EddieJayonCrypto
5 Jan 23
• Gary Gensler is the monkey wrench in the middle of Binance's purchase of Voyager, but why?• Genesis calls in big guns, Moelis & Co., to help determine next steps, including Chapter 11• NY Attorney General Letitia James sues Celsius co-founder for fraud• Animoca Brands lowers WEb3/Metaverse fund ex...
• Gary Gensler is the monkey wrench in the middle of Binance's purchase of Voyager, but why?• Genesis calls in big guns, Moelis & Co., to help determine next steps, including Chapter 11• NY Attorney General Letitia James sues Celsius co-founder for fraud• Animoca Brands lowers WEb3/Metaverse fund expectations to $1B after abysmal 2022• Crypto bank, Juno, told customers to claim their assets as they prepare to cease operations• Silvergate, under the gun, says they have the funds to cover a bank runThere is some news that can have long-term effects on cryptocurrencies and Web3. Here is what is on my mind today.1. SEC blocks Binance purchase of Voyager. Things are not going well for him in the Ripple case. So, I guess, he decides he is going to go completely wild, wild west! 2. Genesis cuts 30% of its staff and is working with Moelis & Co.. Mind you Chapter 11 is not off the table. I suspect there are a lot of mathematical hoops being jumped through right now and I don't think it is going to end well. 3. NY Attorney General Letitia James sues Celsius co-founder for fraud. This is not going to go well for him. She is a complete bulldog and does make a move unless she has serious confidence. I think jail time is in his future. 4. Animoca Brands decreases the size of their new fund dedicated to Web3 and Metaverse to $1B. That is still a lot of money, but still a drop. Given everything that is going on, I think they will be able to stretch those dollars and make some good deals. 5. Juno Bank tells customers they are shutting down operations and has already cut some staff. I think they may have tried their hardest, but just couldn't make it work and had to make a tough decision. They have notified customers to take control of their assets. Silvergate is also facing a possible bank run as the CEO says they have the money to cover it all.