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Genesis May File for Bankruptcy This Week

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Genesis Global Capital is set to proceed with bankruptcy filings as early as this week, Bloomberg News reported on Wednesday.

Citing people with knowledge of the matter, the report stated that the cryptocurrency trading platform’s collapse came after it froze customer redemptions on 16 November.

The news comes just after FTX’s collapse and subsequent bankruptcy proceedings on 11 November. Numerous crypto firms have followed, including crypto lending company BlockFi and the largest publicly traded cryptocurrency mining firm in the United States, Core Scientific Inc.

Bloomberg added Genesis and parent firm Digital Currency Group have failed to agree on a proposal. Creditors involved in the case include Kirkland & Ellis and Proskauer Rose have joined advising groups.

Gemini-Genesis Partnership

The cryptocurrency enterprise is also deadlocked with Gemini founders Cameron and Tyler Winklevoss. The latter accused Genesis of owing over $900 million USD.

The partnership led to the launch of crypt lending product Earn, which faced US Securities and Exchange Commission (SEC) charges of selling illegal securities to customers.

Recently, fintech firm Curve proposed to buy BlockFi following FTX’s collapse in mid-November. Curve aims to buy out BlockFi’s massive 87,000 customer base after the latter suspended access to credit cards.

Coinbase Lists KAVA, Advancing Ethereum–Cosmos Interoperability

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San Francisco, California, 18th January, 2023, Chainwire

Today, Coinbase has listed Kava and will launch a massive Learning Rewards Campaign to educate its user base about how Kava is leading the world to Web3.

Kava is a decentralized layer-1 blockchain that combines the speed and interoperability of Cosmos with the developer power of Ethereum. Kava has spent the last year building a deep integration with Coinbase that optimizes the process for Cosmos SDK chains to integrate with Coinbase helping to drive new liquidity to the Cosmos ecosystem.

Unlocking Cosmos Liquidity
Coinbase’s native integration with Kava allows for easy listing of Kava ecosystem projects, KAVA staking on Coinbase, and unlocks DeFi usage for Coinbase users on Kava. Additionally, Kava worked with the Coinbase team to make it significantly easier for Cosmos chains to list on the exchange, unlocking access to liquidity for Cosmos projects and further driving the adoption and growth of the entire Cosmos ecosystem. The entire process whittles the timeline for integrating Cosmos SDK chains to Coinbase from 12-18 months to a single month. Cosmos chains can now be integrated as easily as ERC-20 tokens. A major step forward to increasing liquidity within the Cosmos Ecosystem

“It’s exciting to see Kava listed on the largest US-regulated exchange. Coinbase sets the standard as the most important on-ramp for new users and capital into the blockchain ecosystem. I look forward to growing Kava’s exposure to new users, which will have downstream effects for all protocols in the Kava Rise program and the Cosmos ecosystem.” — Scott Stuart, CEO of Kava Labs

Fueling Protocol Growth with Kava Rise

Kava was built from the ground up to optimize its resources for protocol growth, strengthened by its Cosmos-EVM technology that enables maximum scalability, speed, security, and developer support. In 2022, Kava combined on-chain and off-chain growth mechanisms into a single developer incentive program called Kava Rise. 

Kava Rise aims to set a new standard for enabling growth and demand for thousands of Web3 protocols. Builders earn a share of Kava Rise’s $750M developer incentive fund via the program’s blockchain-based distribution method, designed to reward the top protocols every month based on usage. More than 50 protocols like Curve Finance, Sushi, and Beefy Finance have collectively brought more than $15M TVL into the ecosystem, showcasing the program’s ability to enable protocols to grow and thrive regardless of market conditions. 

About Kava
Kava charges Web3 growth with the best on-chain incentives and Cosmos-EVM sidechain tech. Join the network bringing millions into Web3 at kava.io 

Contact

Media Manager
Guillermo Carandini
Kava Labs
guillermo.carandini@kava.io

Former FTX US Exec ‘Spills the Tea’ on Sam Bankman-Fried Row

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Brett Harrison, FTX’s former president of operations in the United States, slammed disgraced chief executive Sam Bankman-Fried for threatening colleagues.

In a series of tweets on Saturday, Harrison slammed Bankman-Fried for verbally attacking the platform’s workforces that offered solutions for improving the firm’s US management.

He explained in the thread that, six months after working for FTX, “cracks began to form” in his relationship with the former CEO.

He initially believed that Bankman-Fried was a “sensitive and intellectually curious person.” He later stated he found “total insecurity and intransigence” after employees confronted the executive.

Further problems developed after Harrison recommended FTX US to establish separate branches for its teams.

He explained: “I saw in that early conflict his total insecurity and intransigence when his decisions were questioned, his spitefulness, and the volatility of his temperament. I realized he wasn’t who I remembered.”

He added he “wasn’t sure what accounted for the dramatic change,” adding that potential mental health issues could be a “contributing factor.”

Harrison continued, stating: “Sam was uncomfortable with conflict. He responded at times with dysregulated hostility, at times with gaslighting and manipulation, but ultimately chose to isolate me from communication on key decision-making.”

Additionally, Bankman-Fried allegedly threatened to “destroy [Harrison’s] professional reputation” if he failed to apologise formally. The verbal threat “solidified” Harrison’s decision to leave the firm.

He concluded: “I never could have guessed that underlying these kinds of issues — which I’d seen at other more mature firms in my career and believed not to be fatal to business success — was multi-billion-dollar fraud. If any one of us had suspected let alone learned the truth, we would have reported them immediately.”

Authorities slapped Bankman-Fried with eight criminal charges on 3 January after his arrest in the Bahamas. Following his extradition to the US, he posted a $250 million USD bail while pleading not guilty to charges.

According to recent news, FTX had spent $40 million on luxury hotels, catering, and other items just months before the company filed for Chapter 11 bankruptcy.

Samsung Asset Management to Launch BTC Futures ETF in Hong Kong

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Samsung Asset Management Hong Kong (SAMHK) plans to launch its “Samsung Bitcoin Futures Active ETF” on the Hong Kong Stock Exchange.

The listing is set to take place this month, allowing investors to receive new pathways to buying and selling Bitcoin.

Samsung’s exchange-traded fund (ETF) tracks spot prices for cryptocurrencies such as Bitcoin with futures. The securities are listed on the Chicago Mercantile Exchange (CME) and will invest in CME Bitcoin and Micro-Bitcoin futures.

The news follows developments in the East Asian finance hub, where the government and numerous banks have voiced interest in adopting cryptocurrency.

Hong Kong is the only Asia-based trading hub for Bitcoin futures ETF and also hosts the Hong Kong Crypto Futures FTF, valued at $70 million last year.

Globally, the United States, Canada, Australia, and several European Union countries have Bitcoin futures ETFs.

Comment on Crypto Futures

According to Park Seong-Jin, Samsung’s chief of Asset Management in Hong Kong,

“Hong Kong is the only market in Asia where Bitcoin futures ETFs are listed and traded in the institutional market. It will be a new option for investors who are interested in Bitcoin as a competitive product that reflects their experience in risk management.”

The ETF will also offer investors in retail fresh opportunities to trade Bitcoin and attract people to crypto markets without the need to hold private keys, reports say.

The news comes just after Bitcoin rallied over $18,000 amid the ongoing bear cryptocurrency market. Numerous other digital coins have faced similar gains.

Despite ongoing concerns with the cryptocurrency sector and tightening regulations, many have begun seeing a rebound in BTC’s value. The digital coin began to climb amid strong data on job growth in the US, allowing the cryptocurrency to recoup its value.

Bitcoin Rallies to over $20K as Crypto Markets See Renewed Gains

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Bitcoin has marked a notable surge this week as the cryptocurrency surpassed $20,000 in the first month of the year, YChart data has revealed.

The crypto coin entered this week at roughly $17,000 after a dismal performance in November and December last year. The current BTC value is under a third of its $65,000 high in November 2021.

Currencies such as Ether (ETH) have also gained more than 20 percent of their value year-to-year. According to reports, the second-ranked cryptocurrency could see prices around $1,500.

The optimistic news comes amid the ongoing bear market across the crypto industry. The ongoing FTX collapse and rise in global fraud cases have prompted governments to tighten national regulations.

Bitcoin Trends in the New Year

News of the short rally comes amid a bearish market performance from 2022’s scandals involving FTX, Alameda Research, and 130 affiliates.

On 11 November, the companies filed for Chapter 11 bankruptcy in the United States. The developments sparked a huge bank run on the company’s native FTT token, which also sent BTC, ETH, and others tumbling to historic lows.

Despite challenges from FTX, Voyager and Three Arrows Capital (3AC) collapses, BTC began trading higher this week due to strong US jobs data. The US Bureau of Labor Statistics (BLS) figures showed a yearly 3 percent job growth for the country, boosting cryptocurrency values globally.

Glassnode data also revealed seven-month lows for Bitcoin outflows around the Christmas season. Outflows peaked around 143,000 BTC but dropped to one-tenth of previous figures near 25 December.

FTX Recovered $5bn in Liquid Assets, Attorney Reveals

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FTX attorney Andy Dietderich recently stated the bankrupt crypto exchange “recovered $5 billion in cash and liquid cryptocurrencies,” media reported this week.

In an 11 January statement to US bankruptcy judges in Delaware, FTX was “working to rebuild transaction history.” The collapsed exchange’s total amount of missing funds was also “still unclear,” it added.

Reports show recovered assets do not include the Bahamian Securities Commission’s seized assets from FTX. This mostly includes the exchange’s native FTT token.

He also noted FTX would sell $4.6 billion in non-strategic investments such as subsidies from its Japanese and European branches. The two segregated from FTX’s main operations.

FTX Japan previously had a sponsorship agreement with online multiplayer game League of Legends. Following the collapse, the branch pledged to return funds to affected clients.

Judge John Dorsey, who presides over the case, also approved FTX’s request to sell off FTX Europe and other branches. According to Dietderich, FTX has not committed to a sale to date.

Background on FTX Crisis

The news comes after FTX faced a massive liquidity crisis in November. This triggered a huge bank run on its FTT token and the subsequent collapse of the firm, leaving over $8 billion in liabilities.

Courts later approved FTX’s request to anonymise client names for three months after identity theft claims. Currently, US courts have organised a task force to recover the crypto funds.

The news comes after the exchange’s disgraced ex-chief executive, Sam Bankman-Fried, pleaded not guilty to all criminal charges. According to reports, the crypto exchange splurged $40 million on travel, hotels, and

Caroline Ellison, research wing Alameda Research’s ex-CEO, struck a plea deal with courts. This would drop seven of the eight charges previously faced, which totalled 110 years in prison.

Bitcoin Aims High amid Strong US Jobs Data, On-Chain Data Slump

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Bitcoin (BTC) has begun trading around $17,000 this week following a major spike in value from events in the United States in early January.

Trading data showed the figures with the exchanges showing flash volatility due to a US economic data report from the Bureau of Labour Statistics (BLS).

This has revealed the largest rebound for the cryptocurrency since 20 December.

At the time, the BLS reported an increase of 223,000 jobs, despite interest rates tightening at the Federal Reserve. Despite the optimistic numbers, wage growth slowed to its lowest point in roughly two years.

According to TradingView’s one-day candle chart, Bitcoin fell from $17,800 USD to settle at $16,923.

A Consumer Price Index (CPI) report below 7 percent would indicate a faster drop in inflation rates, leading to monthly highs of around $19,00 according to Satoshi Flipper.

C/USD 1-day candle chart (Bitstamp). Source: TradingView

On-Chain Data Woes

Glassnode, an on-chain analytics firm, also unveiled difficulties across Bitcoin that showed a decreasing realised cap. This shows aggregate prices at the last movement of Bitcoin supply, indicating losses from BTC sales.

Checkmate, the company’s top on-chain commentator, said in a tweet,

“The 2022-23 Bitcoin Bear Market has seen the Realized cap drawdown by -18.8%, the second largest in history, and eclipsed only by the pico-bottom of the 2011 bear. Investors have weathered a total of $88 Billion in Net Realized losses.”

RINO Enterprise Wallet launches free Community Edition

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RINO, an enterprise-focused Monero Wallet, has recently launched a free Community Edition that allows everyone to benefit from some of RINO’s unique features.

The lack of professional tools and custody options has been a major obstacle to the business adoption of Monero. Other digital assets and coins have long benefited from a range of highly secure custody services offered by companies such as Bitgo, Fireblocks, and Copper. The RINO team wanted to address this shortcoming and enable the next growth phase of the Monero ecosystem. RINO’s first product is a feature-rich non-custodial wallet targeted at the enterprise. With the launch of the Community Edition, some of the core features of the RINO enterprise platform are now being offered to the wider Monero community for free.

All Monero users can now benefit from RINO’s highly secured 2FA authentication. Unlike other wallets, RINO guarantees the safety of the funds even if the wallet password is compromised.

With the Community Edition, users can access their wallets from any device. Wallets are always instantly synchronized without any waiting time upon connection. Sync happens even when users are away from their phone or laptop – they can even disconnect from their wallets completely and still receive a notification for each incoming transaction. With RINO’s integrated exchanges, one can also buy and sell XMR directly from the wallet (crypto-crypto is available now, and fiat is coming soon) at competitive rates.

RINO’s self-custody wallet is powered by multi-signature cryptography, following a 2-out-of-3 setup. The owner of a RINO wallet controls two of the three keys; the RINO platform controls the last key. Two out of three keys are needed to access funds, so RINO can never steal or spend its customers’ money. In daily use, a wallet owner uses one of their two keys to initiate transactions, with RINO acting as a controlling authority to add additional levels of security (e.g., requiring 2FA) and only co-signing transactions according to pre-agreed constraints and security policies. The last key is the owner’s “recovery key”, which should be kept in cold storage. Hence, should a wallet owner ever decide to discontinue their relationship with RINO, they can spend their funds without interacting with RINO at all.

The RINO team has been involved with Monero for many years and is excited to be an integral part of Monero’s next growth phase.

About RINO

RINO was launched by serial crypto entrepreneurs whose hearts and minds have been with Monero since its inception. Having run Monero services themselves for many years, they recognised major shortcomings in the Monero ecosystem and decided to do something about it. RINO’s mission is to bring world-class professional tools to the Monero ecosystem and enable the next phase of Monero’s growth.

Venom Foundation in Partnership With Iceberg Capital Launches $1 Billion Venom Ventures Fund

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Abu Dhabi, Abu Dhabi, 11th January, 2023, Chainwire

Venom Foundation, the first Layer-1 blockchain licensed and regulated by the Abu Dhabi Global Market (ADGM), and Iceberg Capital, an ADGM regulated investment manager, officially announce that they have partnered to launch a $1 billion venture fund called Venom Ventures Fund (VVF). 

The blockchain-agnostic fund will invest in innovative protocols and Web3 dApps, focusing on long-term trends such as payments, asset management, DeFi, banking services, and GameFi. It aims to become the leading supporter of the next-generation digital technologies and entrepreneurs.

Venom Ventures Fund (VVF) will leverage Iceberg Capital’s network, expertise, and capabilities to offer incubation programs and access to an extensive industry network. Furthermore, it will assist the investee projects with marketing, exchange listing, technical, legal, and regulatory support. 

The fund’s leadership team consists of some of the world’s most experienced traditional finance and blockchain professionals; including Peter Knez, ex-CIO at BlackRock and Mustafa Kheriba, a seasoned and well-known investment professional with an impressive track record in the MENA region. Mustafa has served on the Board of Directors of several financial services and insurance companies in the Middle-east and Europe.

Operated by Iceberg Capital, the fund will be investing in projects and teams from pre-seed to Series A rounds. It will strive to accelerate the adoption of blockchain, DeFi, and Web3 while generating long-term value for investors.

Mustafa Kheriba, the Executive Chairman of Iceberg Capital, said “We are thrilled to partner with Venom Foundation, launching their new $1 billion fund. Even though the blockchain industry is witnessing a steep correction in prices, we believe that builders will continue to build and innovate. With Venom Ventures, we will be providing financial, technical, and marketing support to the most promising teams and projects in Web3 space to help them bring their visions to life.”

The Abu Dhabi Global Market (ADGM) is an international financial center and free zone that provides market participants with a world-class legal system and regulatory regime. Established and operated by ADGM regulated entities, Venom Ventures Fund (VVF) will be transparent and will adhere to the regulations. 

Peter Knez, Chairman of Venom Ventures, said, “I am delighted to be a part of the launch of our new Venture Capital fund here in Abu Dhabi. I am excited to work with a team of experienced investment professionals and talented people from the crypto industry, and we are ready to allocate strategic investments in the most innovative web3 start-ups that are poised for mass adoption. Our mission is to transform digital asset management and make a lasting impact on the industry. Venom is the ideal platform for us to achieve this goal.”

Venom Ventures Fund (VVF) leads the $20 million funding in Nümi Metaverse

The fund has made its first investment, leading Nümi Metaverse’s $20 million funding round. Nümi Metaverse is a universal platform for creators, innovators, and followers. Nümi will launch its ‘Visual Novel’ in 2023, a mini-game experience with a range of special prizes for players.

Nümi will also launch VR metaverse by the end of this year, followed by a PC and mobile version in 2024. The Nümi investment showcases the fund’s investment strategy. Developers and builders working on innovative Web3 projects are invited to apply for funding through the Venom Ventures Fund website.

About Iceberg Capital

Iceberg Capital Limited is regulated by FSRA as a Prudential Category 3C investment manager based in ADGM. Iceberg Capital is a fast-growing alternative asset management company that provides diversified investment management platforms that includes direct and private equity, venture capital, technology, and virtual assets. Iceberg Capital also offers traditional asset management services such as investment portfolios in local and international markets, financial instruments (equities, ETFs, commodities, derivatives, etc), as well as specialized platforms for securities, and blockchain technology.

For more information about Iceberg Capital, visit: Website | LinkedIn

About Venom Foundation

Venom is the world’s first regulated blockchain. The decentralized network operates under the jurisdiction of the ADGM, with a license to issue utility tokens. The ADGM is an oasis for investors and financial services firms, positioning Venom as the world’s first compliant blockchain, affording authorities and enterprises the freedom to build, innovate, and scale.

A portfolio of in-house dApps and protocols has been developed on the Venom blockchain by various companies. It now harbors the potential to become a bridge for the adoption of CBDCs in the Middle East, North Africa, and worldwide.

For more information about Venom Ventures, visit: Website  |  Twitter

For more information about Venom Foundation, visit: Website  |  Twitter

Contact

Adam Newton
pr@venom.ventures

NY Authorities Arrest Developer of Fake Mutant Ape Yacht Club NFT Collection

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New York authorities have arrested developers of a fake Mutant Ape Yacht Club non-fungible token (NFT) collection and slapped them with fraud charges.

Police arrested the developers on Wednesday last week at John F Kennedy International Airport due to charges of rug-pulling investors, leading to $2.9 million in losses.

The entire collection contained 6,797 NFTs on the Ethereum blockchain, valued at 567 Ether (ETH), but sales plummeted at the start of last year.

Comments on Rug Pull

Homeland Security Investigations (HSI) lead Special Agent, Ivan J Arvelo, said in a Department of Justice (DoJ) statement,

“As alleged, Aurelien Michel perpetrated a ‘rug pull’ scheme – stealing nearly $3 million from investors for his own personal use. Purchasers of Mutant Ape Planet NFTs thought they were investing in a trendy new collectible, but they were deceived and received none of the promised benefits.”

He added: “HSI uses our extensive experience investigating financial crime in conjunction with our cutting edge cyber capabilities to uncover fraud and bring the perpetrators to justice.”

A further statement from Internal Revenue Service (IRS) agent Thomas Fattorusso noted that Michel had defrauded investors with false representations, “things, giveaways, tokens with staking features, and merchandise collections.”

He added that Michel withdrew all the funds after selling the NFTs.

Citing comments from Michel, he had stated on social media that he had initiated the rug pull, adding “we never intended to rug but the community went way too toxic.”

Following his exit from the project, a new community of content creators under the HTMadge pseudonym have aimed to resurrect the collection.

Mango Markets and Cybersecurity Concerns

The news comes after Mango Markets hacker Avraham Eisenberg tweeted his successful rug pull Mango Inu “shitcoin,” leading to roughly $117 million in lost funds.

He claimed in his Twitter feed that he “did nothing wrong” and his actions were “legal.”

He said in October last year that he had deployed coins to fight “exploiting bots” buying up the tokens. The automated programmes buy specific cryptocurrencies based on market capitalisation, availability, and other algorithmic parameters.

According to a recent CertiK report, 2023 would remain a year hit by cybersecurity risks, fraud, malicious attacks, and rug pulls. In 2022, the industry lost roughly $3.7 billion, with $595 million in November alone.

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