Weekly Update: 24 Nov 2022
1) Bank of Japan to trial digital yen with three megabanks [Reuters]
– The Nikkei reported that the BOJ will start pilot experiments for launching a digital yen with Japan’s three megabanks and regional banks next spring.
2) Crypto financial services firm Eqonex (exempt PSA) files for voluntary debt restructuring in Singapore [Coindesk]
– Talks with existing lender Bifinity and other potential investors to raise capital has not been successful.
3) $138B fund manager Man Group is reportedly preparing to launch a crypto-focused hedge fund [Blockworks]
– Man Group trading unit AHL could look to launch the fund by the end of the year.
4) Digital-asset brokerage Genesis is struggling to raise fresh cash for its lending unit, and it’s warning potential investors that it may need to file for bankruptcy if its efforts fail [Coindesk]
– Genesis sought funding from Binance and Apollo Global Management, Binance declined to invest, citing potential conflicts of interest.
5) FTX exploiter converts millions in Ether to Alameda-linked Ren Bitcoin tokens [Coindesk]
– Data cited by security firm PeckShield shows the exploiter used the Ren bridge to transfer out thousands of renBTC.
6) FTX-owned Japanese exchange Liquid Global will halt all withdrawals including both fiat and cryptocurrencies. [Blockworks]
– Withdrawals were suspended so that the company could follow requirements of voluntary Chapter 11 proceedings. FTX loaned the exchange $120 million after its warm wallets were compromised last year.
7) Multicoin lost more than half its crypto fund’s capital this month [Blockworks]
– The figure excludes illiquid, side-pocketed, investments. The downturn reflects the 9.7% of fund assets, including derivatives, that were custodied by FTX.
8) Tornado Cash developer Alexey Pertsev to remain in jail until February [Coindesk]
– He has been accused of facilitating money laundering by developing the now sanctioned app.
9) UK Lawmakers vote to widen authorities’ powers in seizing crypto-related property [Coindesk]
– The amendment builds upon a bill in Parliament that allows the government to seize cryptocurrencies tied to crime.
