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OpenSea's daily sales volume dipped below $1 million

Major NFT marketplace OpenSea is facing a steep drop in daily sales, which recently dropped below $1 million. The drop comes as the broader NFT marketplace is falling in a spiral and prices for popular NFT projects are falling sharply. According to NFT data provider DappRadar, OpenSea's daily trading volume has dropped to about $837,000. By comparison, at its peak in early May 2021, the market recorded more than $405.7 million in sales.

Court orders liquidation of Three Arrow Capital

A British Virgin Islands Court has ordered the liquidation of Three Arrows Capital (3AC), plunging the crypto hedge fund into a deeper crisis, Sky News reported. According to the report, Teneo Restructuring has been mandated to handle 3AC’s restructuring. Although 3AC has yet to comment on the decision, many believe the ruling is a pivotal moment for the struggling cryptocurrency industry. The financial implications of the liquidation for 3AC creditors are unclear.The ruling comes almost two months after 3AC got its first whiff of trouble with the crash of LUNA and UST tokens.

CoinFLEX Launches $47 Million Token Recovery Plan to Resume Withdrawals

Last week, cryptocurrency derivatives exchange CoinFLEX joined a growing list of digital asset platforms to halt withdrawals due to market uncertainty and issues with its counterparty. The company has now unveiled a recovery plan that involves the creation of a new token. Announcing the solution on Monday, CoinFLEX said it plans to raise $47 million through the issuance of a new token dubbed Recovery Value USD (rvUSD). The exchange further noted that it has been in talks with “potentially large buyers” who have “significant interest” in the terms offered.