The volatility of cryptocurrency markets offers both high risks and high rewards for traders.🐒 🐒
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New crypto VC Sigma Capital targets $100 million fund, with $40 million pre-committed Sigma Capital, a new crypto venture capital firm founded by former Cypher Capital executive Vineet Budki, has announced its first fund. The fund aims to raise $100 million and has around $40 million in pre-commitments, Budki told The Block. He added that the first close is expected on June 30, with the final close anticipated 18 months later. Budki said the pre-commitments are from crypto funds, high-net-worth individuals and angel investors. He declined to name the investors but said they have previously collectively backed over 200 startups, such as Manta Network, Humanity Protocol and Casper Labs. Sigma Capital's debut aligns with a bullish crypto market, marked by bitcoin's recent surge above $100,000 and growing investor activity. The firm aims to capitalize on this favorable climate with its first fund.
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Celsius to appeal order that disallowed its $444M claim against FTX Collapsed crypto lending platform Celsius filed a notice of appeal against Judge John T. Dorsey’s order that disallowed its claims for damages from FTX as part of its ongoing bankruptcy case. Celsius has been trying to claw back hundreds of millions from FTX, initially claiming $2 billion in damages over alleged “disparaging statements” that FTX officers made against Celsius that accelerated its fall. It later revised the claim to focus on “preferential transfers” that gave special treatment to some creditors and not others, claiming damages of $444 million. Dorsey disallowed both claims in December, finding that Celsius’ original proofs of claim, which contained only a single sentence about investigating possible preference claims, were insufficient to preserve their preference claims.
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