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MEXC, a leading global cryptocurrency exchange, has provided over $414 million through its Insurance Fund Account to cover deficits that occur when users’ losses during liquidation exceed their available margin as of January 23, 2025. This impressive figure underscores MEXC’s commitment to asset security and risk mitigation. Combined with Proof of Reserve , MEXC offers traders robust protection against extreme market fluctuations.  How MEXC’s Insurance Fund Account Mitigates Risk for Traders The MEXC Insurance Fund Account, launched in November 2024, is specifically designed to protect traders from extreme market fluctuations, such as those experienced during a bull run, where rapid price swings can lead to a user’s account value to dip below the required margin level, triggering a liquidation. Should the liquidation price be worse than expected, resulting in losses that exceed than the available margin (a scenario known as bankrupt...

Genesis Global Capital has petitioned the U.S. Bankruptcy Court for the Southern District of New York for permission to conduct a massive sale of its assets. The company, a subsidiary of the embattled Genesis Global Holdco, is targeting the liquidation of approximately $1.4 billion worth of Grayscale Bitcoin Trust (GBTC) shares. Genesis Global Capital filed a new motion with the U.S. Bankruptcy Court for the Southern District of New York seeking authorization to sell approximately $1.6 billion in trust assets, including Grayscale GBTC valued at approximately $1.4 billion and Grayscale Ethereum Fund… — Wu Blockchain (@WuBlockchain) February 4, 2024 According to a Feb. 2 court filing, Genesis and its debtor affiliates have declared that disposing of the shares is a critical step in maximizing estate value and efficiently managing its assets. The development comes as the overall cryptocurrency market undergoes severe fluctuations. The ability to swiftly convert these investm...

Bankrupt crypto lender Genesis has slapped long-time enemy Gemini with a new lawsuit, alleging the exchange received “unfair preferential transfers” to the tune of nearly $700 million right before Genesis went bankrupt. The document filed yesterday has asked for $689.3 million that Gemini transferred to be returned, which allegedly gave the exchange an unfair advantage over other creditors. During the 90 day period before Genesis filed for bankruptcy, Gemini “withdrew an aggregate gross amount of no less than approximately $689,302,000” from Gemini, the filing read. “As a result of these withdrawals, [Gemini] benefitted at the expense of [Genesis’] other creditors, and continue to benefit to this day through their retention of the property Plaintiff seeks to avoid and recover here.” Genesis is asking the court to “correct this unfairness.” Long live the Genesis v Gemini spat This lawsuit follows a lengthy battle between the tw...

Over the last decade, Mt. Gox has repeatedly backtracked on plans to reimburse the funds that the crypto exchange had barred its users from withdrawing — effective from Feb 25, 2014. Mt. Gox’s infamous 2014 security breach — that lost 850,000 Bitcoin (BTC) of investors’ funds — resulted in its users embarking on a seemingly never-ending, decade-long pursuit of closure via funds reimbursement. Over the years, Mt. Gox has backtracked on its numerous plans to reimburse the funds that the crypto exchange had barred its users from withdrawing — effective from Feb 25, 2014. Latest notice concerning the change of repayment deadlines. Source: Mtgox.com However, with Mt. Gox postponing its repayment deadlines by one more year, from Oct. 31, 2023, to Oct. 31, 2024, the wait for redressal extends into the 11th year for Mt. Gox investors. Mt. Gox 2014: The year of the largest Bitcoin hack - (Avg. BTC price $420) Days after Mt. Gox lost 850,000 BTC in the February 2014 breach, leaked documents r...

According to analysis from blockchain firm Arkham Intelligence, over 50% of the funds transferred after Nov. 6 were in USD-pegged stablecoins. Alameda Research withdrew over $200 million from FTX.US before it filed for bankruptcy, according to analysis from blockchain firm Arkham Intelligence disclosed on Nov. 25.  In a Twitter thread, Arkham revealed that Alameda Research, FTX’s sister company, pulled $204 million from eight different addresses of FTX US in a variety of crypto assets, the majority of them stablecoins, in the final days before the collapse. Arkham analysed flows from FTX US in the final few days before the collapse, finding that Alameda withdrew the most funds, at $204M. Below is a diagram of withdrawals to Arkham-identified entities from FTX US. n.b. this thread regards FTX US assets only, not FTX International. pic.twitter.com/QFPVlVIWhO — Arkham | Crypto Intelligence (@ArkhamIntel) November 25, 2022 Among the withdrawn funds, $116 million, or 57.1%, were in st...

Lawyers representing SBF have agreed to a gag order preventing him from making comments that could sway his criminal trial but says it should apply to other witnesses too. Former FTX CEO Sam Bankman-Fried has agreed to a “gag order” which will prevent him from making comments to third parties that may interfere with his trial — but argues it should apply to all potential witnesses as well, including current FTX CEO John Ray. The gag order against Sam Bankman-Fried was initially requested on July 20, when the U.S. government accused the FTX founder of attempting to interfere with a fair trial by publicly discrediting former business partner and witness Caroline Ellison in an interview with the  New York Times. In a July 22 letter to United States District Court Judge Lewis A. Kaplan of New York, Bankman-Fried’s lawyers Cohen & Gresser LLP denied the accusations but agreed to accept a gag order as requested. A gag order is a legal order often issued by a court to restrict informa...