Day: February 8, 2023

What creditors can expect from Genesis’ bankruptcy — and what others can learn

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The holding company of troubled crypto lender Genesis Global Capital, Genesis Global Holdco LLC, filed for Chapter 11 bankruptcy protection in New York on Jan. 19. Genesis is the latest crypto platform to file for bankruptcy, joining Celsius, Voyager, BlockFi and FTX. The application of Chapter 11 provisions to the crypto industry raises a series of new issues for courts. Here’s a preview of what creditors can expect, and what casual observers can learn about the implications of a Chapter 11 process for an entity in the crypto industry. The…

Cloud mining firm BitFuFu postpones merger with SPAC until May

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Cloud mining firm Bitfufu, one of Bitmain’s crypto firms, is delaying for the second time its plans to go public via a special-purpose acquisition company (SPAC), according to a statement on Feb. 7.  The company announced its plans to go public in January 2022 through a merger with the SPAC company Arisz Acquisition Corp, anticipating to be publicly listed in the third quarter of that year and a pro forma enterprise value of nearly $1.5 billion. The new decision will postpone the public listing to May, helping the companies to…

Robinhood Board Authorizes Purchase of Shares Bought by FTX’s Sam Bankman-Fried, Gary Wang

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Hermès wins case against Mason Rothschild’s Metabirkins

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On Feb 8, a jury trial in the Southern District of New York reached a verdict in Hermès’ lawsuit against MetaBirkins. The court ruled that artist Mason Rothschild had violated the trademark protections of the brand Hermès. Rothschild’s 100 “Metabirkins” NFTs were found to not be artistic commentary and therefore not protected by the First Amendment of the United States Constitution. According to a report by Vogue Business, a nine-member jury found Rothschild liable for trademark infringement, trademark dilution, and “cybersquatting,” awarding Hermès $133,000 in damages. Notably, the decision marks…

NFL Rivals Game Adds QBs Hurts, Mahomes to NFT Lineup Ahead of Super Bowl

Nonetheless, Mythical aims to garner hype around its upcoming game with new player cards. The presale opens to holders of the unique Rarity League collection on Thursday, followed by a public sale Friday. The 1,000-unit collection of NFTs for the Super Bowl players are sold in a pack of three and retail for $49. Source AddsAheadBowlGameHurtsLineupMahomesNFLNFTQBsRivalsSuper CryptoX Portal

Fujitsu launches Web3 acceleration platform for startups and partner companies

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The Japanese-based multinational tech company Fujitsu has announced the launch of a new platform designed to support Web3 developers worldwide.  According to a report by the Fintech Times, Fujitsu’s Web3 Acceleration Platform seeks to provide a development environment, blockchain-based service APIs, high-computing technologies, simulations, AI, combinatorial optimization, for start-ups, partner companies, and universities building Web3 applications and services.   The company said on Feb. 8 that its platform aims to support the creation of a diverse ecosystem of Web3 applications across a range of use cases, such as digital content rights…

122% Rise in 10 Days – Bitcoin News

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Statistics show transfer fees on the Bitcoin network have increased 122% since the end of last month, as the average transaction fee has climbed from $0.767 to $1.704 per transaction. The rise in onchain fees coincides with the new Ordinals digital collectible trend on the network, with the number of inscriptions nearing 20,000. Rising Transaction Fees Help Bitcoin Miners Reap Increased Revenue Despite Falling Spot Prices Bitcoin network fees, or the average cost to transfer BTC, rose 122% during the first week of Feb. 2023. Statistics from bitinfocharts.com and ycharts.com…