The liquidators for Three Arrows Capital (3AC) have sued Terraform Labs for $1.3 billion. They allege TerraForm induced 3AC to purchase Luna and TerraUSD by manipulating the market for these tokens. Defunct cryptocurrency hedge fund Three Arrows Capital’s (3AC) liquidators have sued Terraform Labs for $1.3 billion, for losses the …
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Three Arrows Sues TerraForm Labs for $1.3 Billion Over LUNA’s Market Manipulation
by Lynn Wangby Lynn WangThis legal action is part of ongoing efforts to recover funds for Three Arrows’ creditors after the fund’s liquidation. The Uncertain Fate of Do Kwon Amidst LUNA Lawsuit The lawsuit stems from losses suffered during the 2022 crash of TerraUSD and LUNA, tokens co-founded by Do Kwon. The suit alleges …
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Genesis is moving $1.5 billion in bitcoin and ether, likely for creditor repayments
by Daniel Kuhnby Daniel KuhnWallets linked with Genesis Trading, the crypto lender owned by conglomerate Digital Currency Group, moved over 16,000 bitcoin (worth $1.1 billion) and 166,000 ether ($521 million) on Friday, according to blockchain data provider Arkham Research. This likely indicates that Genesis Trading will begin to repay its creditors following a blowup in …
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BlockFi completes sale of FTX claims, prepares for final creditor distributions
by James Huntby James HuntBlockFi has confirmed the sale of its FTX claims as the defunct centralized crypto lender’s bankruptcy process nears completion. BlockFi plan administrator and M3 Partners Managing Partner Mohsin Y. Meghji reported the sale to the United States Bankruptcy Court for the District of New Jersey on Monday, according to a …
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BlockFi to begin processing crypto distributions via Coinbase this month
by James Huntby James HuntDefunct centralized crypto lender BlockFi has confirmed it will commence initial crypto distributions via Coinbase in July. The distributions will be processed in batches over the coming months, with eligible clients receiving a notification to their registered email address, BlockFi posted to X on Wednesday. However, “non-U.S. clients are unable …
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3AC wallet buys NFT due to bid placed three years ago missed by liquidators
by James Huntby James HuntA wallet address belonging to bankrupt crypto hedge fund Three Arrows Capital (3AC) managed to buy an NFT on Friday morning due to a bid placed nearly three years ago seemingly missed by its liquidators. The 3AC wallet placed a bid of 20 ETH ($58,800) for the “Neon Village” NFT …
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Lawyers for Digital Currency Group, Barry Silbert and Michael Moro filed responses to New York Attorney General Letitia James’ latest effort to support a lawsuit against the crypto company and executives. The NYAG’s office sued DCG and the affiliated executives last year. Lawyers for cryptocurrency firm Digital Currency Group (DCG) …
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Ether Spot ETFs Could See $5B of Net Inflows in the First Five Months: Galaxy
by Will Cannyby Will CannyGalaxy said spot ether ETFs could see $5 billion of net inflows in the first five months. Demand for the new products is expected to come from independent investment advisors and broker/dealer platforms. The lack of staking rewards could limit demand for these spot ETFs, the report said. Ether (ETH) …
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New York Attorney General Letitia James is not backing down from her lawsuit against Digital Currency Group, its founder and CEO Barry Silbert, and Soichiro “Michael” Moro, the former CEO of DCG’s wholly-owned crypto trading arm, Genesis. On Tuesday, James’ office filed a motion in opposition to DCG’s, Silbert’s and …
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PV01 completed its proof-of-concept issuance of a tokenized bond, a U.S. treasury bill, with market makers B2C2, BlockTower Capital and Keyrock investing. Tokenization of real-world assets like bonds have become a booming sector in blockchain industry. The company “hopes” to facilitate a tokenized corporate bond sale of a crypto firm …