Huobi To Be Acquired by Hong Kong-Based VC Firm About Capital

Huobi Global announced on Friday that it has agreed to be bought by Hong Kong-based investment company About Capital Management’s M&A fund.

Leon Li Lin, the Chinese founder of Seychelles-based cryptocurrency exchange Huobi Global, is selling his majority stake to the Hong Kong investment firm according to Huobi’s announcement.

As per the report, both parties have reached an agreement, which will have “no impact on Huobi’s core operation and business management teams.” However, the parties did not disclose the financial terms of the deal.

Under new ownership, Houbi is planning to embrace international business expansion initiatives, including the injection of sufficient capital into the margin and risk provision funds, a global strategic advisory board led by prominent industry figures, as well as efforts to enhance business competitiveness.

In a statement, Li, who founded Huobi in China in 2013, said:

“Following Huobi’s exit from the Chinese mainland market in 2021, we have accelerated our globalization push amidst a challenging market environment. We believe the successful acquisition by About Capital vehicle will contribute to Huobi’s global expansion.”

The deal comes after months of reports and rumors that founder Leon Li was looking for a buyer for his nearly 60% stake in Huobi, and was asking for at least $1 billion.

In August, rumors emerged that FTX founder and CEO Sam Bankman-Fried would buy the exchange. But later, Bankman-Fried clarified on Twitter that FTX was not planning to acquire the company.

The Seychelles-based Huobi was China’s largest crypto exchange before the nation banned cryptocurrencies last year. Despite suffering a significant blow to its revenues following the ban, the exchange has remained one of the major platforms in the industry.

According to sources, a major reason behind Leon’s exit from the firm is due to his reluctance to leave China and his unsustainable business in 2022.

Due to the recent plunge in the crypto market, several exchange platforms immediately cut down expenses to survive the winter. Huobi is one of the exchanges that witnessed difficulties. In June, many crypto firms laid off up to 25% of their staff, and several filed for bankruptcy protection.

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Greenidge Generation Recruits New Executive Leaders, Forecasts Losses in Q3

Bitcoin mining company and zero carbon power plant supplier Greenidge Generation has announced a transition of leadership and a possible loss in Q3.


According to the press release, the CEO, Jeffrey Kirt resigned his position effective October 7 to hand over leadership to David Anderson as the new CEO and Director.

Scott MacKenzie was also appointed as the Chief Strategy Officer for the company, effective from 8th October 2022.

While Jeffrey Kirt has resigned from his position as the CEO of Greenidge, he will now act as a consultant to ensure that the company has a successful transition in this period.

While the financial records are still subject to scrutiny by the US GAAP to guide investors, the press release notes that Greenidge will be reporting approximately $29 million in revenue and a net loss within the range of approximately $22 million to $20 million for the three month period that ended in 30th September.

A total of 866 bitcoin at the hashrate of approximately 2.4 EH/s was produced with 24,500 miners as of the end of September.

Speaking on the transition of leadership, the former CEO and Director of Greenidge Jeffrey Kirt noted that the company has taken several giant strides to now be a “leading vertically integrated cryptocurrency datacenter and environmentally-sound power generation company”.

Having been instrumental in driving growth at various levels in the company as the CEO, he added that he was “pleased to pass the baton now to Dave and Scott, whose extensive experience in successfully running and improving commodities businesses, executing capital projects, and delivering reliable, low-cost power generation”, will now greatly benefit Greenidge.

Greenidge recently secured a filing with the U.S.Securities and Exchange Commission (SEC) to raise the sum of $22.8 million in partnership with B. Riley Securities and Northland Securities, both investment firms, in a class A common stock proposal.

This comes shortly after the company reported a loss of $107 million in Q2. Making the firm halt its expansion plans to focus on its South Carolina and New York sites as announced earlier in the year.

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Celsius Network Shares Details of Its Creditor as it Raises Cyber Threat Concerns

Bankrupt cryptocurrency company Celsius Network has disclosed the information of its creditors in a filing recently provided in court, including names, addresses, the amount owed, and email addresses amongst others.


This is in continuation of the court proceedings after the crypto firm filed for Chapter 11 bankruptcy in the US.

This step was not taken in isolation however, it is in fact a requirement of the law to ensure transparency in handling the debts owed by the firm.

The filing includes more than 14,000 pages of documents, including the details of hundreds of thousands of creditors of the crypto firm.

While several concerns have been raised by the crypto community on the adverse effect that this move by Celsius will have on its creditors, making them vulnerable to cyber threats, the bankruptcy judge in charge of the Chapter 11 proceedings, Martin Glenn has ordered that the physical addresses of the creditors be redacted, but other information should remain.

This is after the legal counsel representing Celsius had presented an appeal before the court requesting for the redaction of names to protect its creditors from being prone to cyber-attacks. 

The filing also revealed that the former CEO, Alex Mashinsky had withdrawn approximately $10 million from the network before the crash

His spokesperson stated that the withdrawal was preplanned and was used to settle tax bills. This however has raised questions and concerns about the involvement of the former CEO in the crash of the Celsius platform.

Added to this, the filing also revealed that other executives of the crypto firm had withdrawn crypto assets worth approximately $8 million.

The spokesperson for the former CEO however noted that the crypto investment of Alex Mashinsky to the tune of $44 million remains frozen on the platform.

Celsius Network filed for Chapter 11 of the Southern District of New York Bankruptcy Court in July because of the prolonged crypto winter and how it has adversely affected the business. The crypto firm, however, promised that all its creditors of about 1.4 million users will be duly compensated for their investment and there won’t be any cause for alarm.

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Authorities in the U.S and Brazil Disrupt Crypto Fraud Ring

There seems to be a surge in crime related to cryptocurrency as blockchain technology keeps expanding. 


The United States Immigration and Customs Enforcement recently reported an investigation by the Brazilian National Police, U.S. Homeland Security Investigations (HSI) and other law enforcement agencies that led to the disruption of crypto-related fraud across several countries but with operational base in Curitiba, Brazil.

A U.S investigation has revealed that 37-year-old Brazilian citizen and former US resident Francisley Valdevino da Silva is the ringleader of a crypto fraud ring. Investors in more than a dozen countries were tricked into believing that there was a well-organized high-end crypto-financial product, when in fact the organization promoted fraudulent cooperation and licensing that enticed victims to invest millions of dollars in questionable cryptos. Ultimately, the cryptocurrency had little or no value.

The Brazilian authorities have also identified a similar fraudulent activity in Brazil with around $800 million wired through the Brazilian banking system alone aside from illegal proceeds transferred through cryptocurrency.

Governments Regulating Crypto-Related Crimes

The increase in online activities has created an opportunity for the growth of criminal activities in the digital ecosystem. Measures have therefore been put in place by different governments across the globe to fight such activities.

The U.S Department of Homeland Security hopes to put an end to the increasing cases of money laundering by creating a special unit called the Cyber Fraud Task Force ( CFTF). To effectively monitor and stop illegal online activity, CFTF investigators must be able to analyze a computer network, monitor IP addresses, and coordinate with Internet Service Providers (ISPs) to identify suspicious activity.

The Financial Crimes Enforcement Network (FinCEN) has also proposed methods for businesses operating in the crypto space, particularly exchanges. In the proposal, unhosted wallets properly monitored and transactions above $3,000 from unhosted wallets should be verified before concluding transactions with them.

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RBI Releases Publication of CBDC to be Issued in India

The FinTech department of the Reserved Bank of India (RBI) recently released concept notes on the issuance of its Central Bank Digital Currency (CBDC) in India. 


This was revealed in a tweet from the RBI’s Twitter account on Saturday. The publication simply explained the objectives, options, merits and demerits associated with issuing a CBDC in India otherwise known as the Digital Rupee.

The Central Bank Digital Currency (CBDC) is a digital form of banknote issued by the central bank of a particular country. It is issued based on the specific requirements of any given country.

The launch of the digital rupee was first announced in the February 2022 Unions budget parliament by the government of India for the fiscal year 2022-2023 onwards. The budget also laid out broad goals to be achieved by implementing a CBDC using blockchain and other technologies such as a more efficient and cheaper currency management system.

India’s CBDC is expected to possess key features such as; cross-platform support that enables the development of various client applications using CBDC for Financial Services, the ability to integrate with other IT platforms in the digital space, highly scalable to perform a large volume of transactions and highly efficient to monitor and prevent fraud.

India’s Involvement in Blockchain Technology

The CBDC works just like any country’s fiat currency. It can be used as a means of payment for making financial transactions. 

India is very much interested in developing its CBDC for an enhanced digital experience. The growing adoption of non-government digital currencies has raised concerns with the RBI, which says such virtual assets could disrupt the financial ecosystem.

The central bank of India has set up a group to explore the possibilities of a rupee-backed digital currency. Since the advent of private digital tokens, CBDC issuance has sought to reduce the cost of creating paper and metallic money.

Maersk-IBM which is the largest shipping port operator in India announced its involvement in using blockchain technology in its business processes, to show a broad-based embrace of India to the underlying technology.

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OpenSea CFO Resigns Less Than One Year After Joining

Opensea’s Chief Financial Officer Brian Roberts has resigned from the NFT marketplace but says he is still staying as an ‘advisor’ to the company.


The former CFO of Lyft took to his LinkedIn page on Saturday to disclose his resignation from Opensea. He stated:

“Well it is time for me to come ashore from the ‘open seas.’ I’m grateful for the opportunity and proud of many accomplishments but none more than the strength of the finance team at OpenSea.”

Brian started his CFO journey at Opensea last December as the company’s first finance employee and has so far built the finance team from the ground up ever since. According to his LinkedIn update, he will stay as an advisor to the company.

His resignation from the NFT marketplace company comes amid the massive withdrawal of executives going on in the crypto industry. 

Not only Brian, but in recent weeks, several administrators have been seen leaving their respective crypto firms.

Earlier this week, news media, The Block, reported that FTX’s head of OTC and institutional sales, Jonathan Cheesman, is no longer working in the firm.

In September, Brett Harrison, FTX. U.S president, announced on Twitter his departure from the crypto exchange firm and stated he would still stay in an advisory capacity.

In the same month, Kraken CEO Jesse Powell also resigned to make way for the new incoming CEO David Ripley. Bitcoin investment services firm NYDIG’s CEO Robert Gutmann and president Yan Zhao also quit the company last week.

While the reason behind this exodus differs from one another, the notable point is they all come amid extreme market conditions.

The global cryptocurrency market capitalization has declined more than 60% from its all-time high last November of $2.9 trillion to about $984 billion today – according to data from Coingecko.

Correspondingly, the NFT market trading volumes have also depreciated drastically in recent months. According to data from Dune Analytics, the NFT market weekly trading volume has decreased by 98%, plunging from $6.2 billion in January to about $100.2 million this week. 

Opensea, as an NFT marketplace continues to innovate as Brian stated, the company is “heads down building,” and he remains “incredibly bullish on web3 and especially OpenSea.” 

On Thursday, the NFT marketplace rolled out a new feature that allows users to list and buy up to 30 items in a single flow. According to Opensea, this new feature is more convenient and more gas efficient than buying individually.

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Lark Davis Escapes Celsius Network Bankruptcy With $2.5Million

According to crypto sleuth ZachXBT, Lark Davis withdrew $2.5 million from Celsius long before the company crashed.


Crypto influencer Lark Davis appears to have absconded the Celsius network bankruptcy scandal with $2.5 million after being one of the company’s promoters.

Davis has previously promoted Celsius, supporting the company and praising it to his over 400,000 subscribers on YouTube. As reported, Davis withdrew millions before June, over a month before the Celsius crash.

Some critics say Davis must have withdrawn the funds after hearing insider information about the company’s incoming crash.

On Thursday, Celsius released a bulky financial report containing the names of all Celsius users and their transactions. 

In the report, not only Davis withdrew a considerable sum before the company’s demise, but Co-founders – Alex Mashinsky and Daniel Leon had also withdrawn $12 million and $11 million respectively. ZachXBT’s claim against Davis is most likely based on this report.

While ZachXBT posted about his allegation on Twitter, some tweeps booed him while some supported him. A user commented, saying: “I follow your work and I think it’s phenomenal… but in this case, I also took my money before the crash and I’m a normal person… rumors were circulating…”

Another user also commented, saying, “I’m pretty sure I remember him posting that he was removing all his funds from Celsius when rumors of problems started circulating.”

Earlier this week, Celsius Network Ltd lost another top member as co-founder Daniel Leon resigned. CNBC reported, citing an internal email, that Lior Koren, previously the company’s global tax director, is taking over and operating out of Israel.

In addition, the company disclosed earlier this week the auction dates for its assets. Based on a filing with the US Bankruptcy Court for the Southern District of New York, the deadline for the final bid has been slated for October 17, but if need be, it will be pushed to October 20.

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Unstoppable Domains Partners with Fantom to Make Crypto Transactions Easier

To eliminate the pain points associated with cryptos like misunderstanding, trepidation, and fear, Unstoppable Domains has collaborated with Fantom to make transactions simpler and easier.

Fantom, a layer-1 blockchain platform, expects the strategic partnership to trigger a frictionless and unified crypto ecosystem. Per the announcement:

“Unstoppable Domains will support the Fantom network, and allow Fantom’s more than 3.5 million users to benefit from the simplified movement of digital assets via human-readable wallet addresses.”

Unstoppable Domains is a top platform for Web3 digital identity whose NFT domains act as a payment hub comprising human-readable addresses.


Through the partnership, the Fantom network will benefit from simplified crypto transactions, user verification, and identity ownership. 


Michael Kong, Fantom CEO, noted:

“Unstoppable Domains has been at the forefront of decentralized domains for years, and is a pioneer in the Web3 space. We are thrilled to work alongside Unstoppable Domains to bring these domain names to the Fantom Network, and to further simplify the movement of digital assets for our users.”

On his part, Sandy Carter, SVP and channel chief of Unstoppable Domains stated:

“The number of use cases for NFT domains continues to grow. We are excited to work with Fantom Foundation to help improve crypto payments, and bolster the wider Web3 landscape.”

The Fantom network recently incorporated automatic audits into decentralized applications (dApps).


Meanwhile, Unstoppable Domains recently introduced an easier way for users to purchase cryptocurrencies on MoonPay, Blockchain.News reported. 


The partnership between MoonPay and Unstoppable Domains is intended to resolve the loss of crypto funds once sent to the wrong addresses because it is nearly impossible to recover. Furthermore, the collaboration also intended to make the onboarding of mass users into the Web3.0 space more realistic.

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Flashbots Co-Founder Stephane Gosselin Resigns Following Disagreements with Colleagues

Stephane Gosselin, the Co-Founder of Flashbots, announced on Friday that he has resigned from the Maximal Extracted Value (MEV) service following disagreements with the team.

Gosselin disclosed that he left working for the maximal extracted value (MEV) business last month because of differences with the team. However, it is still unclear which position he left at work – he has been serving as a Co-founder, General Manager, and Board Member at Flashbots.

While Gosselin did not reveal the details about his fallouts with his colleagues at work, he expressed his pride in the project’s accomplishments. He said maintaining censorship resistance is essential for a diversified and competitive MEV environment.

“In the short term, I am hopeful that validators will avoid connecting to relays that perform censorship. Blockspace suppliers putting economic pressure against censorship will go a long way to making sure it does not become ubiquitous,” Gosselin stated.

Flashbots, which was co-founded by Stephane Gosselin and Phil Daian in 2020, is a research and development company focused on Maximal Extractable Value (MEV). MEV is the profit that a miner or validator can make through their ability to arbitrarily include, exclude, or re-order transactions from the blocks they produce.

Flashbots made headlines in August when it blacklisted wallets associated with Tornado Cash sanctioned by the U.S. Treasury Department, a move that sparked an outcry from the Ethereum community members. Flashbots open-sourced some of its MEV-Boost code in response to the U.S. Treasury’s sanction of the Tornado Cash protocol in August, highlighting that its U.S.-based team must comply with the legislation.

While some Ethereum community members welcomed Flashbots’ decision, others were not thrilled with the move. Tornado Cash had been using Flashbots to improve upon the use of meta-transactions for user withdrawal UX.

Flashbots specializes in addressing MEV (Maximal Extractable Value) – an arbitrage trading strategy – in which validators and miners manipulate the order of on-chain transactions to reap profits by taking advantage of price differences. Besides that, Flashbots hosts private channels that prevent Ethereum users’ transactions from being viewed in a public mempool, thus protecting them against attacks targeting to extract MEV.

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Combining Blockchain with IoT and AI can Trigger More Accurate Weather Forecast, HashCash CEO Says

For accurate futuristic decision-making in weather forecasting, blockchain ledgers should be integrated with artificial intelligence (AI) and the internet of things (IoT), according to HashCash Consultants CEO Raj Chowdhury.

Chowdhury stated:

“Widespread proliferation of IoT sensors has successfully established its uses across the weather departments, while AI/ML is being used for forecasting. The last remaining thing is establishing “trust” in the data’s accuracy- which is something blockchain excels at with consensus protocols, immutability, and transparency.” 

Since weather departments collect huge amounts of data needed for forecasting, blockchain technology can come in handy in accumulating weather-centric parameters, such as humidity, wind direction, temperature, and atmospheric pressure. This information can come in handy for logistics shipping and agriculture companies.


Furthermore, a decentralized blockchain ledger can render real-time transaction visibility. Chowdhury added:

“Reliable information has always been critical to success. The ongoing age of digital transformation may have revolutionized the way we acquire data, but everything is left to chance without validation. This is exactly why all top organizations in the world are already using blockchain.”

Meanwhile, the World Economic Forum (WEF) recently established a Crypto Sustainability Coalition to investigate the capability of Web3 and blockchain in tackling climate change, Blockchain.News reported. 


The WEF noted that blockchain tools would propel transparency in the worldwide carbon credits market, whereas crypto mining would trigger renewable microgrids through off-peak demand and decentralization.


On the other hand, a report by Chainlink Labs and Tecnalia noted that blockchain technology could help fight the climate crisis through smart contracts. As a result, blockchain was expected to act as a stepping stone towards addressing economic complexities and interoperability when transiting to renewable energy.

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