Crypto Industry Updates for July 2022

The content will be sorted chronologically, last at the bottom.

• Three Arrows Capital files New York bankruptcy in connection with BVI proceedings (July 1, 2022)
  • A court in the British Virgin Islands ordered the liquidation of Three Arrows' BVI branch earlier this week.
  • According to Bloomberg, the Chapter 15 filing will allow it to protect its US assets while its BVI assets are liquidated.
• Voyager Digital Files for Chapter 11 Bankruptcy (July 5, 2022)
  • New York-based cryptocurrency exchange Voyager Digital Holdings, Inc. along with its publicly traded Canadian affiliate, Voyager Digital Ltd., filed for Chapter 11 relief in the Bankruptcy Court for the Southern District of New York. (Case 22-10943)
  • Voyager Digital CEO Stephen Ehrlich says the company is filing for bankruptcy due to “prolonged volatility and contamination” in digital asset markets. It comes after 3AC defaulted on a loan of about $650 million.
• Genesis has filed a $1.2 million claim against Three Arrows Capital
  • Crypto broker Genesis Global Trading has filed a $1.2 billion claim against now-insolvent Three Arrows Capital, according to a 1,157-page court filing filed by bankruptcy trustee Teneo.
  • Digital Currency Group, the parent of Genesis and CoinDesk, has assumed the entire $1.2 billion claim, freeing Genesis of any liability associated with Three Arrows Capital.
  • Genesis Asia Pacific Pte. Ltd. (registered in Singapore) applied for three Arrows Capital loans worth $2.36 billion.
• Hacker Steals $1.1 Million worth of Crypto From Music Streaming Protocol Audius
  • the attacker changed some configurations within the smart contracts deployed by Audius and became the custodian of the contracts. The hacker then presented a malicious proposal. This allowed him to create and approve a regulatory proposal that eventually allowed the transfer of 18 million AUDIO coins from the community treasury of the Audius platform.
  • He stole 18 million AUDIO tokens worth more than $6 million, but the hacker only sold 705 ETH worth $1.1 million
  • Audius also stated that it solved the Smart Contract problem, and the community treasury and foundation treasury funds are safe.