1 year ago

Crypto News
Binance will support the burn but in their own way.
Voyager hinted at a possible transition of its customers over to FTX U.S.
Announcing his resignation on Tuesday, Alex Mashinsky, the CEO of cryptocurrency lender Celsius Network

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Good news for The luna classic community.
Binance will support the burn but in their own way.
As cited directly from Binance:

“In response to the LUNC community proposal on burning trading fees while maintaining a good trading experience for users, Binance will implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address. The specific amount of LUNC to be burned, its equivalent value in USDT, and on-chain transaction ID will be updated each week in this announcement until further notice.”

The announcement that FTX, the bitcoin exchange owned by billionaire Sam Bankman-Fried, is set to acquire the company's assets after winning a bankruptcy auction may provide some comfort to customers of struggling cryptocurrency lender Voyager Digital

After many rounds of bidding, FTX's U.S. was chosen as the top bidder for Voyager's assets, the businesses announced in a statement late Monday. The offer was valued at about $1.4 billion.

After the latest crypto collapse Voyager was left unable to pay back customer withdrawals, the company filed for Chapter 11 bankruptcy protection in July. The demise of the company was partially caused by Three Arrows Capital, a claimed hedge fund that borrowed money from other organizations like Voyager to take on risky bets on tokens, including the collapsed stablecoin terraUSD.

Voyager hinted at a possible transition of its customers over to FTX U.S.

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Announcing his resignation on Tuesday, Alex Mashinsky, the CEO of cryptocurrency lender Celsius Network, apologized to his clients for the "tough financial conditions" the company's insolvency had put them in.

He said:
“I regret that my continued role as chief executive has become an increasing distraction, and I am very sorry about the difficult financial circumstances members of our community are facing,”

Celsius filed for bankruptcy in July, claiming a $1.2 billion hole in its balance sheet, making it one of the most visible victims of the crypto market crash earlier this year.

Customers who deposited cryptocurrency with the lender, which promised double-digit interest rates on some assets, are now facing significant losses on their savings.

The abrupt resignation came two months into a bankruptcy process that has yet to provide Celsius customers with clarity about when and how much of their money they can expect to receive back. Celsius announced that Mashinsky would be replaced by Chris Ferraro, the company's chief financial officer and a former JPMorgan Chase executive.

Sources:
https://www.cnbc.com/2022/09/27/bankrupt-crypto-lender-voyager-to-sell-assets-to-sam-bankman-frieds-ftx.html

https://www.binance.com/en/support/announcement/4769eab576c4479eaa14adc1eb587226?ref=AZTKZ9XS&utm_source=BinanceTwitter&utm_medium=GlobalSocial&utm_campaign=GlobalSocial

https://www.ft.com/content/84f1dcb7-e1e8-4e4f-b79b-5e641aceb44e

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