Aptos Token Dumps in First Trading Day Across Exchanges Bankrupt
Voyager Intends to Resolve CEO & CFO Claims Of Negligence Involving Three Arrows Loans.
A16z Opposes the Proposed Split Up of DeFi Giant MakerDAO
The value of the brand-new coin Aptos fell early on Wednesday as traders welcomed APT into the winter of cryptocurrencies. Within its first hour of trading, the eagerly awaited layer 1 token was listed on CoinGecko in the $9 range, down more than 30%.
At 1:00 UTC on Wednesday, Coinbase, Huobi, OKX, FTX, and Binance launched spot trading for APT. Trading took place while Aptos struggled to control the story surrounding its bumpy launch.
The network's founder, Mo Shaikh, had spent some of Tuesday disputing criticisms of the network's tokenomics and claims made about its processing speed on cryptocurrency Twitter.
Confusion persisted throughout the early trading hours as a mixture of scammers and community members unable to redeem their token airdrops flooded Aptos' discord. An Aptos moderator silenced the channel for the second time this week as the wave got nasty. The price of $APTOS as of 4:00 UTC hovers around the $6.85~ range.
According to court documents filed on Monday, following an internal investigation into how the cryptocurrency lender Voyager Digital handled loans given to the cryptocurrency hedge fund Three Arrows Capital (3AC), Voyager Digital intends to reach a settlement with two of its top employees.
According to the documents, in March, CEO Stephen Ehrlich and then-Chief Financial Officer Evan Psaropoulos consented to allow Voyager to lend Three Arrows almost $1 billion in cryptocurrency with little to no financial transparency from the fund.
Voyager wanted to know how the collapse of LUNA and its sibling token terraUSD would affect Three Arrows, but at first, they were advised that Three Arrows had just a small amount of exposure to LUNA. Tim Lo, a 3AC employee, that Voyager recall all of its loans to 3AC later in June, though, since he was concerned that the company's owners weren't responding to questions from Lo and other employees. Voyager immediately recalled all of its existing loans to 3AC, and the hedge fund shortly went into liquidation in the British Virgin Islands. A special committee made up of two Voyager board members determined that it would be challenging and expensive to pursue negligence charges against Ehrlich and Psaropoulos, who is currently Voyager's chief commercial officer.
Instead, Voyager is recommending a settlement in which Ehrlich would pay $1.1 million in cash to Voyager, seek $20 million in claims under his directors and officers' insurance coverage, and keep Psaropoulos and Ehrlich in their existing positions. The bankruptcy judge in the case must first approve the settlement. Voyager, a company with headquarters in Toronto, filed for bankruptcy in New York in July, largely as a result of the losses on its loans to Three Arrows.
The top venture capital firm, Andreessen Horowitz (a16z), disagrees with the founder's plan to divide MakerDAO, one of the biggest decentralized finance protocols in cryptocurrency, into smaller entities.
A16z argued against several of the points made in MakerDAO creator Rune Christensen's "Endgame" manifesto on how to make Maker more decentralized and censorship-resistant. A16z is an investor in Maker with the ability to influence votes in decision-making.
Decentralized finance's cornerstone, Maker, allows users to automatically withdraw and lend cryptocurrency. Additionally, it releases DAI, a $6 billion decentralized stablecoin backed by $7.8 billion in investor-locked assets.
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