Daily Archives: 30. Dezember 2022

Bitfarms Co-Founder Emiliano Grodzki Steps Down, Geoffrey Morphy Takes Over as CEO

Published by:

Bulletpoints:
• Emiliano Grodzki, co-founder and CEO of Canadian Bitcoin mining company Bitfarms, resigned
• Geoffrey Morphy has taken over the CEO position
• Bitfarms has recorded back-to-back losses in the last two quarters due to the bear market

The Canadian Bitcoin mining company Bitfarms has recently gone through a change in leadership due to the current bear market. On Dec. 29, the company released a press release announcing the resignation of Emiliano Grodzki, co-founder and CEO of Bitfarms. Grodzki will remain as a director, while his co-founder Nicolas Bonta has been appointed as board chairman.

Taking Grodzki’s place as the new CEO is Geoffrey Morphy, the company’s President and Chief Operating Officer. Morphy expressed confidence in his new role, noting the importance of operating efficiency, cost controls, corporate governance and a diversified portfolio of underutilized energy sources in order to succeed in the current market.

The bear market has certainly taken its toll on Bitfarms, with the company recording back-to-back losses in the last two quarters. In Q3, 2022 alone, the company reported an $85 million net loss, compared with $142 million in the same period last year. The daily revenue of Bitcoin miners has also dropped to record lows, with Bitfarms among those affected.

As the company moves forward under new leadership, it remains to be seen how this change in management will affect the company’s performance. Despite the current bear market, Morphy is optimistic about the future of Bitfarms, citing the importance of cost controls and corporate governance in the long run. It will be interesting to see what the future holds for Bitfarms under Morphy’s leadership.

Vitalik Buterin Boosts Solana (SOL) Price 24.8% – The ‚Vitalik‘ Effect

Published by:

• Ethereum creator Vitalik Buterin tweeted in support of the Solana (SOL) project, driving the price of SOL up 24.8%.
• The value of Solana’s SOL token had fallen dramatically in the past several weeks, likely due to Solana’s relationship with the failed exchange FTX.
• Mike Dudas, co-founder and former CEO of The Block and founder of 6th Man Ventures, noted that the asset’s price chart resembled the „V“ in Buterin’s first name.

Today, the Solana (SOL) project was given a much-needed boost after Ethereum creator Vitalik Buterin tweeted in support of the project. Buterin wrote in his tweet that “some smart people” had told him that there was an “earnest smart developer community in Solana” and that the “chain has a bright future.” He concluded his message by expressing his hope that the community “gets its fair chance to thrive.”

The price of Solana (SOL) had sat close to $9.44 for much of the day before falling 13.2% to $8.19 in a matter of hours. However, following Buterin’s tweet, the price of SOL rose 24.8% to $10.22. Mike Dudas, co-founder and former CEO of The Block and founder of 6th Man Ventures, observed that the asset’s price chart resembled the „V“ in Buterin’s first name. He quipped that the formation was generally referred to as “The Vitalik.”

The value of Solana’s SOL token had been falling dramatically in the past several weeks, likely due to Solana’s relationship with the failed exchange FTX. In November, the asset crashed 55% and was one of the month’s worst-performing tokens. The lead-up to SOL’s latest crash appears to have begun around Dec. 28 when rumors emerged that former FTX CEO Sam-Bankman Fried would sell off a large quantity of SOL tokens. It is unclear whether any such sell-off took place.

Solana was initially created to be a high-performance blockchain protocol and was launched in March 2020. Since then, the project has seen substantial growth and adoption in the crypto space, with many developers flocking to the platform. SOL has become one of the biggest competitors to Ethereum, and its future looks bright with the support of Vitalik Buterin. It will be interesting to see if the project can continue to build on this momentum and remain competitive in the coming months.

Crypto Needs Better Regulation After FTX Collapse: Big Money Investors at Risk

Published by:

• FTX’s collapse was earth-shattering and big money investors are unlikely to come into the crypto sector until better regulation is in place.
• More Crypto Companies Could Go Bankrupt In FTX’s Wake, such as Genesis Global Capital, a subsidiary of Barry Silbert’s crypto empire Digital Currency Group.
• FTX Could Be The Beginning Of The End For Crypto if better regulation is not put in place.

The failure of FTX has sent shockwaves through the crypto community. With over $3.1 billion owed to its top 50 creditors, many investors and companies have had to face the reality that their investments in the exchange may never be recovered. This collapse has caused a ripple effect of losses for smaller ancillary companies and investors, with the most notable being Genesis Global Capital, a subsidiary of Barry Silbert’s crypto empire Digital Currency Group.

Genesis Global had $175 million worth of funds on FTX, and due to the collapse, Digital Currency Group had to infuse its subsidiary with $140 million in emergency equity to cover the losses. This move has only served to spook the crypto markets further, and has caused many investors to be hesitant to invest in the crypto sector.

The lack of regulation and transparency in the crypto sector has been a major concern for many investors. Without a clear framework in place, investors can never be certain that their funds are safe and secure. Despite the potential for huge profits, the lack of regulation and security makes it difficult for investors to trust the crypto market.

FTX’s collapse could be the beginning of the end for crypto if better regulation is not put in place. Without a clear framework in place, the crypto sector will not be able to attract big money investors, and instead, be limited to those willing to take on high risk investments.

In order for crypto to move forward and become a legitimate investment option, better regulation needs to be put in place. This means that exchanges need to be more transparent and secure, and investors need to be sure that their funds are safe. Once these measures are taken, then the crypto sector may begin to recover from the FTX collapse and start to attract more investors.

Investors Buy Bankruptcy Claims from Celsius, FTX and Voyager for Fractions of Value

Published by:

• Investors are now buying bankruptcy claims from Celsius, FTX, and Voyager customers for a fraction of their value.
• The Mt. Gox incident serves as a reminder of what may lie ahead, as bankruptcy administration can take many years to resolve.
• Several firms specializing in buying bankruptcy claims are taking advantage of users wanting to move on.

With the rise of digital currency, the number of people investing in cryptocurrency has seen a sharp increase. Unfortunately, this has led to a number of cases where investors have been left in the lurch after their funds were lost or stolen. Now, investors are taking matters into their own hands by purchasing bankruptcy claims from customers of Celsius, FTX, and Voyager for a fraction of their face value.

The Mt. Gox incident serves as a reminder of what may lie ahead for those who are unable to get back their funds. The Bitcoin exchange shut down in 2014 after being hacked for a reported 650,000 to 850,000 BTC. Some eight years later, administrators are only now preparing to distribute the remaining assets to users. Around 140,000 BTC will be repaid, representing an approximate 20% return on the lower estimate of total losses or a 16% return on the higher estimate.

In light of this, many users have opted to avoid the bankruptcy process by selling their claims for a fraction of their value. Investment firm Cherokee Acquisition said creditors holding $1 billion with FTX, and $100 million at Celsius, had approached them to negotiate deals. Similarly, bankruptcy marketplace Xclaim, which matches buyers and sellers of bankruptcy claims, has seen a surge in demand for these claims.

Of course, there is still the possibility of creditors receiving more than what they initially paid for the claims if the companies are able to pay out the full amount. However, with the process of bankruptcy administration dragging on for years and the uncertain nature of these proceedings, many investors have decided it is best to take a loss and move on.

Ultimately, this serves as a lesson for those considering investing in cryptocurrency. With the potential for losses and long wait times for any potential payouts, it is important to do research and understand the risks involved.

Binance Sees Success in 2022: 14 Licenses, 7500 People, Over 120M Users

Published by:

• Binance saw steady growth in 2022, securing 14 licenses and increasing its headcount to 7,500 people representing over 100 nationalities.
• The exchange holds 14 licenses from 14 different countries across the globe, including Abu Dhabi, Dubai, South Africa, France, Italy, Spain, Cyprus, Australia, and New Zealand.
• Binance enhanced its capabilities in the area of security and compliance by increasing its security and compliance staff by 500% in 2022.

Binance has seen notable growth in the year 2022, taking its headcount from 500 to 7,500 people, representing over 100 nationalities. In addition to its expanding staff, the exchange has also secured 14 licenses from 14 different countries across the globe, including Abu Dhabi, Dubai, South Africa, France, Italy, Spain, Cyprus, Australia, and New Zealand. Binance now serves over 120 million users from all over the world and currently operates in over 140 countries.

The exchange has also increased its focus on security and compliance, growing its security and compliance staff by 500% in 2022. Binance CEO Changpeng (CZ) Zhao has emphasized the importance of staying user-focused, saying, “Amid the noise that impacts token prices, projects‘ reputations, and the fortunes of individual investors, my goal has been to keep everyone at Binance focused on things that matter the most: building and staying user-focused. I am proud that we remained true to these core values in everything we do.”

In addition to its increased focus on security and compliance, Binance has also sought to ensure that it meets all local regulatory requirements in the countries it operates in. The exchange has been engaging with the regulators of these countries to ensure that it is always compliant and up-to-date with the latest regulations.

Overall, Binance has seen steady growth and success in the year 2022. With its expanding headcount and licenses, as well as its focus on security and compliance, the exchange is well-positioned to continue its success in the years ahead.