China News by Thebittimes.Com

In today’s weekly recap, the focus is on the proliferation of global regulatory efforts, with Nigeria finally lifting its ban on crypto currency transactions. Post-implosion developments surfaced, involving Do Kwon, 3AC and Sam Bankman-Fried.  Do Kwon extradition overturned Recall that the Podgorica High Court approved the extradition of Terra founder Do Kwon to either South Korea or the United States. Subsequent reports suggested that the U.S. might be the favorite to receive the former fugitive. While both countries vied to secure custody of Do Kwon, reports from this week confirmed that the Montenegro Court of Appeal had overturned the earlier extradition approval. The court cited violations of criminal procedures. Court freezes assets belonging to 3AC Hedge fund Three Arrows Capital (3AC) saw a court in the British Virgin Islands freeze over $1 billion in assets belonging to the imploded hedge fund. As a result of this asset freeze, executives at 3AC — including ...

There’s a lot that has been happening in the crypto -verse. The last couple of months has been a nightmare for many. Bankrupt firms and missing founders have instilled fear among several investors. The streak started by Three Arrows Capital [ 3AC ] seemed to be still on. Following immense exposure from the downfall of FTX , Genesis Global Trading decided to halt withdrawals. Recent reports suggest that bankruptcy was in the cards for the platform. Amidst this, it should be noted that Genesis had been impacted by the downfall of Three Arrows Capital as well. Back in July, it was brought to light that Genesis had lent about $2.36 billion to 3AC. Crypto firm Genesis previously lent $2.36 billion to bankrupt hedge fund Three Arrows Capital. — Watcher.Guru (@WatcherGuru) November 22, 2022 Previously, documents show that 3AC owes Genesis a loan debt of $2.36 billion. Additionally, they demonstrate how inadequately collateralized the debt is and how Genesis attempte...