Day: May 14, 2023

QuadrigaCX Bankruptcy Trustee Announces Interim Distribution of Funds

by Blockchain News

QuadrigaCX’s bankruptcy trustee, Ernst & Young, has announced an interim distribution of funds to creditors of the now-defunct Canadian cryptocurrency exchange. The announcement was made in consultation with estate inspectors, and a Notice to Affected Users will be posted soon with further details about the distribution process.

QuadrigaCX became insolvent in February 2019, following the death of its co-founder, Gerald Cotten. Cotten had taken the private keys to QuadrigaCX’s offline storage systems to his grave, leaving the exchange unable to access its funds. According to the Ontario Securities Commission (OSC), QuadrigaCX owes its affected clients an estimated $160 million.

Since then, Ernst & Young has been working as the bankruptcy trustee for QuadrigaCX and has been attempting to recover any assets it can for the exchange’s creditors. So far, the trustee has recovered $34.3 million worth of assets.

The interim distribution of funds provides some relief to QuadrigaCX’s creditors, who have been waiting for over two years to receive any compensation for their losses. However, the trustee has also stated that a small number of affected users may receive a Notice of Disallowance of Claim, meaning that their creditor’s claim has been revised or disallowed in the bankruptcy process.

If users receive a Notice of Disallowance, they have the right to appeal the decision. Miller Thomson, the law firm representing QuadrigaCX users, has advised affected users to review the reasons for the revision or disallowance and gather any necessary evidence to support their claim.

The collapse of QuadrigaCX was a major blow to the Canadian cryptocurrency market, raising concerns about investor protection and regulatory oversight. The QuadrigaCX case highlighted the need for proper safeguards and measures to protect investors and prevent similar incidents from happening in the future.

Ernst & Young’s announcement of the interim distribution of funds is a significant step in the bankruptcy proceedings of QuadrigaCX. However, it remains to be seen how much creditors will actually receive and how long the proceedings will continue. The bankruptcy trustee continues to work towards recovering any additional assets for the exchange’s creditors.

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BRC-20 Tokens Surge in Popularity as Traders Flock to Bitcoin’s Latest Token Standard

by Blockchain News

BRC-20 tokens, the newest token standard on the Bitcoin blockchain, have gained significant traction in the cryptocurrency market. With the total market capitalization of BRC-20 Bitcoin tokens surpassing $1 billion and a trading volume of $207.7 million in the past 24 hours, BRC-20 tokens like ORDI, NALS, VMPX, PEPE, and MEME have emerged as some of the most notable tokens deployed on the Bitcoin blockchain.

Unlike traditional fungible tokens, BRC-20 tokens employ Ordinals and Inscriptions to manage token contracts, token minting, and token transfers on the Bitcoin base chain. This novel approach allows users to create unique digital assets on the Bitcoin blockchain, adding a layer of data to each satoshi, the smallest unit of Bitcoin.

Despite the criticism from the creator of BRC-20 tokens, who openly stated that the standard is “worthless,” traders and investors have been flocking to the token standard due to its potential for innovation and growth. The popularity of BRC-20 tokens has led to a surge in trading volume, with notable tokens like ORDI, NALS, VMPX, PEPE, and MEME experiencing price variance of between +11% and -55% within the past day.

As the adoption of BRC-20 tokens continues to grow, it remains to be seen how this new standard will fare in the highly competitive and rapidly evolving cryptocurrency market. Nonetheless, the development of the BRC-20 token standard highlights the potential of the Bitcoin blockchain to support new and innovative financial instruments beyond its traditional role as a store of value. With the surge in popularity of BRC-20 tokens, it is clear that traders and investors are eager to embrace Bitcoin’s latest token standard and reap the benefits it has to offer.

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Grayscale Launches New Entity to Manage Growing Funds

by Blockchain News

Grayscale Investments, the cryptocurrency asset manager, has announced the launch of a new entity, the Grayscale Funds Trust, to manage its publicly traded financial products in-house. The move indicates the company’s growing confidence in its ability to manage its funds internally.

In addition to the launch of the new trust, Grayscale has filed a registration statement with the United States Securities and Exchange Commission (SEC) for three new cryptocurrency-focused exchange-traded funds (ETFs). The new funds include a Bitcoin Composite ETF, an Ethereum Futures ETF, and a Privacy ETF.

Grayscale’s Bitcoin Composite ETF will invest in exchange-traded products related to or backed by Bitcoin, including Bitcoin mining firms. The Ethereum Futures ETF will offer indirect exposure to the potential future value of Ether through shares that track ETH’s price. The Grayscale Privacy ETF will invest in companies working on blockchain-based privacy technology.

However, until the registration statement is approved by the SEC, the funds will not be available for public purchase. This move comes as Grayscale continues to navigate a conflict with the SEC over converting its $17 billion Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF product.

In January 2021, Grayscale sued the SEC for denying its application, arguing that the SEC acted unfairly in treating crypto spot traded exchange-traded products differently from futures products. Grayscale claims that there is a 99.9% correlation between prices in the Bitcoin futures market and the spot Bitcoin market. Despite the SEC’s approval of several Bitcoin Futures ETFs, it has so far rejected every application for a spot Bitcoin investment product due to concerns about exposing investors to potential fraud and market manipulation.

Despite these challenges, Grayscale’s move to launch new crypto ETFs and manage its publicly traded financial products in-house demonstrates the company’s commitment to the cryptocurrency market and its belief in the long-term potential of digital assets.

In conclusion, Grayscale Investments’ launch of the Grayscale Funds Trust and its filing of three new cryptocurrency-focused ETFs is a significant development for the company and the cryptocurrency market as a whole. While the SEC’s approval of these new ETFs is still pending, Grayscale’s continued efforts to introduce crypto-focused investment products is a positive sign for the industry’s growth and adoption.

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Australian Crypto Community Remains Enthusiastic Despite Regulatory Concerns

by Blockchain News

The crypto community in Australia remains enthusiastic about digital assets, despite regulatory concerns dominating discussions at recent crypto conferences. Attendees are more interested in discussing intelligent questions around regulation and tax rather than the extravagant parties of past events. While regulatory concerns remain high, the rise in the price of Bitcoin is encouraging the crypto-curious to attend conferences and ask beginner-level questions.

At a recent meetup event hosted by Binance Australia, regulation was the most popular point of discussion. Attendees asked intelligent questions about regulation, reflecting a more serious tone at the conference. The bear market did not seem to discourage attendees, with many newcomers showing interest in attending and asking beginner-level questions.

Meanwhile, XRP Las Vegas, a conference for XRP enthusiasts and the “XRP Army,” also saw attendees asking well-thought-out questions about regulation. Attorney John E. Deaton, a social media commentator on the SEC’s lawsuit against Ripple, noted that the frustration among XRP fans was not due to fear but to the lack of regulatory clarity in the United States.

The recent tone of crypto conferences has become more serious, with attendees asking more intelligent questions about regulation and tax. Tiffany Fong, a popular crypto vlogger who attended her first crypto conference this year, noted that the parties and events were much tamer than in previous years. While some attendees may miss the extravagances of past events, the focus on discussing regulation and tax is a positive development for the industry.

In conclusion, while regulatory concerns continue to dominate discussions at crypto conferences, the community remains enthusiastic about the potential of digital assets. Attendees are more focused on asking intelligent questions about regulation and tax, reflecting a more serious tone at these events. The rise in the price of Bitcoin is encouraging the crypto-curious to attend conferences and ask beginner-level questions, indicating that interest in crypto remains high despite ongoing market volatility.

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AI Chatbots Set to Revolutionize Fast-Food Industry

by Blockchain News

Fast-food chains like Wendy’s, McDonald’s, and Burger King are partnering with tech companies to develop AI chatbots that can take drive-thru orders. Wendy’s has teamed up with Google Cloud to launch their AI chatbot, “Wendy’s FreshAI,” which uses natural language processing to generate responses.

According to a statement from Google Cloud, the use of AI chatbots to service drive-thru customers has the potential to revolutionize the fast-food industry. These chatbots can reduce wait times, increase order accuracy, and improve overall customer satisfaction.

The use of AI chatbots is already widespread in other industries, such as customer service and e-commerce. However, the fast-food industry has been slower to adopt this technology due to the complexity of taking food orders. With recent advancements in natural language processing and machine learning, AI chatbots are becoming increasingly sophisticated and able to handle more complex tasks.

AI chatbots like “Wendy’s FreshAI” use machine learning algorithms to understand what customers are saying and then generate a response. This technology has the potential to significantly improve the drive-thru experience for customers, while also providing cost savings and operational efficiencies for fast-food chains.

As the use of AI chatbots becomes more widespread in the fast-food industry, we can expect to see further advancements in this technology. This could include the use of voice recognition, facial recognition, and other biometric technologies to create an even more personalized and seamless customer experience.

In conclusion, the adoption of AI chatbots in the fast-food industry has the potential to revolutionize the way customers place orders and interact with fast-food chains. With the potential for reduced wait times, increased order accuracy, and improved customer satisfaction, it is clear that AI chatbots are set to play a significant role in the future of the fast-food industry.

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