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US court sets deadline for Celsius bankruptcy claimants

by Blockchain NewsNovember 21, 2022

The Celsius bankruptcy case is still pending in the United States Bankruptcy Court for the southern district of New York State, which has established a new deadline for the submission of documents related to the case.

Those who intend to register any claims against the former digital asset lender are advised to do so before the deadline that has been established, which is stated in an official document.

Whoever chooses to do so is required to provide evidence of claim no later than January 3, 2023 at 5:00 p.m. Eastern Time. This includes individuals, partnerships, companies, joint ventures, and trusts.

Celsius created a thread on Twitter to remind its former users of the recent court deadline approval along with detailed information on the filing process for claims.

The judgement was taken not long after the independent examiner who was looking into the Celsius case made an accusation that the corporation had “insufficient” accounting and operational controls in its administration of client monies.

The actions of Celsius have been subject to the constant surveillance of authorities.

Customers alleged that the former cryptocurrency lender used the assets of new users to cover existing yields and facilitate withdrawals, which resulted in a court ruling being issued on November 1 by the judge who was presiding over the case. The ruling ordered an investigation into the possibility that Celsius was a Ponzi scheme.

The lawsuit is set to proceed in court once again on December 5 of this year, when the next scheduled hearing occurs.

The latest developments in the bankruptcy case involving Celsius come on the wake of the failure of yet another major cryptocurrency platform.

The present liquidity problem at FTX, which has developed into a bankruptcy scandal, is just one more instance in which authorities need to assist previous customers and investors who have suffered financial losses.

Source

Disney’s new CEO Bob Iger and crypto

by Blockchain NewsNovember 21, 2022

A believer in the Metaverse’s promise. Bob Iger has startled the business community by stating that he would immediately resume his prior position as Disney’s CEO. Iger will succeed Bob Chapek, who has already submitted his retirement from his position.

Iger gained the most of his renown during his 15-year tenure as CEO of the international entertainment giant, which is perhaps his most notable accomplishment. However, the Disney executive rose to prominence in the cryptocurrency industry after joining Genies as a director, consultant, and investor. Genies is a blockchain technology development company. The Genies platform is a digital avatar system that is powered by Dapper Labs’ Flow blockchain.

Iger remarked that he was “thrilled to be joining the Genies Board of Directors” to help Akash Nigam and his colleagues in their aim to “empower individuals to construct the mobile apps of Web3: avatar ecosystems.” This was done in order to further the objective of “enabling anybody to create mobile apps for Web3.”

When Disney submitted its metaverse patent application on December 28, Iger was still serving as CEO and chairman of the board.

The patent was for a “virtual-world simulator in a real-world venue,” and according to the application, it would allow attendees at Disney theme parks to build and project personalised 3D effects onto adjacent actual locations, such as walls and other objects, using their mobile phones. The patent was for a “virtual world simulator in a real-world setting,” thus this would be doable. This objective might be accomplished using a technology known as a “virtual world simulator in a real-world situation.”

Disney said at the time that there were “no present intentions” to use the “virtual-world simulator” patent into any of its products. Moreover, the corporation has not yet announced any items related with the patent.

According to reports, Iger’s return to Disney will be brief, and he has only committed to staying in his capacity as Disney’s CEO for the next two years. This information was collected from The Hollywood Reporter.

It has been reported that during his new tenure as CEO, Iger would seek to choose a successor and work with the board of directors to determine the company’s strategic future.

Despite his absence during the course of the year, Disney has maintained its attempts to develop initiatives involving the metaverse, nonfungible tokens (NFTs), and blockchain technology. The completion of these endeavours is planned.

Disney began searching for a senior counsel in September in order to work on transactions involving non-fungible tokens (NFTs), the metaverse, blockchain technology, and decentralised finance. Disney is actively doing research on all of these subjects (DeFi).

They are looking for a specialised professional to give “complete product life cycle legal advise and assistance for global NFT goods” and to guarantee that the products in question conform with all applicable laws and regulations inside the United States and internationally.

Source

Tagged : Disney / Industry

Bill Ackman predicts crypto will remain

by Blockchain NewsNovember 21, 2022

People have said that a lot of technology companies in China are working on making it possible for Chinese soccer fans to watch the FIFA World Cup in the metaverse.

These projects are part of a five-year plan that the Chinese government announced at the beginning of November. The goal of the plan is to improve the local virtual reality (VR) industry and help it grow.
According to a report from the state-run media outlet Global Times that was published on November 20, the video streaming platform Migu is one of six Chinese companies that have secured the rights to show the World Cup. Migu plans to create a “Metaverse-like” space that will allow users to watch a livestream of the game while wearing virtual reality headsets.
ByteDance, the company that owns TikTok and its Chinese version, Douyin, has been granted the licencing rights to air the competition. Pico, a subsidiary of ByteDance that makes VR headsets, will be broadcasting the World Cup live. Users will be able to create and gather in “digital rooms” to watch the game together.
It looks like China’s virtual reality (VR) business, which is still new, is using the World Cup to test out the technology.
On November 1, an ambitious industrial strategy was pushed by the nation’s Ministry of Industry and Information Technology, together with four other agencies in the country.
Even though China’s five-year plan for 2022–2026 says it wants to improve its virtual reality (VR) industry and ship more than 25 million units worth $48.56 billion, the plan doesn’t say if this goal is for each year or for the whole plan.
The plans don’t say anything about whether or not the metaverse would use blockchain technology, like the city of Wuhan’s proposal, which was later changed to remove any mention of non-fungible coins (NFTs).
X2Y2 reduces the amount of the optional royalties. The NFT marketplace X2Y2 has changed its policy on opt-in royalties and said in a November 18 Twitter thread that it will once again charge creator royalties on all collections, both those that are already out and those that will come out in the future.
In August, the marketplace was one of the first to implement alternative royalties. At that time, it transitioned to a system known as “flexible royalty,” which enables purchasers to choose the amount of the royalty that they would pay.
The NFT community responded to it in a variety of different ways.

Source

Tagged : BILL ACKMAN / FTX / News

Chinese corporations offer metaverse World Cup viewings, X2Y2 backtracks on royalties, and more.

by Blockchain NewsNovember 21, 2022

People have said that a lot of technology companies in China are working on making it possible for Chinese soccer fans to watch the FIFA World Cup in the metaverse.

These initiatives are part of a five-year plan that the Chinese government unveiled at the beginning of November with the intention of enhancing the capabilities of and fostering the growth of the local virtual reality (VR) sector.
According to a report from the state-run media outlet Global Times that was published on November 20, the video streaming platform Migu is one of six Chinese companies that have secured the rights to show the World Cup. Migu plans to create a “Metaverse-like” space that will allow users to watch a livestream of the game while wearing virtual reality headsets.
ByteDance, the company that owns TikTok and its Chinese version, Douyin, has been granted the licencing rights to air the competition. ByteDance’s VR headset subsidiary, Pico, will be offering live broadcasts of the World Cup, and users will have the ability to create and congregate in “digital rooms” to watch the game together.
It looks like China’s virtual reality (VR) business, which is still new, is using the World Cup to test out the technology.
On November 1, an ambitious industrial strategy was pushed by the nation’s Ministry of Industry and Information Technology, together with four other agencies in the country.
Even though China’s five-year plan for 2022–2026 says it wants to improve its virtual reality (VR) industry and ship more than 25 million units worth $48.56 billion, the plan doesn’t say if this goal is for each year or for the whole plan.
The plans don’t say anything about whether or not the metaverse would use blockchain technology, like the city of Wuhan’s proposal, which was later changed to remove any mention of non-fungible coins (NFTs).
X2Y2 reduces the amount of the optional royalties. NFT marketplace X2Y2 has recanted its opt-in royalties policy and said in a Twitter thread dated November 18 that it would once again impose creator royalties on all current and future collections.
In August, the marketplace was one of the first to implement alternative royalties. At that time, it transitioned to a system known as “flexible royalty,” which enables purchasers to choose the amount of the royalty that they would pay.
The NFT community responded to it in a variety of different ways.

Source

Tagged : Asia / China / Chinese / Metaverse / WORLD CUP

Vitalik Buterin gives crypto lessons after FTX crash

by Blockchain NewsNovember 21, 2022

Following the failure of FTX, Ethereum’s co-founder, Vitalik Buterin, has shared his reflections on one of the cryptocurrency industry’s most major “black swan” occurrences, as well as some positives that have sprung from it. Buterin has made his voice heard after the collapse of the FTX exchange.

During an interview on November 20, Buterin gave an interview to Bloomberg in which he emphasised his idea that the collapse of FTX may serve as a learning moment for the remainder of the cryptocurrency industry.
He conceded that the basic solidity of distributed ledgers and the technology that powers the bitcoin asset market have not been put into question. He was referring to the fact that the market has not been subject to any regulatory scrutiny.
Buterin also referred to the collapse of the FTX exchange as a “big tragedy,” but he said that it supports the stance that many people within the Ethereum community have in reference to centralization. This was his explanation for why the failure of the exchange was significant.
He went on to clarify that one of the foundations of this philosophy is to put greater confidence in open and transparent code than in humans. He said that this is one of the ways that this philosophy may be used.
Buterin put out a guide on how to run a “secure CEX” over the weekend. The guide shows that the company is in the process of filing for bankruptcy.
Most people agree that the main reason FTX is in the situation it is in now is that it used money deposited by customers for things other than what the exchange had planned.
After receiving a large number of withdrawal requests all at once earlier this month, the exchange quickly realised that it was unable to meet the demand for withdrawals with the liquidity that it had available. This discovery was made after the exchange received a large number of withdrawal requests all at once.
The only other significant player in the business to have lately spoken out against the impact of FTX is Vitalik Buterin, although he is not alone in doing so.
On November 17, the CEO of Binance, Changpeng Zhao, stated that while regulation is necessary, it is more important for industry players to lead by example than it is for regulators to regulate the industry. He made this statement in response to a question about whether or not regulation is necessary.

Source

Tagged : FTX / News / Vitalik Buterin

Next Generation On-chain DEX Aggregator 3Route Launches on Tezos

by Blockchain NewsNovember 21, 2022

Zug, Switzerland, 20th November, 2022, Chainwire

Powered by the Tezos blockchain, 3Route enables cost-efficient and secure swap transactions across multiple liquidity sources

3Route enables users to cut costs by utilizing most of the Tezos DEXes’ liquidity in one secure swap

3Route, a decentralized exchange protocol launches a next generation on-chain DEX aggregator powered by the energy-efficient blockchain, Tezos. The leading-edge automated routing engine atomically optimizes trades across multiple liquidity sources. 3Route is positioned to provide users with the best rates and low slippages without any service fees.

The 3Route algorithm identifies the best trading routes across more than 200 liquidity pools of Tezos supported DEXes including: Sirius DEX, QuipuSwap, Youves, Plenty, Vortex, SpicySwap, Ctez Swap and WTZ Swap.

The Protocol also splits the trade volume between several advantageous routes in order to deliver the most price-efficient option for user’s swap. At the same time the protocol doesn’t charge any additional fees. In practice it can save users up to 50% in costs, especially for high volume trades.

The 3Route protocol also implements smart contracts for execution of the swaps, so all the multiple liquidity sources are utilized via one atomic smart contract call. This allows users to gain the maximum probability of successful execution with minimal slippage.

About 3Route:

The 3Route Protocol is a next generation DEXes aggregator built by Baking Bad that facilitates cost-efficient on-chain transactions across various DEXes in Tezos ecosystem.

About Baking Bad:

Baking Bad is an independent Tezos blockchain development team focused on making Tezos available to the masses. Baking Bad seeks to provide tools for both developers and ordinary users. TzKT is one of the most popular explorers in the Tezos community. It has a convenient user interface and a developer-friendly blockchain API. Baking Bad’s DipDup is a framework for building selective indexers which allow developers to quickly create custom Dapp backends and APIs.

Contact

Senior Strategic Communications Manager
Jordan Wood
jordan.wood@blokhaus.io

Source

Tagged : Blockchain / NFT / Press Release

Examiner: Celsius’ accounting and operational controls were ‘insufficient’

by Blockchain NewsNovember 21, 2022

In the bankruptcy case involving crypto lender Celsius, the independent examiner claims that the company did not establish “adequate” accounting and operational controls in its handling of client cash. These allegations are based on the fact that the company failed to establish “adequate” accounting and operational controls. The examiner made these accusations in their report.

In an initial report that was made public on November 19 by the court that assigned Examiner Shoba Pillay the task of looking into the bitcoin loan site, Examiner Shoba Pillay brought up several critical issues concerning the site that is no longer in operation.

One of the most shocking admissions made in Pillay’s report was the fact that Celsius’ Custody programme was initiated “without proper accounting and operational controls or technological infrastructure.” This was one of the most important discoveries made in the investigation. Because of this, the corporation was able to make up for shortages in its Custody wallet with monies from its other assets.

When the Custody programme was launched on April 15, users of the Celsius platform were given the ability to transfer coins to and from one another, swap coins, and utilise coins as collateral for loans.

Because the client’s wallets were jumbled up, it is now difficult to establish which assets belonged to the customer at the time that the consumer’s bankruptcy was filed. This is because the wallets were mixed together.

The preliminary analysis has also provided light on what ultimately pushed the lending platform to suspend withdrawals on June 12th, and the reasons that decision are described in the paper. This decision was made because of the findings of the investigation.

According to Pillay, the moment that marked the turning point was on June 11, when the custodial wallets of a number of different customers ran out of cash.

By the 24th of June, this figure had dropped by an additional 24%, bringing the total amount of insufficient finance down to $50.5 million.

Celsius continued to struggle financially during the month of May, and one of the key factors contributing to this was the collapse of the Terra environment.

In addition, Celsius disclosed on November 20 that the date of its next court case is scheduled to take place on December 5. At this session, the corporation plans to further discussions over a range of topics, including its custody and withholding accounts, which will be discussed further.

Source

Tagged : Celsius / Custody / News

Crypto sleuth debunks 3 FTX hack myths

by Blockchain NewsNovember 21, 2022

On-the-job detective ZachXBT has taken to Twitter to clear up what he calls a “lot of disinformation” about the FTX hack and the individuals who may be responsible for it. He has shared the research he did on what he thinks are the three most common mistakes people make about the breach.

The self-proclaimed “on-chain detective” dispelled many rumours in a long message on Twitter on November 20. Rumours circulated that Bahamian authorities were behind the FTX attack, that exchanges were aware of the hacker’s true identity, and that the perpetrator was trading memecoins.
On November 11, the same day that FTX filed for bankruptcy, the cryptocurrency community started reporting strange transactions on wallets affiliated with FTX. These transactions included the movement of more than $650 million out of the wallet.
The Securities Commission of the Bahamas (SCB) issued a statement on November 17 in which it stated that it had ordered the transfer of all digital assets of FTX to a digital wallet owned by the commission around that time. Some people thought that the SCB was behind the alleged “hack,” even though no one has been officially named as the culprit.
However, ZachXBT argued that the 0x59 wallet address associated with the hacker was a blackhat address and was not affiliated with either the FTX team or the SCB because it “began selling tokens for ETH, DAI, and BNB and using a variety of bridges so crypto couldn’t be frozen on 11/12.” ZachXBT’s reasoning was based on the fact that the address “began selling tokens for ETH, DAI, and BNB and used a
“The fact that 0x59 was dumping tokens and bridging sporadically was very different behaviour from the other addresses who withdrew from FTX and instead sent to a multisig on chains like Eth or Tron,” he added. “The behaviour of the other addresses who withdrew from FTX and sent to a multisig on chains like Ether or Tron was much more consistent.”
Zach further mentions that the blackhat wallet spoke with another wallet known as 0x24, which, according to Zach, “had highly suspect behaviour on-chain utilising dodgy services.”
ZachXBT also brought to light the possibility of erroneous information regarding the assertion that “Kraken or other exchanges” had uncovered the identity of the hacker.
Since Kraken’s chief security officer said in a post on November 12 that “We know the identity of the user,” the rumour has been going around.
According to Zach, “In fact,” the person who was labelled as the hacker was probably simply the FTX group securing assets to a multi-signature wallet on Tron using Kraken since the FTX hot wallet had run out of gas and was unable to process transactions.
ZachXBT concluded his argument by addressing the persistent claim that the FTX hacker is involved in the trade of memecoins. This rumour was first brought to light by the blockchain analytics company CertiK.
Instead, the blockchain detective asserts that the transactions on the Ethereum network have been “spoofed.” As evidence, the blockchain detective cites a blog post written in March by an Etherscan community member named Harith Kamarul, who describes how transactions may be faked.

Source

Tagged : FTX / News / SCB / Zachxbt