Dogecoin price rises 7.8% as bitcoin returns to levels above $17,000

The price of Dogecoin (DOGE) has risen 7.8% over the past day, making it the second-best performing asset among the top 10 cryptocurrencies.

> According to CoinGecko, the meme coin reached a three-week high of $0.0787 earlier on Monday before falling back to $0.0778 by press time.

DCG and Genesis face investigation into alleged wrongdoing by Federal Prosecutors

Federal prosecutors in New York, along with the SEC, are investigating Digital Currency Group (DCG) for possible wrongdoing involving internal transfers at its lending subsidiary, Genesis.

> DCG has reportedly received requests for documents and interviews by prosecutors in the Eastern District of New York, Bloomberg reported, quoting sources familiar with the investigation.

> The SEC is also conducting a separate investigation into DCG, according to the anonymous source.

Ex-President of Collapsed Crypto Exchange FTX US to Share More Details

Brett Harrison, the former president of collapsed crypto exchange FTX US, has stated that he will provide more details in the future about what he knew about the company.

> When asked on Twitter what he was aware of and when Harrison replied that he "will share in time."

> He did not respond to a follow-up question about whether he is working with US regulators or prosecutors.

> Harrison also replied to a comment expressing surprise that he is "not in jail" with the response "use powers of inference."

> He has rarely mentioned FTX on Twitter since the company's implosion.

> FTX and its sister trading company Alameda Research were among around 130 group entities that went bankrupt in November 2021. More here.

Voyager Defends $1 Billion Sale to Binance.US, Calls Objections "Hypocrisy and Chutzpah"

Cryptocurrency lender Voyager has defended its intention to sell $1 billion worth of assets to Binance.US, calling objections to the deal "hypocrisy and chutzpah based on unverified speculation,” According to legal documents.

> Alameda Research, the trading division of insolvent cryptocurrency exchange FTX, along with the US Securities and Exchange Commission (SEC), the Department of Justice (DoJ), and several state-level agencies have all voiced resistance to the proposed sale.

> A bankruptcy court in New York will hold a hearing on the matter on Tuesday.

> In its legal filings, Voyager contended that doubts regarding Binance.US's financial stability expressed by the SEC and other financial regulators are unwarranted. Details here.

Metropolitan Commercial Bank Exits Crypto Market as Regulatory Landscape Shifts

Metropolitan Commercial Bank has announced that its holding company will be exiting the cryptocurrency market, citing shifts in the regulatory landscape for banks, changes within the industry, and new business opportunities.

> The bank does not currently hold any cryptocurrency on its balance sheet or offer any crypto assets to customers.

> The decision to leave the crypto market is not expected to have a significant financial impact on the company, as it only has four institutional crypto clients, which make up a small percentage of total revenues and deposits.

> This announcement comes just a week after several U.S. banking regulators issued a warning about the risks of excessive leverage in cryptocurrency.

> The crypto market has been volatile in recent years, with several major firms collapsing. Full report here.

Global Bitcoin ATM Network Sees Slowdown in Growth with Only 94 New Machines Added in Past Six Months

The global Bitcoin ATM network experienced a significant slowdown in growth over the past six months, with only 94 new machines added between July and the end of 2022.

> This marked a sharp contrast to the first half of the year when 4,169 ATMs were added to the network.

> The slowdown in growth can be attributed to a bear market in 2022 and geopolitical tensions and global inflation, which have had a negative impact on the crypto ecosystem as a whole.

> These factors have also contributed to a decrease in the number of new Bitcoin ATMs being installed in countries that previously led the initiative. Continue reading.

US DOJ Seizes Assets in Connection with Criminal Cases Against Crypto Exchange FTX and Its Executives

The United States Department of Justice has informed the court handling the bankruptcy case of BlockFi that it has seized assets in connection with the criminal cases against crypto exchange FTX and its executives.

> In a filing on January 6th, the Justice Department stated that it had seized 55,273,469 shares of Robinhood worth over $450 million, which were claimed by former FTX CEO Sam Bankman-Fried, BlockFi, and FTX creditor Yonathan Ben Shimon.

> The DOJ also revealed that it had taken control of more than $20 million in U.S. currency from brokerage firm ED&F Man Capital Markets. More here.

117 Parties Interested in Purchasing Entities of Troubled Crypto Exchange FTX, According to Legal Filing

> According to a new legal filing in the bankruptcy case of troubled crypto exchange FTX, approximately 117 parties are interested in purchasing various entities of the company.

> FTX filed for bankruptcy protection in November after experiencing a run on its native utility token. The bankruptcy filing included more than 100 entities and the company could owe as much as $3.1 billion to its top 50 creditors.

> Lawyers representing FTX in the bankruptcy process have prioritized the sale of four businesses, including Embed, LedgerX, FTX Japan, and FTX Europe.

> These four entities are relatively independent of FTX and their value may decrease if they are not sold during the bankruptcy case, according to Kevin Cofsky, a partner at Perella Weinberg Partner, the investment bank representing FTX US and affiliated companies that have filed for bankruptcy protection. Full report here.