Kategorie: Crypto Business

• A bankruptcy attorney for crypto exchange FTX revealed on Wednesday that the platform had located over $5 billion in assets.
• The new assets includes cash and liquid crypto, adding to the $1 billion initially announced in December.
• FTX filed for bankruptcy in November 2022.

In cryptocurrency news related to collapsed crypto exchange FTX, a bankruptcy attorney has revealed the recovery of over $5 billion worth of assets tied to the platform.

According to the latest report on the matter, the recovered assets do not include roughly $425 million in digital assets being held by Bahamian regulator the Securities Commission of the Bahamas (SCB).

FTX ‘finds’ more assets

FTX filed for bankruptcy in November 2022, with the exchange’s new leadership stating in December that they could only locate $1 billion or so worth of assets.

However, on Wednesday, FTX bankruptcy attorney noted the team had managed to find more than $5 billion. The amount includes cash, liquid crypto assets and investment securities whose value is pegged at prices when the petition was filed.

While the find adds to the claim holdings, it is yet to be established just how much the company owes creditors. When it filed for bankruptcy protection, it indicated an amount between $1 billion and $10 billion.

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• Fireblocks, Collider and MarketAcross will host the Building Blocks 23 event in Tel Aviv on 7 February 2023.
• The ETH TLV event will feature speakers such as blockchain sceptic Udi Wertheimer and SSV Network CEO Alon Muroch.
• The one-day event seeks to boost Web3 entreprenuership.

Building Blocks 23, a one-day web3-focused event set to bring top together developers and community members in the Ethereum ecosystem, will happen in Tel Aviv.

Details on the 7 February, 2023 ETH TLV event highlight three major Israeli companies as the hosts.

Accordingly, the Building Blocks 23 event will be organised by digital assets focused venture capital fund Collider, blockchain PR and marketing firm MarketAcross, and enterprise-grade crypto platform Fireblocks.

The hosts will collaborate with Israeli-based zero knowledge proof technology provider StarkWare, a press release shared with CoinJournal revealed.

The Who and what of Building Blocks 23

Building Blocks 23 is targeted at forming the foundations of Web3 entrepreneurship and will offer participants access to a series of events – including workshops and panel discussions. The organisers will look to guide representatives of various projects through the process of building successful Web3 businesses.

Among the topics to be covered are fundraising, product marketing, creating a security-first organisation and building teams and communities around projects. Valuable lessons on offer will be the art of building in Web3, mastery of leading protocols, and how to navigate the inevitable market turbulence.

Delegates will also learn from industry leaders on issues such as treasury management, sustainable tokenomics and effective branding.

Udi Wertheimer, a blockchain sceptic and Ethereum expert is on the confirmed list of guest speakers, as is Alon Muroch, CEO of SSV Network. There will also be speakers from across the industry, including from The Graph, Aave, Safe, Avalanche, and Solidus Labs.

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• Wyre will allow its customers to withdraw only 90% of their funds.

• The company said the move is to allow it to navigate the current market conditions.

• Wyre’s CEO has become the company’s executive chairman.

Wyre sets withdrawal limits for its customers

Cryptocurrency payment platform Wyre announced over the weekend that it had set a new withdrawal limit for its customers. 

While announcing this latest cryptocurrency news on Twitter, the company said the move was to ensure it could navigate the current market conditions.

We are modifying our withdrawal policy. While customers will continue to be able to withdraw their funds, at this time, we are limiting withdrawals to no more than 90% of the funds currently in each customer account, subject to current daily limits.

— Wyre 🔊 (@sendwyre) January 7, 2023

Wyre said its customers could only withdraw 90% of their funds. The company wrote;

“While customers will continue to be able to withdraw their funds, at this time, we are limiting withdrawals to no more than 90% of the funds currently in each customer account, subject to current daily limits”

Wyre added that the move was in the best interest of its community. It added that it is also exploring strategic options that would enable Wyre to navigate the current market environment and deliver on its mission to simplify and revolutionise the global payments ecosystem.

This latest development comes just a few days after the company laid off 75 employees. Similar to other leading crypto companies, Wyre is navigating the current crypto winter by cutting costs in various aspects.

Wyre makes management changes

In addition to the withdrawal limits placed on its customers, Wyre announced a crucial management change within the company.

Wyre announced that CEO Ioannis Gianna has transitioned into a new role as executive chairman. This is part of the major changes to the company’s management structure. 

Stephen Cheng will serve as the interim Chief Executive Officer after serving as the Chief Risk Officer, and Chief Compliance Officer in recent years.

The crypto winter saw Bitcoin lose more than 60% of its value over the last few months. At the moment, the price of Bitcoin stands at $17,200 per coin.

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• TON Storage is a new file sharing and data storage platform on the TON blockchain.
• An incentivised node ecosystem means users can file and store data for perpetuity.
• Users will utilise smart contracts to pay nodes using Toncoin, the native token on the TON blockchain.

The TON Foundation, the group behind the development of The Open Network (TON) blockchain, has launched a new decentralised file sharing and data solution dubbed TON Storage.

TON Storage works similar to available peer-to-peer file sharing platforms where “torrents” are used. However, it employs the TON blockchain to allow for the decentralised transfer of data and files of any size, doing away with the need for users to utilise centralised servers.

The storage system also means users can enjoy automatically backed up and encrypted file sharing, with an added layer of security provided by the blockchain.

Step towards open internet

According to Anatoly Makosov, a TON Foundation founding member, the official launch of TON Storage has been long overdue.

“This technology can be used by both individual users and services with a multimillion-dollar audience,” he said in a statement. TON Storage is a step towards actualizing the vision of having a decentralised, open internet, he added.

As traditional torrents do not offer guarantee of storage, but with TON Storage, that changes. This is because of an incentivized ecosystem that allows for files to exist virtually forever. To achieve this, the new file sharing and data storage technology will deploy a smart contracts-based node system.

An agreement between a user and a node will see the user pay for file storage using Toncoin – in essence making it possible to store files for as long as possible. Toncoin is the native cryptocurrency of the TON blockchain.

“Anyone can become a node operator on the TON network and receive payments from other users for hosting files – even if operating just one node. The accessibility of this new product will incentivise new, independent users to join the TON network, helping to grow the TON ecosystem even further,” TON Foundation team noted.

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• MEXC Venture’s $20 million ecosystem fund targets support for key projects on Layer 1 blockchain Sei Network.
• Sei Network secured $5 million in August from investors such as Coinbase Ventures and Multicoin Capital.
• The platform plans to support 20 dApps as its mainnet launch approaches.

MEXC, a leading Singapore-based cryptocurrency trading platform, has unveiled a $20 million fund aimed at supporting projects on Layer 1 blockchain Sei Network.

In a blog post published on 4 January, MEXC said the fund will be geared towards boosting adoption across the Sei Network ecosystem. 

The platform, which is designed with the need to maximise trading advantages for decentralised exchanges (DEXs) users, is developed by Sei Labs – a team that counts former Robinhood developers, Cosmos OGs and ex-Goldman Sachs finance and strategy members.

Sei Network to support 20 dApps ahead of mainnet launch

Sei Network raised $5 million in August, backed by industry players and other investors including Coinbase Ventures, Multicoin Capital, Delphi Digital and Hudson River Trading. The platform plans to use the new capital injection to support network development as it moves closer to its mainnet launch.

The team will also back 20 decentralised applications (dApps) that are already building on the network.

MEXC is launching the ecosystem fund through its MEXC Ventures, a comprehensive fund that looks to empower innovations within the crypto space via strategic investments. The firm also focuses on M&As project incubation and multi-manager investments.

MEXC Ventures currently holds over $100 million in assets under management and more than 300 portfolio investments.

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