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Mic Drop

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  1. In a recently published blog post, Dutch crypto exchange Bitvavo stated that the Digital Currency Group (DCG) “has suspended repayments” after “experiencing liquidity problems due to the current turbulence in the crypto market.”

    Bitvavo also revealed that it has 280 million Euros ($297 million in USD) or 17.5% of the $1.6 billion Euros it currently manages stuck with DCG. However, Bitvavo assured customers that the situation “does not have any impact on the Bitvavo platform.” It has also guaranteed no service disruption to its users and has announced that it will prefund the locked assets.

    The company stated that it “has been making a profit since its inception and is in a financially solid position” and that DCG’s debt will have no negative impact on its day-to-day operations. It further reassured the status quo even if DCG failed to keep their end of the bargain up.

    https://decrypt.co/117506/dutch-bitcoin-exchange-bitvavo-alleges-digital-currency-group-is-having-liquidity-problems

    Thomas Middleditch Comedy GIF by CBS

  2. Crypto exchange OKX has reportedly not processed any withdrawals for almost seven hours due to a hardware failure in the Hong Kong data centre of its primary infrastructure provider Alibaba Cloud.

    OKX announced that it was working together with Alibaba Cloud to resolve the issues. In the meantime, users have listed complaints that state that they are unable to withdraw and deposit funds, and account balances have glitched to show $0 in their funds. Some investors also confirmed that their trades got stuck midway and have shown concerns about possible losses.

    https://cointelegraph.com/news/okx-cites-intermittent-outage-amid-alibaba-cloud-equipment-anomaly

    Logo Crypto GIF by OKX

  3. Sam Bankman-Fried (SBF), the former CEO of FTX, has reportedly reversed his decision to contest extradition and is expected to appear in court in the Bahamas on December 19 to seek a reversal. This means that SBF has consented to be extradited to the US.

    Before the U.S. courts, SBF currently faces charges of conspiracy to commit wire fraud on customers and lenders, securities fraud, commodities fraud, money laundering and conspiracy to defraud the United States and violate campaign finance law. If convicted on all counts, he could potentially face 115 years in jail.

    According to defence lawyer Zachary Margulis-Ohnuma, SBF will likely be held at the Metropolitan Detention Center in Brooklyn upon his arrival in the United States. He could also be held at jails just outside New York City due to overcrowding at the facility.

    https://www.reuters.com/world/us/sam-bankman-fried-reverse-decision-contesting-extradition-source-2022-12-17/

    Dont Think So Larry David GIF by ADWEEK

  4. According to a report by the New York Times, U.S. federal prosecutors have reached out to top members of the Democratic Party seeking more information about political donations made by former FTX CEO Sam Bankman-Fried and the two executives he worked with.

    A prosecutor from the U.S. Attorney’s Office for the Southern District of New York sent an email to a law firm representing prominent Democratic political groups, asking for details on donations made by SBF and colleagues. Similar emails were sent over to other members of the Democratic and Republican parties, including Rep. Hakeem Jeffries.

    https://www.nytimes.com/2022/12/17/us/politics/sam-bankman-fried-political-donations-doj.html

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