Crypto lender Genesis has filed for chapter 11 bankruptcy and parent company DCG is in trouble after halting quarterly dividend payments. Meanwhile, the US justice department is going after Bitzlato, while the EU has delayed the final vote on the Mika crypto bill due to translation issues. The SEC has violated a privacy law while investigating troubled crypto firm Green. Between them, the US justice department, Treasury Department and French law enforcement have seized many of Bitzlato’s resources and alleged the firm and its founder helped launder $400m in illicit funds. Nearly half of the SEC’s crypto enforcement actions in 2022 were against initial coin offerings.
Breaking News in Crypto Today
Today has been an absolutely crazy day for crypto, seriously, the amount of breaking news that’s been coming out today is wild. Let’s take a look at some of the top stories.
Genesis Files for Chapter 11 Bankruptcy
Crypto lender Genesis has filed for chapter 11 bankruptcy, and the parent company, DCG, is in a lot of trouble from all around. Genesis stopped customer withdrawals months ago, and it was only a matter of time before they filed for bankruptcy.
US Justice Department Going After Bit Zlato
The US Justice Department is going after Bit Zlato, a company and its founder face enforcement actions from US authorities. The firm helped launder $400 million in illicit funds, and many European police are involved in this case.
EU Delays Final Vote on Mika Crypto Bill
The EU has delayed the final vote on the Mika crypto bill again due to some translation issues. It’s unclear when the final vote will take place.
SEC Violates Privacy Law During Investigation
The SEC has violated some privacy law while making an investigation into the dubious Crypto firm Green. The SEC brought a total of 30 crypto-related enforcement actions in 2022.
DCG Halts Quarterly Dividend Payments
DCG, the parent company of Genesis, is in so much trouble that apparently, they’re also halting their quarterly dividend payments. All in all, today was a really bad day for the crypto market.
Crypto Market Struggles
Bitcoin and most cryptos have fallen a little bit today, taking a look at the chart one can say that we are still being resisted by the previous tops that we had at the start of November at roughly $21,350 on the Bitcoin price. Let’s wait for some more price action to happen.
In conclusion, today has been a wild day for the crypto market. Genesis filing for chapter 11 bankruptcy, Bit Zlato facing enforcement actions from the US authorities, and the SEC bringing a total of 30 crypto-related enforcement actions in 2022 are just some of the top stories. The crypto market struggled as most cryptos have fallen a little bit today. We’ll have to wait and see what happens next.