Through a statement, the Celsius platform announced that it is refocusing on Bitcoin mining in response to comments from the SEC.
Cryptocurrency lending company Celsius announced a significant reorganization, centering its new focus exclusively on Bitcoin mining. This, in response to comments from the United States Securities and Exchange Commission (SEC).
In a statement, Celsius detailed that its reorganized entity, ‘NewCo’, under the restructuring plan, will be primarily dedicated to Bitcoin mining. The Celsius platform explained that this decision was made “based on comments from the SEC and in consultation with the Official Committee of Unsecured Creditors.” The Celsius platform states in the statement.
As part of the restructuring, the Celsius platform indicated that some assets that were initially intended to be transferred to ‘Fahrenheit NewCo’ will be retained by the company’s assets. The novelty lies in the creation of ‘Mining NewCo’. An entity expected to be publicly traded in the United States and owned by Celsius clients.
Circle Introduces Innovative Standard for USDC Expansion to New Networks
Circle has introduced a new standard aimed at streamlining the process of launching its stablecoin, USDC, on additional networks. According to a blog statement on November 21.
The newly launched “bridge USDC standard” offers developers the ability to launch the token through a two-phase process. During the first phase, the third-party developer is in control of the token contracts, and this new token on the newly integrated network is backed by a native version on another existing network.
In the second phase, Circle assumes control of the contracts, and the token is directly backed by Circle reserves. It is important to note that the second phase may not be applicable in all implementations.
dYdX Founder Reveals Details About $9 Million Loss, Takes Action After Attack
Founder of decentralized finance (DeFi) protocol dYdX, Antonio Juliano, took to X to share key findings from the investigation into the loss of $9 million in insurance funds, which many suspected was an exit scam that occurred on December 17. November.
According to Juliano, the integrity of the dYdX chain was not compromised, and insurance claims worth $9 million were recorded on the v3 chain. These v3 insurance funds were intended to cover gaps in settlement processes in the YFI market.
The protocol co-founder emphasized that dYdX does not intend to negotiate with those responsible for the attack. Instead, the platform plans to reward those who contribute significantly to research.
Juliano stated that “We will not pay rewards or negotiate with the attacker. We and others have made significant progress in identifying the attacker. “We are in the process of communicating the information we have to the FBI.”
OpenAI Faces Crisis After CEO Sam Altman’s Dismissal
OpenAI’s recent decision to oust CEO Sam Altman has triggered a massive threat of resignations from the majority of its employees, putting the company’s future in jeopardy. According to recent reports.
Most of OpenAI’s staff have reportedly expressed their intention to leave unless Altman’s dismissal is reversed. The situation is further complicated by job offers from prominent executives of large technology organizations.
Microsoft CTO Kevin Scott and Salesforce founder and CEO Marc Benioff have offered to match compensation for any OpenAI employee who decides to leave the company.
This significant support comes after a year of ups and downs for OpenAI. The company successfully launched its core product “ChatGPT” in November 2022, reaching a valuation of $86 billion. Altman’s sudden dismissal on November 17 has created unprecedented turmoil at the company.
By Audy Castaneda