FTX’s Physical Assets in the Bahamas

The joint provisional liquidators of FTX Digital Markets, which is the parent company’s subsidiary in that nation, has made public a report on the company’s tangible holdings in the Bahamas. The report details the company’s assets physically located in the Bahamas.

According to an affidavit that was filed with the Bahamas’ supreme court on February 8 by a PricewaterhouseCoopers partner, FTX’s joint provisional liquidators, or JPLs, stated that the company had purchased 52 properties in the Bahamas, including units “in the name of individual employees or relatives of Sam Bankman-Fried, despite FTX Digital providing the funding.” An FTX entity shelled out around $255 million to acquire these properties, which comprised living quarters for FTX employees as well as office space for rent by the commercial sector. The FTX subsidiary purchased these different pieces of real estate.

The JPLs also discovered “a fleet of vehicles” that the employees of FTX had used around the island and that were worth approximately $2.4 million, office furniture and computer equipment that was worth $500,000, and 13 leased storage units whose contents have yet to be evaluated. All of these items were located on the island. On the island, each and every one of these goods might be found. The liquidators have said that they would “commence disposals” once they have received clearance to do so from the highest court in The Bahamas.

In the middle of the procedures for FTX’s bankruptcy, it is unknown where the majority of the people who were still employed by the company were working. During his testimony on February 6 in the bankruptcy court, FTX CEO John Ray indicated that the firm did not have any physical offices anymore and instead conducted all of its operations in the metaverse. When Mr. Ray made this comment, he may have been referring to the headquarters of FTX rather than its local subsidiaries. It is probable that he had this in mind.


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Bitcoin Mining Museum Opens Its Doors In Venezuela. Is It The First-Ever?

The Caribbean nation of Venezuela keeps registering firsts on the book. They have arguably the first-ever CBDC, the infamous Petro, and now this. The first-ever Bitcoin Mining Museum. And even though Bitcoin is barely 12 years old, the idea makes sense. Everything has been moving too fast in that arena, someone needs to register it and preserve the past. 

Related Reading | Renowned Bitcoin Artist Encourages Venezuelan Artists Spread the BTC Word

Since January 17th, the space is open for business. The Bitcoin Mining Museum is located at Chacao’s Torre Xerox, in Caracas. CriptoAvila, a mining equipment dealer, is both creator and operator. Joan Telo, a representative from the company, told CriptoNoticias

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“We decided to take this step because, until now, there is no, or at least not publicly, place where people can observe evolution and we felt it was necessary. Each equipment, each brand, and model that we will exhibit has a story to tell, either because they have been transcendental in the history of mining or because they represented obstacles. Within this story, there are also scams, equipment that ended up harming many people who tried to mine bitcoin at the time.”

BTCUSD price chart - TradingView

BTCUSD price chart - TradingView

BTC price chart on Bitstamp | Source: BTC/USD on TradingView.com

A Bitcoin Mining Museum That Teaches

The museum will also host a model mine, with which visitors will be able to learn how the whole process works, and, “build safe electrical installations to connect your own ASICs.” Among the exhibited pieces, there’s an ATI 5850 AMD graphic card. About this one, Telo said:

“It was one of the best GPUs, but just when people began to use them, there was a worldwide stock failure like the one we are experiencing now. It happened precisely because of the cards’ capacity for mining. It was the first time that there was a global inventory failure caused by bitcoin mining. Now, our idea is to add equipment to the museum as we get them, because we want to be a world reference on this issue of the evolutionary process of cryptocurrency mining.”

To close the article off, Criptonoticias gives us interesting stats about Bitcoin mining in Venezuela:

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Venezuela, even since last year, is among the 10 countries with the greatest presence in Bitcoin mining. At that time, the Caribbean country registered 0.42% of the total hash rate, although occasionally that figure has been higher.

Not Everything Is Rosy For Bitcoin-Miners In Venezuela

In other news, on July 15th Venezuelan police detained six people in Puerto Ordaz for operating an unregistered mine. They had 25 unlicensed ASIC miners that were seized. However, the non-gubernamental organization Asociación Nacional de Criptomonedas or ASONACRIP, informs us that the miners are free once again. According to Criptonoticias:

Related Reading | How Bitcoin is The Answer To Venezuela’s Stuck-At-Sea Oil Supply

Through a statement, ASONACRIP celebrated the action of the state entity to achieve the release of the miners. In this regard, the organization stressed that digital mining activity is legal in Venezuela and operating miners without a license represents an offense punishable by fines, but not a crime. In other words, the miners cannot be detained.

So, yeah, the regulation of Bitcoin mining through strict registration isn’t going that well in Venezuela. At least they’re trying new things and breaking eggs. And they have the first-ever Bitcoin Mining Museum.

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UK Bitcoin wallet provider Caricoin to create NFT platform for reggae artists

Jamaican reggae artiste Bay-C has partnered with the London-based Bitcoin (BTC) wallet company Caricoin to create a nonfungible token platform for fellow performers in the Caribbean.

According to a report by the Jamaica Observer, the planned NFT platform will allow reggae and dancehall creatives in the Caribbean to gain more from their efforts in the music industry.

The planned NFT platform for musicians in the Caribbean is a further extension of the three-year partnership between Caricoin and the reggae star. Commenting on the plans for the NFT platform, Bay-C sta:

“Not everybody wants to understand how the blockchain technology works, some just want to get the content out; know that they have this NFT, so we’re trying to make it as easy as possible for as many people in the Jamaican and Caribbean creative space.”

According to Bay-C, the planned NFT platform for Caribbean reggae stars will come online before the end of 2021. The reggae star says he is encouraging his colleagues to get involved with NFTs.

The upcoming reggae NFT platform is another example of Caricoin’s continued expansion in the Caribbean. The U.K. Bitcoin wallet company made Jamaica its home back in 2015 and announced plans for a crypto exchange back in 2016.

Bay-C has some previous experience with NFTs, releasing seven copies of one of his songs as digital tokens. The reggae star reportedly plans to expand his NFT foray by releasing digital collectibles as part of his second full album, King Bass.

Owners of the King Bass NFT collection will reportedly gain access to redeemable and unlockable content as well as coupons and playing cards.

Musicians and other celebrities continue to delve into NFTs, releasing digital collections leveraging on their personal or creative brand identities.