sunnyebinum (@sunnyebinum) • Hey
sunnyebinum (@sunnyebinum) • Hey
Publications
- ETHEREUM SELL-OFF STALLS AT AN UPWARD-SLOPING TRENDLINE
According to charting platform, Trading view, Ether's (ETH) sell-off has stalled, with bears hitting a brick wall characterized by an upward-sloping trendline drawn off October and January lows.
The bears' inability to penetrate that bull-market trendline since Monday suggests they might have to back up a bit and allow a price bounce before making another attempt at extending recent declines.
https://www.coindesk.com/markets/2024/05/17/ether-bears-hit-a-brick-wall-as-price-collides-with-bull-market-trendline/?utm_source=twitter&utm_term=organic&utm_content=editorial&utm_campaign=coindesk_main&utm_medium=social
- BORING BTC IS JUST CONSOLIDATING
Bitcoin is going through a very boring period of consolidation testing investor conviction, but a bottom could be near, analysts say.
BTC has been sliding since reaching an all-time high in March.
Friday's quick tumble showed less interest from dip buyers, suggesting that a bottom might be near, Santiment said.
The lull could continue into early summer, setting up a very bullish second half of the year, Bitfinex analysts said.
https://www.coindesk.com/markets/2024/05/10/bitcoin-is-in-a-bore-you-to-death-phase-but-bottom-could-be-close-analysts-say/?utm_term=organic&utm_campaign=coindesk_main&utm_medium=social&utm_content=editorial&utm_source=twitter
- It's beginning to bloom ♥️♥️♥️♥️
- BREAKING: Former Binance CEO CZ has been sentenced to four months in prison after the judge found no evidence that the CZ was ever informed" of illegal activity at Binance.
https://www.coindesk.com/policy/2024/04/30/binance-founder-changpeng-zhao-to-appear-in-court-today-for-sentencing/?term=organic&utm_campaign=CoinDesk&utm_content=IG+XPost%2Ceditorial%2Cbig+headline&utm_medium=social&utm_source=twitter
- BTC 200 DAY MOVING AVERAGE APPROACHES RECORD HIGH
One of the most widely tracked indicators of BTC long-term trend is approaching a record high. Past data show the most intense phase of the bull cycle unfolds after this average surpasses its previous peak.
Bitcoin's (BTC) price moved into bullish territory above the 200-day simple moving average (SMA) in October, setting record highs above $ 73,000 last month.
Now, the average, a crucial barometer of long-term trends, is also rising fast in a sign of strong bullish momentum and appears set to surpass its previous peak of $ 49,452 in February 2022. At press time, bitcoin traded at $ 66,200, with the 200-day average at $ 47,909.
https://www.coindesk.com/markets/2024/04/23/bitcoins-200-day-average-is-approaching-a-record-high-heres-why-it-matters/
- WHAT DOES THE SEC REALLY WANT?
The SEC once told the world that ETH is not a security, and not within the SEC’s statutory jurisdiction, now the same SEC is seeking to regulate ETH by suing one of the ETH developers.
Consensys is joining some of the leading companies in the space in a broad industry pushback against regulation by enforcement that is destructive to the future of the internet.
https://www.coindesk.com/consensus-magazine/2024/04/26/consensys-a-target-for-the-secs-assault-on-eth-is-fighting-back/
- FORMER TWITTER CEO, JACK DORSEY'S BLOCK DEVELOPS BITCOIN MINING CHIP
Digital payments company Block Inc., formerly known as Square, has finished the development of its Bitcoin mining chip as Chief Executive Jack Dorsey continues to advocate for a more accessible and decentralized system — an effort he’s championed since 2021.
The three-nanometer chip could be a major player in the fast-growing mining industry because such chips are a key component in creating some of the most advanced computers.
https://www.bloomberg.com/news/articles/2024-04-23/jack-dorsey-s-block-finishes-development-of-bitcoin-mining-chip
- TRADITIONAL MARKETS ARE ABOUT TO TAKE A PAGE FROM CRYPTOCURRENCY MARKET
Traditional markets could be taking a page from cryptocurrency markets as the New York Stock Exchange contemplates trading nonstop in a recent survey, according to the Financial Times.
The NYSE's data analytics team sent out a survey asking stakeholders about whether round-the-clock trading should occur on weekends as well as during a five-day week, the Financial Times reported on Monday. This would be in stark contrast to the exchange's current hours, which are 9:30 a.m. to 4 p.m. ET.
https://www.theblock.co/post/290222/nyse-contemplates-following-cryptocurrency-markets-with-24-7-trading-financial-times
- The most converted NFT right now 🤩
- SEARCH FUNCTION NOT WORKING
Hey @lens/phaver @lens/0xtomi what's happening with the search function today?
There seems to be a bug with the search function as I can't use it to find people on Phaver.
It's even saying Ali (@dollowen) is not on Phaver 😂😂😂
- ARE YOU FAVORITE DIGITAL JPEGS STILL WORTH THE PRICE YOU GOT THEM?
The world's most popular and most expensive NFT, Bored Ape Yacht Club NFTs may have hit more than a rough patch as the floor price for the once-celebrated collection hit its lowest point since August 2021. As of Monday, the floor price on Bored Ape NFTs sank to 10.9 ether (about $ 34,000), a 90% drop from its all time high price, according to NFT Price Floor data. The NFTs' floor price has not been that low since early August 2021, when it hit 9.5 ether, also according to the NFT data site.
As an NFT owner, how are your collections doing in terms of the prices you bought them?
https://www.theblock.co/post/288565/bored-apes-floor-price-hits-lowest-point-since-2021-down-more-than-90-from-all-time-high
- BITCOIN HALVING: TOKENS TO WATCH OUT FOR
With the Bitcoin halving set for April 20th, it is the perfect time for Bitcoin related networks and ecosystem tokens such as STX, RUNE, and ORDI to rally. Some traders say Bitcoin-based meme coins, NFTs, and Ordinals could form part of a “barbell strategy” comprised of both technical and non-serious projects.
Halving reduces the rate at which new coins are created and lowers the available new supply. The current block reward is 6.25 BTC, and it will drop to 3.125 BTC after the halving. This event has historically preceded a bull market for the token.
As you position yourself in these tokens, do remember investing in crypto assets is a risk, and this write-up does not constitute a financial advice.
https://www.coindesk.com/markets/2024/04/11/bitcoin-ecosystem-tokens-rune-stx-and-ordi-may-see-gains-after-halving/
- EIGENLAYER MAINNET: GOOGLE, COINBASE, AND ALTLAYER BECOME NODE OPERATORS
The cloud divisions at Coinbase and Google have joined EigenLayer as operators shortly after the mainnet went live. Other firms joining EigenLayer as operators include Deutsche Telekom MMS, HashKey Cloud, P2P, Nethermind, Figment, Everstake, Kiln and AltLayer.
This development follows the mainnet rollout of EigenLayer and its data availability layer EigenDA yesterday. The launch enables restakers to delegate their stake to their preferred operator and allows operators to decide whether to run an actively validated service on EigenLayer.
https://www.theblock.co/post/287499/google-cloud-coinbase-join-eigenlayer-as-operators
- Missed the solar eclipse yesterday?
This was specially captured by me so you can see it 💞
Enjoy the view 🥰 and don't forget to share your thoughts about astrology in the comments.
- Join this raffle to win one of the 500 WLs spots
- The Chinese government launches “ultra-large-scale blockchain infrastructure platform for the Belt and Road Initiative.”
China’s Belt and Road Initiative (BRI) is a global infrastructure development strategy aiming to connect continents through trade routes. According to Conflux which is leading the project, the main focus of the project is to “create a public blockchain infrastructure platform” to “support the implementation of cross-border cooperation projects along the Belt and Road Initiative.” Moreover, the platform will act as the foundation for applications promoting seamless collaboration across borders.
https://news.bitcoin.com/chinese-government-launches-ultra-large-scale-blockchain-infrastructure-platform/
- BINANCE GETS BOARD OF DIRECTORS
Crypto exchange, Binance has appointed it's first ever board of directors in a move to restructure the company after the legal issues with the US government.
The new board includes three independent members, four insiders. Gabriel Abed, who served as ambassador of Barbados to the United Arab Emirates, was named as chairman. The seven-member board also includes Chief Executive Officer Richard Teng, along with three other company executives - Heina Chen, Jinkai He, and Lilai Wang. The two other outside members are Arnaud Ventura, managing partner at investment firm Gojo & Co, and Bayview Acquisition Corp. CEO Xin Wang. The appointments were effective March 7, 2024.
https://www.bloomberg.com/news/articles/2024-04-01/crypto-exchange-binance-names-its-first-board-of-directors
- ACCOUNT ABSTRACTION IS FOR SECURITY AND CONVENIENCE ON THE BLOCKCHAIN
Ethereum co-founder, Vitalik Buterin has revealed that account abstraction is the way towards providing security and convenience for blockchain developers and users during his Wednesday speech at BUIDL Asia, a crypto-focused conference in Seoul, South Korea.
A modern account abstraction includes other features that improve security and convenience that Ethereum currently does not support, according to Buterin. Security goals include allowing users to change and revoke private keys and better means of account recovery, while convenience goals include users being able to pay gas fees in ERC-20s and automation of payments.
https://www.theblock.co/post/284908/vitalik-buterin-account-abstraction
- AVALANCHE FOUNDATION LAUNCHES MEMECOIN RUSH
In a first of its kind move in the crypto industry, avalanche foundation has launched a memecoin rush that will see the foundation inject $ 1 million in liquidity mining incentive to community memecoins on the avalanche chain.
Phase one of Memecoin Rush provides $ 1 million in incentives in AVAX and select community coins to liquidity providers on SteakHut and Trader Joe. SteakHut is a platform for active liquidity management and decentralized market making. TraderJoe is a longstanding DEX that utilizes a novel, capital-efficient, bin-based Liquidy Book protocol.
On SteakHut, Uniswap V3 liquidity mining program rewards will be provided to LPs for the community coins Coq, NoChill, Tech, and Kimbo for the following pools:
COQ/AVAX
NOCHILL/AVAX
KIMBO/AVAX
TECH/AVAX
Trader Joe launches incentives with single-sided, time-locked staking vaults for select tokens based on holder and market cap criteria.
https://www.avax.network/blog/the-avalanche-foundation-announces-memecoin-rush
- ORIGINAL DOGWIFHAT MEME SOLD FOR 4 MILLION DOLLARS
Solana ecosystem projects continue to outperform other blockchains in this bull run and they don't plan on slowing down anytime soon. This upward run has seen the original picture that inspired Solana’s runaway hit meme coin Dogwifhat (WIF) purchased for $ 4 million worth of ether (ETH) by influential trader GiganticRebirth, known as GCR in crypto circles.
A picture of Achi, the dog wearing a pink beanie hat, was listed on crypto auction platform Foundation for an initial price of 0.15 ETH. The auction quickly became a bidding battle between GCR, under the “PleasrDAO” alias, and Memeland, a crypto project. GCR won with an offer of 1,210 ETH after nearly an hour of bidding.
https://www.coindesk.com/markets/2024/03/18/influential-trader-gcr-buys-original-dogwifhat-meme-for-4m-wif-rises/
- If you missed today's community call, here's a record version for you to catch up.
- BITCOIN AND ETH EQUITY TRADED NOTES COMING TO LONDON STOCK EXCHANGE
ETNs which is the UK version of ETFs is set to debut on the London stock exchange in the second quarter of 2024. LSE announced today that it will start taking applications for Bitcoin and other cryptocurrency traded notes.
This is another bullish news for crypto market which has been on a steady rise since the beginning of 2024 and has recently broken it's previous all time high.
https://www.theblock.co/post/281595/london-stock-exchange-to-start-accepting-bitcoin-ether-etn-applications-in-q2
- NEAR ZERO FEES FOR LAYER 2 BLOCKCHAINS
The Ethereum blockchain's Dencun upgrade, scheduled for March 13, is the first step toward enabling its rollup–centric roadmap and will allow the network to function as a proper database for layer-2 blockchains to store data more efficiently and cheaply, Fidelity Digital Assets said in a research report on Wednesday.
The upgrade will provide the scaling needed to support millions of users on layer-2 blockchains, and will lower costs for layer 2 blockchains to store data on the main blockchain, and this reduction will probably be passed along to users in the form of lower fees.
https://www.coindesk.com/tech/2024/03/07/ethereums-dencun-upgrade-could-mean-near-zero-fees-for-layer-2-blockchains-fidelity-digital-assets/
- ETH GAS PRICE TO COST 60 TIMES LESS WITH NEW UPGRADE
The ETH Dencun mainnet is projected to reduce gas fees on ETH by up to 60x from the present price. A research by polymarket has predicted 1 blob (about 125kB) of calldata on the ETH network which presently costs 0.06 ETH, will cost 0.001 ETH with the Dencun upgrade mainnet.
With EIP-4844 upgrade expected to go live later this month, degens will be able to feast on the wide variety of projects present on the ETH chain, and also layer 2s that were cheap before now are going to be even cheaper.
This upgrade definitely brings a lot of benefits to the crypto industry...
https://twitter.com/VitalikButerin/status/1764139239233749047?t=xyflrsjkW2iM6I_9qvr85A&s=19
- BTC IS ON FULL SEND MODE
The BTC train seems to have left the train station and is not planning on slowing down anytime soon. With a 32% gain year to date, onchain data reveals a 100 percent funding rate for BTC. This means only one thing, the bulls are out in all their might to slay all the beers.
As the crypto land turns green again, remember to watch your greed and take profit along the way.
Send BTC to $ 70,000 🚀
https://www.coindesk.com/markets/2024/02/27/bitcoin-funding-rates-jump-to-100-sparking-opportunity-for-savvy-traders/
- BOOMING CRYPTO INDUSTRY
The crypto industry has seen over 90 billion US dollars in investment since 2017. This month alone, VCs have made over 50 investment into crypto and Blockchain related companies. YTD, we've seen over 230 investments.
If you've ever needed a reason to be bullish on crypto, these investments should be one of them. These VCs are placing a huge bet on the crypto industry and so should you. We are early!
https://www.theblock.co/post/278442/crypto-projects-have-received-over-90-billion-in-all-time-funding
- BINANCE NIGERIA AND P2P EXCHANGE RATE
Binance issued a statement yesterday that appears it is now into price control for the Naira to dollar rate on Binance p2p. While the naira to dollar rate continues to skyrocket, forcing exchange rates on traders seems to be against everything crypto stands for. Decentralisation should be allowing the market to determine prices and not threatening traders with sanctions to sell at your own rate while other exchanges are trading at a higher naira to dollar rate determined by the market.
Binance should allow the market to determine prices and desist from price control with their I'll thought out sanctions, except of course Binance is now an arm of the Nigerian Government...
- Coinbase earning results are now mintable as an NFT onchain. These soul bound tokens have been hinted by Coinbase CEO to be of some sort of value in the future. Minting presently only available on the Base network.
This post is not an endorsement of the NFT, remember to do your own research...
https://nft.coinbase.com/mint/coinearnings
- Bitcoin has risen 20% in the last one week and currently sitting above $ 51,000. At 1 trillion market cap for Bitcoin, there are many bullish signs for BTC and the crypto market in general. After the successful approval of the BTC ETFs, there's been a number of ETH ETF applications. BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco and Galaxy, and Hashdex, have all submitted applications for ETH ETF in recent months.
The bull is truly running now...
https://decrypt.co/217382/bitcoin-hits-1-trillion-market-cap-as-btc-blitzes-past-51k
- POINT SYSTEM, ARE WE BEING FARMED?
The point system is the new gold rush in the crypto ecosystem with crypto enthusiast rushing into all sorts of projects just to grab points. Yet to launch Blast L2 already have more than 1 Billion dollars deposited into it by point hunters. Eigen layer points are also at a premium as people rush to stake their Ethereum just to grab a share of the points.
But let's take a step backwards and ask ourselves, has any of these protocols told us exactly what these points will be used for?
Maybe is just the FOMO, but we need to be sure we're not being farmed instead of us farming the airdrops.
https://www.bloomberg.com/news/articles/2024-02-08/crypto-startups-offer-loyalty-points-to-lure-users-in-potential-regulatory-dodge
- Ethereum Decun upgrade is set for mainnet, but what really does this mean in terms of technology?
Dencun upgrade incorporates proto-danksharding (EIP-4844) into the Ethereum network which will introduce "blobs" that allows for the temporary storage and access of large amounts of off-chain data by Ethereum nodes to reduce storage demands.
TLDR: This new update will reduce transaction cost on the Ethereum blockchain thereby facilitating cost-effective and scalable data processing.
https://www.theblock.co/post/276421/ethereum-dencun-upgrade-holesky-testnet
- Attendees at the SEG3 conference in Los Angeles argued about the use of Blockchain technology and the future of NFTs. Universal Music Group Senior VP of New Business Alvaro Velilla argued that NFT protocol was finished in 2020 from a technology standpoint.
Dive into the details of the discussion through the link below 👇👇👇
https://decrypt.co/215930/ownership-doesnt-need-blockchain-or-nfts-entertainment-execs-say
- Even in the peak of the bear market in 2023, the number of unique users on the different blockchains and L2s grew exponentially. Polygon pulled a surprise by outperforming Bitcoin to take the second spot in the list of acquired users in 2023.
You can find the top 8 chains/L2s by acquired users in 2023 in the attached table. 👇
- Drink responsibly 😀
- BREAKING NEWS: In an unprecedented move, Bitwise has become the first Bitcoin spot ETF provider to publicly publish their wallet address. The address which currently holds 11,858 bitcoin can be verified on the Blockchain by any member of the public. This gesture demonstrates once again the transparent nature of the Blockchain tech where every transaction can be verified on chain. Investors in the Bitwise ETF will not only know that their coins are SAFU, they will now also be able to monitor the inflow and outflow from Bitwise BTC address.
The beauty of the Blockchain technology has been demonstrated once again. Crypto keeps winning!!!
https://www.coindesk.com/markets/2024/01/24/bitwise-becomes-first-spot-bitcoin-etf-provider-to-provide-wallet-address/
- DECENTRALIZATING ARTIFICIAL INTELLIGENCE
AI narrative apparently is not only making waves in crypto but also in the tech world, as major tech companies position themselves in the AI narrative. AI was the central topic of discussion at the Davos conference.
From Microsoft's investment in open AI, Meta's play with VR, twitter (X) introduction of Grok, the fear of over centralization of AI technology is becoming real. However, blockchain technology offers a path to decentralization of AI if fully embraced.
https://www.coindesk.com/consensus-magazine/2024/01/23/at-davos-crypto-pushes-case-for-decentralized-ai/
- OPINION: I think it's time @lens/phaver incorporates voice chat into the Phaver app. DMs are almost here, but the in app voice chats is the real deal. Enough with X messing up our AMAs.
@lens/0xtomi and @lens/saskasandholm, consider this a feature request. Let's start having our community calls in Phaver instead of Discord.
WAGMI
- Phaver DMs are inevitable, it's only a matter of time...
- Wondering where you could trade any or all of the 11 SEC approved Bitcoin ETFs?
Robinhood have listed all of them in the robinhood app, but you'll need to have a retirement or brokerage account with them for you to be permitted to trade the Bitcoin ETFs.
Details on the link 👇👇
https://www.theblock.co/post/272177/robinhood-lists-all-11-spot-bitcoin-etfs
- BITCOIN ETF FINALLY APPROVED?
SEC chairman, Gary Gensler posted a cryptic message on X (formerly twitter) a few minutes ago about what to consider when investing in crypto. Though the thread is yet to be completed as of the time of writing this, all indications are pointing to a BTC ETF greenlight from the SEC.
Brace yourself frens, WAGMI
https://twitter.com/GaryGensler/status/1744383653008839126?t=ZVd68RaeNVsZAsZGTlYLHQ&s=19
- BTC LIQUIDITY AND THE EXPECTED ETF APPROVAL
As we look forward to a flood of investment money flowing into the cryptocurrency market should the SEC eventually approves the BTC ETF, we take a look at how prepared the market is for the surge in demand that will result from the ETF approval. Trading firms and market makers appears to have been preparing for this liquidity game for months as can be seen from the record amount of BTC that have been withdrawn from centralised exchanges in the past couple of months. Individuals are not also left out in the game as many have taken their BTC of exchanges to HODL in self custody wallets in anticipation of the rise in price and value of BTC that will follow the ETF approval.
Whatever happens after now, history does beacon!
https://www.coindesk.com/business/2024/01/04/crypto-market-can-easily-handle-bitcoin-etf-trading-volume-which-could-be-worth-billions-of-dollars/
- RAGING SOLANA, IS THE BULL RUN ON?
Solana has been undoubtedly the biggest mover in this crypto cycle. It has somehow "miraculously" recovered from the unprecedented crash it suffered following the collapse of FTX. A number of airdrops and meme token has seen the price of Solana rise above $ 100.
As we await the ETF decisions, the market is already ranging and Solana ecosystems has foot on the gas!
https://www.coindesk.com/tech/2024/01/03/the-protocol-is-solanas-rebound-the-real-thing/
- OPINION: Hypocrisy is when JP Morgan's CEO, Jamie Dimon states early in December that he doesn't believe in Bitcoin and will shut it down if he was the government, only for the bank to be playing a key role in Blackrock's ETF if and when it is approved. The Bitcoin hype is simply too much for Dimon to ignore and has him eating his words just weeks after his speech against Bitcoin at the senate.
Never bet against Bitcoin because you're NGMI
https://www.coindesk.com/business/2023/12/29/jpmorgan-ceos-bitcoin-bashing-is-a-do-as-i-say-not-as-i-do-situation/
- Do you know that over 28,000 $BTC left centralised exchanges on Wednesday this week? This amount represented the highest single day withdrawal of BTC from exchanges since Dec 2022.
Speculations of a possible BTC ETF approval in 2024 are rife and on chain metrics are showing individuals are beginning to prepare themselves by keeping self-custody of their BTC.
As the withdrawals continue, there will be shortage of BTC supplies and this will ultimately result in an increase in price.
How ready are you for the 2024 crypto ride?
Don't be left out, WAGMI
https://www.coindesk.com/markets/2023/12/29/bitcoin-worth-1b-leaves-exchanges-in-largest-single-day-outflow-in-12-months/
- The Solana ecosystem hype seems to be on a continuous upward spiral and does not look like it will relent anytime soon. I think we should all start paying attention to Solana.
Paxos is set to start issuing USDP, a Solana based stable coin from January 17, 2024, after receiving regulatory approval from regulators in New York.
Don't FOMO, but fade Solana at your own risk...
https://www.theblock.co/post/269060/paxos-receives-approval-from-ny-regulator-to-expand-to-solana
- Hey Lagoon Community, it's nice to be part of you all. The ocean is a custodian of treasures and the mermaid guides it all. We're all in for an exciting treasure hunt I believe. May the odds and the storms be in our favor!
- Curious about the sudden rush to get Solana phones?
Solana meme coin, Bonk has led to a sudden rush for Solana phones leading to the phone currently being out of stock in the United States. This is because getting the phone gives you an instant 30million Bonk tokens which at present price will be worth almost more than the $ 600 it costs to get the phone... Arbitrage at it's peak!
https://www.theblock.co/post/267784/solana-phone-sells-out-in-us-as-traders-spot-arbitrage-with-bonks-skyrocketing-price
- Nigeria's 2024 budget breakdown
https://www.tekedia.com/nigerias-26-trillion-naira-budget-2024-reality-or-assumptions/
https://www.tekedia.com/nigerias-26-trillion-naira-budget-2024-reality-or-assumptions/
- BREAKING: Bankrupt crypto exchange, FTX Trading Ltd. is considering proposals from three bidders to restart trading on what had been one of the world’s biggest crypto exchanges before the company sank into bankruptcy amid fraud allegations.
The company will make a decision about how to proceed by mid-December, the company’s investment banker, Kevin M. Cofsky of Perella Weinberg Partners, said Tuesday during a court hearing in Wilmington, Delaware. FTX is negotiating details of potentially binding offers with investors, Cofsky said.
https://www.bloomberg.com/news/articles/2023-10-24/ftx-is-negotiating-with-three-bidders-to-restart-crypto-exchange
- BREAKING: Patricia, a Nigerian cryptocurrency exchange, has confirmed that customers now have the option to convert their owed funds into Patricia shares, following the launch of Patricia tokens (PTK).
According to a statement from Fejiro Hanu, Patricia's CEO, this process forms an integral component of the firm’s strategy for fundraising and reorganizing its debts. In anticipation of the firm’s upcoming app relaunch and preparation for its fundraising initiative, it allows its users to transform their debt tokens into convertible notes at a favorable discount in Patricia.
He also revealed that these shares will be managed by a Nigerian Securities and Exchange Commission (SEC)-licensed and trusted third party to ensure complete transparency.
However, some users are not happy with the move. According to Hanu, Patricia users have also notified customers of the plan to redeem their balances in batches as soon as the firm reopens.
https://cointelegraph.com/news/patricia-exchange-ceo-announces-debt-restructuring-via-convertible-notes