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Leading <keyword id="14181421" type="General" weightage="20" keywordseo="crypto-lender" source="Orion">crypto lender</keyword> <keyword id="14181422" type="General" weightage="20" keywordseo="celsius-network" source="Orion">Celsius Network</keyword> has announced to pause all withdrawals, swap and transfers between accounts due to "extreme market conditions". The decision led to a nearly 55 per cent crash in the price of its digital token 'CELL' to as low as 19 cents. "We are taking this action today to put Celsius in a better position to honour, over time, its withdrawal obligations," the crypto lender said in a statement late on Sunday. Celsius Network is a Blockchain-based lending platform that is accessible through a free mobile app. "Acting in the interest of our community is our top priority. In service of that commitment and to adhere to our risk management framework, we have activated a clause in our Terms of Use that will allow for this process to take place. Celsius has valuable assets and we are working diligently to meet our obligations," the company said. It said that the decision is taken in order to stabilise liquidity and operations "while we take steps to preserve and protect assets". Celsius was valued at $3.25 billion in November last year. According to its website, the CEL token promises "actual financial rewards", as much as 30 per cent extra returns weekly. It is unclear what triggered the latest decline. Since Terra's failure, demand for high-yielding lending instruments has taken a hit. The shocking implosion of the TerraUSD and Luna cryptocurrencies threw many investors into a panic last month, some of them saying their entire assets were blown up or even leaving suicidal messages. In a crash, the once bullish TerraUSD and sister coin Luna had lost almost all their value, sending shock waves across the world. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/layoff-season-continues-as-logistics-mgmt-startup-fareye-lays-off-250-people/articleshow/92170737.cms">Layoff season continues as logistics mgmt startup FarEye lays off 250 people</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-is-expected-to-soon-introduce-the-oneplus-10-smartphone/articleshow/92171775.cms">OnePlus 10 leaked renders reveal a design similar to the OnePlus 10 Pro, sans the alert slider</a>

Crypto lender Celsius Network pauses all withdrawals, transfers due to 'extreme' market conditions

<ul class="summary-list"><li>Crypto markets are booming again.</li><li>Now crypto companies are advertising on TV — just like they did in the first boom.</li></ul>One sign we're in a crypto revival: <a target="_blank" href="https://www.businessinsider.com/crypto-market-cap-bubble-peak-bitcoin-ethereum-solana-2024-4">Crypto prices are roaring again</a>.Another sign: Crypto companies are advertising on TV again.If you've been watching the NBA playoffs, then you may have noticed this ad, from Crypto.com:And if you haven't, the notable elements are:<ul><li>A general tone of they hate us because they ain't us boastful defensiveness: "They ignored your potential. Dissed your achievements. Mocked your ambition. But it's not the critics who count. And you know that."</li><li>A narrative that suggests that crypto investors are as brave and tough and strong as UFC fighters.</li><li>Voiceover work by 51-year-old rapper Eminem.</li><li>The pointed re-emphasis of the company's "fortune favors the brave" slogan, which I last saw on a TV ad during the 2022 Super Bowl — the event that's now shorthand for crypto's overreach into popular culture. That particular <a target="_blank" href="http://crypto.com">ad</a>, starring Matt Damon, has been (mostly) scrubbed from the internet, but not before it generated a <a target="_blank" href="https://www.youtube.com/watch?v=b6BsjwkFw5I">South Park parody</a>, and a <a target="_blank" href="https://www.youtube.com/watch?v=ALe-NjAlLaM">halting, carefully worded interview where Damon explains why he did the ad</a> (for charity, he says).</li></ul>Crypto.com isn't the only one <a target="_blank" href="https://blockworks.co/news/nba-nhl-bitcoin-halving-ads">pushing crypto on TV again</a>. Coinbase, which also bought time during the 2022 Super Bowl, is <a target="_blank" href="https://www.youtube.com/watch?v=dvu80Kq2K3Q">back as well</a>. <a target="_blank" href="https://www.youtube.com/watch?v=OLcEYi7Ov4M&amp;t=27s">Grayscale Investments has one</a>, too. But those aren't nearly as aggressive as the Crypto one: Coinbase cheekily argues that crypto makes more sense than traditional money, and Grayscale simply says that you're better off buying crypto through funds like its <a target="_blank" href="https://etfs.grayscale.com/gbtc">ETF</a> than buying on your own.Crypto, meanwhile, goes right for your feelings — assuming you have the feelings of a young man who thinks the world doesn't appreciate you and your desire to get mega-rich. That is: You're the <a target="_blank" href="https://www.businessinsider.com/gambling-young-men-sports-betting-crypto-meme-stock-market-addiction-2024-4">perfect target for crypto or any other thing that lets you put your money at risk in hopes of a bigtime payout</a>. It makes perfect sense to run it side-by-side with <a target="_blank" href="https://www.youtube.com/watch?v=AGoo710zpVY">ads telling you how fun it would be to bet</a> on the very game you're watching (<a target="_blank" href="https://www.businessinsider.com/nba-ban-jontay-porter-toronto-raptors-easy-call-why-2024-4">unless you're an NBA player</a>).All that said, the 2024 crypto revival still seems more like an echo of the last boom than a replay. I don't run into random people who confidently want to explain their meme stock strategy the way I did a few years ago. And beyond Jack Dorsey, I don't hear anyone arguing that bitcoin, or any other crypto, is going to rebuild/reorder society — just that the <a target="_blank" href="https://www.businessinsider.com/gambling-young-men-sports-betting-crypto-meme-stock-market-addiction-2024-4">number could go up</a>, so why not take a flier?But you never know. Maybe <a target="_blank" href="https://www.theonion.com/u-s-dept-of-retro-warns-we-may-be-running-out-of-pas-1819564513">The Onion was right</a>, and we are experiencing an "exponentially decreasing retro gap," which means that the early 2020s are now fuzzy, sepia-toned memories some of us want to bring back.That would explain a <a target="_blank" href="https://www.nytimes.com/2024/04/14/us/politics/poll-trump-views.html">few different things</a>, including this one: <a target="_blank" href="https://markets.businessinsider.com/news/stocks/gamestop-meme-stocks-keith-gill-roaring-kitty-wall-street-bets-2024-5">Roaring Kitty, the GameStop day-trading hero, is back</a>, and so is GME stock. It's up 60% Monday.To the moon! Again?

Crypto prices are back. So are the TV ads.

<ul class="summary-list"><li>The crypto industry has injected $119 million into this year's elections, Public Citizen reported.</li><li>Coinbase and Ripple lead contributions to super PACs supporting pro-crypto candidates.</li></ul>The crypto industry is making its mark on this year's elections to the tune of some $119 million.Crypto companies are one of the biggest political spenders on federal elections by a long shot, accounting for almost half the corporate money contributed to this year's races, <a target="_blank" href="https://www.citizen.org/article/big-crypto-big-spending-2024/">according to data from consumer rights advocacy nonprofit Public Citizen</a>.The funding has largely come from two companies — Coinbase and Ripple — which are funneling money into super PACs like Fairshake PAC, which is dedicated to "elevating pro-crypto candidates and attacking crypto skeptics," according to Public Citizen. Corporations don't have limits on the amount of money they invest in political candidates after the Supreme Court's 2010 ruling on Citizens United vs. the Federal Election Commission. However, they must contribute those funds to groups not directly involved with a candidate's official campaign.The crypto industry has especially ramped up spending for the 2024 election, following contributions it made to the 2020 election back when <a target="_blank" href="https://www.businessinsider.com/ftx-crypto-king-sam-bankman-fried-rise-and-fall-2022-11">Sam Bankman Fried was still its poster child</a>.Now, the stakes are higher. "The industry believes this election is existential," Veronica McGregor, chief legal officer at crypto wallet company Exodus, <a target="_blank" href="https://www.wired.com/story/crypto-political-donations-super-pacs-campaigns/">told Wired</a>. "No matter who gets into office, changes need to happen for our industry to thrive like it should."The money flowing into the presidential election has urged this year's candidates to see crypto as an issue that will turn voters in their favor. It may also be a turning point for an industry that has been criticized for evading laws, and been the subject of federal investigations.At the 2024 <a target="_blank" href="https://businessinsider.mx/trump-bitcoin-stance-2024-7/?r=US&amp;IR=T">bitcoin conference in Nashville in February</a>, Trump — who called bitcoin "highly volatile and based on thin air" in 2019 — said he'd lay out a plan "to ensure that the United States will be the crypto capital of the planet and the bitcoin superpower of the world." Trump has already won the backing of several crypto enthusiasts, including his running mate JD Vance, who <a target="_blank" href="https://www.businessinsider.com/read-jd-vance-financial-disclosure-net-worth-bitcoin-fec-report-2024-8">owns at least $250,000 in bitcoin</a>.Harris, meanwhile, has been more cautious in her support of the industry. "She's going to support policies that ensure that emerging technologies and that sort of industry can continue to grow," one of her <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-08-21/harris-supports-policies-to-expand-crypto-industry-aide-says">campaign advisers told Bloomberg</a>.Behind the scenes, a new group called Crypto4Harris, spearheaded by PayPal's former head of blockchain strategy, Johnathan Padilla, is working on "developing a nuanced crypto-policy approach for the Harris For President campaign," according to its X page. Padilla hopes the group can bridge the Democratic Party and the crypto industry, which seems to be rallying around Trump. "People are angry. People are concerned," Padilla told Wired. "But I think if you have the reset we are talking about with the Harris campaign, you're in a really good spot to have temperatures simmer down."

Big Crypto is now spending more on US elections than any other industry

<ul class="summary-list"><li>The <keyword id="11964162" type="UNKNOWN" weightage="60" keywordseo="fbi" source="Orion">FBI</keyword> warned crypto investors of fake apps, which scammed over $42 million from users since October.</li><li>Fraudulent apps were often masquerading under the names of legitimate crypto platforms, the warning said.</li></ul>The FBI issued a warning Monday for investors to be wary of <a href="https://www.ic3.gov/Media/News/2022/220718.pdf">fake apps in the cryptocurrency space, which defrauded</a> over $42 million from users since October of last year.The fake apps often ask users to deposit <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> before locking them out of their accounts. The FBI has tallied 244 such victims and singled out several apps for alleged fraudulent behavior.For example, scammers using the name YiBit asked users to deposit and pay taxes on cryptocurrency before blocking customers from withdrawing their funds. Another fake app going by the name Supay sought a user's funds then froze them, claiming a minimum balance of $900,000 was required.The agency noted that fraudsters were using the popularity of online crypto banking to scam users, and were often masquerading under names of legitimate crypto companies. YiBit went by the name of a formerly legitimate crypto exchange that ended its operations in 2018, and Supay took its name from a legitimate Australian exchange, the FBI said. The FBI urged crypto investors to do research on companies that offer cryptocurrency services and to verify a company's identity before handing over personal information. The decentralized and largely unregulated crypto space has a reputation for being a petri dish of financial crime, causing the <a href="https://www.sec.gov/news/press-release/2022-78">SEC to double its crypto and cyber crime unit</a> earlier this year.The Federal Trade Commission has also flashed warnings, reporting that investors had <a href="https://www.businessinsider.com/crypto-scams-conned-thousands-collective-1-billion-ftc-2022-6">lost over $1 billion to fraudsters</a> since the beginning of 2021.Policymakers have previously urged Congress to step in, and <a href="https://finance.yahoo.com/news/sec-crypto-regulation-expectations-congress-wall-street-110034161.html">Senator Elizabeth Warren told Yahoo Finance last week</a>: "Too many crypto firms have been able to scam customers and leave ordinary investors holding the bag while insiders make off with their money."

The FBI is warning crypto investors to be on the lookout for fake apps that have defrauded over $42 million from users

<ul class="summary-list"><li>The <keyword id="11898795" type="UNKNOWN" weightage="60" keywordseo="sec" source="Orion">SEC</keyword> will not offer amnesty to <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> companies that self-report securities violations, its enforcement director told Reuters.</li><li><keyword id="13277951" type="UNKNOWN" weightage="60" keywordseo="gurbir-grewal" source="Orion">Gurbir Grewal</keyword> said companies that admit violations may get certain benefits like lesser penalties from the SEC.</li></ul>Crypto companies that voluntarily report their breaches of securities laws shouldn't expect the <keyword id="11898794" type="UNKNOWN" weightage="60" keywordseo="securities-and-exchange-commission" source="Orion">Securities and Exchange Commission</keyword> to grant them an amnesty in return, SEC enforcement director Gurbir Grewal <a href="https://www.reuters.com/legal/government/exclusive-us-secs-enforcement-cop-says-crypto-company-amnesty-is-not-table-2022-02-28/">told Reuters</a>."Our message to them is not, 'Register your product, and we'll just ignore the billions you have under management in this crypto lending product and your violations of the securities laws,'" Grewal said, according to a Reuters report Monday.But self-reporting companies might get a lighter penalty for their violations and other help, Grewal added."Our message is that we'll view their conduct more favorably if they come in — such as what the remedies will look like, including penalties, and finding a path to complying with the securities laws," he said.The official's comments provide more clarity for <keyword id="11909331" type="UNKNOWN" weightage="60" keywordseo="crypto-market" source="Orion">crypto market</keyword> participants about the SEC's likely regulatory framework, which analysts and industry leaders see as <a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-crypto-regulation-institutional-adoption-metaverse-cryptocurrency-outlook-2022-1">key to encouraging institutional investors</a> into digital assets.<keyword id="9546806" type="UNKNOWN" weightage="60" keywordseo="crypto-regulation" source="Orion">Crypto regulation</keyword> is at the <a href="https://markets.businessinsider.com/news/currencies/crypto-regulation-sec-cryptocurrency-exchanges-gary-gensler-trading-investor-protection-2022-1">top of the SEC's agenda</a>, and a crackdown on digital assets is a key focus for it this year under Chair <keyword id="11896276" type="UNKNOWN" weightage="60" keywordseo="gary-gensler" source="Orion">Gary Gensler</keyword>, an expert on blockchain and a fierce proponent of regulating the industry."If the trading platforms don't come into the regulated space, it'd be another year of the public being vulnerable," Gensler <a href="https://markets.businessinsider.com/news/currencies/crypto-regulation-sec-cryptocurrency-exchanges-gary-gensler-trading-investor-protection-2022-1">said</a> in January.He has <a href="https://markets.businessinsider.com/news/currencies/sec-cryptocurrency-market-wild-west-authority-regulation-gensler-bitcoin-investors-2021-8?utm_medium=ingest&amp;utm_source=markets">previously said</a> the crypto market does not offer enough investor protection and compared it to the Wild West.Read more: <a href="https://www.businessinsider.com/thematic-investing-top-5-5g-picks-from-a-tech-fund-manager-2022-2?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">Top 5 '5G' tech stocks: Fund manager at a $400 billion firm lays out why brand new US high-speed networks are the next hot investing theme - and reveals the companies that tap into it best</a>Currently, <keyword id="6422582" type="UNKNOWN" weightage="60" keywordseo="crypto-exchanges" source="Orion">crypto exchanges</keyword> in the US <a href="https://markets.businessinsider.com/news/currencies/crypto-regulation-sec-cryptocurrency-exchanges-gary-gensler-trading-investor-protection-2022-1">don't have a regulator </a>that directly oversees the market's activity. The US, the UK, and the EU are among several regulators worldwide <a href="https://markets.businessinsider.com/news/currencies/crypto-regulator-eu-financial-crime-oversight-money-laundering-exchange-illicit-2022-2">seeking to develop</a> a regulatory framework for digital assets.Some in the crypto industry were encouraged by the SEC's recent settlement with cryptocurrency firm BlockFi to hope the securities regulator might consider giving amnesty to companies self-reporting violations, according to Reuters.Earlier in February, BlockFi Lending <a href="https://markets.businessinsider.com/news/currencies/blockfi-crypto-sec-fine-firm-exchange-cryptocurrency-regulatory-probe-2022-2">agreed to pay</a> $100 million to settle the SEC charges that it failed to properly register its services. The regulator said its BlockFi interest-bearing accounts were unregistered securities offerings, and it failed to register as a money manager.

A top SEC official says crypto companies that admit violations of securities laws won't get an amnesty: report

<ul class="summary-list"><li><keyword id="6359421" type="UNKNOWN" weightage="60" keywordseo="visa">Visa</keyword> is partnering with over 50 crypto companies to allow clients to spend digital currencies.</li><li>This means clients can buy from any merchant accepting Visa, even those who do not accept crypto.</li><li>More than $1 billion was spent on crypto-linked Visa cards in the first half of 2021.</li></ul><ul class="summary-list"></ul>Visa on Wednesday announced that it is partnering with over 50 cryptocurrency companies including FTX and Coinbase to allow clients to spend and convert digital currencies through its card program.The partnership will make it easy for clients to convert and spend digital currencies at 70 million merchants worldwide, even those that do not accept digital assets."The merchants don't have to change anything," Cuy Sheffield, Visa's head of cryptocurrency, told Insider. "It will be the same as any other Visa transaction to them. But on the backend, the <keyword id="6368079" type="UNKNOWN" weightage="60" keywordseo="Crypto-assets">crypto assets</keyword> are instantly converted into fiat.""You have this growing number of consumers with assets on crypto platforms, trading crypto, holding crypto - and then you millions of merchants who don't really understand crypto. They don't want to have to update their point of sales and terminals and figure out what a blockchain is," he said.Among the features being offered - though it will depend on the cryptocurrency platform - is letting users spend fiat and earn <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> as a reward, similar to how users can accrue cash back, airline miles, or hotel points. Sheffield also said that with more than $1 billion spent on crypto-linked Visa cards in the first half of 2021, he is optimistic there is more to unlock. On March 29, the payments firm <a href="https://www.businesswire.com/news/home/20210329005171/en/Visa-Becomes-First-Major-Payments-Network-to-Settle-Transactions-in-USD-Coin-USDC">announced</a> that it will <a href="https://markets.businessinsider.com/currencies/news/visa-usd-coin-dollar-backed-cryptocurrency-settle-payment-transactions-network-2021-3">enable the use of USD Coin to settle payment transactions</a> on its platform. Visa piloted the payment option via the payment platform Crypto.com and digital asset bank Anchorage."We should be able to support a digital fiat currency and convert between the digital version and the traditional version of a fiat currency," he said.

Visa is partnering with over 50 crypto companies to allow clients to spend and convert digital currencies

<div class="KonaFilter image-container display-table"><div><div class="image on-image">David Ryder / Stringer</div></div></div><ul><li>2 of the 'Big Four' accounting firms are helping crypto startups shake-off their scrappy roots with a little-known tech audit. </li><li>BitGo, a crypto custody shop, is one of the first firms to complete a so-called SOC2 audit, which shows its systems meet Deloitte's standards. </li><li>Other crypto firms are looking to complete the audit, as well. </li></ul>Bitcoin companies have a branding problem.The nascent market for digital coins is known for its spine-tingling volatility and hacks. <div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">BitGoBitGo CEO Mike Belshe.</div></div></div>That's part of the reason institutional investors don't trust firms across the landscape with their money. But crypto service providers and exchanges are trying to lure in big money by shaking off their scrappy roots and holding themselves to Wall Street standards. To that end, many are partnering with 'Big Four' accounting firms to acquire a so-called SOC2 certification, a way to prove to clients that they have the proper functioning security systems in place to keep funds secure. BitGo, a crypto custody firm, for instance, is leading the charge and recently completed its SOC2 with Deloitte, the firm told Business Insider.The designation, which took over a year for BitGo to complete, means the firm is following stricter rules and that Deloitte will come in to test systems to ensure they are meeting SOC2 standards. "$15 billion of all crypto is coming through us per month," said Tom Pageler, chief security officer at BitGo."That's across 50 countries.""We are in the position where we have to show how to do this right, and know we have a third-party to show our clients that we are," Pageler added. BitGo may be the first firm to complete a SOC2, but it's not the only firm looking at getting one. Elsewhere, Coinbase is partnering with Deloitte on a SOC2, company insiders told Business Insider. New York-based rival Gemini is also looking into getting a SOC2, a spokeswoman told Business Insider. KPMG, a Deloitte rival, is getting inbounds from crypto companies about SOC2 designations. Kiran Nagaraj, a managing director at the firm focusing on crypto, said the trend is the latest signal of the crypto space's maturation. "In addition to the white glove services - such as a prime brokerage - institutions are going to look for something like this," Nagaraj said in an interview with Business Insider."Exchanges are constantly being hacked and so when a major investment bank wants to use an exchange they want to know there is some sort of assurance," Nagaraj added. "And this is where a SOC2 report comes in, it gives a level of comfort."More than $800 million worth of cryptocurrency has been stolen by hackers this year, as per research by Autonomous Research, a financial analytics provider. The biggest hack this year took place on Coincheck, a Japanese-based exchange <a href="http://www.businessinsider.com/coinchecks-recent-hack-could-mean-big-changes-in-the-crypto-space-2018-1">which had more than $500 million worth of crypto stolen</a> in late January. Last month, South Korean exchange Bithumb was targeted, <a href="https://www.businessinsider.com.au/bithumb-crypto-exchange-hack-2018-6">as hackers made off with around $30 million</a> while the company suspended operations and moved its crypto holdings to cold storage.Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/value-investing-applied-to-the-socially-responsible-sector-2018-7">Expanding Warren Buffett's value investing approach to the socially responsible sector</a></h3> <div> </div> </div>

Crypto companies are working with Big Four accounting firms to get Wall Street to trust them

<ul class="summary-list"><li>The collapse of Sam Bankman-Fried's FTX will flush out most crypto firms, BlackRock's Larry Fink said.</li><li>"I actually believe most of the companies are not going to be around," the CEO told the DealBook summit.</li></ul>More crypto companies are likely to go under in the aftermath of <a href="https://markets.businessinsider.com/news/currencies/ftx-crypto-holdings-fair-value-bankruptcy-filing-sam-bankman-fried-2022-11">FTX's bankruptcy filing</a>, Larry Fink has warned."I actually believe most of the companies are not going to be around," the BlackRock chief executive said in an interview at the <a href="https://www.nytimes.com/events/dealbook-summit">New York Times DealBook</a> summit Wednesday.Fink also said that BlackRock had invested $24 million into FTX through a fund of funds vehicle. The company manages $10 trillion in assets on behalf of clients ranging from huge pension funds to high-net-worth individuals."Could we have been misled?" he asked. "Until we have more facts, I will not speculate."FTX collapsed last month after a report by <a href="https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/">CoinDesk</a> showed that sister trading firm Alameda Research counted the exchange's native FTT token as a significant part of its portfolio, triggering a solvency crisis.The failed exchange's Chapter 11 bankruptcy filing showed it <a href="https://markets.businessinsider.com/news/currencies/ftx-crypto-holdings-fair-value-bankruptcy-filing-sam-bankman-fried-2022-11">held just $659,000 worth of crypto</a> and <a href="https://markets.businessinsider.com/news/currencies/ftx-bankruptcy-alameda-research-no-accounting-department-sam-bankman-fried-2022-11">hadn't produced reliable financial statements for its investors</a> — leading to fraud allegations against founder Sam Bankman-Fried.Its implosion has sent ripples across the digital assets sector, where many firms were already struggling in the midst of a brutal crypto winter that's seen the price of <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> plunge 63% to just over $17,000 this year.Troubled lender <a href="https://markets.businessinsider.com/news/currencies/crypto-lender-blockfi-bankruptcy-ftx-crash-contagion-sam-bankman-fried-2022-11">BlockFi filed for bankruptcy</a> Monday after receiving a $400 million credit line from FTX earlier this year, while creditors to crypto brokerage Genesis are calling up restructuring lawyers and exploring all available options to prevent a bankruptcy, <a href="https://www.bloomberg.com/news/articles/2022-11-29/genesis-creditors-organize-seek-options-to-avoid-bankruptcy">Bloomberg</a> reported.Major exchange Kraken said Wednesday it would <a href="https://markets.businessinsider.com/news/currencies/kraken-layoffs-crypto-exchange-ftx-winter-jesse-powell-2022-11">lay off 1,100 employees</a> despite having "no material exposure" to FTX.Some analysts argue that the wave of crypto bankruptcies this year will actually benefit the space in the long run.Fundstrat head of research Tom Lee said last week that <a href="https://www.businessinsider.com/ftx-crypto-crash-bitcoin-invest-untouchable-fundstrat-tom-lee-2022-11">FTX's implosion shouldn't make digital assets like bitcoin untouchable</a> – but will probably flush "bad players" out of the space."It's an important moment for the industry. I think it is cleaning a lot of and cleansing a lot of bad players. But do I think crypto is dead? No," Lee told <a href="https://www.cnbc.com/video/2022/11/25/bitcoin-still-makes-sense-for-some-investors-says-fundstrats-tom-lee.html">CNBC</a>. "I think there's a lot of people throwing gasoline in a crowded theater and yelling fire, and it's just going to be important for those who really like what decentralization and bitcoin are doing."Read more: <a href="https://www.businessinsider.com/blackrock-ftx-larry-fink-venture-capital-2022-11">On the heels of BlackRock's $24 million bad bet on FTX, Larry Fink expects a sea change in venture investing</a>

BlackRock's Larry Fink thinks most crypto companies will go out of business in the wake of FTX's collapse

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Brendan McDermid/ReutersVictoria's Secret model Alessandra Ambrosio reveals the Floral Fantasy Bra gift set at Victoria's Secret store in New York, October 18, 2012. </div></div></div><ul><li>Mike Poutre, the former chief executive of The Crypto Company, stepped down from his position earlier this month, <a href="https://seekingalpha.com/filing/4034521">according to a company filing</a>. </li><li>His stake in the company made him a multi-billionaire in December, according to The Wall Street Journal. </li></ul>The chief executive of a crypto tech company born out of a reverse takeover of a fitness clothing firm is out, <a href="https://seekingalpha.com/filing/4034521">according to a company filing</a>. Michael Poutre, the former chief executive of The Crypto Company, resigned from the firm on May 14. He was replaced by former president James Gilbert.The Crypto Company made headlines during the crypto boom at the end of 2017, which saw bitcoin soar close to $20,000 a coin and The Crypto Company's stock appreciate by as much as 1,600%. On paper, Poutre - who owned a fifth of the firm's shares - became a multi-billionaire at the peak, according to a report by The Wall Street Journal. He was worth $3.9 billion, The Journal reported. Bitcoin is now trading at around $7,600 a coin. Shares in the Crypto Company, which trade in OTC markets, were up 111% on Wednesday afternoon. Shares exchanged hands at around $42.50, down from an all-time high above $640 a share. The Crypto Company, which was developing technologies relating to crypto market structure, was born out of a reverse takeover of Croe Inc. Croe, a fitness clothing company, was developing a new type of sports bra. "Our strategy is to invest in the capital markets infrastructure for crypto," Poutre told Business Insider in an interview in December. The company then announced it was planning on splitting its stock in ten, <a href="http://www.businessinsider.com/the-crypto-company-is-splitting-its-stock-in-10-after-it-soars-1600-2017-12">as Business Insider first reported</a>. Regulators denied that request, according to a filing. "On March 1, 2018, we received a letter from FINRA rejecting the Stock Split on the basis of deficiency and in the interest of the protection of investors, the public interest and to maintain fair and orderly markets," the filing said. A former stock broker, Poutre was suspended by FINRA for two years in 2010. Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/social-entrepreneurship-venture-capitalist-ross-baird-investing-2018-5">80% of start-up money goes to three states - here's what one visionary is doing to help spread the wealth</a></h3> <div> </div> </div>

The once multi-billionaire CEO who led a crypto-tech company born out of a bra-maker has quietly stepped down

<ul><li><keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> company BTCS soared 67% on Wednesday after it announced it will pay a dividend in <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>.</li><li>Dubbed a "bividend," BTCS plans to pay a 5-cent dividend to its shareholders in bitcoin if they opt-in. </li><li>The company said paying a bitcoin dividend will help promote the adoption of crypto and build its shareholder base.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>Crypto company <a href="https://markets.businessinsider.com/stocks/btcs-stock">BTCS</a> soared as much as 67% on Wednesday after <a href="https://www.globenewswire.com/news-release/2022/01/05/2361693/0/en/BTCS-First-ever-Nasdaq-listed-Company-to-Offer-a-Dividend-Payable-in-Bitcoin.html">it announced plans to pay a dividend</a> in bitcoin to its shareholders.The move makes it the first Nasdaq-listed company to ever pay a bitcoin dividend, which the company calls a "bividend." BTCS is making the move to promote the adoption of <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>, build its shareholder base, reward shareholders, and tighten its float by temporarily removing shares from its tradeable float.BTCS will pay a 5-cent per-share dividend in bitcoin, based on the price of the cryptocurrency on the ex-dividend date of March 16. Investors who want to receive the dividend in bitcoin must opt-in via its transfer agent, move their shares to its transfer agent, and provide a valid bitcoin wallet address to receive the dividend.Shareholders who don't opt-in and complete the necessary steps will instead receive the dividend in cash. The crypto payout has been on BTCS' long-term roadmap for years, based on its purchase of the <a href="https://www.bividend.com/">bividend.com</a> domain name in February of 2015."With BTCS' year-end 2021 stock price of $3.14 per share representing a 12.6% discount to the Company's digital asset holdings and cash position of $3.56 per share, or $37.8 million, this is an ideal time to reward our shareholders with a non-taxable return-of-capital Bividend," the company said.BTCS' stock price hit a high of $5.05 on Wednesday. <div type="image" title="BTCS stock chart" height="495" width="629" msid="88717415" hostid="261"></div>

Crypto company BTCS soars 67% after it announces first-ever bitcoin dividend

<ul class="summary-list"><li>The founders of bankrupt crypto hedge fund Three Arrows Capital are pitching a new marketplace called 'GTX'.</li><li>GTX would be an exchange where people who've lost money from crypto collapses can buy and sell bankruptcy claims.</li></ul>The founders of failed crypto hedge fund Three Arrows Capital are reportedly trying to launch a new exchange – where people who lost money in the collapse of a digital asset company would be able to buy and sell bankruptcy claims.Su Zhu and Kyle Davies are seeking to raise $25 million from investors to fund a new platform that they are currently calling 'GTX', according to a pitch deck seen by Insider.The name – which the company's founders said was a placeholder for now – is an apparent reference to FTX, the bankrupt crypto exchange formerly run by Sam Bankman-Fried that <a href="https://markets.businessinsider.com/news/currencies/ftx-bankruptcy-filing-crazy-details-sam-bankman-fried-crypto-exchange-2022-11">wiped out an estimated $8 billion in customers' funds</a> when it collapsed in November.GTX would be a marketplace where creditors to failed crypto companies like FTX could trade bankruptcy claims, the pitch deck said.Several crypto companies filed for bankruptcy last year as rising interest rates sparked a solvency crisis across the sector – with 3AC being one of the most high-profile cases.The hedge fund defaulted on a $2.4 billion loan from the crypto lending firm Genesis and a $665 million borrowing from the crypto brokerage Voyager Digital last year – leading to its liquidation by a British Virgin Islands court in July.Investors who lost money in 3AC's collapse will be among those who would be able to trade their claims on GTX, according to the <a href="https://www.wsj.com/articles/founders-of-bankrupt-three-arrows-capital-plan-trading-platform-for-distressed-crypto-debt-11673889546">Wall Street Journal</a>.Zhu and Davies are listed in the pitch deck as members of GTX's four-man founding team alongside Mark Lamb and Sudhu Arumugam, co-founders of the crypto exchange CoinFLEX.CoinFLEX is another crypto company that suffered during last year's crypto rout. It suspended all withdrawals in June 2022 after early bitcoin investor <a href="https://markets.businessinsider.com/news/currencies/coinflex-roger-ver-bitcoin-jesus-cryptocurrency-exchange-customer-withdrawals-recovery-2022-6">Roger Ver racked up an $84 million debt</a> to the exchange.Scott Melker, a crypto trader and investor who calls himself 'the Wolf of All Streets', slammed GTX's pitch deck as being in poor taste."Imagine watching FTX fail after seeing your own company fail and then choosing to try to launch an exchange and name it 'GTX' which is a single letter from being 'FTX'," he said on <a href="https://twitter.com/scottmelker/status/1615041011733889053">Twitter</a> Monday. "Whoever is running this simulation loves trolling us.""If this launches, we deserve every second of this crypto ice age," Melker added.Read more: <a href="https://markets.businessinsider.com/news/currencies/crypto-crash-bitcoin-bear-market-sam-bankman-fried-ftx-bankruptcy-2022-12">From Sam Bankman-Fried's arrest to bitcoin plunging below $20,000, here are the 9 craziest crypto stories of 2022</a>

Failed hedge fund Three Arrows Capital is pitching a marketplace where crypto victims can sell their bankruptcy claims - and calling it 'GTX' in an apparent nod to FTX

You Searched For "crypto companies" and got 11 results

Crypto lender Celsius Network pauses all withdrawals, transfers due to 'extreme' market conditions

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BlackRock's Larry Fink thinks most crypto companies will go out of business in the wake of FTX's collapse

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The once multi-billionaire CEO who led a crypto-tech company born out of a bra-maker has quietly stepped down

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Crypto company BTCS soars 67% after it announces first-ever bitcoin dividend

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Failed hedge fund Three Arrows Capital is pitching a marketplace where crypto victims can sell their bankruptcy claims - and calling it 'GTX' in an apparent nod to FTX

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