Weekly news: Genesis bankruptcy hearing, automakers launch BAYC, US banks get billions in loans.

  • The Crypto loan company’s bankruptcy hearing is scheduled for January 23rd.
  • Indian cricket team Royal Challengers Bangalore (RCB) was reportedly raided and replaced at the Bored Ape Yacht Club.
  • Silvergate and Signature Bank reportedly received $13 billion in loans from the FHLB.

The cryptocurrency market has turned from doom and gloom to a running bull in three weeks. Although 2023 is exciting, companies that have reached the crypto crunch in 2022 are facing financial problems or closing stores.

Let’s take a quick look at some of the notable events this week.

Genesis bankruptcy court on January 23

Crypto lending firm Genesis and two of its lending businesses, Genesis Global Capital and Genesis Asia Pacific, filed for Chapter 11 bankruptcy on Thursday. These three organizations have a total of 100,000 creditors. In particular, the company’s additional liabilities ranged from $1.2 billion to $11 billion dollars.

Official records continued to show that the first hearing in the chapter 11 bankruptcy of Genesis was scheduled for January 23 at 2:00 PM. Aside from Genesis, other notable names like FTX, Core Scientific, BlockFi, Celsius Network, Voyager Digital and Three Arrows Capital also filed for bankruptcy last year.

Also read: The Genesis hearing is set for January 23 as Digital Currency Group declines to participate in the bankruptcy filing.

The official Twitter account of Royal Challengers Bangalore has been hacked

The official Twitter account of International Premier League (IPL) franchise Royal Challengers Bengaluru (RCB) was updated on Saturday. After the hacking of the account, the criminals changed the profile picture and started posting and reposting tweets related to NFT over time. Also, they changed the name of the team to ‘Bored Ape Yacht Club’.

Some people from the community took to Twitter to express the same.

However, on Sunday, everything seemed to be back on track. The name was changed back to Royal Challengers Bangalore, and spam tweets were taken down.

Also read: Crypto traders are fighting ransomware hackers, reducing payments 40% to $ 456.8 million in 2022

Signed with Silvergate to borrow ~$13.6 billion

After the collapse of FTX, many crypto banks have noticed an increase in expenses. To help them overcome this uncertainty, the US Federal Home Loan Banks System (FHLB) has lent billions of dollars to two prominent crypto banks. The FHLB, in turn, is a group of 11 US federal banks. They often help inject water in times of crisis to improve public investment.

A recent report by the Wall Street Journal revealed that the agency lent $10 billion to Signature Bank in Q4 2022. Silvergate was the second bank to ask the FHLB for money. It was reported that at least $3.6 billion was received. By the end of 2022, Silvergate had received more deposits. To get the situation under control and keep the cash, he used several methods, including the sale of debt securities. Therefore, in total, the two crypto-related companies ended up borrowing more than $13 billion.

Also read: This is how Binance’s $100,000 limit through Signature Bank affects the price of BNB

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