{"id":9456,"date":"2023-05-16T11:13:57","date_gmt":"2023-05-16T15:13:57","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/blockfi-to-liquidate-platform-as-selling-it-wouldnt-generate-enough-value-justin-sun-fires-a-round-of-accusations-at-huobi-founders-brother-digital-yuan-enters-vietnam-border-regio\/"},"modified":"2023-05-16T11:13:58","modified_gmt":"2023-05-16T15:13:58","slug":"blockfi-to-liquidate-platform-as-selling-it-wouldnt-generate-enough-value-justin-sun-fires-a-round-of-accusations-at-huobi-founders-brother-digital-yuan-enters-vietnam-border-regio","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9456","title":{"rendered":"BlockFi to Liquidate Platform as Selling It Wouldn\u2019t Generate Enough Value, Justin Sun Fires a Round of Accusations at Huobi Founder\u2019s Brother, Digital Yuan Enters Vietnam Border Region"},"content":{"rendered":"<div>\n<p><i>Get your daily, bite-sized digest of cryptoasset and blockchain-related news \u2013 investigating the stories flying under the radar of today\u2019s crypto news.<\/i><br \/>__________<\/p>\n<h2 style=\"text-align:justify;\">Legal news<\/h2>\n<ul>\n<li style=\"text-align:justify;\">Bankrupt crypto lender <strong>BlockFi<\/strong> plans to liquidate its platform after concluding that selling the business to a new owner wouldn\u2019t generate enough value for its creditors, The Wall Street Journal reported. The company said that after having engaged with potential buyers of its platform and 660,000 client accounts since January, it concluded that a sale might not generate meaningful value, and it cited recent regulatory developments as one reason that it didn\u2019t receive value-maximizing offers from prospective buyers.<\/li>\n<li style=\"text-align:justify;\">The <strong>BlockFi Creditors Committee<\/strong> said that BlockFi\u2019s claims that it was a victim of failed crypto companies <strong>FTX<\/strong> and <strong>Alameda Research<\/strong> is a \u201cfalse case narrative,\u201d and they blamed the company\u2019s failure on poor management decisions and its restructuring agents. \u201cIn most large Chapter 11 cases, the debtor files an \u201cinformational\u201d (also known as the \u201cfirst day\u201d) declaration with its Chapter 11 petition. The declaration attempts to explain why (from the debtor\u2019s perspective) the company failed. This can be an ornate piece of rhetoric (even scapegoating) that ultimately proves to be untethered to the true case facts,\u201c said a court filing published on Monday.<\/li>\n<li style=\"text-align:justify;\">The <strong>US Securities and Exchange Commission<\/strong> (SEC) responded to crypto giant <strong>Coinbase<\/strong>\u2019s lawsuit against the agency, calling the exchange\u2019s suit \u201cbaseless\u201d and saying the digital asset industry already has rules and regulations governing it. \u201cCoinbase\u2019s preference for faster or different regulatory action by the commission does not entitle it to extraordinary relief from this court,\u201d the commission\u2019s lawyers wrote. \u201cThe petition should be denied.\u201d Meanwhile, <strong>Berenberg Capital Markets<\/strong>\u2019 Mark Palmer estimated that at least 37% of Coinbase\u2019s first-quarter net revenue came from streams unrelated to Bitcoin, saying that \u201cat a minimum, these revenue sources likely would be targeted by the SEC in the enforcement action that we expect the commission to file soon,\u201d Bloomberg reported.<\/li>\n<\/ul>\n<h2 style=\"text-align:justify;\">Altcoin news<\/h2>\n<ul>\n<li style=\"text-align:justify;\"><strong>Tron (TRX)<\/strong> CEO and <strong>Huobi<\/strong> stakeholder Justin Sun <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/justinsuntron\/status\/1658413236360998913\" target=\"_blank\">accused<\/a> the brother of Huobi founder Li Lin, Li Wei, that, when HT was initially distributed, he \u201creceived millions of HT tokens for free. Li Wei has been consistently selling off these HT tokens and cashing out. Now, the <strong>HT DAO<\/strong> committee is stepping in to rectify this issue.\u201d Sun claimed that they are negotiating a refund and destruction of Li Wei\u2019s remaining HT tokens.<\/li>\n<\/ul>\n<h2 style=\"text-align:justify;\">CBDC news<\/h2>\n<ul>\n<li style=\"text-align:justify;\">The Guangxi Zhuang autonomous region, which borders Vietnam, will implement nine nationwide functions for the use of China\u2019s digital yuan and will pilot eight locally unique scenarios, the South China Morning Post reported. These include using the currency at the annual China-Asean Expo in September and in business dealings within the region\u2019s free-trade zones and in border trade, according to the Nanning branch of the <strong>People\u2019s Bank of China<\/strong>.<\/li>\n<\/ul>\n<h2 style=\"text-align:justify;\">Regulation news<\/h2>\n<ul>\n<li style=\"text-align:justify;\">The members of the <strong>European Union Council<\/strong> gave the final green light on the Markets in Crypto-Assets (MiCA) legislation following a voting process on Tuesday. All 27 Finance ministers representing the EU&#8217;s member states voted in favor of passing the bill, with 0 votes against, as well as for passing the amendments connected to the new legislation. The <strong>EU Parliament<\/strong> also adopted two other pieces of legislation, including regulation on information related to transfers of funds and certain cryptoassets.<\/li>\n<\/ul>\n<h2 style=\"text-align:justify;\">Investment news<\/h2>\n<ul>\n<li style=\"text-align:justify;\"><strong>Asymmetry Finance<\/strong>, a liquid staking derivatives (LSD) protocol, announced its seed round totaling $3 million in conjunction with the official launch of its platform. The raise was led by <strong>Ecco Capital<\/strong>, with participation from <strong>Republic Capital<\/strong>, <strong>GMJP<\/strong>, and a major LSD provider <strong>Ankr<\/strong>. Assymetry will use the resources to further develop its liquid staking protocol, add talent to the team, and onboard decentralized finance (DeFi) enthusiasts and institutions to its platform, it said. \u201cAsymmetry Finance\u2019s liquid staking derivatives protocol is a custom-built solution to the centralization of the staked <strong>Ethereum<\/strong> market,\u201d the press release added.<\/li>\n<\/ul><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/today-crypto-blockfi-liquidate-platform-as-selling-it-wouldnt-generate-enough-value-justin-sun-fires-round-of-accusations-at-huobi-founders-brother-digital-yuan-enters-vietnam-border-region.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Get your daily, bite-sized digest of cryptoasset and blockchain-related news \u2013 investigating the stories flying under the radar of today\u2019s crypto news.__________ Legal news Bankrupt crypto lender BlockFi plans to liquidate its platform after concluding that selling the business to a new owner wouldn\u2019t generate enough value for its creditors, The Wall Street Journal reported. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9457,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-9456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BlockFi to Liquidate Platform as Selling It Wouldn\u2019t Generate Enough Value, Justin Sun Fires a Round of Accusations at Huobi Founder\u2019s Brother, Digital Yuan Enters Vietnam Border Region | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Get your daily, bite-sized digest of cryptoasset and blockchain-related news \u2013 investigating the stories flying under the radar of today\u2019s crypto\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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