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Found the internet!
63
pinned by moderators
Posted by
Shared Mod Account
4 days ago
Rocket LikeHelpfulTake My Energy
63
179 comments
11
Posted by2 hours ago
11
272 comments
4.4k
Posted by
Tin | Futurology 14
11 hours ago
GoldTo The StarsPress FWholesome2
4.4k
1.3k comments
814
Crossposted by
Platinum | QC: CC 47, BTC 41, LW 22 | ADA 8
9 hours ago
hehehehePress FSilver
Posted by
Staff
10 hours ago
Stickied post
Burning CashFacepalmSnek

Today, BlockFi filed voluntary cases under Chapter 11 of the U.S. Bankruptcy Code.

https://www.businesswire.com/news/home/20221128005451/en/BlockFi-Commences-Restructuring-Proceeding-to-Stabilize-Business-and-Maximize-Value-for-all-Clients-and-Stakeholders

Maximizing value for all clients and other stakeholders is our priority. This process will help BlockFi to stabilize our business and provide us with the opportunity to work towards consummating a comprehensive restructuring transaction to maximize value.

As part of our restructuring efforts, we will focus on recovering all obligations owed to BlockFi by counterparties, including FTX.

Acting in the best interest of our clients is our top focus and continues to guide our path forward. Chapter 11 is a transparent process and we will continue to communicate with our clients to ensure they hear directly from us.

Additional information about our filing can be found on our blog: https://blockfi.com/November28-ClientUpdate

0 points
814
420 comments
254
Posted by6 hours ago
All-Seeing Upvote
254
103 comments
418
Posted by
Platinum | QC: CC 47
9 hours ago
Silver

After BlockFi declared bankruptcy today, it's time to take a closer look at Nexo.

Nexo 10% “Yields“

As you can see Nexo is paying 10% on stablecoins. Where does this yield come from?

If the yield is greater than the “risk free” market rate, they are by definition taking directional risk to chase said “yield“. This is a big red flag!

Nexo makes interest via collateralized borrowing to users, and it’s higher rate than the yield provided. The problem here is that in a system with no lender of last resort, the commercial bank model on crypto rails can blow up, quickly. “Liquidity issues”, and every customer have lost their money.

Nexo also controls over 82% of the total supply of its tokens:

Nexo Token Supply

85% of Nexo’s total assets held on Ethereum are Nexo tokens. This means that the platform’s backing could become compromised if liquidity issues mount.

Nexo's Ethereum Assets

Nexo is full of red flags and could be the next company to fall!

418
443 comments
256
Posted by
Platinum | QC: CC 35
8 hours ago
WholesomeSilver

Sam Bankman-Fried and FTX execs donated a total of $70 million to political campaigns toward the mid-term election cycle. This sum made FTX the third-largest donor across the entire political landscape for this mid-term election cycle. The individuals who donated included Bankman-Fried himself, co-CEO Ryan Salame and Director of Engineering Nishad Singh. They donated a rough 55%/45% split between both Democrats and Republicans.

FTX US also donated an additional $1M as well a super-PAC vying for Senate control on October 27th, filing for bankruptcy only weeks later. This is where at least some of customer funds went. Meanwhile, FTX was running at a huge losses.

As a result, eight House members wrote a letter and made statements that seriously questioned the legitimacy in many ways of the SEC's inquiry into crypto companies going as far as to say it may violate law. It was revealed at least five of the eight members received campaign donations from FTX employees, ranging from $2,900 to $11,600. Rep. Ted Budd (R-NC), one of the signatories, received half a million dollars in support from a Super PAC created by FTX co-CEO Ryan Salame. And Congressman Emmer's organization, is particular received $2.75 million from FTX in the 2022 cycle; $2 million from FTX's Salame in late September, and $750,000 from the company’s political action committee.

Some politicians are now attempting to return the funds from FTX by donating to charities. However, this has only thus far been to politicians who return a paltry sum amounting to less than $10,000.

Now, SBF donated to the GMI PAC as well as $23M to the Protect Our Future PAC. All 19 of the congressional candidates backed by GMI PAC won their races last week, sending 16 new members to the House and Senate. We will see where this takes us.

Sources:

Yahoo

Bloomberg

Prospect

Politco

256
92 comments

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