DCG Misses $630M Due Payment, According To Gemini – May 22

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$26,834

Bitcoin price has started the week where it left off, continuing to hover just below then $27,000 mark.

Top-20 altcoins have had mixed performance over the last 24 hours, as Ether and BNB each gain less than 1%, while Tron stands out with a 5% rise.

Top Stories for May 22, 2022 🔥

👉 DCG Misses $630M Due Payment, According To Gemini

Crypto exchange Gemini has revealed that Digital Currency Group (DCG) missed a payment of $630 million to its subsidiary, Genesis Global Capital.

Gemini is now collaborating with other creditors to offer forbearance and prevent DCG from defaulting. DCG has been negotiating with creditors of Genesis Capital, which filed for bankruptcy protection earlier this year.

The exchange has threatened to sue DCG and its founder, Barry Silbert, with DCG’s total debt to Gemini amounting to $900 million. If a resolution cannot be reached, Gemini plans to work with other creditors on an alternative reorganization plan.

👉 Analysts Say US Debt Deal May Hurt Bitcoin Price

As negotiations to raise the U.S. government’s debt limit continue, some analysts are warning that a potential deal may negatively impact the crypto market.

Assets like Bitcoin have benefited from the uncertainty caused by fears of government default and the Federal Reserve’s rate hikes.

However, once the debt limit is raised and the Treasury looks to rebuild its cash balance by issuing government bonds, analysts suggest that it could lead to money moving out of risk assets like Bitcoin and into bonds, and delay the likelihood of rate cuts.

👉 Tornado Cash Governance Hacked, Then Hacker Proposes Fix

An attacker took over the governance of privacy protocol Tornado Cash this weekend, but  submitted a new proposal to reverse the damage just hours later.

The attacker gained control over the DAO by granting themselves 1.2 million TORN tokens, using a malicious proposal. They then drained the TORN tokens from the governance vault, as well as tokens from the governance contract.

Hours after the hack, the attacker submitted a new proposal to return the TORN tokens – however still has a majority stake to control the DAO, and therefore controls the decision in whether the proposal is passed.