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Core Scientific Files for Chapter 11 Bankruptcy But Continues BTC Mining Operations

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Core Scientific, a key Bitcoin (BTC) mining firm, has reportedly filed for Chapter 11 bankruptcy shortly after creditors extended a lifeline to the embattled firm.

The company received the protections in Texas, citing poor earnings and plummeting BTC values. 

Financial services platform B Riley offered the $72 million non-cash financing bailout to Core Scientific. The deal included zero contingencies and $32 million with stipulations. The news comes after the firm’s value plummeted from $4.3 billion in July last year to $78 million to date. 

To remain in operation, Core Scientific sold off 9,618 BTC in April this year. While it can continue with its mining operations, the firm cannot earn enough revenues to cover costs due to operations. 

While the company continues to generate positive cashflows, the income is not sufficient to cover the operational costs, which involve repaying the lease for its Bitcoin mining equipment. 

The firm previously filed for financial distress with the United States Securities and Exchange Commission (SEC) in late October. The company stated in its filing that high electricity fees, Bitcoin hash rate hikes, and low BTC prices led to the collapse of crypto lending firm Celsius, eliminating the latter’s Core Scientific debts. 

Courts ordered Celsius to pay back clients a total of $44 million following its collapse. The news follows an agreement the lending firm reached with stakeholders, stating crypto held in custody accounts belonged to users and not centralised platforms.

Solidus Labs Reports over 350 Scam Coins a Day Defrauded Crypto Users

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Solidus Labs, a company that assesses and monitors blockchain risks for the cryptocurrency sector, reported this month that fraudsters created over 350 fake crypto tokens per day to scam investors. 

According to the firm’s Rug Pull Report, scammers deployed 117,629 fraudulent tokens, up 41 percent from 83,400 tokens found in 2021.

The report also found that BNB Chain contained 12 percent of the world’s fake BEP-20 tokens, topping the list of scam token holders to date. The Ethereum network arrived second place at 8 percent of scammy ERC-20 tokens.

Shamcoins and Sticky Situations

The news comes amid a rise in cryptocurrency schemes, including rug pulls and honeypots.

Rug pulls take place when groups create tokens, rapidly increase their value, and then abandon the coin after extracting the project’s value. Honeypots, the most popular form of fraud, is a smart contract for tokens prohibiting coin buying and reselling.

Most centralised exchanges (CEXs) and custodial wallets, namely under US regulators, have faced massive rug pulls in recent history, scamming over 153 exchanges for $11 billion in Ether (ETH) cryptocurrencies.

Recently, Avraham Eisenberg launched a major rug pull on Mango Markets, defrauding investors of $117 million with his exploit altcoin Mango Inu.

He later stated he “did nothing wrong” and had conducted “legal” actions in the rug pull.

According to figures, US CEXs top the list of countries with fraudulent transactions, followed by the Bahamas, where FTX ex-chief executive Sam Bankman-Fried was arrested by authorities.

The Squid Game (SQUID) token ballooned 45,000 percent before its founders disappeared with its funds, costing investors $3.3 million.

Such concerning instances have been on the rise since September 2020, following the collapses of Voyager, Celsius, and most recently, the massive bankruptcy of crypto exchange FTX.

IcomTech, Forcount Founders Slapped with Major Charges on Crypto Fraud

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Prosecutors in the United States have charged nine individuals connected to crypto firms accused of defrauding investors of roughly $8.4 million in separate cases, it was reported on Wednesday.

Courts charged New York native and IcomTech founder David Carmona with conspiracy to commit wire fraud, which could earn up to 20 years in jail.

Forcount founder and Brazilian national Francisley da Silva also received counts of wire fraud, wire fraud conspiracy, money laundering conspiracy, and others. Charges could earn da Silva up to 60 years in prison.

Which Charges Are on the Table?

The US Attorney’s Office for the Southern District of New York laid the charges on 14 December, stating IcomTech and Forcount, crypto mining and trading enterprises, offered supposed guaranteed daily returns to double investments in up to six months for coin holders.

The firms later used the funds from purchasers to pay initial investors and additionally bought expensive luxury goods and properties, the indictment said.

It accused them of buying “lavish expos” in the US and other locations to promote its brand. Sporting pricey vehicles, expensive clothing, and other luxury items, employees aimed to attract investors with promising returns on investment with the campaigns. Users later found they could not withdraw funds from the exchange, triggering the collapse of the company.

The US Securities and Exchange Commission (SEC) later slapped charges on Forecount’s founders and key employees, stating they aimed to seek out Spanish-speaking investors. This earned the firms over $8.4 million from fake memberships with the promise of shares in the companies trading and mining earnings.

Tokens, Cellphones, and Denials

IcomTech and Forcount also opened respective native Icoms and Mindexcoin tokens to pay back investors of both platforms. The plan later fell through last year and investors failed to receive payments.

The indictment read: “In addition to promoting the Forcount scheme, SILVA and TACURI also sought to conceal their fraud by laundering Victim funds through shell companies and making large personal expenditures on things like real estate and bulk cellphone purchases. On or about June 27, 2022, law enforcement officers with HSI stopped and interviewed HERNANDEZ as she was returning to the United States from Mexico. During the interview, HERNANDEZ falsely denied, among other things, being a Forcount promoter, recruiting investors, and taking money from them.”

Silvergate to Face Lawsuit for Role in Facilitating FTX, Alameda Fund Transactions

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Silvergate Bank, Silvergate Capital Corporation, and its chief executive Alan Lane face a class-action lawsuit in California courts, it was revealed this week.

The California Southern District Court received the lawsuit against the company with ties to the now-defunct crypto exchange platform FTX and Alameda Research.

It aims to hold Silvergate accountable for facilitating illegal money deposits, triggering massive bank runs across crypto platforms and their subsequent collapses.

Lawsuit Details

Joewy Gonzalez and others filed the litigation, which accuses FTX of failing to deliver on promises it would “store assets securely as they gained in value, cash them out or trade them for other assets.”

He and the linked plaintiffs alleged Silvergate facilitated FTX and its mismanagement of funds and illegal money transfers, lending, and mixing funding sources.

The lawsuit, represented by Girard Sharp and Hartley LLP, states that Silvergate engaged in “furthering FTX’s investment fraud” and called for the firm to return owed money to defrauded investors.

A Letter of Intent

United States Senators Elizabeth Warren, Roger Marshall, and John Kennedy, wrote to Silvergate on 6 December inquiring about its loss of billions in client holdings.

It read: “Given these concerns about Silvergate’s failure to apply extensive review processes to FTX and Alameda, and the possible role the bank may have played in the loss of billions of dollars-worth of customer funds, the senators are asking Silvergate to answer a set of questions to provide the public a full accounting of its relationship with FTX and Alameda and information about its safety and soundness by December 19, 2022.”

The news comes as lawyers for the embattled exchange requested authorities to sell its European and Japanese operations. They also plan to sell LedgerX and Embed, FTX’s stock-clearing platform, with lawyers citing regulatory pressures and asset risks.

White House Spokeswoman Refuses to Respond on FTX Donations to Joe Biden Campaign

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A White House spokesperson has declined a response to reporters after one asked whether United States president Joe Biden would return former FTX chief Sam Bankman-Fried’s $5.2 million in campaign funds.

White House press secretary Karine Jean-Pierre avoided answering questions from Associated Press reporter Zeke Miller in a 13 December presser, with the latter asking “Will the president return that donation?”

Miller continued: “Does he call on all politicians who got campaign donations that may have come from customer money to return those funds?”

Responding, Jean-Pierre said: “I’m covered here by the Hatch Act [and am] limited on what I can say […] Anything that’s connected to political contributions, from here I would have to refer you to the DNC (Democratic National Committee).”

Jean-Pierre’s comments refer to the Hatch Act, which bans executive branch employees from joining political campaigns.

The exchange continued, with Miller hitting back, stating: “I’m asking the President’s opinion though.”

Jean-Pierre responded, stating: “I just can’t talk to political contributions or anything related to that I cannot speak about it from here […] even his opinion, even his thoughts about the contributions, donations — I cannot speak […] about that from here.”

The Unravelling of FTX

The comments come after Bahamian authorities arrested the ex-FTX executive for mishandling funds and committing fraud. Additional penalties include breaking campaign finance laws, contribution breaches, contributing funds in others’ names, and obstructing the Federal Election Commission’s duties.

According to figures from the campaign contributions website Open Secrets, he contributed $5.2 million in donations, just second to Michael Bloomberg’s $56 million. He also donated $36.8 million to candidates of the Democratic Party for its 2022 midterm election cycle.

Authorities may force donor recipients to return the funding, totalling up to $73 million, after FTX, research wing Alameda Research, and 130 affiliated companies filed for Chapter 11 bankruptcy on 11 November. Multiple politicians have passed the donations to other charities to avoid association with FTX.

Maincard Expands Web3 Sports Prediction Market To Myria And Launches NHL Sportsbook

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Los Angeles, California, 15th December, 2022, Chainwire

Web3 Sports prediction app Maincard and Myria are joining forces to expand the appeal of NFTs. Maincard will benefit from Myria’s scalability focus as a trusted Ethereum L2 solution through the partnership. 

Maincard recently announced its main net launch on the Polygon network. The Web3 sports prediction game went live the day before the 2022 Fifa World Cup kicked off. Core benefits of the platform include novel gameplay dynamics, NFT support, and the ability to earn rewards.

In late November, Maincard unveiled its first prize fund draw. A total of 6,000 MATIC tokens were distributed to the top and most active players on Maincard.io. Users who own a Maincard NFT can place wagers on upcoming events supported by the platform. Whether one wants to place many bets or a few small ones, all options are available within a fair and transparent ecosystem.

Although Maincard is built on Polygon, it is fully compatible with other EVM blockchains. In addition, the collaborative effort with Myria, a trusted Ethereum L2 solution focusing on growth and security, marks a significant milestone. Moreover, Myria is designed to focus on the future of gaming and unlocking the various benefits blockchain technology provides to that industry. 

Several games exist under the Myria banner, including Metarush, Metakart, and Block Royale. Adding a Web3 sports prediction app highlights the potential of Myria and its overall scalability. Moreover, the team is confident NFTs represent much more than virtual art. Non-fungible tokens can serve utility and entertainment purposes, as illustrated by Maincard. 

The play-and-earn nature of Maincard caters to a global audience of sports fans and enthusiasts. Users earn cryptocurrency for correct predictions involving sporting fixtures. Users who earn the most MainCoins receive their share of the prize fund. However, those who make inaccurate predictions will see their Maincard NFT’s life decrease. Restoring life is possible with MainCoins. The currency will also make its way to various exchanges in Q1 2023. 

The partnership with Myria coincides with Maincard adding an NHL sportsbook to its Web3 sports prediction platform. Other support sports on the app include soccer, basketball, and the League of Legends esports scene. More sports will be added over time.

About Maincard

Maincard is a fantasy sports platform deployed on the Polygon network. The app enables gamers to speculate on the outcome of sporting fixtures against one another, receiving rewards via cryptocurrency or NFTs for making correct predictions. The application launched its main net after thorough testing just six months after its founders came up with the idea to spur Web3 adoption via gaming. Maincard hopes its innovative game mechanics will help encourage Web3’s mass adoption among the more than five billion sports fans worldwide.

Website | Discord | Telegram | Twitter | Reddit

About Myria

Myria is the first Ethereum Layer 2 scaling solution built for gaming. We make digital asset trading and blockchain gaming easy with our all-in-one platform, including the Myria NFT marketplace, Myria Wallet, Myria Game Platform, and a decentralized exchange. With the mission of enabling more people to build, experience and enjoy the benefits of blockchain and the metaverse, we are building a suite of developer tools including easy-to-use API integrations and SDKs for developers to easily harness our platform infrastructure to unlock the potential of blockchain. This suite of infrastructure will also underpin the expansive blockchain gaming ecosystem being developed by our gaming division, Myria Studios.

Myria Studios has a variety of free-to-play AAA blockchain games in the pipeline, spanning across genres from light-hearted multiplayer obstacle course games, action-packed battle-royale shooter games, and everything in between.

Website | Discord | Instagram | Twitter |

Contact

Val
val@maincard.io

Jesse Lingard to Launch his JLINGZ Esports Brand into the Metaverse

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London, United Kingdom, 15th December, 2022, Chainwire

Games Metaverse Platform Virtua will Collaborate with JLINGZ Esports to Build Unique Fan Experiences in the Metaverse.

Jesse Lingard and his JLINGZ esports brand have announced a partnership with games metaverse Virtua, which will see the England international and Premier League footballer expand his esports brand into the metaverse. 

Working with Virtua will give Jesse Lingard, affectionately known to his global fan base as JLINGZ, the opportunity to reach the fans of the future and expand into Web3. This partnership will encompass metaverse esports, digital collectibles, access to exclusives, virtual spaces and video games. 

To celebrate the announcement Virtua will give away Jesse Lingard VFLECT digital collectible avatars to the first 1,000 people to sign up, details of which can be found on the JLINGZ Virtua website.

The JLINGZ Esports partnership will headline the sports zone on Virtua Island, where fans will be able to support metaverse esports teams and play NFT/casual games in the metaverse. The sports zone will incorporate other celebrity and brand partnerships, creating further merchandising and digital ownership opportunities.

Virtua has successfully launched its games metaverse through partnerships with leading brands and celebrity figures, including Williams Racing, Legendary Entertainment, The Hero ISL, Shelby America, and Kevin Hart. 

Jesse Lingard, JLINGZ Esports: “I’m always looking for interesting and exciting ways to engage with fans that are passionate about football, fashion and esports, that’s what the JLINGZ Esports brand is all about. Virtua is the perfect partner to explore the opportunities in the metaverse and meet fans in this exciting new space.”

Jawad Ashraf, CEO and co-founder, Virtua, added: “Jesse is a Web3 enthusiast, global sports personality and owner of a vibrant esports team, his brand transcends many different fan bases. His profile is perfect the Web3 audience, he’s a natural fit for the Virtua metaverse and we are delighted to be working with him to bring the JLINGZ Esports brand into the space.”

Jesse has been playing at the highest levels of European football for clubs including Manchester United, West Ham United and Nottingham Forest for over a decade. He’s also represented England 32 times, scoring six goals including a goal against Panama in the 2018 FIFA World Cup. 

Jesse epitomizes the modern footballer and engages with the next generation of football fans on the platforms they feel most comfortable with. His unique style and enigmatic celebrations have formed a tight bond with young fans in particular. He currently has over 10m followers across Instagram and TikTok.

Interested in learning more about the collaboration and for a chance to win one of 1,000 Jesse Lingard VFLECTs? Sign up to the project mailing list on JLINGZ Virtua.

About Virtua
Virtua is a games metaverse that provides immersive Web3 gaming and digital collectible experiences through its interactive virtual environments, curated marketplace and brand partnerships.

About JLINGZ
JLINGZ esports, Europe’s most exciting esports org was launched by Nottingham Forest midfielder Jesse Lingard last year. The org has quickly risen through the esports ranks in its debut year with some of the world’s top teams competing across Halo and Rainbow 6 Siege. The JLINGZ logo is taken from Jesse’s iconic celebration and has been quickly replicated by fans across the globe. 

Virtua Press Office

Press Agency – 33 Seconds

Virtua@33Seconds.co

Virtua Press Centre

Images 

Jesse Lingard Images

Contact

Virtua
virtua@33seconds.co

Ex-FTX Chief SBF Denies Ties to ‘Wirefraud’ Signal Group Chat Before Arrest

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Sam Bankman-Fried, the former chief executive for now-bankrupt crypto exchange FTX, has denied knowledge of the “Wirefraud” secret group chat.

The group reportedly consists of former executives from the exchange platform and its research wing, Alameda Research.

Bankman-Fried took to social media to hit back at an Australian Financial Review (AFR) report on 12 December accusing the disgraced crypto executive of being involved in the Signal-based group chat.

According to the report, the collective included Nishad Singh, former FTX engineer, Caroline Ellison, Alameda Research chief executive, Zixiao Wang, FTX co-founder, and others. It added group members used the encrypted chat to share information about the two firms prior to their collapses.

He said in a tweeted response to the article: “If this is true then I wasn’t a member of that inner circle (I’m quite sure it’s just false; I have never heard of such a group)

SBF Arrest, Potential Subpoena

The news comes as US officials expected the former exec to remotely join a United States House Committee hearing on Tuesday to testify on the events leading up to FTX’s collapse.

He was arrested a day before the hearing by Bahamian authorities on charges of wire and securities fraud, mishandling funds, and money laundering, among others.

Maxine Waters, House committee chair, later stated on Monday he would be unable to attend the hearing due to the arrest. The announcement comes after he was also expected to attend a further Senate Committee on Banking hearing on 14 December. His lawyers refused to accept a subpoena, Senators Pat Toomey and Sherrod Brown noted in a Monday joint statement on the matter.

The news comes just days after the United States Department of Justice (DoJ) launched an investigation to determine whether Bankman-Fried had committed fraud and funds offshoring days ahead of the crisis.

FTX suffered a huge liquidity crunch and subsequent bank run in mid-November, leading to the exchange’s Chapter 11 bankruptcy on 11 November along with Alameda and 130 affiliates.

US Senator Doubles Down on Crypto amid FTX Crisis, Senate Backlash

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Cynthia Lummis, a pro-cryptocurrency Senator in the United States, has voiced continued support for using Bitcoin for her retirement plans.

Working with Senator Kirsten Gillibrand, Lummis has proactively backed cryptocurrency regulations, namely after joining Semafor, an online media outlet, on Monday.

In the article, she stated that the ongoing cryptocurrency crisis had not deterred her from supporting Bitcoin and that she still backed people adding the digital asset to their 401(k) retirement packages.

Speaking at the meeting, she said: “I’m very comfortable with making sure that people can include Bitcoin in their retirement funds because it’s just different than other cryptocurrencies […] I personally believe that because there are only going to be 21 million Bitcoin that are mined, that Bitcoin will go up.”

In a recent tweet, she slammed FTX, stating its actions were “good, old-fashion fraud” and urged authorities to “ensure everyone who committed crimes is held accountable for what they did.”

She added she hoped her colleagues would support and pass the Lummis-Gillibrand Responsible Financial Innovation Act to “prevent future collapses like FTX.”

The news backtracks from previous stances the politician held in June last year, where she aimed to include specified cryptocurrencies.

She said at the time: “I’d also like to see individuals be able to use Bitcoin and cryptocurrencies of their preference that are safe, that have met the hurdles of anti-money laundering and Bank Secrecy Act.”

Conversely, Senators Elizabeth Warren, Richard Durbin, and Tina Smith, among others, have called for Fidelity Investments to cancel its Bitcoin-based retirement package plans in a recent letter, citing the ongoing FTX collapse.

It read: “As with all financial products, price fluctuations are an expected feature of the market — and it is shortsighted to believe that setbacks in an industry are an indication that it won’t experience long-term growth.”

Buy Your Coin With BestChange.com’s Crypto Platform

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Crypto enthusiasts can now HODL their crypto coins on BestChange.com, a rising platform for buying, selling, and trading virtual assets. 

Launched in 2007, the company recently celebrated its 15th anniversary in June 2022 and has operated before the birth of the first publicly available decentralised cryptocurrency, Bitcoin. 

Visitors to the website can exchange their digital assets in a simple, efficient new way. This will allow those new to the cryptocurrency game to circumvent difficult to navigate exchange platform interfaces and verification processes. 

Another perk to BestChange.com is that it offers a wider selection of cryptocurrencies and rare tokens, where purchasers can gain access to a more diverse portfolio of coins available on the digital money market. 

It also provides a safer, more secure platform for buying crypto via exchange monitoring. This is crucial for remaining secure with prized crypto wallets and avoiding fraudulent activities online.  

For this, BestChange.com compiles a bespoke directory of reliable and trustworthy exchanges where people can buy, sell, or exchange some of the world’s top cryptocurrencies and digital tokens. This is possible now with numerous payment systems, including debit and credit cards. 

Step-by-Step Guide to BestChange.com 

For those ready to take a deep dive into the cryptocurrency exchange, here’s how to begin your digital wallet walkthrough.  

To begin, users can select the left panel to select currently-owned cryptocurrencies and coins intended for purchase or exchange.

The centre section of the page will later reveal a list of trusted exchange providers, with the best rates posted at the top of the list by default.  

The platform also provides a Calculator to verify exchange rates after converting funds. Users can later select a suitable exchange platform, click on the link to the website, and follow simple instructions to conduct the exchange.  

Safe, Secure, Simples 

BestChange.com also provides its Monitor solution, which offers an easy-to-navigate, intuitive interface that does not require any special knowledge or skills to use, making exchanging cryptocurrencies an effortless, simple task. 

It also hosts a massive selection of over 250 reliable exchange platforms. These all include convenient functionality for choosing exchangers.  

These are simple icons that inform users about specific conditions for exchanges, exchange information pages, reviews left by customers, and other key information. 

More Crypto to Choose From 

Users can also exchange cryptocurrencies without the need to verify their identity and can do so at competitive rates. People conducting transactions on the website can also choose from a huge selection of over 30,000 exchange direction pairs. 

Monitor also provides offerings for cryptocurrencies, altcoins, and stablecoins such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and many others. It also integrates e-payment systems such as PayPal, Advanced Cash, and Skrill as well as fiat currencies like cash, bank wires, Visa, and MasterCard. 

Users can also buy cryptocurrencies across fiat currencies, including: USD, EUR, GBP, CNY, SEK, PLN, MDL, TRY, RUB, UAH, BYN, KZT, AMD, KGS, CAD, BGN, HUF, CZK, NOK, AZN, GEL, UZS, and TJS. 

BestChange.com also gives users the option to send notifications to users for tracking exchange offers, desired exchange rates, and to verify that platforms have proven amounts of reserves. 

The exchange platform also includes a converter option at the bottom of the website for easy access to tools to monitor up-to-date exchange rates. 

The Need for Trustworthy Exchange Platforms 

BestChange.com is one of the rising stars of the cryptocurrency world and is expected to create lasting change in a market rocked by volatility amid the recent collapse of FTX and Terra/Luna. 

It is expected to build brand trust for many of the world’s cryptocurrencies, namely as multiple government regulatory agencies increase scrutiny over crypto exchange platforms.  

It is now more important than ever to depend on a reliable, safe, and secure platform for monitoring the global market. BestChange.com aims to achieve this with its veteran exchange platform. 

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