Cypherpunk Holdings sells all crypto holdings, FTX with some grim expectations...

Cypherpunk Holdings sells their entire stash of BTC and ETHFTX CEO expects more crypto company insolvenciesUzbekistan registering all crypto miners

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😨 Cypherpunk Holdings sells their entire stash of BTC and ETH👮 Uzbekistan registering all crypto miners😩 FTX CEO expects more crypto company insolvencies

Cypherpunk Holdings sells their entire stash of BTC and ETH

Cypherpunk Holdings Inc., a Canadian investment business, revealed that it had liquidated all of its bitcoin and Ethereum holdings due to the "potential of more substantial drawdowns."

Cypherpunk Holdings has converted its treasury to cash after selling 214.72 bitcoin and 205.82 Ethereum.The corporation stated that it now has just over $14 million in "cash and stables."

Following the transaction, Jeff Gao, CEO, and President of Cypherpunk Holdings discussed selling the digital assets for cash.

“We continue to see systemic risks propagating throughout the crypto ecosystem and, in our assessment of the risk-reward and opportunity costs involved in holding asset tokens, we believe that the most prudent approach is to sit on the sidelines as we wait for the volatility and illiquidity contagion to come to its logical conclusion,” Gao said.

Uzbekistan will require registration for cryptocurenncy mining

Authorities in Uzbekistan have written and published a set of rules for crypto miners operating in the nation for public comment.Companies interested in minting digital currency must register with the government and use green energy.According to a draft directive by the director of Uzbekistan's National Agency for Perspective Projects, entities interested in cryptocurrency mining will need to register and renew their certificate every year.The document was submitted for public comment, which will go until July 9.The order specifies that crypto mining is subject to required registration, although it is not a licensed activity. It also requires crypto miners to use electricity generated by solar installations and prohibits them from supplying power to any third party.Bitcoin mining farms will also be permitted to connect to the national power grid via a separate electricity meter in order to ensure the stable running of their devices.This applies during peak hours of use, between 5 p.m. and 10 p.m., as well as at night, between 10 p.m. and 6 a.m., when they will be charged a surcharge.

FTX CEO Sam Bankman-Fried expects more crypto company insolvencies

In a recent interview, Sam Bankman-Fried, the creator of the prominent exchange FTX, warned that several cryptocurrency exchanges are "secretly insolvent" and will likely fall shortly.

The current bear market, as well as the Terra LUNA and UST fallout that occurred last month, have had a significant impact on the crypto economy.

Terra's demise arguably triggered a huge domino effect, with other exposed corporations suffering significant losses.Over two weeks ago, the crypto lender Celsius halted withdrawals, and 'those acquainted with the subject' have stated that Celsius is experiencing significant financial difficulties.Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, allegedly fell prey to critical liquidations and purchased $200 million in locked luna classic (LUNC), which is now worth $700.The troubles that arose from Terra, Celsius, and 3AC appear to have spread to other crypto businesses as well.

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