Category: Allgemein

Binance Gives Deadline for WazirX to Withdraw Assets: 3 Feb.

• The spat between Binance and WazirX began last year when the Indian government raided offices belonging to the exchange’s operator.
• Binance had issued a statement urging Zanmai to “work out arrangements with us to withdraw any remaining assets in the relevant accounts after 3 February.”
• This is because Binance believes WazirX’s operator had made numerous “false public statements” in the past related to the former’s “alleged role in and responsibility for operating” the latter.

Binance-WazirX Spat

The saga between world-leading crypto exchange, Binance, and Indian crypto exchange, WazirX, has taken another turn. Last year, due to the Indian government raiding offices belonging to Zanmai (the exchange’s operator), $8 million worth of assets were frozen. Despite reports claiming that Binance owns at least a portion of Zanmai, they refused any other affiliation with it.

Deadline Issued

Today, BInance issued another statement urging Zanmai to “work out arrangements with us to withdraw any remaining assets in the relevant accounts after 3 February” due to their false public statements regarding Binance’s alleged role and responsibility for operating WazirX.

BInance Refuses Responsibility

BInance has denied any responsibility or ownership over WazirX despite reports claiming otherwise and have given an ultimatum to its operator to withdraw customer funds from its infrastructure and wallets by 3rd February 2021 failing which they will be forced take action against them.

False Public Statements

BInance believes that WazirX’s operator has made numerous “false public statements” related to the former’s alleged role in and responsibility for operating the latter which is why they’ve given an ultimatum for them withdraw all customer funds stored on their infrastructure before 3rd February 2021.

No Clarification from WazirX

Since Zanmai has refused to clarify these misleading statements either by retracting them or terminating use of wallet service provided by BInance, they have been given until 3rd February 2021 as deadline after which action may be taken against them according by law if necessary.

Bithumb Offices Raided in Price Manipulation Probe: $69M Tax Bill Rejected

• South Korean crypto exchange Bithumb’s offices were reportedly raided on Thursday by authorities in an investigation related to potential price manipulation of a coin listed on the platform.
• Prosecutors are investigating transactions linked to a specific person or entity allegedly manipulating the coin’s price to make a profit.
• The Seoul District Prosecutors Office stated that the search and seizure was to secure the transaction details of a specific coin and had nothing to do with Bithumb.

On Thursday, South Korean crypto exchange Bithumb found itself in the middle of yet another legal storm. According to an article by Yonhap, authorities raided the offices of the exchange as part of an investigation into potential price manipulation of a coin listed on the platform. The token in question has not been revealed.

Seoul District Prosecutors Office stated that the search and seizure was to secure the transaction details of a specific coin and had nothing to do with Bithumb. They are probing transactions linked to a specific person or entity allegedly manipulating the coin’s price to make a profit. The prosecutors have not revealed further details about the raid.

The news comes days after the South Korean district court rejected the appeal of Bithumb against a tax bill of $69 million. The exchange was charged the amount by the National Tax Service in relation to its 2017 operations. Bithumb had appealed to have the bill reduced by half, but the court rejected the plea.

The exchange is also facing a lawsuit filed by an investor who claims to have lost money due to the lack of security measures on the platform. The investor is seeking compensation for the losses suffered due to the hack that occurred on the exchange in June 2019.

Bithumb has had a tumultuous few years. The exchange has been embroiled in numerous lawsuits and investigations since 2018. In 2019, the exchange was raided by the police in a probe related to the alleged embezzlement of customer funds.

It remains to be seen how the exchange will respond to the latest investigation. With multiple legal issues to tackle, Bithumb will have to work hard to regain the faith of its customers.

CleanSpark Increases Hash Rate with 16K New Miners

• CleanSpark, a Bitcoin mining company, has started the construction of its second phase in Washington, Georgia, which is set to accommodate 16,000 miners.
• This move is expected to increase its total hash rate to 8.7 EH/s, contributing an additional 2.2 EH/s.
• The mining machine fleet will include Antminer S19j Pro and Antminer S19 XP, which are the latest and most power-efficient models.

CleanSpark, a Bitcoin mining company, has recently kicked off the construction of its second phase in Washington, Georgia. This project is set to accommodate 16,000 miners, and is expected to increase the company’s total hash rate to 8.7 EH/s, contributing an additional 2.2 EH/s. CleanSpark acquired the site last summer for $16.2 million, and the project is now in full swing.

The mining machine fleet will include Antminer S19j Pro and Antminer S19 XP, which are the latest and most power-efficient models of such machines currently available. These machines boast increased computing power, and will contribute to a 25-34% increase from the current hash rate. Not only that, but these machines are designed to reduce energy consumption and maximize efficiency.

CleanSpark is one of the many companies that are investing in Bitcoin mining. As the demand for Bitcoin increases, so does the demand for computing power. Companies like CleanSpark are working to increase their computing power and capitalize on the cryptocurrency boom.

In addition to the machines mentioned above, CleanSpark has also announced that they will be using other technologies to maximize their efficiency. These technologies include their proprietary software, as well as their Blockchain-as-a-Service (BaaS) platform.

Ultimately, CleanSpark’s project is an important step in the cryptocurrency industry, and will help to increase the overall computing power available for Bitcoin mining. With the help of the most recent machines, CleanSpark will be able to increase their hash rate and maximize their efficiency. This will help to reduce energy consumption and make mining more efficient and profitable.

FTX Bankruptcy Filings Reveal Genesis Global Capital as Top Creditor

• Genesis Global Capital is FTX’s largest unsecured creditor, with a claim against the exchange worth $226 million.
• FTX’s Thursday bankruptcy filing lists ten customers owed over $100 million each.
• Genesis was appointed by the U.S. Trustee to the Official Committee of Unsecured Creditors.

The crypto-lending giant Genesis Global Capital has been revealed as FTX’s largest unsecured creditor, according to the exchange’s Thursday bankruptcy filing. Genesis has an unliquidated claim against FTX worth $226 million.

The filing lists ten customers to whom FTX owes over $100 million each. In addition, the revised version of the filing has revealed the names of those appointed by the U.S. Trustee in the case to the Official Committee of Unsecured Creditors.

One of these appointees is Genesis, making them FTX’s top creditor. The other names listed include Apollo Global Management, Inc., Fidelity Investments, and JPMorgan Chase & Co.

Genesis itself filed for bankruptcy on Thursday, citing a “substantial decline” in the crypto-lending market. The filing revealed that the firm is $2.5 billion in debt and that it owes a total of $1.5 billion to its creditors.

The filing also stated that Genesis is seeking to liquidate its assets in order to pay back its creditors. One of the assets in question is its claim against FTX.

The filing goes on to say that Genesis has been in negotiations with FTX to settle its claim, but that it has “not been successful in reaching a resolution that would adequately protect the interests of its creditors.”

The matter is now in the hands of the U.S. Bankruptcy Court, which will decide how to best proceed. It is not clear at this time if FTX will be able to pay back its creditors, or if Genesis’ claim will be reduced.

The filing also revealed that FTX has amassed a total of $8.6 billion in liabilities, including the $226 million owed to Genesis.

The news of FTX’s bankruptcy filing has sent shockwaves through the crypto community, as many are wondering what the future holds for the exchange. It remains to be seen if FTX will be able to pay back its creditors, or if its assets will be liquidated.

Either way, the news has put a spotlight on Genesis and its claim against FTX. It is now up to the U.S. Bankruptcy Court to decide what happens next.