{"id":600269,"date":"2023-01-22T18:51:27","date_gmt":"2023-01-23T00:51:27","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/22\/the-week-in-crypto-3ac-doj-and-genesis\/"},"modified":"2023-01-22T18:51:27","modified_gmt":"2023-01-23T00:51:27","slug":"the-week-in-crypto-3ac-doj-and-genesis","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/22\/the-week-in-crypto-3ac-doj-and-genesis\/","title":{"rendered":"The Week in Crypto \u2013 3AC, DoJ, and Genesis"},"content":{"rendered":"<div id=\"page\">\n<div id=\"content_box\">\n<header>\n<div>\n<p><img loading=\"lazy\" alt src=\"https:\/\/secure.gravatar.com\/avatar\/41169a86822e6585e2f87627f7d7ef3a?s=32&#038;d=mm&#038;r=g\"  height=\"32\" width=\"32\" decoding=\"async\"><\/p>\n<p><span><span>By <a href=\"https:\/\/fullycrypto.com\/author\/mahu_bs\" title=\"Posts by Mark Hunter\" rel=\"author\">Mark Hunter<\/a><\/span><\/span><\/p>\n<p><span><\/p>\n<p>2 days ago<span>Sat Jan 21 2023 07:00:15<\/span><\/p>\n<p><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n<\/header>\n<p><img loading=\"lazy\" width=\"1300\" height=\"890\" src=\"https:\/\/fullycrypto.com\/wp-content\/uploads\/2023\/01\/The-Week-in-Crypto-3AC-DoJ-and-Genesis.png\" alt=\"The-Week-in-Crypto---3AC,-DoJ,-and-Genesis\" decoding=\"async\" title data-layzr=\"https:\/\/fullycrypto.com\/wp-content\/uploads\/2023\/01\/The-Week-in-Crypto-3AC-DoJ-and-Genesis.png\">\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<div>\n<p><span><span>Reading Time: <\/span> <span>2<\/span> <span>minutes<\/span><\/span><\/p>\n<p><span>This week saw the plans for GTX get pilloried (and rightly so), the Department of Justice mercilessly mocked for its \u201cmajor\u201d takedown on Bitzlato, and Genesis filing for bankruptcy just 10 weeks after saying everything was fine.<\/span><\/p>\n<p><span>Grab your snorkel and let\u2019s dive into this week\u2019s top crypto news.<\/span><\/p>\n<h2><span>No. 3 \u2013 3AC Founders Pilloried After GTX Plans Revealed<\/span><\/h2>\n<p><span>This week saw Su Zhu and Kyle Davies, of <\/span><a href=\"https:\/\/fullycrypto.com\/three-arrows-capital-liquidated-by-bvi-court\"><span>Three Arrows Capital fame<\/span><\/a><span>, and the founders of Coinflex come together to <\/span><a href=\"https:\/\/fullycrypto.com\/zhu-and-davies-seeking-to-profit-from-the-world-they-ruined\"><span>ask for $25 million<\/span><\/a><span> to fund a stunningly un-self aware crypto platform that plans to benefit from the raft of collapsed crypto exchanges\u2026the very kind that Three Arrows\u2019 collapse helped bring down.<\/span><\/p>\n<p><span>The crypto world reacted with the anticipated shock and horror, but what made things worse was that the platform was given the provisional name of GTX \u2013 \u201cbecause G comes after F\u201d.<\/span><\/p>\n<p><span>Sigh.<\/span><\/p>\n<h2><span>No. 2 \u2013 DoJ Mocked for Bitzlato Takedown<\/span><\/h2>\n<p><span>The Department of Justice was <\/span><a href=\"https:\/\/fullycrypto.com\/doj-mocked-for-major-enforcement-action-against-bitzlato\"><span>mercilessly mocked this week<\/span><\/a><span> after its \u201cmajor international cryptocurrency enforcement action\u201d resulted in the closure of a Russian crypto <\/span><a href=\"https:\/\/fullycrypto.com\/crypto-exchange-reviews\"><span>exchange<\/span><\/a><span> no one had ever heard of.<\/span><\/p>\n<p><span>The crypto world was expecting action against a <\/span><a href=\"https:\/\/fullycrypto.com\/binance-hits-back-at-reuters-doj-investigation-claims\"><span>known target such as Binance<\/span><\/a><span>, but instead the five-person top-tier panel announced that it had shuttered Russian exchange Bitzlato due to money laundering. This resulted in a spectacular meme festival the likes of which hasn\u2019t been seen in some time.<\/span><\/p>\n<h2><span>No. 1 \u2013 Genesis Files for Bankruptcy<\/span><\/h2>\n<p><a href=\"https:\/\/www.fullycrypto.com\/genesis-files-for-bankruptcy-owing-over-3-billion\"><span>Genesis this week filed for bankruptcy<\/span><\/a><span>, owing at least $3 billion to creditors, just over 10 weeks since it said that everything was fine and there was no fire burning away in the background behind it.<\/span><\/p>\n<p><span>Genesis becomes the latest crypto firm to suffer this fate, with its list of creditors including Decentraland, the Stellar Foundation, and of course Gemini, with Cameron Winklevoss threatening to rain terror down on Barry Silbert as a result.<\/span><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/fullycrypto.com\/the-week-in-crypto-3ac-doj-and-genesis?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=the-week-in-crypto-3ac-doj-and-genesis\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Mark Hunter<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Mark Hunter2 days agoSat Jan 21 2023 07:00:15 Reading Time: 2 minutesThis week saw the plans for GTX get pilloried (and rightly so), the Department of Justice mercilessly mocked for its \u201cmajor\u201d takedown on Bitzlato, and Genesis filing for bankruptcy just 10 weeks after saying everything was fine. Grab your snorkel and let\u2019s dive<\/p>\n","protected":false},"author":1,"featured_media":600270,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22791,25889],"tags":[],"class_list":{"0":"post-600269","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto","8":"category-genesis"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/600269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=600269"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/600269\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/600270"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=600269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=600269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=600269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}