Jul 2022 Crypto Industry Updates

Content will be sorted chronologically with latest at the bottom.

• Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding [1 Jul 2022]
  • British Virgin Islands court ordered Three Arrows' BVI branch into liquidation earlier this week.
  • according to Bloomberg, the Chapter 15 filing will let the firm protect its U.S. assets even as its BVI assets are liquidated.
• Voyager Digital filing for Chapter 11 bankruptcy [5 Jul 2022]
  • New York-based cryptocurrency exchange, Voyager Digital Holdings, Inc. along with its publicly traded Canadian affiliate, Voyager Digital Ltd., filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 22-10943)
  • Voyager Digital CEO Stephen Ehrlich says the firm is filing for bankruptcy due to “prolonged volatility and contagion” in the digital asset markets. It comes after 3AC failed to pay back a loan worth about $650 million.
• Genesis Files $1.2B Claim Against Three Arrows Capital
  • Crypto broker Genesis Global Trading, has filed a $1.2 billion claim against the now insolvent Three Arrows Capital, according to a 1,157-page court filing uploaded by bankruptcy trustee Teneo.
  • Digital Currency Group, parent of both Genesis and CoinDesk, has assumed the entire $1.2 billion claim, leaving Genesis with no outstanding liabilities tied to Three Arrows Capital.
  • Genesis Asia Pacific Pte. Ltd. (registered in Singapore) made demands for breached Three Arrows Capital loans totaling $2.36 billion.
• Hacker Steals $1.1m Worth Crypto from Music Streaming Protocol Audius
  • attacker modified some configurations within the smart contracts deployed by Audius and became a contract custodian. The hacker then submitted the malicious proposal. That enabled him to create and approve a regulatory proposal, which eventually authorized a transfer of 18 million AUDIO coins from the Audius platform’s community treasury.
  • stole 18 million AUDIO tokens worth more than $6 million, but hacker only sold 705 ETH worth $1.1 million
  • Audius further stated that it had fixed the Smart Contract issue, and the funds in the community treasury and the foundation treasury are both safe.