Bitcoin hits $30,000
Bitcoin cracked $30,000 on Monday night, marking the coin’s highest price seen since June.
The surge follows an 80% rally on the year for BTC, with the asset thriving amidst a wave of bank collapses and restrictive rate hikes placed by the US Federal Reserve.
🇺🇸 US Presidential candidate Robert Kennedy Jr: “#Bitcoin gives the public an escape route from the splatter zone when this bubble invariably bursts.” pic.twitter.com/a7qGnI4tdy— Bitcoin Magazine (@BitcoinMagazine) April 10, 2023
NOW READ: New token listings plummet as bear market forces projects to wait out the crypto winter
FTX lawyers raked in $30m in February
Bankruptcy lawyers for toppled exchange FTX raked in $30 million in fees in February, according to court filings.
Six firms hired by the exchange disclosed 35,400 hours of work logged in that month, outlining the high legal costs of facilitating such a large bankruptcy.
FTX collapsed in November after it was alleged that much of the company’s balance sheet was propped up on high-risk bets and misappropriation of customer funds.
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Report claims former FTX US CEO quit due to SBF clash
A 45-page report from FTX’s new CEO John J. Ray III allege that former FTX US president Brett Harrison resigned from his post due to threats from Sam Bankman-Fried and other executives during his tenure.
The report states Harrison spoke out against several corporate practices at FTX, including poor management structure and aggressive interactions, including threats to terminate Harrison if he did not apologise for standing up to Bankman-Fried.
The report goes on to claim that other employees were fired for highlighting issues with FTX sister firm Alameda’s operating practices.
Harrison has since moved on to found the digital asset infrastructure startup architect, which raised $5 million in a January funding round.
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Winklevoss twins loan struggling Gemini exchange $100m
Billionaire twins Cameron and Tyler Winklevoss lent their struggling crypto exchange Gemini $100 million recently.
They reportedly gave the loan after making a series of failed informal attempts to raise external funding
Gemini suffered badly in the bear market of 2022 due to the collapse of lender Genesis, which saw $900 million in shared customer funds frozen.
The Winklevoss twins reached a settlement with Genesis in February, which involved Gemini posting another $100 million in funds to facilitate liquidations.
$100 MM is the amount Gemini has proposed to Gemini Earn as a sweetener to waive liability.— Ram Ahluwalia, higher for longer crypto CFA (@ramahluwalia) April 10, 2023
It looks like the Winklevoss will advance a loan to Gemini and then Gemini will disburse to Earn as part of Ch 11 process.
It also looks like the deal is going thru if this is…
Coinbase executive Gupta moves on to greener pastures
Coinbase’s head of exchange and markets Vishal Gupta is leaving the company to pursue a “new project,” according to a Monday report.
The former Goldman Sachs vice president clocked up two and a half years at Coinbase.
He is reportedly making his exit amidst regulatory pressure against the company, including a recent lawsuit warning from the US Securities and Exchange Commission.
Gupta did not elaborate on his new project or the ongoing enforcement actions.
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More web3 news from around the web...
Developer of Signature Bank’s 24/7 payment system Signet calls crypto ‘a distraction’ — Fortune
CryptoGPT raises funds at a $250 million token valuation — The Block
Euler Finance community weighs plan to return money recovered from $200m hack — CoinDesk