Welcome to Barmy’s Daily Crypto News – December 19th, 2022
1. Donald Trump revealed his non-fungible token (NFT) trading card collection
Donald Trump released his NFT trading cards using blockchain technology. The 45,000 cards include pictures of Trump as Superman, an astronaut, a cowboy, and other characters.
Trump’s NFT cards have been extremely popular, and according to cryptoslam.io statistics for the past day, his collection is second only to Bored Ape Yacht Club in terms of sales (BAYC). There have been $3,597,251 in sales of Trump NFT over the last 24 hours, a rise of 50.19%. The 4,749 transactions totaling $3.5 million in sales involved 1,839 buyers and 2,155 sellers.
Of course, since the 45th president of the United States made his revelation, Trump’s NFT trading cards have sparked outrage from political commentators on the left.
2. Cryptocurrency exchange OKX has had service interruptions after Alibaba Cloud reported a hardware failure
After key infrastructure provider Alibaba Cloud disclosed a hardware breakdown in Alibaba Cloud’s Hong Kong data center, the cryptocurrency exchange OKX experienced service interruptions.
At the time of reporting, the Alibaba Cloud Hong Kong IDC Zone C server had been down since Saturday night about ten o’clock Eastern Time. On-chain information supports the claim that OKX did not process any transactions during this time period.
According to the Alibaba Cloud website, three availability zones are hosted by the Hong Kong (China) server and have been operating since 2014. OKX announced the service interruption and said it is collaborating with Alibaba Cloud to fix the problems. “Money is secure. We apologize for any inconvenience,” the announcement continued.
Users are currently unable to withdraw or deposit money, and some report that a bug has caused their account balances to display $0 in their funds. Numerous investors have acknowledged that their trades became stuck in the middle and have expressed worry about potential losses.
3. Gemini has formed a committee with Houlihan Lokey acting as the financial advisor to resolve Genesis liquidity issues
According to Gemini, Houlihan Lokey, the Financial Advisor of the Creditor Committee, has started pushing for a strategy to address Genesis and DCG’s liquidity problems and offer a way to recover funds. One of the biggest financial restructuring practices in the world is run by Houlihan Lokey, a financial services firm and independent investment bank.
On November 16, 2022, the cryptocurrency exchange halted the Earn program and said that the company’s lending partner Genesis Global Capital had likewise halted withdrawals. At the time, Gemini stated, “We are collaborating with the Genesis team to assist clients in rapidly redeeming their monies through the Earn program.
A division of Genesis was given a seat on the formal creditors committee for the FTX bankruptcy case, indicating that the company has been impacted by the FTX contagion. According to FT and Wall Street Journal (WSJ) sources, Genesis was reportedly also looking for $1 billion in capital from investors. The committee is only getting started, according to Winklevoss’ tweet from the previous day.
In addition to Gemini’s problems with Genesis, the business also experienced a database breach. 5.7 million Gemini user emails and some phone numbers were disclosed through leaks, according to sources. Some reports also mentioned that the files were posted to hacker forums.
4. US Senate banking chair has suggested that the SEC and the CFTC should consider a ban on cryptocurrencies
Sherrod Brown, the head of the United States Banking Committee, has stated that the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) might want to take into account outlawing cryptocurrency.
The Ohio representative claimed that for the past 18 months, he has been “educating” his colleagues and the general public about the risks associated with cryptocurrencies while urging swift and decisive action. He claimed that cryptocurrencies pose a “threat to national security” and are “hazardous.”
The head of the Banking Committee has been skeptical of cryptocurrencies for more than a year, most recently raising issues with stablecoin issuance and cryptocurrency advertising and marketing activities.
Brown called for a “all-of-government” strategy to oversee the business in a statement on November 30. On December 13, he praised the U.S. Department of Justice for charging Sam Bankman-Fried, the former CEO of FTX, who is presently detained in the Bahamas awaiting extradition.
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