Cryptocurrency Daily Update, November 21, 2022

Posted on 11/21/2022

1. There is general market concern that Digital Currency Group (DCG) could be in financial trouble. This is after its cryptocurrency lender Genesis was forced to halt withdrawals. There are also media reports that Genesis is seeking a US$ 1 billion emergency loan.

2. According to a filing from the United States Bankruptcy Court for the District of Delaware, FTX’s largest creditors have claims ranging from hundreds of millions to tens of millions of dollars. The identities of these creditors are not named, but collectively they are owed approximately US$ 3.1 billion. FTX has engaged Sullivan & Cromwell as well as Landis Rath & Cobb as bankruptcy lawyers.

3. In a document retrieved from a granted USPTO application, JP Morgan has officially registered a cryptocurrency trademark called “JP Morgan Wallet”.

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