Daily Crypto News

1. Celsius Spent $40 Million on Crypto Mining in First Two Weeks of Bankruptcy — Celsius said it believes it is worth spending money on its mining operations rather than selling them. ‘The saturation of rigs in the marketplace’ means their value has fallen, said Chief Financial Officer Chris Ferraro. But he expects the mining operation to become profitable by January.
2. Your funds held at crypto platforms aren’t protected by government insurance. FDIC warns FTX’s U.S. arm to halt ‘false and misleading’ claims. — FDIC on Friday issued cease and desist warnings to five crypto companies including FTX U.S., for allegedly making false representations that certain products or stocks are insured by the agency.
3. FDIC sends cease and desist letters to FTX US, four others over insurance statements — The FDIC said Friday it issued cease and desist letters to five companies accused of making “misleading” statements about whether crypto assets have federal deposit insurance support. Among them were Cryptonews.com, Cryptosec.info, SmartAsset.com, FDICCrypto.com and U.S.-based exchange FTX US, which offers crypto and stock brokerage services to American customers.
4. Investor Who Called Crypto Firm ‘World-Class’ Now Says It’s a Near Total Loss — In this month’s letter to investors outlining the firm’s second-quarter performance, which Barron’s has seen, the private-equity firm WestCap Group marked down the value of its fund’s $150 million investment in Celsius by 85%. “WestCap is actively working with an assembled team of best-in-class experts to ensure representation of our interests” in Celsius’s bankruptcy proceedings, the firm wrote.
5. Bankrupt Lender Celsius CEO Owes Creditors Transparency, Crypto Lawyer Says — Sasha Hodder, founder of Hodder Law Firm, told CoinDesk TV Friday there needs to be more “transparency” from Celsius CEO Alex Mashinsky, including a list of what creditors are owed money. Hodder’s firm, which works with bitcoin and crypto entrepreneurs, is not involved in the bankruptcy proceeding.
6. Many Bored Ape NFTs Are in Danger of Getting Liquidated as Borrowed Money Comes Back to Bite — The problem is brewing at BendDAO, a peer-to-peer lending service that lets users borrow ether (ETH) against their NFTs. Customers can typically take out a loan equal to 30% to 40% of the NFT collection’s floor price, or the minimum price to purchase one on the open market, with the NFT pledged as collateral.
7. Bitcoin sees its steepest decline in a month as hopes fade for a less hawkish Fed — The crypto traded at $21,438 Friday at 8:30 a.m. ET, and the decline of $1,751.40 marked its biggest single-day drop in a month, according to CoinDesk data. Friday’s move also continued a five-day decline for the world’s biggest cryptocurrency, which hovered near $25,000 before the sell-off. On the year, bitcoin has dropped over 54%.
8. New Auditor for Stablecoin Issuer Tether Confirms Slashing of Commercial Paper Holdings — BDO Italia has reaffirmed stablecoin issuer Tether’s consolidated reserves report that showed a 58% quarterly decline in commercial paper holdings to $8.5 billion as of June 30.
9. Merge prep rush; Scams down, hacks up — CME prepares to launch ETH options as the merge gets closer, Meanwhile, a Chainalysis says crypto scams are down.
10. ETHPoW token price drops to all-time-low on Thursday — ETHPoW, the token that will run on a potential Ethereum PoW fork, fell to an all-time low of US$50.36 on Thursday, down 64% from its Aug. 2 peak, according to CoinMarketCap.

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