Altcoin News by Thebittimes.Com

The depegging of the USDC stablecoin has affected other stablecoins, wreaking havoc on crypto projects and stakeholders in a massive chain reaction. In response to the extraordinary depegging event of the USD Coin (USDC) stablecoin caused by the collapse of its counterparty Silicon Valley Bank (SVB), crypto whales have reported severe losses and appear to have embarked on a series of capital flights to protect assets. Du Jun, the co-founder of cryptocurrency exchange Huobi Global, posted:  “[I] dodged, LUNA, dodged 3AC, even dodged FTX [and their collapse], but I couldn’t avoid Silvergate, nor SVB and USDC. Asked a few crypto veterans; losses amounted to >$1 billion in stock and deposits, myself included. I’m very upset, and it’s time to cut down on my budget.“ The same day, Blockchain personality and Tron founder Justin Sun reportedly withdrew 82 million USDC from the decentralized finance (DeFi) protocol, Aave v2, over a series of transactions and swapped from Dai (DAI). At th...

Join Our Telegram channel to stay up to date on breaking news coverage As a result of the failure of crypto currency exchange FTX, another crypto currency company has collapse d: BlockFi has announced that it has filed for bankruptcy . Lender BlockFi was one of a select few businesses that FTX recently bailed out, and as FTX collapsed, its prospects significantly deteriorated. The once-dominant crypto firm FTX, which Sam Bankman-Fried formed in order to introduce regular people to the mysterious world of virtual currencies, filed for bankruptcy a little more than two weeks ago. Since then, the cryptocurrency sector, Wall Street, and even federal regulators have been watching for the next domino to fall and debating whether or not the end of cryptocurrencies is near or whether broader financial stability is in danger. BlockFi stated that the company will file for Chapter 11 reorganization in New Jersey, where its headquarters are, and that FTX’s own bankruptcy proceeding...

There have been a series of unfortunate events that occurred throughout the week in the crypto town. The downfall of the FTX empire continued to send shock waves across the globe. While users’ funds were still stuck on the platform, several employees claimed to have lost their life savings. Amidst this, another prominent platform, BlockFi abruptly paused withdrawals . Earlier today, the New Jersey-based exchange alerted the community that it would be “limiting platform activity.” In a recent letter that was posted on Twitter, BlockFi noted it was “shocked and dismayed” by the collapse of FTX and Alameda. pic.twitter.com/zNF1uP6evl — BlockFi (@BlockFi) November 11, 2022 As seen in the above tweet, BlockFi would be pausing client withdrawals. In addition to this, the crypto lender urged the community to refrain from depositing into BlockFi wallet or interest accounts during this period. BlockFi and FTX It should be noted that back in J...