CELSIUS: THE GIVER AND THE TAKER AT THE SAME TIME
Not the best days for Roche Freedman. CZ defends Binance. ADA added on Robinhood. Talking BAYC Ape.
Coo! It’s me, Crypto Owl, your daily flying source of news! This Friday is National Lazy Moms day, so whether you’re a lazy mom or not, I’m dedicating today’s newsletter to you (and to embrace laziness, all info will be very concentrated)!
On Today’s Menu:
🥟 DUMPLINGS WITH SAUCE: Celsius Is Doing Its Thing Again
🥘 VEGETABLE STEW: The Story With Roche Freedman Continues. Now It’s Tether’s Turn
🫔 TAMALE: CZ Says That Binance Does Not Belong To China
🍤 ROASTED SHRIMPS: Friday Facts
🫕 FONDUE: More Crypto News Around The Web
☕️ CAPPUCCINO WITH ALMOND MILK
CELSIUS IS DOING ITS THING AGAIN
Celsius, the bankrupted crypto lender, announced reopening withdrawals. But... not for everyone, though.
This whole Celsius drama is now going on for a couple of months. And it is still not over. Celsius holds around $225 million - money that belongs to Celsius users.
Out of a total of $225 million, Celsius is now allowing to withdraw only $50 million from the Custody Program and Withhold Accounts. In other words - that's a minority of users (the ones who decided to store their assets, not generate returns). So, at first sight, the good news about unlocked withdrawals is actually not that good.
This is a piece from the filed motion with the United States Bankruptcy Court:
Let me bring your attention to a line, where it is said that preferential transfers will only be allowed “if the “aggregate value of all property” at issue is less than $7,575”.
Even though Celsius unlocked “Custody and Withhold Accounts”, but, for example, “Earn and Borrow” accounts remain closed. Naturally, it brings negative emotions to some of the customers.
Also, it is believed that this amount “allowed to withdraw” is too little.
Even more, Celsius lawyers decided to divide those $50 million into “Pure Custody/Withhold Assets” (that means the assets that were not sent from the “Earn or Borrow” programs, which are still locked) and “Transferred Custody/Withold Assets”. It also was not received very joyful among customers.
So, Celsius one more time does its things differently, and not everyone accepts that. Well, I’ll update you if something interesting happens.
THE STORY WITH ROCHE FREEDMAN CONTINUES. NOW IT’S TETHER’S TURN.
Another day, another turn in this topic.
After leaked videos about Ava Labs and Roche Freedman’s inside agreements, the law firm’s reputation is going dooown.
Roche Freedman is well known for working with various crypto-related cases.
Tether was one of the companies represented by Roche Freedman, and now the USDT-issuer requested the law firm to remove from the case along with Kyle Roche, the leading counsel.
It is concerned that Kyle could have used information that he owns about the Tether company for illegal actions. From the leaked videos, we’ve learned that Kyle Roche “sue[s] half the companies in the space” and “know[s] where this market is going” because he has “seen the insides of every single crypto company”. That’s why Tether's lawyers ask for the documents to be repressed since they include confidential information.
Ohh, it doesn’t seem to lead anywhere good.
CZ SAYS THAT BINANCE DOES NOT BELONG TO CHINA
There were some rumors and conspiracy theories that Binance, the largest crypto exchange platform in the world, has a Chinese-based criminal entity and is controlled by the Chinese government.
Why would someone say that?
People were talking about Guangying Chen, a Chinese woman named on the Bijie Tech documents (the company CZ founded 2 years before Binance).
Talks started to spread that this woman could be a connection to China and its government.
But Binance CEO posted an official post about these rumors.
Bijie Tech was a platform providing exchange services. “They were mostly exchanges of art and items like stamps, baseball cards, etc.” wrote CZ.
“I asked Guangying to work for me. <...> Because of restrictive laws in China surrounding foreigners (like me, a Canadian citizen), it’s much easier to have a Chinese national as the listed legal representative,” claimed Binance CEO. Unfortunately, Bijie Tech was closed due to Chinese government order.
CZ then wrote, “I took quite a few people from the Bijie team to Binance and together, we launched Binance on July 14th, 2017.”
Continuing to talk about Chen, CZ added, “Because her name is listed on the early Bijie Tech documents, Binance’s detractors have leaped at the opportunity to spread a conspiracy theory that Guangying was secretly the owner of Bijie Tech and possibly even Binance.”
So… the answer is: “No. Anyone with even a rudimentary knowledge of corporate law or how companies work will understand this: Binance was never incorporated in China.”
All the conspiracy theories fans, you can sleep tight now; you’re welcome.
FRIDAY’S FACTS
ADA (Cardano) got listed on Robinhood, the U.S.-based retail investment platform. It helped ADA’s price to rise around 9%; however, trading volumes remain low.
From now on, you can find one of BAYC NFTs videos on Cameo - a platform known for short videos that celebrities make (as fans pay them for that). It’s a Bored Ape #9132, which makes 3-minute-long videos that give its viewers various advice. If you got interested, the starting price is $25.
The US unemployment rate increased to 3.7%, which is the highest since February 2022.
MORE CRYPTO NEWS AROUND THE WEB
Crypto.com Withdraws From $495M UEFA Champions League Sponsorship
Ticketmaster Partners With Dapper Labs to Roll Out NFT Tickets
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Disclaimer: This newsletter is strictly educational. None of this information is intended to be financial advice. Always do your research and act responsibly with your profits.