Terraform Labs may close products, services in bankruptcy wind-down
Get it before Oct. 30, Terraform Labs tells the third parties it is discussion its wind-down with.
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Get it before Oct. 30, Terraform Labs tells the third parties it is discussion its wind-down with.
The ZKX shutdown highlights the importance of transparency and accountability in cryptocurrency projects.
Shutterstock and Getty Images launch new AI-powered creative tools, leveraging NVIDIA's Edify architecture to boost productivity and quality. (Read More)
This week, hackers staged the second-largest crypto hack of 2024, stealing over $230 million, while other malicious actors are targeting Hamster Kombat players.
These developments indicate TFLs proactive efforts to tackle Terras challenges and restore trust and stability within the ecosystem.
Web3 social media platform Twetch, a competitor of X running on the Bitcoin SV blockchain, shut down operations on June 6.
The announcement comes despite Nocturne raising $6 million in a funding round in October 2023.
Gala Games shuts down The Walking Dead: Empires NFT game by 2025, offering vault boxes as compensation.
Gate.HK plans a major overhaul to comply with regulations and aims to relaunch services after obtaining the necessary licenses.
Pink Drainer, infamous for aiding in crypto thefts, shut down operations after amassing over $85 million in stolen assets.
Inscription Marketplace, the NFT marketplace owned by the Bybit platform, has been shut down. Bybit is one of several companies exiting the NFT space after the value of these digital collectibles has decreased significantly.
Bybit Halts Operations of Four Additional Services Following Closure of NFT Exchange In the wake of the closure of its NFT exchange, Bybit has made the decision to shut down four more services. The popular crypto trading platform announced that it would be discontinuing these services to focus on other areas of its business. Bybit, [...]
The post Bybit closes down additional Web3 services following NFT marketplace shutdown appeared first on Crypto Breaking News.
Disney aims to complete the job cuts before the summer and has already eliminated its entire Disney metaverse division.
OpenAI has quietly pulled the plug on its AI Classifier, which aimed to help teachers, professors and others distinguish between human- and AI-written text
The New-York-based bank, which is also known to serve a number of crypto firms, was shut down by state regulators, according to a Federal Reserve announcement.
Billionaire Bill Ackman has warned of “vast and profound” consequences of the U.S. government letting Silicon Valley Bank (SVB) fail without protecting all depositors. “No company will take even a tiny chance of losing a dollar of deposits as there is no reward for this risk. Absent a systemwide FDIC deposit guarantee, more bank runs [...]
The post Billionaire Warns of Imminent Bank Runs if Government Fails to Guarantee All SVB Deposits appeared first on Crypto Breaking News.
Authorities in Kazakhstan have busted an illegal crypto trading platform, seizing over $350,000. The exchange allegedly processed almost $34 million in transactions through wallets on Binance, two of which have been blocked during the ongoing investigation. Digital Asset Exchange Making Millions in Turnover Closed Down in Kazakhstan A platform illegally trading cryptocurrencies in Kazakhstan, ABS [...]
The post Kazakhstan Shuts Down Crypto Exchange That Transferred $34 Million Through Binance appeared first on Crypto Breaking News.
Bitcoin (BTC/USD) peer-to-peer (P2P) exchange LocalBitcoins has today issued a service closure statement stating that it is set to shut down this month due to the “ongoing very cold crypto winter.” The Helsinki-based exchange has been in service for the last 10 years making it one of the longest-serving and best P2P cryptocurrency exchanges. It ...
<p>The post Bitcoin exchange LocalBitcoins set to shut down this month | Invezz first appeared on CCNC.</p>
In cryptocurrency news today, crypto bank Nuri, which filed for temporary insolvency in August after a tough year made worse by the collapse of one its business partners and the failure to get an acquirer, is shutting down.
But before it does, the German-based crypto bank has asked its customers to withdraw their funds by December 18, 2022.
Nuri’s 400,000+ customers to withdraw fundsNuri, formerly Bitwala, launched its operations in 2015, and saw massive growth in the years that followed as more people looked to tap into the benefits of crypto banks.
Yet, as CEO Kristina Mayer noted in a letter to customers on Tuesday, the ‘insuperable’ challenges of the past year and the inability to secure a buyer have pushed it over the edge.
There might be no coming back – and the plan is to ensure customers get back their assets.
The Nuri CEO noted:
“During the preliminary insolvency proceedings, we have worked very closely with our insolvency administrators on a restructuring plan in the past 3 months and tried to find a potential acquirer to continue our story. Unfortunately, we have not been able to find investors to continue our mission and have asked our customers to withdraw their funds by 18/12/2022 at the latest, so the business can be terminated and liquidated.”
The neo-bank has assured customers that they will continue to have access until the aforementioned date, and that customer assets are unaffected by its insolvency.
Despite the sad ending to the Nuri story, Mayer believes that blockchain and crypto are here to stay and that there are endless possibilities with this technology.
“We still believe in innovative financial technology and are convinced that Blockchain, cryptocurrency and decentralised finance will offer opportunities that add true value to the lives of people.”
Nuri’s announcement means the neo-bank’s 400,000+ users have the chance to get their money out, which, on the face of it, is unlike the scenario that recently greeted customers of several crypto lenders, including Celsius and Voyager Digital. The series of bankruptcy filings over the crypto winter came after most providers suspended customer withdrawals.
The post Crypto bank Nuri urges customers to withdraw funds before it shuts down appeared first on Invezz.
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