The Block CEO Resigns After Reports of Undisclosed Loans from Alameda Research
Michael McCaffrey, the chief executive officer of cryptocurrency news outlet The Block, resigned after media website Axios reported early Saturday, Hong Kong time, that he had received three undisclosed multi-million dollar loans from Alameda Research, the brokerage arm of failed digital assets exchange FTX.com. (forkast)
Maple Finance's $54M of Sour Debt Shows Risks of Crypto Lending Without Collateral
The blockchain-based lending protocol Maple Finance started in May 2021 with a bold concept: Build a decentralized credit marketplace for cryptocurrencies, where lenders and borrowers could come together. Unlike many other decentralized finance (DeFi) lending platforms that have cropped up in recent years in the nascent digital-asset industry, Maple’s model would not require extra cryptocurrencies to be deposited as collateral that could be seized or quickly liquidated in the event of a default. Instead, underwriters of various lending “pools” would make the decision on whether to grant loans – essentially evaluating the borrower’s ability to pay based on their creditworthiness alone. (Coindesk)
US Senator: There's 'No Reason Why' Crypto Should Exist
Tester is the senior senator of Montana and has held a seat there since 2007. He also serves on the Senate Banking Committee, which is one of the key players involved in the ongoing debate over U.S. crypto regulation. During a Dec. 11 appearance on NBC’s Meet the Press, Tester argued that as crypto has no real value at all, the sector shouldn’t be regulated, as that would give it legitimacy. (Cointelegraph)
Ripple Is Bullish on Gaming NFTs and Carbon Credit
In a report by The Block, David Schwartz, the CTO of Ripple, adds that while payments are what excite him the most, he is also interested in carbon credits and non-fungible tokens (NFTs) for use in video games.
Crypto Spam Bots go Silent While Musk Promises to Prosecute Scammers
Elon Musk's latest salvo in his war against crypto spam bots on Twitter appears to have made some real impact, with the crypto community reporting a vast reduction in the number of responses on their posts from bots. In a Dec. 11 post, the Twitter CEO hinted that “bots are in for a surprise tomorrow” and later explained that they've found a small number of people behind a large number of bot/troll accounts and that the platform will be shutting down IP addresses of “known bad actors.” (Cointelegraph)
SBF Wants to Start a New Business, Officially Added as Hearing Witness
The founder and former CEO of bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried, said he’d be interested in forming a new venture aimed at paying back the customers he owes money to. "I would give anything to be able to do that. And I'm going to try if I can," Bankman-Fried responded when asked if he’d start a new business to repay FTX investors in a Dec. 10 interview with the BBC. (Cointelegraph)
Rock Legend Gene Simmons Is Holding Crypto Despite Market Sell-Offs and FTX Collapse
Rock band Kiss’ lead singer Gene Simmons has confirmed that he is still holding crypto despite the crypto winter and the collapse of cryptocurrency exchange FTX. “I’m deep in crypto. I believe in it,” the rock legend affirmed. Noting that he has several cryptocurrencies, including bitcoin and ethereum, Simmons stressed: “Personally, I’m holding, but everybody should do their own due diligence.” (Bitcoin.com)
Markets: Bitcoin, Ether Down as Markets Brace for November Inflation Data
Bitcoin and Ether fell slightly in Monday morning trading in Asia, along with all other non-stablecoin cryptocurrencies in the top 10, excluding Litecoin. Investors await November’s consumer price index, a key inflation indicator to be released Tuesday while bracing for another interest rate hike on Wednesday. (forkast)
SEC Chair Gary Gensler Must Testify Before Congress, Says Rep. Tom Emmer
Minnesota Representative Tom Emmer called out Securities and Exchange Commission Chairman Gary Gensler on Sunday, demanding that the official speaks before Congress about his approach to regulating crypto. “@GaryGensler must testify before Congress and answer questions about the cost of his regulatory failures,” he wrote in a thread on Twitter. (Decrypt)
Terra Co-founder Do Kwon Hiding out in Serbia, Says Authorities
It is understood that Terraform Labs’ controversial founder and CEO Do Kwon is currently located in the Southeast European nation of Serbia after leaving Singapore in September. According to a Dec. 11 report from Chosun Media, South Korean authorities followed a tip-off concerning Do Kwon's whereabouts suggesting he is now in Serbia and has been able to confirm it. (Cointelegraph)
