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Bitcoin is not dead, but the crypto space continues looking grim amid bankruptcy headlines and downward charts. Here’s a quick round-up of the headlines made in the last 2 weeks.
Images: Getty Images
6 July 2022
Image: Finder
Crypto lender Voyager Digital filed for bankruptcy late Tuesday (5 July), becoming the second high-profile crypto firm to do so after Singapore-based Three Arrows Capital entered liquidation, which failed to pay back its $650 million loan to the former.
According to its Chapter 11 bankruptcy filing, the crypto lender estimated that it had over 100,000 creditors and somewhere between $1 and $10 billion in assets. It also recorded the same range for its liabilities. With the Chapter 11 bankruptcy protection, all civil litigation matters will be put on hold, allowing Voyager to prepare turnaround plans while remaining operational.
“Customers with crypto in their account(s) will receive, in exchange, a combination of the crypto in their account(s), proceeds from the 3AC recovery, common shares in the newly reorganised company, and Voyager tokens,” said Stephen Ehrlich, CEO of Voyager in a tweet.
Image: Nothing
London tech startup Nothing has partnered with low-cost Ethereum-scaling solution Polygon for its first smartphone drop – the Nothing Phone (1) in a move to bring Web3 tech to a potentially vast mobile audience.
This Nothing Phone (1), which launched on 12 July, includes a wide array of Web3 functionality such as secure payments and crypto storage, access to decentralised applications (dapps) on the Polygon network and will utilise a proof-based blockchain identity system that’s set to roll out in phases this year.
According to a Polygon blog post announcing the collaboration, “the goal is to make all of Nothing’s phone products and other ecosystem devices future-ready by supporting sustainable and secure access to Web 3 applications.”
Beyond its industrial aesthetics and stylish glyph interface, the Nothing Phone (1) also boasts a list of impressive specs. The device features a 6.55-inch OLED screen made of Gorilla Glass 5 as well as 2 cameras on the rear (one of which is the flagship 50MP Sony IMX766 1/1.56″ sensor with f/1.88 aperture). It’s powered by Qualcomm’s Snapdragon 778G Plus processor.
12 July 2022
Image: Getty Images
Recent turmoil in the crypto markets has certainly accelerated the need for global regulations in this highly volatile space.
This has prompted the Financial Stability Board (FSB), a group of treasury officials and central bankers from the Group of 20 economies (G20) to propose a set of “robust” global crypto rules in October.
According to a statement from the FSB, “crypto-assets, including so-called stablecoins, are fast-evolving. The recent turmoil in crypto-asset markets highlights their intrinsic volatility, structural vulnerabilities and the issue of their increasing interconnectedness with the traditional financial system.”
Currently, most countries require crypto firms to have anti-money laundering controls. But with the upcoming regulations, FSB members will commit to applying these principles in their own jurisdictions.
Note: All prices mentioned on this page are in USD unless otherwise stated.
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