- \n
- Media reports: Celsius creditors appeal the platform’s reorganisation plan.<\/li>\n
- Coinbase’s net profit for January-March exceeded the entire 2023 figure by 12 times.<\/li>\n
- Yuga Labs to focus on blockchain game development.<\/li>\n
- Kraken partners with DLT Finance to expand in Germany.<\/li>\n
- Tiger Brokers launches cryptocurrency trading in Hong Kong in partnership with Hashkey.<\/li>\n
- 1inch introduces Fusion 2.0, enhancing swap efficiency.<\/li>\n<\/ul>\n<\/div>\n
Media Reports: Celsius Creditors Appeal Platform’s Reorganisation Plan<\/strong><\/h2>\n
Celsius creditors are considering appealing the reorganisation plan of the bankrupt lending platform, as the recovery amount from assets was lower than expected. This is according to sources cited by The Block<\/a>.<\/p>\n
They claim the current version significantly reduces compensation for clients with credit accounts holding debts from the creditor’s assets. The publication notes that the appeal had to be filed within “14 days after the contested decision, order, or decree came into effect.” Meanwhile, it is possible that the court may approve changes to the plan, although the process of making these changes is likely to be complex.<\/p>\n
In February 2024, it was revealed that Celsius will pay $3 billion<\/a> to creditors under the approved reorganisation plan.<\/p>\n
This decision was supported by 98% of account holders and confirmed by the Southern District of New York court.<\/p>\n
Recipients will be able to count on assets in cryptocurrencies, fiat, and common shares of the new bitcoin mining company Ionic Digital.<\/p>\n
The latter is expected to conduct an IPO<\/span> after obtaining the necessary approvals. Over the next four years, Hut 8 will oversee Ionic’s operations under a management agreement.<\/p>\n
On July 13, 2023, the US Department of Justice filed seven criminal charges against former Celsius head Alex Mashinsky. These include securities fraud, manipulation of the CEL token price, and misleading investors.<\/p>\n
Coinbase’s Net Profit for January\u2013March Exceeds Entire 2023 Figure by 12 Times<\/strong><\/h2>\n
In the first quarter of 2024, bitcoin exchange Coinbase achieved a net profit of $1.18 billion<\/a> with a net income of $1.59 billion. For comparison, the figure for the entire 2023 was $95 million.<\/p>\n
![\"1-1032\"](\"https:\/\/forklog.com\/wp-content\/uploads\/1-1032.webp\")
Data: Coinbase.<\/figcaption><\/figure>\n By the end of the quarter, the platform had capital of $7.1 billion, including $1.1 billion from the sale of convertible bonds<\/a> maturing in 2030.<\/p>\n
Trading volume amounted to $56 billion, increasing by 93% over the reporting period, while Coinbase Prime reached $256 billion (+105%).<\/p>\n
![\"2-791\"](\"https:\/\/forklog.com\/wp-content\/uploads\/2-791.webp\")
Data: Coinbase.<\/figcaption><\/figure>\n Retail client transaction revenue surged by 99% to $935 million, while institutional revenue rose by 133% to $85 million.<\/p>\n
![\"3-457\"](\"https:\/\/forklog.com\/wp-content\/uploads\/3-457.webp\")
Data: Coinbase.<\/figcaption><\/figure>\n Coinbase showed a 64% increase in custodial service revenue ($32 million). This was made possible by improved market conditions and the launch<\/a> of spot bitcoin ETFs. The exchange acts as a custodian for eight of the 11 exchange-traded funds.<\/p>\n
![\"4-294\"](\"https:\/\/forklog.com\/wp-content\/uploads\/4-294.webp\")
Data: Coinbase.<\/figcaption><\/figure>\n In March, Coinbase’s chief legal officer Paul Grewal urged<\/a> the SEC<\/span> to approve an Ethereum ETF.<\/p>\n
Yuga Labs to Focus on Developing Games for the Otherside Metaverse<\/strong><\/h2>\n
The studio behind the Bored Ape Yacht Club NFT collection, Yuga Labs, announced a new wave of layoffs as part of business restructuring and a stronger focus on blockchain game development.<\/p>\n
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gm, really tough day today. I am hellbent on transforming yuga and getting us back to our roots, and that means making hard decisions. by far the hardest is saying goodbye to some talented team members. here was my message to the team this morning. pic.twitter.com\/gBkoNf2iK3<\/a><\/p>\n
\u2014 Garga.eth (Greg Solano) ? (@CryptoGarga) April 26, 2024<\/a><\/p><\/blockquote>\n