3 months ago 2 min read

You Could Have Missed Three Crypto Stories this Week

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▶ Here are three stories you might have missed while eating leftovers from the holiday or trying to keep up with the several FTX saga threads.

Even in the limbo between Christmas and New Year, there is cryptocurrency news to be found.

Here are three stories you may have missed while enjoying holiday leftovers or trying to keep up with the several FTX saga threads.

Season Finale Starring Nexo and Vauld

After talking about a possible merger since July, Nexo and Vauld appeared to be ending their courting this past week

Our conversations with Nexo have regrettably not resulted, Darshan Bathija, founder and CEO of Vauld, wrote in an email to the company's creditors on December 26.

A source with knowledge of the situation provided a number of explanations for the breakdown. Vauld suffered considerable losses in the defunct Terra ecosystem, Indian authorities seized company assets, money was trapped on the defunct cryptocurrency exchange FTX, and there were sizable loan receivables from Amber Group. The source noted that the proposed merger may not have made sense for Nexo because Vauld has a sizable client base in the United States and Nexo recently announced plans to depart the nation.

However, Nexo persisted and sent Vauld an open letter with a revised version of its original proposal from earlier this month. The open letter further claimed that while presenting Nexo's prior proposal to Vauld's creditors, Kroll, Vauld's financial advisor, distorted and manipulated it.

The Wings of DeGods and y00ts Have Expanded

Two of the top non-fungible token collections on Solana, DeGods and y00ts, recently revealed plans to connect to Ethereum and Polygon early in 2019.

The two collections are the two most important NFT projects on the Solana blockchain in terms of floor price and were developed on Solana in October 2021 by Rohun Vora, an NFT inventor who goes by the moniker "Frank DeGods."

The action was taken as Solana's native token fell below $10 and received a beating. Later in the week, Avalanche's native AVAX token's market valuation topped Solana's, reaching $3.47 billion as opposed to $3.43 billion for Sol.

Grayscale's GBTC is the Target of Valkyrie's Attack

Valkyrie Investments declared that it is prepared to become the fund's "sponsor and manager" and that it has a proposal for the faltering Grayscale Bitcoin Trust of Digital Currency Group.

The business claimed in a statement on December 28 that it was "well-equipped to manage the unique challenges and opportunities posed by GBTC." "Our combination of technical and regulatory knowledge and hands-on experience makes us the right candidate to take on this responsibility," the statement said.

On December 13, the discount to NAV for Grayscale's fund reached an all-time low of 48.89%, and the price of GBTC is down 77% so far this year.

It's time for a change, Valkyrie declared, "in light of recent developments concerning Grayscale and its family of associated corporations."

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