Silvergate Shares Tumble 46% Following Job Cuts – January 5

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $16,831

Bitcoin price is hanging around yesterday’s levels, as the market continues to await some much-missed volatility.

Top-20 altcoins have mostly remained flat or seen small losses, as Ethereum falls half a percentage point, BNB drops 1% and Shiba Inu is the sole outlier with a 4% gain.

Top Stories for January 5, 2022 πŸ”₯

πŸ‘‰ Silvergate Shares Tumble 46% Following Job Cuts

Crypto-friendly bank Silvergate Capital has seen its share price slashed almost in half, following reports that it had reduced its workforce by 40%.

Silvergate has also put plans on hold to launch its own digital currency, as well as written off its investment of almost $200 million into the acquisition of Meta’s Diem project assets.

The bank has publicly noted “rapid changes in the digital asset industry” and seeks to ensure that they are “maintaining cash liquidity in order to satisfy potential deposit outflows.”

πŸ‘‰ TON Blockchain Launches Decentralized Data Storage Solution

The TON Foundation has launched TON Storage, a decentralized file-sharing and data storage solution built on the TON blockchain network.

TON Storage allows users to transfer data files of any size, which are backed-up and encrypted, without the need for centralized web servers.

The system provides financial incentives to node operators on the network, with smart contracts ensuring users pay them in Toncoin to host files for a specified amount of time.

πŸ‘‰ NYAG Files Lawsuit Against Celsius CEO, Alleging Misrepresentation Of Financial Condition

New York Attorney General Letitia James has filed a lawsuit against Alex Mashinsky, the founder and CEO of Celsius, alleging that he made numerous false and misleading statements that resulted in investors losing billions of dollars.

James claims that Mashinsky defrauded over 26,000 New York residents through his actions leading up to Celsius declaring bankruptcy, which included misrepresenting the platform’s financial condition and failing to personally register as required by state law.

The lawsuit aims to recoup losses for the defrauded investors.