CoinBasics Newsletter #3 - Chaos in the Crypto Market.

Gm, this past week has seen a number of major developments in the crypto market, with a number of big stories making headlines.

1. Genesis files for Chapter 11 bankruptcy

Genesis, the large lending organization, has filed for Chapter 11 bankruptcy with around 100,000 creditors and $11 billion in claims against the organization. This decision comes after the SEC filed claims against both Genesis and Gemini, as the two have been publicly fighting over $900 million in customer funds that Gemini had lent to Genesis.

2. FTX and John Ray consider restarting exchange

FTX and its new CEO, John Ray, have announced that they have found up to $5 billion in crypto assets and are considering restarting the exchange. This comes as no surprise as FTX was a successful business with a lot of revenue, but the current team may not have the experience to successfully run a crypto exchange.

3. Law enforcement takes action on bit flat exchange

The DOJ, SEC and other law enforcement organizations have taken enforcement action on the little-known exchange, bit flat, for allegedly money laundering over $700 million. This came as a surprise to the crypto community as not many people were aware of the exchange and its large volume for money laundering schemes.

4. Mixed reactions from legacy banks

JP Morgan CEO Jamie Dimon at Davos called Bitcoin a "hyped-up fraud," while Bank of America stated that stablecoins and Central Bank Digital Currencies (CBDCs) will be the future of payments and money. It's clear that the legacy banks have mixed opinions on the crypto market.

5. Chaos in the crypto market, bitcoin refuses & rejects.

With multiple organizations filing for bankruptcy or entering that process and law enforcement cracking down on illegal activities, the crypto market is in chaos. However, Bitcoin continues to produce block after block of transactions and investors, operators, and market participants remain bullish, rejects all negative news.

That's all for now, stay informed on the latest in the web3 space by subscribing to our newsletter. Make sure to add us to your primary inbox so you never miss a beat.

DISCLAIMER : Please note that the information provided in this newsletter is for educational purposes only and is not intended as investment advice or a solicitation to buy or sell any assets or make any financial decisions. It is important to conduct your own research and exercise caution before making any investment decisions.