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Crypto News, August 19: Crypto Dumps, Longs Liquidated

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3 months ago

Celsius may be getting a new examiner for their bankruptcy case, as over $400 million got liquidated over the last 24 hours due to a sudden sharp drop of BTC and ETH.

Crypto News, August 19: Crypto Dumps, Longs Liquidated

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Celsius may be getting a new examiner for their bankruptcy case, as over $400 million got liquidated over the last 24 hours due to a sudden sharp drop of BTC and ETH.

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BTC and ETH Dump, Over $400 Million in Leveraged Longs Rekt 

BTC and ETH slumped 7% and 6% in the last 24 hours, as fears over a more hawkish Fed are back on the table. Following a statement by St. Louis Fed President Bullard, who called for a 75 bps hike in September, markets nosedived and erased all gains made over the last week. Leveraged long traders betting on a continuation of the rally got burned, with over $400 million in leveraged long positions liquidated in the last 24 hours. It marked the most expensive day for leveraged longs in two months.

Russian Ransomware Attacker Extradited to US From Netherlands, Tornado Cash Dev Still Isolated

Denis Dubnikov, a Russian national accused of having laundered proceeds from ransomware attacks in the U.S., has been extradited from the Netherlands to the U.S. He will stand trial in the state of Oregon and could face up to 20 years of prison time (if found guilty). Meanwhile, Alexey Pertsev, the Russian Tornado Cash developer in custody in the Netherlands, is not allowed to talk to his wife. She said as much in a statement to Cointelegraph, expressing concern that her husband is being treated “as if he were a dangerous criminal.” A rally in support of Pertsev is planned for August 20.

US Trustee Requests Independent Examiner in Celsius Bankruptcy Case

The U.S. Trustee Office dealing with the Celsius bankruptcy case has requested an independent examiner to investigate possible "fraud, dishonesty, incompetence, misconduct, mismanagement, or irregularity in the management of the affairs." In a court filing submitted on Thursday, U.S. officials further said that “financial irregularities” at Celsius warrant such a request, despite the cooperation by the company. An independent examiner was also appointed in other high-profile bankruptcies like Enron and Lehman Brothers. The Celsius unsecured creditors committee rebutted the necessity for such an examination.

Mercado Libre Launches Its Own Crypto Token

Mercado Libre, the Latin American version of Amazon, launched its own crypto token called Mercado Coin. Mercado Coin will be part of Mercado Libre’s loyalty program and will be tradeable via the company’s fintech arm called Mercado Pago. After rolling out the token to the first 500,000 users, Mercado Libre aims to expand it to all of its 80 million Brazilian users by the end of August. CEO Marcos Galperin called the launch "a step towards democratizing financial inclusion in Latin America."
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