RoboFi News Review: Top Crypto News of the Week
This week’s news roundup is presented below.
Miss El Salvador dons golden bitcoin outfit at beauty pageant
El Salvador’s Miss Universe candidate strolled onto the stage this week wearing a bitcoin-inspired gold bodysuit, a sparkling tribute to her country becoming the world’s first to embrace cryptocurrency as legal tender two years ago. Read More.
Expansionist dreams threaten ECB digital euro plan
The European Central Bank appears to have determined that if anyone is going to build cryptocurrency out of the euro, it should be the European Union itself. However, creating a digital counterpart of the world’s second largest reserve currency poses hazards to the technocrats tasked with ensuring financial stability. The eurozone finance ministers’ meeting on Monday will keep them in the spotlight. Read More.
Cryptocurrency past is prologue: before and after FTX
FTX is neither the first, nor is it the last, but rather a recent and massive implosion in the cryptocurrency sector. We’ve seen cases of external theft, internal theft, anti-money laundering failures, cybercrime enablement, cryptographic key loss, and slanted investor playing fields before. More will follow, and we must reconsider if crypto investing is a beneficial development or a zero-sum game in which hucksters, charlatans, and the lucky can profit at the expense of others. Read More.
Crypto lender Genesis preparing to file for bankruptcy, Bloomberg News reports
Genesis Global Capital, a cryptocurrency lender, is planning to file for bankruptcy as soon as this week, according to Bloomberg News, citing people familiar with the issue. For weeks, a bankruptcy filing was expected after the business suspended customer redemptions on Nov. 16 following the collapse of major cryptocurrency exchange FTX. Read More.
Factbox: The many companies in Digital Currency Group’s crypto empire
Digital Currency Group (DCG) of the United States is at the core of the latest crypto collapse after one of its subsidiaries, Genesis, halted customer withdrawals in November. Genesis Global Capital’s lending division filed for bankruptcy protection from creditors in the United States on Thursday. Read More.
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