The biggest news in the cryptoverse for Dec. 22 is dominated by lawsuits, bankruptcies, and acquisitions as the top people in the industry duke it out on a big day for the bear market in this CryptoSlate Wrapped Daily.
CryptoSlate Top Stories
Digital Currency Group gets Jan. 8 deadline to resolve Gemini earn issues
Gemini co-founder Cameron Winklevoss accused Digital Currency Group (DCG) CEO Barry Silbert of bad faith tactics over the $900 million debt owed by Genesis trading to Earn users.
In a Jan. 2 open letter, Winklevoss said Silbert employed stalling tactics and refused to meet stakeholders to resolve issues surrounding the situation.
The exchange co-founder gave Silbert a Jan. 8 deadline to resolve the issues.
Barry Silbert responded that DCG did not borrow $1.675 billion from Genesis. He also said DCG has no outstanding debt to Genesis, and the subsequent loan maturity is in May 2023. Silbert added:
“DCG delivered to Genesis and your advisors a proposal on December 29 and has not received any response.”
However, Winklevoss insists that DCG owes Genesis. Cameron told Silbert to stop pretending that he and DCG were “innocent bystanders and had nothing to do with creating this mess.” He further asked how DCG owes Genesis $1.675 billion if it didn’t borrow the money.
Binance is reportedly taking the final steps in acquiring Korea-based crypto exchange Gopax.
Binance is completing due diligence (DD) on the acquisition and finalizing the process, according to Decenter.
It is believed that the deal was originally set to be announced in 2022 but was delayed due to consultations over equity value calculations.
Binance purchased a stake in Gopax’s largest shareholder, Lee Jun-hang, who owns 41.2% of the company. However, it is reported that Binance plans to “maintain this representative system for the time begin for stable management.”
However, the entry of Binance and Gopax into the market could also lead to increased competition and market fluctuations, according to Decenter.
As of press time, neither Binance nor Gopax have commented on the acquisition.
Solana began the New Year on a high, gaining 14% over the last 24 hours.
Analysis of the 15-minute SOL chart showed a distinct lack of price action until 07:00 (GMT) on the first working day of 2023.
A massive 20% spike occurred at this point, leading to a peak price of $12. However, the next candle closed at $11.18, giving up approximately half of those gains.
Pomerantz LLP — a firm dedicated…
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