Cryptocurrency roundup for February 1: Celsius report reveals dual business practices, BankProv abandons… – Moneycontrol

February 01, 2023 / 07:54 AM IST

[content][quote]Market Story[/quote][title]Dogecoin outperforms top 10 coins, experiences significant 8.1% increase[/title][body]On Tuesday, the cryptocurrency market experienced little change with the exception of Dogecoin which saw a notable 8.1% increase.

> TradingView reported that Bitcoin dipped 0.3% to $23,117 while Ether also saw a 0.3% decrease, settling at around $1,583. Binance Coin saw a small 1.1% rise, while Cardano’s ADA declined by 0.7%.

> Meanwhile, Polygon’s MATIC experienced a 1.7% increase following a decrease the previous day.

> Both Dogecoin and Shiba Inu, two memecoins with a dog theme, saw growth with Dogecoin rising by 8.1% and Shiba Inu by 0.5%.

> In the stock market, Silvergate shares climbed 4.5% to around $13 by 10:00 AM, as reported by Nasdaq data.

> Other crypto stocks, including Block led by Jack Dorsey, saw a 2.2% rise to trade at around $82, while MicroStrategy rose 2.5%. Coinbase also saw growth with a 1% increase.[/body][/content]

[content][quote]Big Story[/quote][title]Independent examiner report on Celsius uncovers deception and mismanagement[/title][body]Beleaguered cryptocurrency lender Celsius conducted its business in a starkly different manner than how it marketed itself to its customers in every key respect behind the scenes, independent examiner Shoba Pillay informed the U.S Bankruptcy Court for the Southern District of New York on Tuesday.

> In her 689-page report filed before the Court, she said Celsius lacked proper asset and liability tracking and that the platform attempted to cover up false statements made publicly by its Chief Executive Officer Alex Mashinsky.

> It was found that the comments made by CEO Mashinsky during Q&A sessions with customers were monitored and edited by employees to remove inaccurate information.

> Despite presenting an optimistic financial picture to its customers, the company was struggling with a liquidity crunch, employees internally referred to it as a “sinking ship” with no plan. Continue reading.[/body][/content]

[content][quote]Lawsuit Case[/quote][title]Rosen law firm launches class action lawsuit against Yuga Labs and key defendants[/title][body]Rosen Law Firm, a global law firm focused on protecting investor rights, announced on January 30th its plans to file a class action lawsuit against Yuga Labs.

> The firm is inviting buyers of Yuga securities, including BAYC NFTs and ApeCoin, to join the lawsuit by the lead plaintiff deadline on February 7.

The firm emphasized that Yuga securities’ investors who bought BAYC and APE between April 23, 2021, and December 8, 2022, may be entitled to compensation through a contingency fee arrangement without any additional costs.

> The lawsuit targets several defendants, including Yuga Labs co-founders Wylie Aronow and Greg Solano, BAYC founder Kerem Atalay, Yuga Labs CEO Nicole Muniz, and well-known celebrities such as Madonna, and companies such as Adidas and MoonPay. Details here.[/body][/content]

[content][quote]BankProv Exit[/quote][title]BankProv exit from crypto mining loans reveals industry struggles[/title][body]Massachusetts-based BankProv has announced that it will no longer offer loans collateralized with crypto mining machines.

> In a Tuesday filing with the SEC, the bank’s holding company, Provident Bank, stated that the bank’s portfolio of digital-asset loans had declined by 50% in the fourth quarter due to the sale of impaired loans and the repayment of a line of credit.

> BankProv held $41.2 million in digital-asset-related loans at the end of December, with $26.7 million of that being collateralized by crypto mining machines.

> The bank said, “The amount will continue to decline as the Bank is no longer originating this type of loan.” Full report here.[/body][/content]