Celsius filed for bankruptcy, and the Ethereum team approved the schedule for the transition to PoS

---

Crypto-landing platform Celsius Network filed for bankruptcy, Ethereum developers agreed on a schedule for the transition to PoS, the founder of 3AC accused creditors of harassment and other events of the outgoing week.

Ethereum quotes tested a range above $1400

Against the background of the upcoming migration of the Ethereum blockchain to the Proof-of-Stake (PoS) consensus algorithm, ETH quotes tested a range above $ 1400. At the time of writing, the asset is trading near $1350.

After the publication on July 13 of the report on inflation in the United States, the price of bitcoin fell below $ 19,000, but by the end of the week the asset won back the fall and is now trading around $ 21,130.

According to CoinGecko, digital assets from the top 10 by market capitalization closed the week with varying success. The best dynamics was shown by Ethereum – the price of cryptocurrency increased by more than 10%. The worst was Dogecoin – coin quotes fell by 8.5%.

The total capitalization of the cryptocurrency market amounted to $ 1 trillion. Bitcoin’s dominance index fell to 40.2%.

Celsius filed for bankruptcy

Crypto-landing platform Celsius Network and some of its subsidiaries have filed for bankruptcy in a New York court. The company hopes that the restructuring will “maximize the value for all stakeholders.”

Celsius reported that as of July 13, it owned assets of $ 4.3 billion, its obligations to customers and creditors amounted to $ 5.5 billion.

The petition also mentions a “private lending platform” that the company used to finance its operations from September 2019 to February 2021. As a result, Celsius “hung” debt in the amount of $ 509 million, which it reduced to $ 439 million Journalists of the Financial Times found out that the mentioned counterparty is EquitiesFirst.

Ethereum developers agreed on a schedule for the transition to PoS

The leading developers of Ethereum during the next call preliminarily approved the migration of the blockchain to the PoS consensus algorithm for September 19, 2022.

The final date will largely depend on the poS transfer of the Goerli testnet, scheduled for August 11. Two weeks before the “merger” process, the Bellatrix upgrade is activated in the main network.

Hackers attacked liquidity providers Uniswap

The attackers sent malicious tokens under the guise of an airdrop from Uniswap to more than 70,000 addresses. Victims were redirected to a fraudulent site. Thus, the hackers withdrew 4295 ETH (~ $ 4.6 million) from the protocol and sent them to the Tornado Cash mixer.

Twitter sued Elon Musk

Twitter has filed a lawsuit against Elon Musk because of his rejection of the deal to acquire the social network for $ 44 billion The platform intends to force the head of Tesla to fulfill obligations and complete the purchase. The document says that the entrepreneur “staged a spectacle” and behaved in bad faith.

3AC lenders pointed to a lack of dialogue with hedge fund founders. Su Ju accused them of bullying.

Creditors are seeking the seizure of the assets of the hedge fund Three Arrows Capital (3AC) before the liquidation of the company. Co-founders Su Ju and Kyle Davis contacted the plaintiffs’ lawyers via Zoom without video, but only the lawyers answered the questions addressed to them. The whereabouts of 3AC’s management are unknown and the Singapore office is not functioning, lenders said.

In response, Suu Zhu called the hedge fund’s creditors’ statements “bullying” and questioned whether they had not breached their obligations during the firm’s liquidation process.

JPMorgan said that miners will negatively affect the pricing of bitcoin

JPMorgan noted a drop in the cost of production of bitcoin. At the end of June, the indicator fell from ~$24,000 to ~$13,000. For the most part, this is due to a reduction in electricity consumption by more efficient installations, experts said. They added that what is happening could become an obstacle to the growth of the price of the cryptocurrency.

Glassnode warned that in the next quarter the risk of further sale of bitcoin by miners will continue if the rate does not recover in a meaningful way.

This week, the miners of the first cryptocurrency ceased operations in Texas amid a heat-induced peak demand for electricity. On July 10, the main energy system operator in the state, ERCOT, called on residents and businesses in the state to save money.Predicting that during the daytime, demand may exceed generation volumes.

Later, the daily indicator of the computing power of the network fell to the levels of February (~ 160 EH / s).

Meanwhile, the cost of devices for mining bitcoin in terms of generated hashrate decreased to the levels of December 2020.

KuCoin will hold a trading contest with a prize fund of $ 1 million

Sponsorship

The competition is timed to coincide with the achievement of KuCoin – registration of 20 million users on the platform. Since the beginning of 2022, the exchange has attracted 9.5 million people.

Traders will be able to win up to $20,000, as well as receive exclusive bonuses and airdrops. KuCoin will publish detailed rules and a list of prizes by the end of July.

What to discuss with friends?

• Unknown persons have forgotten the token of the bankrupt Voyager Digital by 500%.
• In Kiev, suspects in bitcoin fraud seized 50 million hryvnia and about a ton of silver.
• Peter Schiff announced his readiness to sell Euro Pacific Bank for bitcoin.
• Changpeng Zhao revealed the indicators of the Binance ecosystem in honor of the company’s five-year anniversary.

CELO blockchain stopped working after the deployment of Uniswap smart contracts

On July 14, Celo block suspended operations on block #14,035,018. Shortly before the incident, the decentralized exchange Uniswap v3 deployed its smart contracts on the Celo network.

It was possible to restart the network from the second attempt only a day later. The team stressed that the assets of users were not affected, and promised to share detailed information after the analysis.

STEPN reported quarterly profit of $122 million

In the second quarter of 2022, stepn’s M2E platform made a profit of $122.5 million due to a fee for using the application. The team will direct 5% of the amount to the program of redemption and burning of GMT tokens.

Other initiatives include improving fraud protection, optimizing the application and expanding the team.

Polygon will become a member of the Disney Accelerator program. The project announced the mass migration of protocols from the Terra ecosystem

More than 48 projects of the collapsed Terra ecosystem have begun migrating to the Polygon second-tier Ethereum network, Polygon Studios CEO Ryan Wyatt said.

Over the week, the Polygon (MATIC) rate increased by more than 25%. The main driver was the announcement of the project’s participation in the Disney Accelerator program. This year it is dedicated to the technologies of augmented reality, NFT and artificial intelligence.

President of Kazakhstan signed a law on tax rates for miners

President of Kazakhstan Kassym-Jomart Tokayev signed a law providing for the introduction of differentiated tax rates on mining. The rate is determined depending on the average price of electricity for the reporting period:

• at a cost of 5-10 tenge per 1 kWh, the tax rate will be 10 tenge;
• 10-15 tenge per 1 kWh — rate of 7 tenge;
• 15-20 tenge per 1 kWh — rate of 5 tenge;
• 20-25 tenge per 1 kWh — rate of 3 tenge;
• 25 tenge and above for 1 kWh – the rate is 1 tenge.

When using renewable sources, regardless of the cost of electricity, the tax rate for miners will be 1 tenge per 1 kWh.

The G20 and IOSCO announced the rules for the supervision of the crypto industry

The Financial Stability Board under the G20 group in October 2022 will present recommendations on the regulation of cryptocurrencies. The regulator noted that the losses of cryptocurrency investors threaten to “infect” some traditional financial markets, such as the sphere of short-term lending.

The International Organization of Securities Commissions also pledged to develop regulatory standards for digital assets by the end of 2023.

The creators of Bored Ape Yacht Club have published a lite paper of the Otherside project

Behind the NFT-collection Bored Ape Yacht Club, the company Yuga Labs has published a lite paper of the Otherside project.

Otherside is a “platform for creating worlds.” It will be launched in the network of interoperable metaverses MSquared (M²) from the startup Improbable. M² uses a set of Project Morpheus technology components focused on optimizing network traffic and improving rendering efficiency.

The launch of Otherside will take place in several stages. As part of the first phase, only NFT holders from the Otherdeed collection and “selected third-party developers” will have access to the platform. They will be able to go through the story campaign of The Voyager’s Journey, and will also become the first content creators on the platform.

Also on ForkLog:

• Multicoin Capital announced a venture crypto fund for $ 430 million.
• CFTC adds six crypto companies to the list of unregisteredAnnee.
• CoinGecko called 2022 a “terrible” year for the cryptocurrency industry.
• Charles Munger called cryptocurrencies “an investment in nothingness.”

What else to read and see?

The educational cards talked about the head of the FTX Sam Bankman-Fried, Algorand, fiat money, the Merkle tree, the MVRV indicator and the thesis of “digital gold”.

Traditional digests have collected the main events of the week in the fields of cybersecurity and artificial intelligence.

The decentralized finance sector continues to attract increased attention of cryptocurrency investors. The most important events and news of recent weeks ForkLog collected in the digest.

On July 11, ForkLog LIVE discussed current news and possible price movements of bitcoin. ForkLog resident Ton Weiss, Stepan Gershuni of Credentia and Pavel Prigolko of Strategy and Governance were guests.

Released a new special report on crosschains and parochins.

---