Decentralized finance (DeFi) has revolutionized the financial landscape, offering an array of innovative services challenging traditional finance (TradFi).
However, the main stumbling block to widespread DeFi adoption remains the user experience.
The DeFi sector has long sought an entry point to onboard new users effectively.
A potential solution to this issue lies in the realm of fintech.
By creating a financial technology app that caters to both TradFi and DeFi users, it becomes possible to showcase the advantages of self-custodyโwhere users safeguard their digital assets without relying on intermediaries like banks.
While the self-custody movement gained momentum, the Web3 space introduced hybrid services that merge elements of centralized and decentralized finance.
Changex, an all-in-one mobile wallet, embraces this approach through its CeDeFi model, providing users from traditional services a familiar environment.
Changex’s app facilitates non-custodial crypto trading, empowering users to retain control of their crypto assets.
It supports buying, selling, and transferring crypto, even enabling debit card and bank transfer purchases.
Multiple blockchains, including Ethereum, Polygon, and Binance Smart Chain, are seamlessly integrated into the exchange.
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For DeFi enthusiasts, Changex offers a range of alternative financial practices such as staking, with plans to introduce lending and stablecoin interest features.
The platform’s native token, CHANGE, provides additional APR on staking rewards.
The app is also making strides in bridging the gap between traditional finance and the crypto world.
It plans to issue European Union-regulated IBANs for fiat asset management, facilitating cross-border transactions within the EU.
Moreover, the upcoming Changex Visa Debit Card promises cashback benefits and the ability to spend staked assets without affecting APR.
Changex’s selection by Cointelegraph Accelerator underscores its expertise, boasting a team of over 20 members, a Bulgaria office, and a track record of delivering robust financial solutions.
With an average of 25,000 monthly active users and nearly $3 million in staked assets, the platform has gained strong traction.
The roadmap ahead includes the integration of the Avalanche blockchain, accompanied by Avalanche-based staking pools.
Additionally, Changex plans to introduce a unique leveraged staking feature.
The forthcoming Changex Visa Debit Card and IBAN, scheduled for Q4 2023, represents a major update.
This release aims to provide users complete control over their finances, solidifying Changex as a comprehensive one-stop solution for both crypto and fiat needs.
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Amid ongoing speculation regarding a potential resolution between Ripple and the United States Securities and Exchange Commission (SEC),
John Deaton, a prominent advocate for XRP and proponent of its legality, has outlined potential steps that Ripple and the SEC might take if they decide to pursue a settlement.
Deaton emphasized the importance of the ongoing legal battle between Coinbase and the SEC.
He pointed out that if the judge overseeing the Coinbase case grants the exchange’s motion to dismiss, it could establish a precedent indicating that token sales conducted on exchanges might not fall under U.S. securities regulations.
However, Deaton clarified that such a ruling would not necessarily apply to cryptocurrency staking activities.
In his analysis, Deaton stated, “The only plausible scenario for a Ripple-SEC settlement before year-end would be if Judge Failla endorses the Coinbase motion or partially approves it, signifying that token sales executed on an exchange, involving blind bid/ask transactions, may not be subject to U.S. securities regulations.”
Should the motion to dismiss receive approval, the SEC’s ability to pursue an appeal would be substantially limited, making a settlement a pragmatic consideration.
Deaton further explained that even if the SEC were to pursue an appeal in this context, its regulatory authority would likely be diminished.
READ MORE: Ripple Challenges SECโs Appeal Bid, Asserting Insufficient Grounds in Ongoing Lawsuit
In a recent filing on September 1, Ripple indicated that the summary judgment failed to adequately address the legal foundation for an interlocutory appeal.
Ripple’s opposition to the judgment was rooted in its argument that the SEC had deviated from established legal norms, particularly with regard to applying the Howey test to determine whether XRP token sales qualify as securities.
The SEC had originally filed a lawsuit against Ripple, CEO Brad Garlinghouse, and co-founder Chris Larsen in December 2020, triggering several exchanges to delist XRP to avoid potential legal liabilities.
However, a favorable ruling by Judge Analisa Torres in July led numerous exchanges to express their intentions to relist the XRP token.
Throughout 2023, the SEC has pursued various cryptocurrency firms over allegations of securities violations, including notable names like Binance and Coinbase.
Notably, on August 29, asset manager Grayscale achieved a legal victory against the SEC through an appeal, compelling a reevaluation of its application for a Bitcoin exchange-traded fund in the spot market.
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Tokyo, Japan, September 4th, 2023, Chainwire
TOKYO BEAST FZCO, headquartered in Dubai, United Arab Emirates; General Manager: Tomoe Mizutani; (hereinafter “TOKYO BEAST FZCO”) has announced the crypto entertainment project “TOKYO BEAST, gumi Inc.
Headquartered in Shinjuku-ku, Tokyo; Hiroyuki Kawamoto, CEO; (hereinafter “gumi”) as the developer, Turingum K.K., headquartered in Minato-ku, Tokyo; Hiroki Tahara, CEO; (hereinafter “Turingum”) as the technology and financial advisory, using the Polygon protocols as the blockchain network for implementation, to release several modular projects worldwide in 2024.
The announcement was made today, September 4th 2023, at the Korea Blockchain Week conference held in Seoul, Korea.
What is “TOKYO BEAST” all about?
“TOKYO BEAST” is a crypto entertainment project that challenges to create a new entertainment experience by integrating crypto assets.
It is a completely original large-scale project with many experienced staff members who have developed and operated famous Japanese games, and a development budget unparalleled for a web3 game.
The company will provide an innovative and exciting entertainment experience that only “TOKYO BEAST” can provide, evolving Web3 games to a new stage.
ใปPromotion movie๏ผhttps://youtu.be/0-QvJeYJ6ds
Features of TOKYO BEAST
Pursuing pure fun
The team believes that it is important to be able to enjoy the game itself, outside of its web 3 features, so the emphasis was to create an authentic worldview, attractive characters, an enthusiastic battle system, and more.
The quality of the game is comparable to that of today’s leading smartphone games. The gaming experience is easy and seamless as the team eliminated barriers to starting the game, such as the initial NFT purchase and wallet connection, and aims to enable a wide range of participation, including general smartphone game users, and not just those confined to the Web3 world.
A series of characters that are attractive both as game characters and as NFT collections
The characters are designed to be interactive with an active role in the game and at the same time, to be recognized outside of the game as an NFT collection with a sophisticated visual style and high rarity. The project founders aim to create something that will be loved widely beyond borders and languages, just like “TOKYO BEAST”.
A fusion experience of the worldview and the crypto ecosystem
“TOKYO BEAST” emphasizes the importance of synchronizing the experience of immersing oneself in the worldview of the game with the real-world crypto ecosystem. “TOKYO BEAST” will provide an experience that unites each modular project and stakeholder in a single worldview, something that has not been done in existing web3 games.
Creating a new entertainment experience by predicting the winner of battles
Under a legitimate scheme, there will be a win/loss prediction function that can be enjoyed inside and outside the game. Users will be able to enjoy predicting the winner of battles using data. Battles will be streamed live simultaneously around the world, and users will be able to enjoy the excitement and frenzy of the experience by watching the battles with other users around the world.
The world of “TOKYO BEAST” continues to expand
All the module projects to be released in the future will be organically intertwined to deliver an unexplored entertainment experience through the synergy of crypto x content. Moreover, the team aims to continue expanding the world of “TOKYO BEAST” and the utility of $TBZ(*1).
As a first step, the following core module projects will be released sequentially worldwide in 2024. * “BASE”, a function to experience the unique economy of the “TOKYO BEAST” token “$TBZ * “FARM”, a function that allows users to experience NFT owner by cultivating “BEAST,” which will serve as data for NFT(*2).
TRIALS”, a function that allows users to experience being a hero who fights with dreams and romance on his/her shoulders.
During the second phase, a module project to provide new entertainment from various aspects to further expand the world of “TOKYO BEAST” and the utility of $TBZ will be mapped out and executed.
Campaign and Event
Early Entry Campaign
Date: September 4, 2023 – October 31, 2023
To celebrate the release of the information, three “Early Entry Campaigns” will be held, in which users can win a “Mystery Box” containing “TOKYO BEAST” tokens and NFTs by following the official X (former Twitter, hereafter “official X”) account, etc.
โ Follow Me Campaign
The highest rarity “Mystery Box” will be given away by drawing among those who follow the official X account. The earlier users follow us, the higher your chance of winning.
โก Weekly Prediction
If users follow the official X account and participate in the weekly prediction quiz of “TOKYO BEAST” on the official X account, they can receive a high rarity “Mystery Box” by lottery.
โข Strike Jackpot
A jackpot-style campaign will be held during the “Early Entry Campaign”.
Each time a target number of live streaming viewers or Official X followers is reached, a prize will be added to the jackpot, and a drawing will be held on Official X to determine who will win the jackpot. If the jackpot is not opened, the rewards in the pot will be carried over to the next drawing. If the jackpot is opened, the winner will be drawn from the followers of the Official X account and will receive the rewards including those that have been carried over.
*For details on each of the “Early Entry Campaign” campaigns, please refer to the following link: https://medium.com/@TOKYOBEAST/2c7956cb7558
ใปPolygon ร TOKYO BEAST Livestreaming
Polygon and TOKYO BEAST will hold a live streaming event.
Title: Polygon ร TOKYO BEAST Livestreaming
Schedule: 2023/9/8 20:00๏ผEST๏ผ๏ผ 17:00๏ฝ (PST)
URL: https://www.youtube.com/watch?v=rikxEfWuKIM
Speakers๏ผYoriko Beal (Polygon Head of Business Development Japan)
Naoki Motohashi (TOKYO BEAST Producer)
Shuhei Mise (TOKYO BEAST Global Head)
(*1) $TBZ is TOKYO BEAST’s proprietary IP token.
(*2) NFT stands for Non-Fungible Token. Blockchain technology is used as digital data with a certificate of ownership, making it impossible to tamper with or forge.
๏ผ๏ผ๏ผ๏ผ๏ผ๏ผ๏ผ๏ผ๏ผ๏ผ๏ผ
Service Name:TOKYO BEAST
Company name: TOKYO BEAST FZCO
Location: 001 – 33228 IFZA Business Park, DDP, Dubai, United Arab Emirates
Representative: Tomoe Mizutani
Official site: http://tokyo-beast.com/
Official X (Twitter): https://twitter.com/TOKYOBEAST_EN
Playable: App StoreใGoogle PlayใPC
For inquiries about the press release, please contact TOKYO BEAST FZCO Public Relations๏ผ[email protected]
Contact
BD Manager
Tomoe Mizutani
TOKYO BEAST FZCO
[email protected]
Former chair of the United States Securities and Exchange Commission (SEC), Jay Clayton, remains optimistic about the eventual approval of spot Bitcoin exchange-traded funds (ETFs), despite recent delays in decision-making.
In a recent interview with CNBC on September 1st, Clayton noted that the backing of major financial institutions in the realm of spot Bitcoin investments signals a notable shift in providing retail investors with access to cryptocurrency exposure.
The SEC’s recent move to extend the review period for various spot BTC ETF applications from prominent entities such as BlackRock, WisdomTree, VanEck, Invesco Galaxy, Bitwise, Valkyrie, and Fidelity, was observed on August 31st.
This extension grants the commission an additional 45 days, following the notice’s publication in the Federal Register, to either approve, reject, or further delay the ETF applications from these influential firms.
Clayton expressed his belief in the forward momentum of these efforts, indicating that progress can be expected as the process unfolds.
The SEC retains the flexibility to extend the application deadlines until March 2024.
READ MORE: Bitwise Surprises Market by Withdrawing Bitcoin and Ether ETF Application Amid SEC Delays
Clayton emphasized that he envisions an “inevitable” approval for spot Bitcoin ETFs, highlighting the disparity between futures products and cash products, and asserting that this divergence cannot persist indefinitely.
Notably, Clayton’s viewpoint resonates with that of U.S. Court of Appeals Circuit Judge Neomi Rao.
In a recent ruling, Rao and two other judges directed the SEC to reevaluate the application of asset manager Grayscale, seeking to transform its Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
Rao highlighted that the SEC had previously greenlit BTC futures ETFs, implying a similarity between Grayscale’s proposition and the approved futures products.
The sequence of ETF application delays took place in rapid succession on August 31st, just prior to the Labor Day holiday weekend in the United States.
The following key deadline for the assessment of significant spot BTC applications is scheduled for October 7th, at which point the commission is expected to provide updates regarding the proposed offering from fund manager Global X.
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MakerDAO co-founder Rune Christensen has proposed a novel direction for the decentralized finance project’s upcoming native chain, “NewChain.”
Contrary to its longstanding affiliation with the Ethereum Virtual Machine (EVM), Christensen’s proposal suggests building NewChain using a fork of Solana’s codebase.
This initiative forms a pivotal part of the fifth and final phase of the MakerDAO “Endgame” upgrade, an undertaking announced in May.
Spanning approximately three years, this phase is slated to culminate in a comprehensive reimagining of the Maker protocol, effectively transferring it onto a distinct stand-alone blockchain.
In a recent post on X (formerly Twitter) on September 1, Christensen endorsed Solana’s codebase as a prime contender for NewChain’s foundation.
The co-founder listed three crucial reasons justifying this choice in a proposal articulated on the MakerDAO forum.
Primarily, he lauded the technical excellence exhibited by Solana’s codebase, extolling its exceptional optimization geared toward facilitating the operation of an exceedingly efficient blockchain.
Christensen emphasized how the design of Solana’s codebase benefited from hindsight, born after the intricacies and challenges of blockchain technology had been comprehensively grasped.
He noted the alignment of this attribute with NewChain’s objective to rectify the technical debt accrued by Maker.
Furthermore, Christensen emphasized the resilience displayed by the Solana ecosystem, having withstood trials such as the FTX blowup and other adversities without succumbing.
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He believed that this robustness bodes well for the enduring presence of the Solana ecosystem, fostering a repository of skilled professionals accessible to Maker for collaboration, while also serving as an economically viable avenue for NewChain’s construction and maintenance.
Lastly, Christensen underscored the adaptability of the Solana codebase, citing instances where it had been successfully forked and adapted to function as appchains.
He proposed that MakerDAO could follow a similar path in the development of NewChain.
Christensen engaged with questions on Twitter about his preference for Solana’s codebase over the EVM.
While acknowledging the EVM’s significance for user-oriented development, he clarified that the EVM did not align with the specific backend requirements unique to MakerDAO.
NewChain’s role is to serve as a backend infrastructure for SubDAO tokenomics and governance security.
Conversely, the governance token Maker and the stablecoin Dai will persistently operate on Ethereum’s platform, ensuring seamless continuity.
Rune Christensen’s audacious proposal to build NewChain on the Solana codebase signifies a noteworthy departure from MakerDAO’s historical ties to Ethereum.
As the “Endgame” upgrade evolves, the community eagerly awaits the realization of NewChain and its potential impact on the decentralized finance landscape.
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Bitwise, the asset management company, has taken a surprising step by retracting its application for the Bitcoin and Ether Market Cap Weight Strategy exchange-traded fund (ETF) that was initially submitted to the U.S. Securities and Exchange Commission (SEC) on August 3rd.
Despite the recent optimism in the market due to Grayscale’s victory with the SEC, Bitwise seems to be reconsidering its approach.
The withdrawal of the ETF application was unexpected, with a statement in the filing indicating that the fund’s objective was to provide capital appreciation but with no guaranteed outcome.
Matt Hougan, the Chief Investment Officer of Bitwise, had recently voiced his support for SEC approval of all ETFs in an interview with Bloomberg.
The ETF in question had planned to invest in either Bitcoin futures contracts or Ether futures contracts, based on their respective market capitalizations.
Bitwise had also joined forces with ProShares to launch a similar ETF around the same period.
Bitwise clarified in the withdrawal statement that the Trust no longer intended to pursue the effectiveness of the Fund, and no securities had been or would be sold in relation to the mentioned Post-Effective Amendment to the Trust’s Registration Statement.
The SEC has postponed its decisions on Bitcoin ETF applications from various firms, including WisdomTree, Invesco Galaxy, Valkyrie, VanEck, BlackRock, Bitwise, and Fidelity.
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As per a filing dated August 31st, the commission has extended the review period for spot Bitcoin ETF applications from WisdomTree, VanEck, Invesco Galaxy, Bitwise, and Valkyrie, along with Fidelity’s Wise Origin Bitcoin Trust and BlackRock’s Bitcoin ETF.
The upcoming SEC deadlines are scheduled for mid-October, but there’s a possibility of further delays to the third batch of deadlines in January or the ultimate decision dates in the subsequent months.
Bitwise had been among the early firms to apply for Bitcoin ETFs with the SEC.
Their initial application in January 2019 aimed to launch a BTC-backed ETF tied to the Bitwise Bitcoin Total Return Index, calculated based on Bitcoin values from exchange transactions.
The proposed ETF was designed to aggregate data from multiple cryptocurrency exchanges, offering a reliable representation of the broader cryptocurrency market.
Additionally, the company intended to have third-party custodians responsible for physically safeguarding the Bitcoin.
This isn’t the first time Bitwise has withdrawn an application.
Earlier this year, the firm submitted an application for an Ethereum Strategy ETF targeting both front-time and back-time Ethereum futures but withdrew it just a week later.
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Robinhood, the cryptocurrency and stock trading platform, has made a significant move by acquiring over 55 million shares that were formerly owned by Sam Bankman-Fried, known as SBF, the ex-CEO of FTX.
In a recent blog post on August 31, Robinhood disclosed that it successfully completed the purchase of 55,273,469 shares for an estimated cost of $606 million, following an official filing with the U.S. Securities and Exchange Commission (SEC).
These shares were originally held by Bankman-Fried and Gary Wang through their company Emergent Fidelity Technologies, but were confiscated by the U.S. Department of Justice in January.
The acquisition had been anticipated, as Robinhood’s board of directors had approved the deal in the company’s Q4 2022 report.
An SEC filing on August 30 confirmed that the U.S. District Court for the Southern District of New York had granted approval for the purchase, liberating the shares from any claims, liens, or encumbrances.
The transaction was facilitated through an agreement with the U.S. Marshals Service.
Jason Warnick, the Chief Financial Officer of Robinhood, expressed satisfaction with the successful completion of the share acquisition.
He voiced the company’s eagerness to continue realizing growth plans for the benefit of both its customers and shareholders.
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Bankman-Fried’s holding company, Emergent Fidelity Technologies, filed for bankruptcy in February, with its financial troubles exacerbated by its involvement with crypto lending firm BlockFi.
The latter faced its own bankruptcy situation following the downfall of FTX.
Notably, BlockFi had initiated legal action to claim ownership over the 55 million Robinhood shares that had been pledged as collateral.
This situation unfolded amid bankruptcy proceedings for FTX, and legal battles involving SBF, BlockFi, and FTX creditor Yonathan Ben Shimon over control of the approximately $600 million worth of Robinhood shares.
Bankman-Fried’s legal team argued that he had a right to these assets to fund his criminal defense.
Following the revocation of his bail on August 11, Bankman-Fried has been in custody, awaiting his first trial scheduled to commence on October 3.
In response to the acquisition news, the value of Robinhood shares on the Nasdaq stock exchange witnessed a rise of around 4%, climbing from $10.85 to $11.34.
Additionally, recent findings from crypto experts unveiled that Robinhood possessed the fifth-largest Ether wallet, with an estimated value surpassing $2.5 billion.
This development further underlines Robinhood’s presence and engagement in the cryptocurrency landscape.
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Bitwise, the asset management firm, has taken an unexpected step by withdrawing its application for a Bitcoin and Ether Market Cap Weight Strategy exchange-traded fund (ETF) from the United States Securities and Exchange Commission (SEC).
Initially filed on August 3, the move came as a surprise given the recent positive market sentiment following Grayscale’s success with the SEC.
The withdrawal statement contained a cautious tone, stating that while the fund aimed to achieve capital appreciation, there were no guarantees of meeting this investment objective.
Matt Hougan, Bitwise’s chief investment officer, had recently voiced support for SEC approval of all ETFs in a Bloomberg interview.
The ETF in question was designed to invest in either Bitcoin or Ether futures contracts, selected based on their respective market capitalizations.
In conjunction with ProShares, Bitwise had also planned to launch another ETF around the same time.
Bitwise clarified in the withdrawal statement that the Trust had abandoned its plans to pursue the effectiveness of the Fund.
The Trust did not sell or intend to sell any Fund securities as part of the process.
This development aligns with the SEC’s continued delay in deciding on various Bitcoin ETF applications, including those from WisdomTree, Invesco Galaxy, Valkyrie, VanEck, BlackRock, Bitwise, and Fidelity.
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The SEC’s recent filing on August 31 disclosed an extended review timeline for several spot Bitcoin ETF applications.
WisdomTree, VanEck, Invesco Galaxy, Bitwise, Valkyrie, Fidelity’s Wise Origin Bitcoin Trust, and BlackRock’s Bitcoin ETF face a longer evaluation period.
Upcoming deadlines for the SEC are set for mid-October, but potential delays could push them to the third batch of deadlines in January or to final decisions in the subsequent months.
Bitwise had previously been at the forefront of asset management firms seeking Bitcoin ETF products.
Its initial application in January 2019 aimed to create a BTC-backed ETF tracking the Bitwise Bitcoin Total Return Index, derived from BTC transaction values across various exchanges.
The firm’s proposal sought to provide a reliable representation of the broader cryptocurrency market, with data sourced from multiple cryptocurrency exchanges.
Additionally, third-party custodians were to be responsible for physically holding Bitcoin.
Notably, this is not Bitwise’s first ETF withdrawal. Earlier this year, the company pulled back an application for an Ethereum Strategy ETF.
The ETF had been designed to invest in both front-time and back-time Ethereum futures, but the withdrawal occurred only a week after the initial application was submitted.
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Cryptocurrency exchange OKX is set to penetrate the Indian market and engage local talents as part of its strategy to advance the realm of Web3 applications, as reported by CoinDesk.
OKX’s Chief Marketing Officer, Haider Rafique, revealed that the company’s intention is to significantly expand its wallet services by tapping into India’s developer community.
Despite having 200,000 OKX Wallet users in India, this number accounts for only 5% of the country’s total Web3 user base.
Rafique expressed the company’s commitment to collaborating with the local community and identifying avenues to provide value.
Presently ranked as the sixth-largest cryptocurrency exchange worldwide in terms of trading volume, OKX operates from regional hubs in Dubai, Singapore, Hong Kong, and the Bahamas, rather than having a central global headquarters.
While OKX does not plan to establish a physical office in India, it intends to rely on local experts to lead its endeavors within the nation.
Rafique outlined a strategy to understand and engage with the developer community in India, thus determining the optimal approach for entering the local market.
In a notable move, OKX recently joined forces with blockchain platform Neo for an APAC Hackathon held in Bengaluru, India.
This partnership aimed to validate assumptions, comprehend the local culture, and provide support to the indigenous Web3 ecosystem.
READ MORE:BlockFi Advances Fund Recovery Efforts with Court Application
Although cryptocurrency trading is legal in India, no comprehensive regulations have been put in place by a central authority.
The sector operates with associated risks for investors, as cryptocurrencies lack legal tender status and cannot be utilized for banking purposes.
A 30% tax is currently imposed on crypto transactions within the country.
India’s Supreme Court, on July 27, criticized the Union government for the absence of crypto regulations and urged it to outline plans for regulating digital currencies due to a surge in criminal activities related to cryptocurrencies.
Rafique noted a shift in regulatory focus, highlighting that Indian authorities are distinguishing between Web3 and centralized finance (CeFi).
He clarified that their concerns lie more with platforms that provide fiat on-ramps, a service not offered by OKX in India at present.
Looking forward, Rafique expressed readiness to lead the way once India establishes a regulatory framework for cryptocurrencies.
In the backdrop of this, while OKX plans to recruit local staff to aid its Indian expansion, other Indian cryptocurrency exchanges like CoinSwitch and CoinDCX have faced staffing reductions due to the ongoing market downturn.
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Former professional soccer legend Ronaldinho Gaรบcho has provided his testimony during a congressional hearing in Brazil, disavowing any involvement in a purported cryptocurrency pyramid scheme that bore his name and is claimed to have defrauded $61 million.
Appearing before a parliamentary committee inquiry on August 31, Ronaldinho staunchly rejected any connection to the scheme dubbed “18kRonaldinho,” which had promised daily crypto returns of 2%.
A legal suit was initiated against the company in pursuit of $61 million in restitution for damages.
Ronaldinho asserted that he had never entered into any partnership with the company and that it had exploited his name and likeness without obtaining his consent.
He argued that he, too, was a victim of the alleged fraudulent enterprise.
During the hearing, visual materials were presented showcasing the promotional materials of 18kRonaldinho, featuring images of Ronaldinho himself.
One such image displayed Ronaldinho alongside the phrase “Enjoy up to 2% daily returns on your money.” Ronaldinho clarified that these images had been captured as part of a contract he signed with a company subsidiary engaged in watch sales.
However, he emphasized that the contract was eventually nullified in October of the same year, having never been acted upon.
READ MORE: BlockFi Advances Fund Recovery Efforts with Court Application
In response to inquiries from Aureo Ribeiro, the president of the inquiry, Ronaldinho refrained from commenting on whether he intended to reimburse those who had invested in the company.
Likewise, he chose not to respond when questioned about the pending $61 million lawsuit.
Ronaldinho’s nonattendance at two prior hearings linked to the inquiry, most recently on August 24, was addressed during the proceedings.
He explained that unfavorable weather conditions had prevented his participation.
The hearing held on August 31 represented Ronaldinho’s final opportunity to appear before the congressional committee.
Failure to attend could have resulted in potential fines or even arrest, with authorities authorized to compel his presence at the hearing.
The inquiry was launched in June with the objective of examining allegations of crypto pyramid schemes.
Conducted by Brazil’s lower house, the Chamber of Deputies, the investigation focuses on 11 companies accused by the country’s Securities and Exchange Commission of making false promises of lucrative returns through cryptocurrency investments.
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