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BlockFi challenges FTX and Three Arrows Capital’s $5 billion recovery claims

  • FTX is attempting to collect funds that BlockFi withdrew from FTX.com and others paid as interest by Alameda.
  • BlockFi has however described FTX’s investment as a “gamble” that BlockFi creditors shouldn’t be held responsible for.
  • Three Arrows Capital argue that BlockFi’s efforts to block their claims may violate the previously granted bankruptcy pause.

Bankrupt crypto lender BlockFi is attempting to thwart attempts by FTX and Three Arrows Capital (3AC) to collect billions of dollars exchanged between the companies before their demise last year. In a court filing made on Monday, BlockFi asserted that FTX and Three Arrows Capital are not entitled to the $5 billion they are requesting. BlockFi is accusing the two companies of victimising it.

In the filing, BlockFi wrote that the doctrine of “unclean hands” should be applied in order to prevent future unfairness to the creditors of BlockFi’s estates.

Effect on repayment to creditors

The ongoing tussle might have a substantial impact on how much is paid back to each creditor in the individual bankruptcy cases of BlockFi, FTX, and Three Arrows.

BlockFi, which is already in the liquidation process, has raised concerns that the legal battles with FTX, Three Arrows, and other crypto companies may have a $1 billion negative influence on the repayment of its clients.

FTX claims

In its defence, FTX has stated that its main goal is to recoup loan repayments and collateral that were given to BlockFi prior to the company’s bankruptcy filing in November 2022.

Along with other preferential payments, FTX is attempting to collect the $90 million that BlockFi withdrew from FTX.com and the $400 million that its trading company, Alameda Research, paid back in loan interest.

However, the $400 million, according to BlockFi, wasn’t covered by a typical loan arrangement. Instead, BlockFi claimed it was an unsecured, 5-year term with interest rates far lower than the market average, and repayments weren’t required until the company would presumably mature.

The investment by FTX was described by BlockFi as a “gamble” that BlockFi creditors shouldn’t be held responsible for.

Three Arrows Capital claims

As one of the main creditors, Three Arrows has also asserted that BlockFi owes them more than $220 million through the liquidators acting on their behalf.

Under bankruptcy law, businesses have the right to reverse transactions that favoured some creditors over others in the months leading to filing for Chapter 11.

The post BlockFi challenges FTX and Three Arrows Capital’s $5 billion recovery claims appeared first on CoinJournal.

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Binance US revives US dollar on-ramp after MoonPay partnership

  • Binance.US lost its banking partners after the SEC filed a lawsuit against Binance and its affiliates.
  • It had announced it was switching to a crypto-only exchange after failing to get a banking partner.
  • The MoonPay partnership enables Binance US to resume USD deposits and withdrawals.

Binance.US has launched a new partnership with cryptocurrency payments company MoonPay to enable customers to purchase the US dollar-pegged stablecoin Tether (USDT). This comes two months after the crypto exchange switched to a cryptocurrency-only platform after failing to get any banking partner.

Binance.US experienced a breakdown with its banking partners, which resulted in the exchange’s fiat deposits being suspended as of June 9. The Securities and Exchange Commission, which had sued the exchange and its affiliates four days earlier, was blamed at the time for the disruption, using “aggressive and intimidating” tactics.

Customers can now use USD dollars on Binance US

The cryptocurrency exchange has announced that USDT would serve as the new “base asset” for all transactions, and its collaboration with MoonPay gives customers a way to transact in US dollars (USD).

According to the exchange’s announcement, US clients wishing to fund their accounts can now convert US dollars for USDT, which can then be used to buy other cryptocurrencies on the site.

The agreement provides customers with an on-ramp that permits purchases by debit and credit cards as well as Apple and Google Pay in addition to direct bank deposits, which are still disabled on Binance.US.

The exchange had a number of problems with withdrawals in US dollars on June 23, but it was able to temporarily restore operation although it at the time forewarned that the service would soon be withdrawn.

Before the SEC filed a complaint against Binance.US and its affiliates, the exchange allowed its customers to buy and sell cryptocurrencies through direct USD deposits and withdrawals.

The post Binance US revives US dollar on-ramp after MoonPay partnership appeared first on CoinJournal.

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Bitcoin is not headed for new lows: Scott Melker

  • Wolf of All Street’s host Scott Melker is constructive on Bitcoin.
  • He explained why in an interview with Yahoo Finance today.
  • BTC has tumbled from $31,000 to $26,000 in about six weeks.

Bitcoin is still a bull market despite the sharp sell-off in recent weeks, says Scott Melker – Host of “The Wolf of All Streets” podcast.

Melker remains constructive on Bitcoin

The world’s largest cryptocurrency has retreated from over $31,000 to the sub $26,000 level in about six weeks – fragility that Melker attributes to a “long squeeze”.

But he remains confident that Bitcoin is not at all doomed to make a new low in the coming months. Defending his view on Yahoo Finance, the crypto trader and investor said:

I don’t think there’s reason to suspect we’ll go to new lows like we did after the FTC collapse unless we have some other massive black swan event. I don’t see that in cards.

Note that Jason Pizzino also recently said that BTC could soon be worth over $42,000.

Bitcoin has strong support at $25,000 level

Scott Melker announced $25,000 as a key level to watch in Bitcoin – as long it’s trading above that level, it’s still in a bull market, he added.

The crypto expert sticks the probability of a Spot Bitcoin ETF being approved by the Securities & Exchange Commission this year at 65%. He’s constructive on BTC also because the big players have been loading up on it for months.

If you look at the way Bitcoin has moved over the past four years, we’re in the midst of another four-year cycle in the exact same place that we were last time.

The total supply of Bitcoin is slated to halve in the second quarter of 2024 – an event that’s historically delivered a boost to its price.

The post Bitcoin is not headed for new lows: Scott Melker appeared first on CoinJournal.

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BNB price: headwinds mount, bulls could fall off cliff

  • Binance Coin (BNB) price is traded to lows of $204 after breaking below $210 and $208.
  • Declines for BNB come amid strong headwinds around Binance. 
  • BNB could drop to lows of $180 nad lower if bulls give up $200 zone.

BNB price has broken below a key level as regulatory headwinds and latest issues around payments partners add to the broader downside pressure around the native Binance coin.

According to data from CoinGecko, BNB traded to lows of $204 on Tuesday, with price down nearly 2% in the past 24 hours as of writing. Binance’s native coin has declined more than 14% in the past week. At current levels BNB is trading below a key technical support line and weakness could see bears push for the crucial $200 area.

The last time BNB decisively broke below the zone was in June 2022 after the Terra and Three Arrows Capital collapse. Prices wicked to lows of $183 then.

Why is BNB price down today?

Binance has faced multiple regulatory hurdles over the past several months. Among them is a lawsuit by the US Securities and Exchange Commission (SEC), which sued the crypto exchange in June. BNB price fell sharply at the time, dropping from highs of $306 to lows of $230.

The cryptocurrency has struggled since, with the latest developments likely to have contributed to the downward pressure being reports that the support for euro deposits and withdrawals had been halted. 

Notably, Binances EUR payments partner Paysafe announced in June that it would be halting support for the company.

As reported here, Binance has also recently suffered a setback after digital payments platform Checkout.com ended its relationship with the crypto exchange.

Binance Coin price outlook

The confluence of Binance-related issues and the weakness across risk asset markets sees BNB price face potential dip to lowest level in more than a year. This scenario is strengthened by the technical outlook for BNB/USD as seen on the weekly chart.

BNB price on the weekly chart. Source: TradingView

On the 4-hour chart below, the RSI and MACD indicators suggest bearish strength as is the exponential moving average and funding rate. Erroneous 

BNB price on the 4-hour chart. Source: TradingView

In BNB’s case, the path of least resistance appears to be downward and key to this is the $200 level. Break this and bears could have easy targets towards the $180 area. 

However, should price action push prices higher, reclaiming $210 will be critical to pulling bulls back to the $220-$250 region.

 

The post BNB price: headwinds mount, bulls could fall off cliff appeared first on CoinJournal.

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Web3 travel ecosystem Camino Network passes Hexens security audit

  • Firms in the travel sector, including Lufthansa, EuroWings, Hahn Air, and Sunnycars, have backed the Camino Network consortium blockchain.
  • Hexens has previously audited well-known projects like Polygon Labs, Celo, and Lido.
  • Camino Network is also inviting white-hat hackers for a $50,000 bounty program.

The Camino Network Foundation has announced that the Web3 travel ecosystem Camino Network has successfully completed a security audit conducted by the renowned cybersecurity company Hexens with great results.

Camino Network, which was introduced earlier this year, is a public, permissioned Web3 blockchain that anyone may build on. By enabling users to create and deploy decentralized applications backed by smart contracts, it will revolutionize the travel sector and usher in a new era of travel-related goods and services. Numerous significant firms in the travel sector, including well-known names like Lufthansa, EuroWings, Hahn Air, and Sunnycars, have backed the Camino Network consortium blockchain.

Camino Network security audit

Since Camino Network has always placed a high focus on security, it set out to locate a dependable and trustworthy partner to audit its sizable codebase and offer suggestions for patching any vulnerabilities.

The Camino Network Foundation ultimately decided to collaborate with Hexens, which has considerable experience reviewing the code for smart contracts and blockchain infrastructure, having previously worked on well-known projects like Polygon, Celo, and Lido.

Hexens is regarded as a pioneer in the creation of fresh bug-finding methods and employs the industry’s known procedures and workflows to uncover vulnerabilities and provide recommendations.

Nine minor flaws were found during Hexens’ audit of Camino Network’s L1 codebase; each was swiftly fixed by the team to maintain the network’s reliability. The adherence to excellent coding methods and emphasis on strong security is demonstrated by the absence of any significant vulnerabilities.

Camino Network bug bounty program

Following the audit, the Foundation hired Hexens to continually contribute actively to its security. Through cooperation, Camino Network can ensure the travel industry that maintaining the security of the ecosystem is one of its top goals.

To that aim, Camino Network has established a formal bug bounty program, asking white-hat hackers to evaluate the security of its network in exchange for payments of up to $50,000 for the discovery of serious flaws.

The post Web3 travel ecosystem Camino Network passes Hexens security audit appeared first on CoinJournal.