Cryptocurrency News Today TheBitTimes.com

Key takeaways Celsius is seeking court approval to start repaying customers in the coming weeks.  The company will repay its creditors using Bitcoin and Ethereum and stock in the new company. Celsius seeks to start repaying customers soon Embattled crypto lender Celsius Network is seeking court approval to start repaying its customers by the end of the year. The company informed a judge during an October 2 heading for its reorganisation plan.  #Celsius will distribute at least $2.03B of crypto to Creditors. Meanwhile, NewCo will be seeded with up to $450 million in crypto. — Celsius NewCo Community (@CelsiusNewCo) October 2, 2023 Celsius’ legal counsel, Christopher Koenig, told the court that the new company, called NewCo, is set to emerge from the proceedings with $450 million in seed funding. The cryptocurrency lender is now looking to partially repay its creditors using $2.03 billion in Bitcoin and Ethereum and stock ...

By now, it’s common knowledge that Sam Bankman-Fried (SBF) was secretly routing FTX customer funds to his trading firm, Alameda Research, and used it to trade against those same customers on FTX. Oh, the irony. Unfortunately, FTX isn’t the only crypto exchange that trades against its own customers — and the practice has a long history. In the 1990s and 2000s, binary options exchanges and forex exchanges regularly operated ‘B Book‘ exchanges — where forex brokers take the opposite of a customer’s bet and accept the market risk. As opposed to ‘A book’ forex brokers who actually fill customer orders on an independent exchange, B book brokers simply notate customer orders and settle trades internally. Digital asset exchanges likely trade against their customers more often than they want to admit. Its prevalence is likely as pervasive as B book binary options and forex exchanges. In fact, the name of major crypto exchange Binance, currently embroiled in a mountain...