The Friday Focus: Issue 48

A summary of what happened in the crypto industry during the past week.

Weekly happenings in the crypto industry
(Aug 19th - Aug 26th)

Crypto lenders are making headlines as usual, with Celsius now saying it has enough cash to last through the end of the year. Simultaneously, it’s fighting Prime Trust to return $17 million and accusing an ex-employee of fraud. Voyager got approved to pay out bonuses to retain employees amidst its bankruptcy, and FTX can end up buying BlockFi for as little as $15 million. Three Arrows Capital liquidators secured a key court decision to gain more insight into the remaining assets of the collapsed fund. On a more positive note, we’re seeing increased rates from lenders as the demand for borrowing is slowly picking up.

On the other hand, not much positive was reported from the mining industry. BIT Mining seeks to reassure investors as NYSE threatens to delist the company. Argo slashes its hashrate growth estimate by 42% but looks to raise $25-35 million to reach the reduced target. The sanctioned bitcoin mining firm BitRiver is reportedly losing another client as the previously undisclosed SBI Holdings leaves. The Japanese bank SBI is at least the second big name to emerge as ceasing work with BitRiver after the U.S. Treasury Department imposed sanctions on the Russian firm in April.

Link copied to clipboard.