DCG, Binance, Silvergate Bank, and Solana Make Big News Bear Market

• Digital Currency Group (DCG) has until Jan. 8 to resolve Gemini issues due to a $900 million debt owed by Genesis trading to Earn users.
• Binance finalized its acquisition of CoinMarketCap, a major cryptocurrency tracking website.
• Silvergate Bank filed a lawsuit against the former CEO of now-defunct exchange Cryptopia, alleging breach of contract, fraud, and negligence.

The cryptoverse was abuzz with news on the 22nd of December with lawsuits, bankruptcies, and acquisitions dominating the news. Digital Currency Group (DCG) has only until Jan. 8 to resolve Gemini issues, which arise from a $900 million debt owed by Genesis trading to Earn users. Co-founder of Gemini, Cameron Winklevoss, has accused Digital Currency Group CEO Barry Silbert of bad faith tactics, and has given him a Jan. 8 deadline to resolve the issue. Silbert has responded by saying that DCG does not owe any debt to Genesis, and that the loan does not mature until May of 2023.

Meanwhile, Binance has finalized its acquisition of CoinMarketCap, a major cryptocurrency tracking website. This acquisition is expected to increase Binance’s market share and user base, making it the most visited cryptocurrency website in the world. The acquisition also adds to Binance’s portfolio of companies, which includes Trust Wallet, Swipe, and WazirX.

Additionally, Silvergate Bank, a cryptocurrency-friendly bank, has filed a lawsuit against the former CEO of now-defunct exchange Cryptopia, alleging breach of contract, fraud, and negligence. The lawsuit alleges that the former CEO failed to properly maintain the exchange’s security, leading to the theft of over $2 million in cryptocurrency. The lawsuit is seeking damages of over $2.3 million.

Finally, the price of Solana (SOL) surged after the launch of its mainnet, with some analysts noting that the project has the potential to revolutionize the blockchain space. The project is focused on providing a high-performance blockchain platform, and is backed by industry giants such as Pantera Capital and Polychain Capital.

It was a big day for the bear market in the cryptoverse, with DCG, Binance, Silvergate Bank, and Solana all making news. DCG has only until Jan. 8 to resolve Gemini issues, Binance finalized its acquisition of CoinMarketCap, Silvergate Bank filed a lawsuit against the former CEO of now-defunct exchange Cryptopia, and Solana’s price surged after the launch of its mainnet. It remains to be seen how these events will impact the crypto space in the long run.