Protocon
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Protocon

[June Week 5] PEN TALK

Today’s Topic

📌 Is this the moment?! What is going to happen to Celsius?

📌 Axie Infinity’s Ronin Bridge to Re-Open!

📌 Crypto exchanges are on the verge of bankruptcy?!

Is this the moment?! What is going to happen to Celsius?

Due to the depression in the cryptocurrency market, many huge investment companies and trading markets are giving cryptocurrency corporations increasing attention.

Image credit: Blockworks Official Twitter

Blockworks has recently mentioned through Twitter that Goldman Sachs is raising 2 billion dollars to buy Celsius assets and is asking web3 cryptocurrency funds, bad assets management funds, and traditional finance agencies to invest. It is perhaps because Goldman Sachs expects that Celsius might be sold for a much lower price than their actual current market value. Ironically, Goldman Sachs, which used to call Bitcoin a scam a few years ago, is now trying to buy a cryptocurrency company.

Meanwhile, Celsius announced earlier this month a suspension of deposit and withdrawal. Recently, they have hired a restructuring specialist and are suffering from rumors of being taken over. However, they are still advertising their deposit service regardless of the issues. Currently, withdrawal through Celsius is still blocked, but interest is being paid. There is even a rumor that the board members have been blocked from running away.

Stop horrifying investors…!

Axie Infinity’s Ronin Bridge to Re-Open!

Image credit: Axie Infinity Official Website

Do you remember our previous news about the Ronin bridge exploit?

Axie Infinity, well-known for its technological superiority in the P2E field, has officially announced the reopening of its side chain, Ronin Bridge. It has almost been 3 months since it lost $625M due to the hacking!

Ronin mentioned that the team has been working on the recovery and selected a circuit-breaker system, which can halt large, suspicious withdrawals, to increase the security of the bridge.

Axie Infinity has said that it has conducted one internal audit to restart Ronin and two additional external audits. The external audit was conducted by Verichains and Certik, both well-known blockchain and cryptocurrency security companies. Simultaneously, a compensation plan for users was announced. When Ronin restarts, users will be able to withdraw the Ethereum (ETH) they held in March.

Axie Infinity claims to be attempting to retrieve the stolen funds, so hopefully there will be some good news soon. :)

Crypto exchanges are on the verge of bankruptcy?!

Sam Bankman-Fried, the founder of FTX, has emerged as a savior of the cryptocurrency market and has become a hot topic in a recent interview.

SBF recently garnered attention by providing a $750 million (980 billion KRW) bailout to coin lending company BlockFi and coin brokerage company Voyager Digital. In an interview, the 30-year-old billionaire said, “I am willing to accept any bad deal if that’s what it takes to stabilize the current market.” He also warns that there are multiple third-tier crypto exchanges that are secretly insolvent, meaning that they are on the verge of bankruptcy. Although he does not specifically mention which exchanges, he stated that these exchanges have substantial holes in the balance sheet and regulatory issues, making them nearly impossible to save.

Before winter came to the cryptocurrency market, many virtual asset companies had offered high returns to attract customers taking advantage of the continuous price increase. Everything was fine when cryptocurrency prices were skyrocketing. However, as a result, we now continue to encounter many cases of failure. For these reasons, readers, I hope that you invest wisely and with informed judgment.

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