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DCG on tight deadline, new Binance acquisition, Silvergate lawsuit, Solana pumps – CryptoSlate Wrapped Daily – CryptoSlate

The global crypto market cap is $ with a 24-hour volume of $. The price of Bitcoin is $22,588.32 and BTC market dominance is %. The price of Ethereum is $1,545.65 and ETH market dominance is %. The best performing cryptoasset sector is Healthcare, which gained 6%.
Digital Currency Group has only until Jan. 8 to resolve Gemini issues, Binance finalizes acquisition, and much more
Cover art/illustration via CryptoSlate
The biggest news in the cryptoverse for Dec. 22 is dominated by lawsuits, bankruptcies, and acquisitions as the top people in the industry duke it out on a big day for the bear market in this CryptoSlate Wrapped Daily.
Gemini co-founder Cameron Winklevoss accused Digital Currency Group (DCG) CEO Barry Silbert of bad faith tactics over the $900 million debt owed by Genesis trading to Earn users.
In a Jan. 2 open letter, Winklevoss said Silbert employed stalling tactics and refused to meet stakeholders to resolve issues surrounding the situation.
The exchange co-founder gave Silbert a Jan. 8 deadline to resolve the issues.
Barry Silbert responded that DCG did not borrow $1.675 billion from Genesis. He also said DCG has no outstanding debt to Genesis, and the subsequent loan maturity is in May 2023. Silbert added:
“DCG delivered to Genesis and your advisors a proposal on December 29 and has not received any response.”
However, Winklevoss insists that DCG owes Genesis. Cameron told Silbert to stop pretending that he and DCG were “innocent bystanders and had nothing to do with creating this mess.” He further asked how DCG owes Genesis $1.675 billion if it didn’t borrow the money.
Binance is reportedly taking the final steps in acquiring Korea-based crypto exchange Gopax.
Binance is completing due diligence (DD) on the acquisition and finalizing the process, according to Decenter.
It is believed that the deal was originally set to be announced in 2022 but was delayed due to consultations over equity value calculations.
Binance purchased a stake in Gopax’s largest shareholder, Lee Jun-hang, who owns 41.2% of the company. However, it is reported that Binance plans to “maintain this representative system for the time begin for stable management.”
However, the entry of Binance and Gopax into the market could also lead to increased competition and market fluctuations, according to Decenter.
As of press time, neither Binance nor Gopax have commented on the acquisition.
Solana began the New Year on a high, gaining 14% over the last 24 hours.
Analysis of the 15-minute SOL chart showed a distinct lack of price action until 07:00 (GMT) on the first working day of 2023.
A massive 20% spike occurred at this point, leading to a peak price of $12. However, the next candle closed at $11.18, giving up approximately half of those gains.
Pomerantz LLP — a firm dedicated to representing the rights of defrauded investors — filed a class action lawsuit against Silvergate Capital over alleged violations of the Securities Exchange Act.
The lawsuit was filed in the US District Court for the Southern District of California on behalf of all individuals and entities who purchased or acquired Silvergate securities between Nov. 9, 2021, and Nov. 17, 2022 (the “Class Period).
As a result of the alleged actions, Silvergate’s Class A common stock price fell significantly on two separate occasions during the Class period.
Shareholders who purchased Silvergate securities during the Class period have until Feb. 6 to ask the Court to appoint them as a Lead Plaintiff for the class.
The Supply Last Active metric looks at the amount of inactive Bitcoin over a given time period. Analysts infer that the more inactivity exists, the more BTC is being hodled, thus reducing sell pressure and acting as a tailwind for bullish price action.
CryptoSlate’s analysis of Glassnode data showed the percentage of supply held for less than six months has fallen to its lowest level.
Analysis of past data showed younger coins typically come in volume during two key events:
Directly from this Widget: the top CEXs + DEXs aggregated through Orion. No account, global access.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Bitcoin, a decentralized digital currency, operates without the oversight of a central bank or a single administrator.
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Cameron Winklevoss is the Co-founder and President of Gemini, a next-generation Bitcoin exchange.
Tyler Winklevoss is the co-founder and CEO of Gemini, a next-generation Bitcoin exchange.
Barry Silbert is the founder and CEO of Digital Currency Group.
Digital Currency Group’s mission is to accelerate the development of a better financial system.
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Solana Labs builds products, tools, and reference implementations to expand the Solana ecosystem further.
Silvergate is a Federal Reserve member bank and the leading provider of innovative financial infrastructure solutions and services for the growing digital currency industry, based in La Jolla, California.
FTX funded FUD against Binance and the impact of AI in crypto were discussed during a recent Twitter AMA with the Binance CEO.
Genesis claim a “behind-the-scenes” collateral agreement discharged the $769 million debt owed to Gemini Earn.
Binance has stored a significant amount of reserves for its B-Tokens in an exchange cold wallet containing user funds.
Circle spoke to over a dozen leaders in the World Economic Forum to “reset the crypto narrative with an emphasis on inclusive growth.”
XRP, FIL and OP have the largest estimated locked value with $17.9 billion, $4.9 billion, and $3.7 billion, respectively.
Bitcoin crashes through $23k as the bear market rally continues
Porsche faces backlash from crypto community, severely criticizing the expensive mint price and ‘cash-grab’ sales strategy.
FTX funded FUD against Binance and the impact of AI in crypto were discussed during a recent Twitter AMA with the Binance CEO.
The fake Pi token reached a trading volume of $46.8 million on Huobi, becoming the most traded token on the exchange over the past 24 hours.
The floor price for the former president’s NFT collection is around 0.16 ETH.
Midas will rebalance its users’ accounts by deducting 55% from it and their rewards earned. The move would allow users to withdraw 45% of their assets.
Logan Paul said he was knifed in the back by people he trusted and intends to sue Coffeezilla over unethical and sloppy journalistic practices.
Breaking through resistance: Understand the factors driving Bitcoin’s surge past $21,000 in our latest market report.
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She has spent the past eight years playing the role of an infrastructure consultant, and has now joined Inferse.com as a full time blogger. Her current profession is a result of her deep interest in computer gadgets, laptops, gaming accessories and other tech happenings.