Day: March 9, 2023

FTX Reaches $45M Deal to Sell Interest in Sequoia to Abu Dhabi’s Investment Arm

CryptoX – Cryptocurrency Analysis and News Portal The agreement could be closed as soon as March 31, though deals made by bankrupt companies are subject to close judicial scrutiny. The would-be buyer, Al Nawwar Investments RSC Limited, is ultimately owned by the government of Abu Dhabi, and already invests in Sequoia, the document said. Original Source The post FTX Reaches $45M Deal to Sell Interest in Sequoia to Abu Dhabi’s Investment Arm appeared first on CryptoX. CryptoX Portal

Mt. Gox registration deadline pushed for another month

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The registration dates for Mt. Gox creditors have been pushed back by another month. According to the announcement, the deadline has been moved from March 10 to April 6, allowing creditors to file claims for another month. The distribution deadline has been pushed back by another month as well. The distribution of assets to creditors will now start from Oct. 31 instead of Sept. 30. BREAKING: MT GOX REGISTRATION DEADLINE PUSHED FROM MARCH 10TH TO APRIL 6 DISTRIBUTION DEADLINE PUSHED BACK FROM SEPTEMBER 30TH TO OCTOBER 31ST — Craig B (@altbender0x)…

Silvergate to Shut Down & Liquidate Operations Following Several Market Constraints

Crypto-friendly bank Silvergate has announced plans to shut down in an orderly manner and fully repay all deposits.  Silvergate Capital has decided to shut down operations and liquidate its bank following effects of problematic market conditions. On Wednesday, the crypto-focused bank made the grim announcement, which also saw its stock plummet over 36% in after-hours trading. In addition to ‘voluntarily liquidating’ in an ‘orderly manner,’ Silvergate also revealed that it would fully repay all deposits. The announcement read: “In light of recent industry and regulatory developments, Silvergate believes that an orderly…

Judge refuses to consolidate class-action lawsuits against FTX

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A federal judge has refused to consolidate several proposed class-action lawsuits against the FTX exchange by investors. According to the judge, the exchange and its defendants have not yet been heard.  Excerpt from the order denying the motion to consolidate. Source: Law360 On March 8, United States District Judge Jacqueline Scott Corley laid down the order that denied plaintiffs a request to consolidate five proposed class-action lawsuits against the bankrupt crypto exchange. Despite no defendants opposing the motion, the judge pointed out that not all defendants had the opportunity to respond…

Blockchain Retail Market Size to Top Over $2 Billion by 2028 — Study – Blockchain Bitcoin News

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According to Fortune Business Insights, the global blockchain retail market size is expected to surge from the $172.2 million recorded in 2021 to over $2 billion by 2028. Both the demand for the product by end-users as well as the growing use of the technology in supply chain management are expected to sustain the market’s projected compound annual growth rate (CAGR) of 42.8%. Inherent Benefits of Blockchain The value of the global blockchain retail market size is expected to grow from the $172.2 million recorded in 2021 to over $2…

BitMEX co-founder Arthur Hayes proposes Bitcoin-based stablecoin

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Amid the United States regulators increasingly scrutinizing stablecoins, the community continues to pitch new ideas of stablecoins independent from the U.S. dollar. Arthur Hayes, co-founder and former CEO of BitMEX cryptocurrency exchange, has proposed creating a new stablecoin with a value pegged to the sum of $1 worth of Bitcoin (BTC) and one inverse perpetual swap of BTC against USD. He outlined the idea of the potential Satoshi Nakamoto Dollar (NUSD), or NakaDollar, in a blog post titled “Dust on Crust” on March 8. Unlike major reserve-backed USD stablecoins like…

What are Bitcoin ordinals?

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Ordinals are different from traditional NFTs from a technical design perspective. There are several features that make the pricing for ordinals a different exercise.  Bitcoin ordinals, as mentioned before, help identify sats uniquely and have content or art stored on-chain. Ethereum’s ERC-721 standard, which is used to create NFTs, typically holds the metadata or a pointer to the art, which is generally held off-chain. Some Ethereum NFTs are experimenting with on-chain storage, but they are more of an exception. The other key difference with Bitcoin ordinals is the way rarity…

Jimmy Fallon wants exemption from BAYC trademark case

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Lawyers of Jimmy Fallon, star of NBC’s long-running comedy and variety series The Tonight Show, have filed a petition to “quash” a subpoena requiring him to testify in the Yuga Labs Inc. v. Ripps et al. case.  The lawyers claim that Fallon has no connection to the dispute, is not a party to the Ripps litigation, and has never met or interacted with Ryder Ripps, creative director of OKFocus and Jeremy Cahen, one of the founders of the alleged Bored Ape Yacht Club (BAYC) “copycat.” Yuga Labs is suing Ryder…