How has the crypto world fared across the globe in the past week? Despite the market crash, there was news of innovation in payments, subscriptions and more.

Strong points:

Celsius Network has filed for bankruptcy

Celsius Network filed for bankruptcy this week. The crypto lending platform owes users $4.7 billion, according to the statement filed by CEO Alex Mashinsky in bankruptcy court. The platform’s native token, $CEL, fell more than 48% after filing for Chapter 11 bankruptcy, according to data from CoinMarketCap.

Opensea lays off 20% of its employees

OpenSea, the largest secondary market for non-fungible tokens, laid off 20% of employees blaming the general economic downturn. The NFT market saw a 70% drop in sales in June 2022 compared to June 2021.

CoinPayments halts operations in the United States

Crypto payment gateway CoinPayments has ceased operations in the United States. In a twisted turn of events, they advised users to withdraw funds before July 19. The platform was deeply affected by the crypto crash.

Three Arrows Capital faces insolvency

A U.S. bankruptcy court approved a statutory administrator to manage Three Arrows Capital’s assets and subpoena its founders this week.

The cost of producing Bitcoin is falling

Investment banking giant JPMorgan has reported that the cost of producing Bitcoin has risen from $24,000 in early June to $13,000 currently.

Web3 lost $718 million in 48 attacks in 3 months

A report from Beosin and Footprint Analytics revealed that Web3 lost $718 million in 48 major attacks during the second quarter of 2022, from April to June.

Bitfinex donated 36 Bitcoins and $600,000 USDT to El Salvador

Among the positive news, crypto exchange Bitfinex has donated 36 Bitcoins and 600,000 USDT to support economic development in El Salvador. Interestingly, Salvadoran President Nayib Bukele is a strong supporter of cryptocurrencies, especially Bitcoin. In September 2021, the country passed a law to adopt Bitcoin as legal tender.

Full Binance 20^e quarter burn

Binance has completed its 20th quarterly burn. During the burn, 1.96 million $BNB tokens were withdrawn from circulation. The cryptocurrency was worth $444.6 million.

NYDIG partners with New York Yankees for payments

NYDIG has partnered with the New York Yankees to become the team’s official bitcoin payroll platform.

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