The week ahead's three biggest cryptocurrency stories

Quick Take

  • Here’s some of the biggest crypto stories to look out for as we enter the final quarter of 2022. 

Following a relatively busy week here's what to keep an eye on as we enter the fourth quarter of the year.  

Celsius, the next hearing

Last week, bankrupt crypto lender Celsius parted ways with CEO Alex Mashinsky after a group representing customers and creditors in the bankruptcy process called for his removal.

The firm's CFO Chris Ferraro then moved into the role of "Chief Restructuring Officer" and interim CEO.

On Friday, the Department of Justice sought to block withdrawals from the platform until an independent examiner has completed her investigation. Celsius had filed a motion to return funds to customers in the custody and withhold accounts program at the start of this month, with the U.S. Trustee objecting to that motion, saying "the motions are premature and should be denied until after the Examiner Report is filed."

The next hearing is set for Thursday, Oct. 6.

GUSD stablecoin volume in MakerDAO

Last week, Tyler Winklevoss submitted a proposal on the MakerDAO forum to boost the adoption of the Gemini dollar (GUSD) stablecoin in the latter’s ecosystem. 

The proposal sets out plans to grow the volume of GUSD in the MakerDAO PSM, which refers to the peg stability module that allows users to mint DAI by swapping any MakerDAO-accepted collateral. The PSM is considered useful for maintaining DAI’s peg to the U.S. dollar.

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