic Of China Announces Crypto Regulatory Body

Just-In: Bitcoin Ready To Hit $1 Million; Arthur Hayes Bullish Over This Reason

Crypto

We entered another year but the woes surrounding the crypto market from 2022 continue. 2022 turned out to be the worst year for the crypto market as there were major bankruptcies, the price of crypto kept falling and investors lost tons of money.

The implosion of FTX and the arrest of its former CEO, Sam Bankman-Fried, the dust of it hasn’t settled yet. Major firms have been hit by the event in the first few days of 2023. The companies that showed the results of this hit are Genesis Global and Silvergate Bank.

Silvergate shares fall

On Thursday, Silvergate, a bank focused on crypto, recorded a massive fall of over 40%  in its shares in just few hours. The bank published its preliminary report of the last quarter of 2022, which showed that 8 billion USD worth of crypto had been withdrawn as customers suffered the spook of FTX collapse. It has also decided to lay off its 200 employees which accounts for 40% of the workforce.

A U.S Attorney said to the court on Wednesday, that the accounts of Silvergate and Framington State Bank which does business as a moonstone bank, have been seized. They held about 143 million USD and are affiliated with FTX Digital Markets.

Also read: Justin Sun Confirms 20% Of Staff Layoff At Huobi

Genesis plans on cutting off more employees

Genesis Global which offers loans to financial institutions has also decided to layoff its 30% of its employees. Earlier in November, the firm stopped giving loans and withdrawals by customers citing the extreme market condition caused by the implosion of FTX.

Crypto exchange Gemini has a partnership with Genesis for a crypto lending product. They have been saying Genesis to find a solution before the firm is forced to file for Chapter 11 bankruptcy similar to FTX.

Huobi Confirms 20% Layoff

Since the collapse of FTX, Huobi is seeing a massive downfall in its trading volume. The news forced more investors to take out their money, which has now ultimately led to layoffs at Huobi. Earlier there had been reports about Huobi forcing its employees to accept salary in USDC/UDTC rather than fiat currency, a denial to this which could get the employees fired.

Also read: Huobi Token Falls After Reports Of Internal Conflicts Surface

Alex Mahinsky faces lawsuit

The crypto billionaire, Alex Mahinsky, founder and former CEO of Celsius Network was slapped with a new lawsuit on Wednesday by New York Attorney Generals. When Mahinsky was the CEO in 2021-2022, his company offered loans of billions of dollars to Alameda research, as per the lawsuit. It asks to stop him from running any business in New York. He is accused of fooling customers about the status of its now bankrupt company.

Sam Bankman-Fried pleaded non-guilty, last Tuesday in court. He is facing 8 financial crime charges against him by the U.S. SEC. He is accused of transferring funds from FTX to his other company Alameda Research and of looting customers.

The post Layoffs, Lawsuits, Frauds: Crypto Makes Shaky 2023 Start appeared first on CoinGape.

Related Posts

Breaking: Republic Of China Announces Crypto Regulatory Body
24/7 Cryptocurrency News

Breaking: Republic Of China Announces Crypto Regulatory Body

March 20, 2023
Just-In: Bitcoin Ready To Hit $1 Million; Arthur Hayes Bullish Over This Reason
24/7 Cryptocurrency News

Just-In: Bitcoin Ready To Hit $1 Million; Arthur Hayes Bullish Over This Reason

March 20, 2023
Bitcoin Rallies As UBS Group Acquires Troubled Lender Credit Suisse In $3.2 Billion Deal
24/7 Cryptocurrency News

Bitcoin Rallies As UBS Group Acquires Troubled Lender Credit Suisse In $3.2 Billion Deal

March 20, 2023
Bitcoin (BTC) Price Climbs Past $28,000 For the First Time In Nine Months, Bull Party Started?
24/7 Cryptocurrency News

Bitcoin (BTC) Price Climbs Past $28,000 For the First Time In Nine Months, Bull Party Started?

March 20, 2023
Breaking: Credit Suisse (CS) Gets $1 Billion Buyout Offer From UBS; But There’s A Catch
24/7 Cryptocurrency News

Breaking: Credit Suisse (CS) Gets $1 Billion Buyout Offer From UBS; But There’s A Catch

March 19, 2023
Don’t Take Balaji’s Bet of Bitcoin At $1 Million in 90 Days Seriously, Analysts Explain Why
Balaji Srinivasan

Don’t Take Balaji’s Bet of Bitcoin At $1 Million in 90 Days Seriously, Analysts Explain Why

March 19, 2023
Next Post
Flare Airdrop: XRP Holders To Get 15% Flare Token On This Day

Flare Airdrop: XRP Holders To Get 15% Flare Token On This Day

POPULAR NEWS

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

December 7, 2022
Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

December 7, 2022
Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

December 17, 2022
Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

December 7, 2022
Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

February 28, 2023

EDITOR'S PICK

XRP News: Hinman Docs To Gain Public Access? US SEC Blocking Doors

XRP News: Hinman Docs To Gain Public Access? US SEC Blocking Doors

February 22, 2023
Breaking: Solana Mobile Hints At Saga Smartphone Launch Date

Breaking: Solana Mobile Hints At Saga Smartphone Launch Date

March 18, 2023
XRP News: Whales Adding More XRP Amid Ripple Settlement Rumors

XRP News: Whales Adding More XRP Amid Ripple Settlement Rumors

December 12, 2022
Breaking: Paxos CEO Offers To Defend Binance USD (BUSD) In Court

Breaking: Paxos CEO Offers To Defend Binance USD (BUSD) In Court

February 21, 2023
Bitcoin - Altcoin News

© 2022 coingger.com

Navigate Site

  • Europe
  • Exchange
  • Elon Musk
  • ETH Price
  • crypto Tax U.S.
  • CZ
  • Crypto Miners
  • BTC Price
  • ChatGPT
  • China crypto
  • Coingecko
  • Binance Smart Chain
  • Bitcoin $100K
  • Airdrop

Follow Us

No Result
View All Result
  • Homepages
    • Home Page 1

© 2022 coingger.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In