Nov 28, 2022 at 07:09Contents
Crypto winter is not going to end yet and there is not much good news yet. But the failures and other bad crap are plentiful. Well, Monday is a hard day.
BlockFi has gone bust
Cryptocurrency lender BlockFi will file for Chapter 11 bankruptcy protection, a company source told Decrypt. It will also lay off most of its employees.
The number of crypto-frauds in Britain has increased.
According to the British police department Action Fraud, the number of cryptocurrency scams in the UK increased by 32% to $273 million in a year, writes the Financial Times.
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And another one fell out
Another company didn’t survive the crypto winter. Bitfront, a cryptocurrency exchange founded by one of the largest social networks in East Asia called LINE, announced it was shutting down. As of March 31, 2023, coin withdrawals will cease and all user information will be wiped.
Aave gets rid of weak ones
Decentralized liquidity protocol Aave temporarily suspended credit markets for 17 tokens. Board members considered these coins to be risky and with low volatility. They are Yearn.finance (YFI), Curve Finance (CRV), 0x (ZRX), Decentraland (MANA), 1inch (1INCH), Basic Attention Token (BAT), Enjin (ENJ), Ampleforth (AMPL), DeFi Pulse Index (DPI), RENFIL, Maker (MKR), and xSUSHI.
Stablecoins suspended: sUSD, Pax Dollar (USDP), Liquidity USD (LUSD), Gemini Dollar (GUSD), and RAI.
Not much to be happy about for miners
Total bitcoin mining revenue fell to a two-year low of $11.67 million due to the lower BTC price and higher demand for computing resources due to the growing complexity of the network.
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