Market Update: October 19, 2022

  /  3 minutes read

Yesterday, Aptos, a layer-1 solution funded by prominent venture capital firms and emerging from Meta’s abandoned Diem project, launched its mainnet. The Aptos blockchain, however, came under fire after launch for its low TPS and tokenomics methodology.

Prior to the mainnet’s introduction, Aptos asserted a speed of 130,000 transactions per second (TPS), which is significantly higher than the speed of seven TPS it later demonstrated. Additionally, it postponed the disclosure of its tokenomics concept until after the opening of its mainnet. The same came on time with the pressure from the community.

In response to criticism, Aptos co-founder Mo Shaikh stated “The current TPS is not representative of the network capacity – this was the network idling ahead of projects coming online. This number is expected to increase with more activity. Hope this clears up any TPS confusion.”

Source : FTX

According to reports, Nuri, a German neobank that provides cryptocurrency investment tools, has requested that its 500,000 members remove money from their accounts as the company gets ready to close and liquidate its operations. Nuri previously disclosed that it had submitted an insolvency petition in August. Customers are asked to withdraw their money and valuables before December 18th by the company.

Kristina Walcker-Mayer, CEO, said:” This year, the challenges have become insuperable due to the tough economical and political environment of the past months, which kept us from raising new funds or finding an acquirer. On top, the insolvency of one of our main business partners worsened the situation significantly and put us over the edge.”

Source : Blockchainstock

The insolvent cryptocurrency lender Voyager Digital intends to settle with two top executives, according to recently filed court documents, after an internal investigation uncovered potential claims of gross negligence relating to their handling of loans made to cryptocurrency hedge fund Three Arrows Capital (3AC).

The documents show that former CFO Evan Psaropoulos and CEO Stephen Ehrlich permitted Voyager to lend 3AC almost $1 billion in cryptocurrency with little to no financial transparency on the part of the firm. Voyager has offered a settlement that would have Ehrlich pay $1.125 million in cash to Voyager instead of suing the executives. Additionally, it is seeking up to $20 million in claims under the director’s and officers’ insurance plans, which will permit Ehrlich and Psaropoulos to carry on with their business.

That’s it for today, see you tomorrow

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