Investors Lose Crypto Funds in Federal Bankruptcy Ruling
Judge Rules Celsius Network Owns Crypto Deposits
In a recent ruling, a federal bankruptcy judge determined that Celsius Network has the right to ownership of most of the cryptocurrency deposited by customers on its online platform. This means that customers of the crypto lender will be the last to receive repayment from their deposit.
What Is Celsius Network?
Celsius Network is an online platform that allows users to deposit cryptocurrency and earn interest on it. The platform was founded by Alex Mashinsky and had 600,000 accounts with a collective value of around $4.2 billion in stablecoins when it filed for Chapter 11 in 2022.
The New York State Attorney General has also accused Celsius Network founder Alex Mashinsky of fraud. A complaint filed by the Attorney General claims that Mashinsky promoted Celsius as a safe alternative to banks and paid high interest rates on deposits, but that he was actually leading investors down a path of financial ruin.
The Bottom Line
This ruling and the fraud allegations against Celsius Network have shaken investor confidence in the crypto industry. It serves as a reminder that crypto investors cannot be sure that their crypto holdings are secure unless they are stored in a wallet they control. In the case of Celsius and FTX, the wallets were controlled by the platform, and the customers lost their funds.
Solana Blockchain SOL Token Soars After FTX Crash, Will It Reach $50 This Year?
After a crash linked to troubled crypto exchange FTX, the Solana blockchain SOL token has been on a rebound, doubling in price since mid-December. With Ethereum co-founder Vitalik Buterin's support, the token is expected to continue its surge to pre-crash levels and beyond.
Crypto Market Soars: Bitcoin, Ethereum, and Solana Jump Over 12% This Week
Crypto is on fire this week, with Bitcoin, Ethereum, and Solana all jumping over 12%. A falling CPI, declining interest rates, and a potentially positive industry news have all been tailwinds for the crypto market. Despite the short-term surge, investors should be wary of the opaque nature of the largest crypto exchange, Binance.
Solana Blockchain Activity Soars Despite FTX Collapse
Solana blockchain activity remains high despite 50 million SOL tokens being locked in the FTX exchange collapse, according to Citi research. The Solana Foundation was heavily invested in FTX, and their collapse has caused a crisis for other protocols on the blockchain.
Solana Network Thriving Despite Foundation RPCs Offline
Solana Network remains functional despite the Foundation's public RPCs being offline due to a bug in the Validator client's test release 1.14. Despite the incident, the network has seen an increase in daily addresses and a 37% increase in its native token, SOL, in the past week. The Solana community has also rallied around a new memecoin, Bonk Inu, which has risen by over 1000% in the first week of 2023.
Can Solana Price Reach $30? Recent Developments Could Push Coin 2x
Solana's price has skyrocketed recently as developers and users flock to the cryptocurrency. The addition of the meme coin BONK has also contributed to the surge, with its price rallying over 3,600% since launch. With the RSI at oversold levels and the MACD signaling further bullish momentum, Solana may be headed for a 2x to $30.
Cardano and Solana Surge 21% - Reentering Territory Not Seen Since November
Crypto values for both Solana and Cardano skyrocketed late Sunday, with Solana's BONK coin leading the way with an impressive 60% increase over the week. Charles Hoskinson's recent developments in Wyoming have also contributed to Cardano's success.
Revolutionizing Charitable Giving: How Change is Empowering Nonprofits with Blockchain Technology
Northwestern grads Sonia Nigam and Amar Shah created Change, a web3-based software that enables consumers to donate both crypto and fiat to over 200,000 non-profits. With the help of Solana, Change has raised over $1,000,000 and allows individuals to follow the money trail to ensure their donations are going to the right place.
Vitalik Buterin Endorses Rival Blockchain: Is Solana the Next Ethereum Killer?
Vitalik Buterin, the founder of Ethereum, recently tweeted his endorsement of Solana, a rival blockchain. His endorsement came at a pivotal moment for Solana, as the blockchain has faced some challenges in the past. Buterin believes that Solana has the potential to be a major player in the world of smart contract platforms, and with his endorsement, it's worth keeping an eye on. Could Solana be the next Ethereum killer?