Day: December 23, 2022

Mythical Games Files Lawsuit against Three Ex-CEOs for Raising $150M for Their Own Firm

A few weeks after leaving Mythical Games, the Trio launched their new publishing platform for Blockchain games called the Fenix Games. They also claimed to have raised capital from Cypher and Phoenix Group for their new venture. Crypto gaming unicorn Mythical Games, which is also backed by Andreessen Horowitz, has filed a lawsuit against its top three executives for violating the fiduciary duty and leveraging the company’s leads to raise $150 Million worth of funds. Mythical Games has accused ex-Chief Executive Officers Rudy Koch, Matthew Nutt, and Chris Ko of…

Sheikh Hamad Salem Becomes a MaskEX Shareholder as Both Parties Collaborate to Develop a Smart City in the UAE – Press release Bitcoin News

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press release PRESS RELEASE. Sheikh Hamad Rakadh Salem Hamad Alameri, a well-known Sovereign Wealth Fund (SWF) member of the Royal Family in Abu Dhabi, United Arab Emirates, has officially become a MaskEX shareholder following the signing of a Memorandum of Understanding (MOU) to develop a smart city in Dubai, United Arab Emirates. Sheikh Hamad Rakadh Salem Hamad Alameri is a big supporter of Abu Dhabi’s 2030 Vision by directly contributing to the emirate’s social and human development and creating a sustainable, knowledge-based nation. MaskEX is a Canadian company. It has…

FTX asks bankruptcy judge to stop BlockFi from claiming Robinhood shares

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Embattled crypto exchange FTX asked for the assistance of a United States bankruptcy judge to prevent crypto lending firm BlockFi from claiming around $450 million worth of Robinhood shares purchased by its former CEO Sam Bankman-Fried.  On Nov. 28, BlockFi filed a lawsuit demanding Emergent Fidelity Technologies, Bankman-Fried’s holding company, to turn over 56 million Robinhood Markets shares. The stocks were allegedly put up as collateral for BlockFi’s loans to crypto trading firm Alameda Research. Both FTX and Alameda filed for bankruptcy before settling the BlockFi loans. However, FTX argued…

Collapse of FTX Can Bring SEC Closer to Banning Cryptocurrencies

The US SEC has already launched its first attack declaring that FTX’s native cryptocurrency FTT token was a security. The dramatic collapse of the crypto exchange FTX last month has sent shockwaves across the entire crypto industry. Millions of FTX users have lost their hard-earned money while trading with FTX. The situation with FTX has pushed the SEC to gather enough legal ammunition which might lead to the consideration of banning digital assets and other centralized crypto exchanges. Earlier this week on Wednesday, the US Securities and Exchange Commission (SEC)…

AFA Partners with Upland as It Takes World Cup Win to Metaverse

This partnership deal signals one of the AFA’s first forays into the world of Web3.0 as it looks to improve fan experience and engagement amongst other things. The Argentine Football Association (AFA) is still reeling from its recent FIFA World Cup win, which took place less than a week ago. In the spirit of the moment, and to keep abreast of the latest trends, the football governing body AFA has announced a new partnership with metaverse startup Upland. This partnership deal signals one of the AFA’s first forays into the…

Meta Platforms Agrees to Pay $725M to Settle Cambridge Analytica Lawsuit

Following the scandal with Cambridge Analytica at the time, Meta Platforms Inc said it has implemented a rigorous privacy campaign policy that has generally solidified its platform. American multinational social and metaverse-focused company, Meta Platforms Inc (NASDAQ: META) has agreed to pay the sum of $725 million to settle a class action lawsuit involving the British political consulting firm, Cambridge Analytica to access millions of Facebook user’s personal information. Meta Platforms and Cambridge Analytica Scandal The settlement puts an end to the long protracted lawsuit that has been on since…

President of Brazil Sanctions Cryptocurrency Law – Regulation Bitcoin News

President Jair Bolsonaro has approved law 14.478, which regulates cryptocurrency-related operations and virtual asset service providers (VASPs) in Brazil. The document, approved on the last day of the period allowed, will begin to be applied 180 days after its sanction. This will give all parties a period to adapt to compliance. Cryptocurrency Law Finally Sanctioned in Brazil Brazil has, at last, approved its cryptocurrency law in the nick of time. After having completed almost the whole period for taking action, President Jair Bolsonaro signed bill 14.478 into law on Dec.…

Authorities in Italy, Albania Bust $16M Suspected Crypto Investment Scam

An organized crime group carried out the operation out of a call center in Tirana, Albania, Eurojust said. Victims were asked to create an account and transfer an initial sum, which showed an immediate financial gain. They were then contacted by the perpetrators posing as brokers “that proposed advantageous investments in cryptocurrencies with zero risk,” though it’s not clear that any crypto assets were purchased. Source

Cryptocurrency Increasingly Mainstream in Laundering, Funding of Terrorism, and the Ukraine Conflict, Reports Austrac

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Australian financial intelligence agency Austrac warns that cryptocurrency is the currency of choice for local donations towards terrorist organizations and local organized crime groups. They also warn that war assets are being bought by Russian paramilitary groups for involvement in the Ukraine crisis using these cryptocurrency donations. It is no longer a “niche option” like before, John Moss opined. The deputy chief executive and head of intelligence says that it is now becoming more mainstream among criminal groups, “particularly to send money offshore.” Indeed, it has also been used as…