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US Seeks Forfeiture of $700M in Assets from Former FTX CEO Sam Bankman-Fried

• The US government is seeking forfeiture of nearly $700 million in assets seized from former FTX CEO Sam Bankman-Fried.
• The assets include over 55 million Robinhood Markets shares worth $525 million and $171 million in cash from bank accounts.
• The government is seeking to take control of the assets, which it believes are not part of the FTX bankruptcy estate or subject to exemptions.

The United States government is taking action to seize nearly $700 million in assets belonging to former FTX CEO Sam Bankman-Fried. The assets in question, which were seized earlier this month, include over 55 million Robinhood Markets (HOOD) shares worth approximately $525 million and $171 million in cash from a series of bank accounts linked to Bankman-Fried’s web of companies.

The government is now seeking to take control of these assets, which it believes are not part of the FTX bankruptcy estate or subject to exemptions. This was revealed in a bill of particulars filed late Friday in Bankman-Fried’s criminal case. The bill of particulars states that the government believes that the assets it has seized „are not property in the bankruptcy estate“ or are exempt from freezing, meaning they do not have to be frozen like most FTX assets are pending wind-up.

The assets being sought by the government include over 55 million shares of Robinhood Markets, which were purchased with borrowed funds from Alameda. This was at the center of a fight involving Bankman-Fried, FTX Group and BlockFi. In addition to these shares, the government is also seeking $171 million in cash from a series of bank accounts linked to Bankman-Fried’s web of companies.

The case against Bankman-Fried has been ongoing since January, when the US government first seized the assets. The case is currently in the process of being heard in federal court and Bankman-Fried has already been arraigned and had his bail hearings. The government’s filing of the bill of particulars is the latest step in the process of seeking forfeiture of the assets.

If the government is successful in its effort to take control of the assets, it could have far-reaching implications for Bankman-Fried and FTX. The US government’s action could also have implications for crypto more generally, as it could set a precedent for future cases involving crypto assets. The case is ongoing and it remains to be seen how it will ultimately play out.

Crypto Markets Surge But Genesis Has Over $5B in Liabilities

Bullet Points:
• Crypto lending firm Genesis had $5.1 billion in liabilities following its withdrawal freeze in November.
• Interim CEO Derar Islim provided a breakdown of the firm’s financial state heading into its restructuring.
• Three of Genesis‘ entities filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York.

Crypto Markets Today: Bitcoin Surges Above $22K, Genesis Has Over $5B in Liabilities

On Monday, the crypto markets responded positively to the news that Bitcoin had surged to a new all-time high of $22,300. Ether was also trading up, by 5% to $1,640. Equities also closed up on the news. However, this surge in the crypto markets was accompanied by a less positive story about crypto lending firm Genesis.

Interim CEO Derar Islim recently provided a breakdown of Genesis‘ financial state heading into its restructuring. The breakdown was included in a first-day motion in the U.S. Bankruptcy Court for the Southern District of New York, and revealed that the firm had a staggering $5.1 billion in liabilities following its withdrawal freeze in November. This freeze was a result of the „run on the bank“ that was sparked by the collapse of FTX and sister company Alameda. Customers demanded Genesis repay $827 million in loans, forcing its lending units to freeze withdrawals in order to protect remaining funds.

As a result of this financial situation, three of Genesis‘ entities had to file for Chapter 11 bankruptcy protection. These entities were Genesis HoldCo, Genesis Global Capital LLC and Genesis Asia Pacific PTE. LTD. In the motion, Islim asked the court to grant the firm access to $50 million of its funds, in order to help it operate during the restructuring process.

In the coming weeks, it will be interesting to see how the situation develops for Genesis. The firm’s financial situation is far from ideal, but it is still trying to make the best of the situation and restructuring its operations. If successful, Genesis could emerge from this crisis stronger than before. It’s clear that the crypto markets still have plenty of room to grow, and Genesis‘ situation is a reminder that the industry is still relatively young and has a lot of room for improvement.

Binance Grows in Popularity with Retail Investors in Inflation-Hit Countries

• Binance has attracted the largest number of retail investors from countries facing high inflation in 2022, according to a CryptoCompare report.
• The exchange is often the most readily available choice for users in emerging markets, due to its easy accessibility.
• Binance is the world’s exchange by trading volume, with more than $14 billion in spot trading volume over the past 24 hours.

Inflation has been a major problem in many countries around the world in recent years, prompting individuals to seek alternative means to safeguard their money from devaluing currencies. Cryptocurrency exchanges such as Binance have become increasingly attractive to retail investors from emerging markets, as these platforms offer an easy and secure method of trading digital assets.

A report from CryptoCompare, which tracks digital asset trends, found that Binance had the largest market share among exchanges in 2022, recording a 16.3% increase. This is largely because of its easy accessibility for retail investors in these markets, as well as its widespread adoption of cryptocurrencies.

Binance is the world’s leading exchange by trading volume. According to CoinMarketCap data, its more than $14 billion in spot trading volume over the past 24 hours exceeded the amount of the next 20 exchanges in the rankings. The exchange has also grown in popularity due to its wide range of features, such as its margin trading service, which allows users to take out loans to increase their buying power, as well as its cryptocurrency lending service.

The CryptoCompare report also highlighted Binance’s strong focus on customer service and security. The exchange employs a rigorous security protocol that includes two-factor authentication, cold storage, and anti-phishing measures. It also provides 24/7 customer support and a variety of educational resources to help users better understand the trading process.

Overall, Binance’s user-friendly platform and comprehensive security measures have made it a prime choice for investors from emerging markets looking to diversify their portfolios. With its continued growth and adoption, the exchange is likely to remain a major player in the cryptocurrency space for years to come.

New CTO Joins Luno Exchange: A Leader in Crypto Space

• Timothy Stranex, the co-founder and chief technology officer of cryptocurrency exchange Luno, departed in December to pursue personal projects.
• He has been replaced as CTO by Simon Ince, who joined Luno two years ago as its vice president of engineering.
• Luno, which is owned by Digital Currency Group, has over 10 million customers worldwide and offices in London, Singapore, Cape Town, Johannesburg, Lagos and Sydney.

Cryptocurrency exchange Luno, owned by Digital Currency Group, announced the departure of its co-founder and chief technology officer (CTO), Timothy Stranex, in December. Stranex, who had been with the company for nearly 10 years, left to pursue personal projects. He was replaced as CTO by Simon Ince, who joined Luno just under two years ago as its vice president of engineering.

Since its founding in 2013, Luno has grown to become a leading digital currency exchange, with over 10 million customers worldwide. The company has offices in London, Singapore, Cape Town, Johannesburg, Lagos and Sydney, and it offers customers a range of services, including buying and selling of cryptocurrencies, secure storage, and a variety of tools and services to help them manage their digital assets.

With Stranex’s departure, the Luno leadership team is now headed by CEO Marcus Swanepoel, who co-founded the company with Stranex and two other partners, Carel van Wyk and Pieter Heyns. Ince, the new CTO, has a strong background in engineering and has held various leadership roles at tech companies such as Google, Microsoft and Apple.

The cryptocurrency exchange space is growing rapidly, and Luno is well-positioned to capitalize on the trend. The company has been expanding its services and offerings, and the addition of Ince as CTO should help them continue to develop the cutting-edge technology necessary to stay competitive.

At the same time, Luno is also focused on building a culture of trust and transparency. Stranex was instrumental in developing the company’s core values and ensuring that customers had access to the best possible products and services. With Ince now at the helm, Luno is committed to continuing to uphold these values and remain a leader in the cryptocurrency exchange space.

Introducing Tonic.xyz: A New NFT Gallery for Generative Art

Bulletpoints:
• Susannah Maybank, former head of digital at Gagosian Gallery, is building Tonic.xyz, an NFT gallery focused on curating generative art collections
• The first collection on Tonic will launch Jan. 31 and feature a generative art collection from Jaime Derringer, artist and founder of Design Milk
• Generative art allows artists to create a narrative expressed over a larger collection and maintain an ongoing relationship with collectors

Susannah Maybank, the former head of digital at the renowned Gagosian Gallery, is taking her expertise in the fine art world to the Web3 space. Together with Mariam Naficy, founder of online design marketplace Minted, Maybank is building Tonic.xyz, a non-fungible token (NFT) gallery dedicated to curating generative art collections.

Tonic will provide artists with the infrastructure to mint their code on-chain, as well as onboard the fine art world to the Web3 space through merging the physical and digital worlds. The gallery’s first collection, launching on Jan. 31, will feature a generative art collection from Jaime Derringer, artist and founder of publication Design Milk.

Generative art has been popular in the crypto space, with artists such as Tyler Hobbs and Erick Calderon having produced successful collections on generative art platform Art Blocks. According to Maybank, generative art not only provides artists an ongoing relationship with collectors, but it also allows them to create a narrative expressed over a larger collection.

The Tonic.xyz team is working with many experienced blockchain developers, artists, and generative art creators to ensure the best user experience and the highest quality of content. The gallery will also host a series of virtual events and gatherings to bring together the community of digital art enthusiasts and create more opportunities for collaboration.

Maybank and Naficy are committed to creating a space where artists can easily monetize their digital artworks and foster a meaningful relationship with their collectors. With the launch of Tonic.xyz, they hope to bridge the physical and digital worlds by introducing the fine art world to Web3 and helping to further mainstream the use of blockchain technology in the art world.

Generative Art Gets a Boost with Tonic.xyz

Bullet Points
• Former Head of Digital at Gagosian Gallery, Susannah Maybank, is building Tonic.xyz, a non-fungible token (NFT) gallery focused on curating generative art collections.
• The first collection on Tonic will launch Jan. 31 and feature a generative art collection from Jaime Derringer, artist and founder of publication Design Milk.
• Generative art allows artists to create a narrative expressed over a larger collection and provides an ongoing relationship with collectors.

Susannah Maybank, the former head of digital at the globally renowned Gagosian Gallery, is taking her experiences in the art world to Web3. With her new venture, Maybank is building Tonic.xyz, a non-fungible token (NFT) gallery focused on curating generative art collections by providing artists the infrastructure to mint their code on-chain.

Maybank is launching Tonic with Mariam Naficy, founder of online design marketplace Minted. The first collection on Tonic will launch January 31 and feature a generative art collection from Jaime Derringer, artist and founder of publication Design Milk.

Generative art has had its moment in a chilling crypto winter, where artists such as Tyler Hobbs and Erick Calderon have produced successful collections on generative art platform Art Blocks. Maybank believes that generative art provides artists with an ongoing relationship with collectors, and the code allows them to create a narrative expressed over a larger collection.

According to Maybank, Tonic is aiming to bridge the physical world of art and the digital world by on-boarding the fine art world to the Web3 space. Tonic.xyz will help artists mint their works on-chain, and will also provide an avenue for collectors to purchase digital artworks with cryptocurrency.

Maybank hopes that Tonic will help make generative art more accessible to a wider audience. She believes that generative art is the perfect medium for this purpose as it allows for the creation of unique, digital objects that are easily transferable and can be displayed anywhere.

Tonic.xyz is an ambitious project that seeks to bring together the physical and digital worlds of art. The platform will provide artists with the infrastructure to mint their code on-chain, and will also give collectors the opportunity to purchase digital artworks with cryptocurrency. In doing so, Tonic.xyz will create a space where the two worlds of art can come together, and where generative art can be enjoyed by a wider audience.

Explore the Physical & Digital Worlds with Tonic.xyz’s Generative Art Collections

• Former Gagosian Head of Digital, Susannah Maybank, is building Tonic.xyz, a non-fungible token (NFT) gallery focused on curating generative art collections.
• The first collection on Tonic, from artist Jaime Derringer, will launch Jan. 31 and will seek to onboard the fine art world to the Web3 space by merging the physical and digital worlds.
• Generative art has had its moment in a chilling crypto winter, where artists such as Tyler Hobbs and Erick Calderon have produced successful collections on generative art platform Art Blocks.

Susannah Maybank, the former head of digital at the globally renowned Gagosian Gallery, is leveraging her experiences in the art world to build a Web3 gallery. The gallery, called Tonic.xyz, is a non-fungible token (NFT) gallery focused on curating generative art collections by providing artists the infrastructure to mint their code on-chain. Maybank co-founded Tonic with Mariam Naficy, founder of online design marketplace Minted.

Generative art has recently become a popular form of expression in the digital world, with artists such as Tyler Hobbs and Erick Calderon having produced successful collections on generative art platform Art Blocks. Maybank told CoinDesk that not only does generative art provide artists an ongoing relationship with collectors, but the code allows artists to create a narrative expressed over a larger collection.

The first collection on Tonic will launch Jan. 31 and feature a generative art collection from Jaime Derringer, artist and founder of publication Design Milk. This launch will also seek to onboard the fine art world to the Web3 space by merging the physical and digital worlds. With this, Tonic.xyz hopes to provide a platform for artists to engage with collectors in a meaningful way and help them mint their works on-chain.

In addition to providing access to generative art, Tonic.xyz also seeks to create a community of artists and collectors who can share their works and experiences. Maybank hopes that the launch of the gallery will help introduce art enthusiasts to the world of Web3 and help them understand the benefits of connecting the physical and digital worlds.

Tonic.xyz is set to launch Jan. 31 and will provide an opportunity to explore the merging of the physical and digital worlds through generative art collections. With the launch, Tonic.xyz hopes to provide a platform for artists to engage with collectors in a meaningful way and help them mint their works on-chain.

DeFi and Blockchain Tech Could Solve $2.2 Trillion FX Risk Problem

• A research paper by Circle Internet Financial and Uniswap Labs suggests that DeFi and blockchain technology could solve a $2.2 trillion FX risk problem and reduce cross-border remittance costs by $30 billion a year.
• The paper states that on-chain FX can offer faster and more affordable transaction processes, greater liquidity and stability.
• The paper will be released in Davos for a World Economic Forum event hosted by Circle on Thursday.

Digital-assets firms Circle Internet Financial and Uniswap Labs have released a research paper that suggests that DeFi and blockchain technology could solve a $2.2 trillion foreign-exchange (FX) risk problem and reduce cross-border remittance costs by $30 billion a year.

Every day, around $2.2 trillion in FX transactions carry a risk that one side of the agreement won’t meet its obligations. This is a major financial-stability concern for regulators, but the new paper from Uniswap Labs and Circle’s chief economist, Gordon Liao, claims that distributed ledger technology could provide a solution. The 20-page paper will be released in Davos for an event hosted by Circle on Thursday in conjunction with the World Economic Forum.

The paper notes that on-chain FX can offer faster and more affordable transaction processes than traditional solutions, as well as greater liquidity and stability. It also states that DeFi solutions could help to reduce the risk of large-scale FX transactions by providing a system for simultaneous settlement.

Uniswap Chief Operating Officer Mary-Catherine Lader commented on the paper, saying “DeFi and blockchain technology have the potential to revolutionize the way FX markets operate, and our paper demonstrates how these technologies can be leveraged to reduce systemic risk and create a more efficient and liquid market.”

The paper’s authors hope that the research will help to shape the future of the FX markets and bring more stability to the financial system. They also hope that it will encourage regulators to embrace new technology solutions that could help to reduce risk and increase efficiency in the FX markets.

IBM Exec at WEF: CBDCs are the Future of Money, Enterprise Blockchain Can Reduce Energy

• Shyam Nagarajan, an executive partner at IBM Consulting, discussed the potential of enterprise blockchain, CBDCs, and Web3 at the World Economic Forum in Davos, Switzerland.
• Nagarajan believes that CBDCs have the potential to change payment systems and are the future of money.
• He suggests issuers consider a hybrid-like model of permissioned and permissionless currency.

Shyam Nagarajan, an executive partner at IBM Consulting, discussed the potential of enterprise blockchain, CBDCs, and Web3 at the annual World Economic Forum in Davos, Switzerland. He believes that CBDCs have the potential to revolutionize payment systems, making them the future of money.

Nagarajan argued that, while CBDCs are able to replace the current digital currency system, issuers should consider a hybrid-like model of permissioned and permissionless currency in order to meet the demands of different users. This hybrid model could allow issuers to better control and manage the currency, while still allowing users to access their funds anytime, anywhere.

In addition to his discussion on CBDCs, Nagarajan also touched upon IBM’s sustainability efforts and the discontinuation of their blockchain-enabled shipping solution TradeLens. Nagarajan believes that TradeLens will ultimately have to go away, citing the need to focus on other areas of the company’s blockchain strategy.

Nagarajan also revealed that IBM is currently working on a number of initiatives to make blockchain-based data storage and processing more efficient. He believes that blockchain technology is ripe for disruption, and that the company is looking to use it to reduce energy consumption while still providing users with a secure and reliable data storage platform.

Overall, Nagarajan’s discussion at the annual World Economic Forum highlighted the potential of enterprise blockchain, CBDCs, and Web3. He believes that CBDCs are the future of money, and that issuers should consider a hybrid model of permissioned and permissionless currency in order to meet the demands of different users. In addition, he discussed IBM’s sustainability efforts and the discontinuation of TradeLens, as well as the company’s initiatives to make blockchain-based data storage and processing more efficient.

Frontier Launches In-Browser Wallet Extension for 35 Supported Blockchains

• DeFi protocol Frontier launched an in-browser wallet extension that allows users to interact with staking, transactional and non-fungible token (NFT) activities over 35 supported blockchains.
• The wallet allows users to interact with any decentralized applications (dapps) in one place instead of switching different applications.
• The wallet supports newer blockchains such as Aptos and Sui, which have seen strong interest and engagement in crypto circles in the past few months.

DeFi protocol Frontier has recently launched an in-browser wallet extension that is designed to offer users with a secure, reliable, and seamless experience when interacting with staking, transactional, and non-fungible token (NFT) activities over 35 supported blockchains. With the launch of this wallet extension, users can now interact with any decentralized applications (dapps) in a single place instead of switching to different applications.

The wallet extension supports newer blockchains such as Aptos and Sui, both of which have gained considerable interest and engagement in the crypto circles in recent months. The wallet can be used to stake tokens, store and transfer NFTs, and even transfer tokens between various networks, a process known as bridging. Frontier has said that the wallet has been built with a secure architecture, and utilizes the latest encryption and security measures to ensure that users’ funds remain secure and private.

The in-browser wallet extension is available for download from Frontier’s official website. Once downloaded, users can connect their wallets to their desired blockchains and start using the wallet to send, receive, and store tokens, conduct staking activities, and manage their NFTs. Additionally, the wallet supports multiple languages, including English, Spanish, French, German, and Chinese.

The wallet extension also features an intuitive user interface (UI) that allows users to easily and quickly access all the features and functionalities offered by the wallet. Frontier has also added a chatbot to the wallet, which makes it easier for users to ask questions and get instant responses. This feature has been designed to help users get the most out of their wallet experience.

Frontier has also launched a mobile application that is compatible with Android and iOS devices. The mobile application features the same features as the in-browser wallet, and allows users to access their wallets and make transactions on the go.

Overall, the launch of the in-browser wallet extension from Frontier is a major step towards making the use of cryptocurrencies and decentralized applications more accessible and convenient for users. With the wallet’s intuitive UI, secure architecture, and support for multiple languages, users can now easily and securely manage their digital assets and interact with dapps in one single place.