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Tuesday, May 9, 2023

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Bittrex Gone Bust

The United States cryptocurrency exchange Bittrex has filed for Chapter 11 Bankruptcy.

The exchange disclosed in the filing that it had over 100 thousand creditors with estimated liabilities and assets within the $500 million to $1 billion range.

The news comes weeks after the United States Securities and Exchange Commission (SEC) accused the exchange of $1.3 billion in illicit revenue.

In today's news, Sam Bankman-Fried files motion to dismiss some of the charges against him, Bitcoin transaction fees surpass subsidies for the first time since 2017, and MakerDAO launches a lending protocol.

Read on!

Most popular types of crypto exchanges

Derivative exchanges prove to be popular in crypto. As of March 2023, derivatives volume had a 74.8% market share of total trading volume in crypto.

24h Hot Searches Worldwide

Pepe (-17.4%)
tomiNet (+11.6%)
SnailBrook (-13.6%)
Ben (+151.0%)
Sui (-3.5%)
Arbitrum (-6.7%)
Turbo (+19.5%)

Will there be an Aptos Airdrop 2.0? 🚀 In this video, let's address the rumor of potential airdrops, including the tokenless dApps in its ecosystem

Check it out here!

SBF Moves To Dismiss (Only Some)

Founder of defunct crypto exchange FTX Sam Bankman-Fried (SBF) has filed pretrial motions to dismiss a majority of charges that were filed against him.

The charges that were in reference include wire fraud on Alameda Research lenders, wire fraud on FTX customers, bank fraud conspiracy, unlicensed money transmitter operation, unlawful political contribution, and bribery charges

However, it is notable that there was no move to dismiss the charges tied to securities fraud or money laundering.

CoinDesk

MakerDAO Ignites a Spark

Issuer of the DAI stablecoin, MakerDAO has launched the Spark Protocol, which aims to provide lending solutions for DAI users.

The initial iteration of the protocol would offer supply and borrow functionalities for cryptocurrencies ETH, stETH, DAI, and sDAI.

The overall goal of the Spark Protocol is to enhance MakerDAO's DAI lending capabilities, increase liquidity, offer users improved rates, offer a yield-bearing version of DAI, and provide more liquidity options.

Cointelegraph

Bitcoin Reaches a Milestone

For the first time since 2017, transaction fees on the Bitcoin network have surpassed block rewards marking a promising path to sustainable income for miners.

Block number 788695 recorded transaction fees amounting to 6.7 Bitcoin, beating the block subsidy of 6.25 Bitcoin.

The significance of the event comes as, in the future (more than a hundred years), transaction fees would be the sole source of revenue for Bitcoin miners.

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