Australian fintech firm Block Earner is moving forward with its plans to launch a crypto-backed loans product, despite facing an upcoming court date with the financial regulator over alleged unlicensed financial product offerings.
This new crypto loan offering allows Australian crypto investors to leverage their digital assets as collateral for cash loans.
Similarly, SALT, a lending platform based in Colorado, provides crypto-backed loans to U.S. clients, while Coinbase previously offered a similar service to its U.S. customers before discontinuing it in May this year.
Block Earner’s initial rollout of this crypto loan product is slated for the end of September, initially supporting loans using Bitcoin as collateral.
The co-founder of Block Earner, Charlie Karaboga, has emphasized that these loan products have been meticulously designed to align with existing licensing models in a cautious manner.
Karaboga’s firm faced legal troubles last November when it was sued by the Australian Securities and Investments Commission for allegedly offering crypto-linked fixed-yield earning products without an Australian Financial Services (AFS) license.
At that time, Karaboga criticized the regulator for its lack of clarity and asserted that Block Earner had diligently developed products in line with ASIC’s guidelines.
Karaboga explained that Block Earner’s regulatory challenges and actions against competitor Finder appeared to be reactionary, possibly linked to the collapse of FTX in November.
However, Block Earner decided to close its “earn” products and refund all users in response to ASIC’s legal actions.
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Learning from past experiences, James Coombes, the head of business at Block Earner, stated that the new product launch had already obtained the necessary Australian credit license, distinguishing it from the earlier “Earn” product.
Looking ahead, Karaboga anticipates that rapid regulatory advancements in jurisdictions like Singapore, Hong Kong, and the United Kingdom will compel the Australian government to keep pace or risk losing its share of the crypto enterprise market.
He expects increased regulatory clarity in the next 12 to 18 months.
Karaboga emphasized that Australia’s high per-capita GDP and its early adoption of crypto technology have made its citizens prime targets for scammers.
Nonetheless, he believes that domestic regulators are pro-crypto and inclined to support innovation in the industry.
Binance Australia General Manager Ben Rose shares this view, expressing confidence that Australian regulators will favor crypto in the long run.
Furthermore, Coinbase’s recent listing of Australia as a primary expansion location outside the U.S. underscores the country’s growing significance in the crypto space.
Block Earner’s Federal Court hearing is scheduled for November, with a decision expected by January.
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The United States Financial Accounting Standards Board (FASB) has ushered in a new era for crypto accounting, aiming to dispel the “poor optics” that have haunted companies holding digital assets, according to Berenberg Capital analysts.
On September 6, FASB gave the green light to fresh regulations regarding cryptocurrency reporting and fair valuation on corporate balance sheets.
Mark Palmer, Berenberg’s senior equity research analyst, emphasized the benefits of these changes, particularly for companies like MicroStrategy.
Now, they can report their digital asset holdings each quarter without being burdened by impairment losses.
“The change should help MicroStrategy and other companies that hold digital assets to eliminate the poor optics that have been created by impairment losses under the rules that the FASB has had in place,” Palmer noted.
MicroStrategy, which started accumulating Bitcoin in August 2020, had incurred a substantial $2.23 billion in cumulative impairment losses.
Over the past three years, its quarterly reports often displayed significant impairment losses on its BTC holdings due to price fluctuations, inviting negative news coverage that inaccurately portrayed a decline in the company’s intrinsic value.
The newly approved rules, slated to become effective in 2025, empower crypto-holding firms to report their assets at fair value.
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Consequently, their quarterly reports will accurately reflect the current values of these assets, allowing for adjustments based on any price rebounds.
This marks a departure from the current scenario, where impairment losses must be recognized and remain unaffected by subsequent price recoveries.
MicroStrategy holds the distinction of being the world’s largest corporate Bitcoin holder, boasting 152,800 BTC as of July 31, valued at approximately $3.9 billion.
The new rules can be applied proactively, and Berenberg predicts that MicroStrategy will do just that, potentially valuing its BTC holdings at $8.8 billion by April 2024.
Berenberg’s note highlights MicroStrategy CEO Michael Saylor’s past remarks about the FASB’s “hostile” and “punitive” treatment of crypto, which he believed deterred more companies from embracing a Bitcoin investment strategy. Saylor now sees these accounting changes as a positive catalyst:
“A change in the accounting treatment would be a significant positive catalyst for the price of Bitcoin, as it would spur adoption by tech companies.”
In conclusion, FASB’s new rules promise a brighter and more accurate accounting landscape for companies holding cryptocurrencies, potentially fostering greater adoption within the technology sector.
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Casa, the cryptocurrency self-custody platform, has expanded the capabilities of its Ether vaults, enhancing user privacy.
Following the introduction of a multisignature Ethereum self-custody vault to its existing Bitcoin custody service in June 2023, Casa now permits users to employ an Ethereum pay wallet as a relay for their transactions.
This development marks Casa’s commitment to providing a secure environment for users to manage their ETH holdings, enabling up to five private keys to safeguard their assets.
Previously, Casa assisted users in their interactions between ETH vaults and the Ethereum blockchain through its proprietary Casa Relay.
While this facilitated various actions, including contract deployment and transaction execution, it exposed users’ Ethereum addresses to public scrutiny via blockchain scanning tools.
To address this privacy concern, Casa has introduced the ETH pay wallet, a single-signature alternative wallet that serves as a transaction relay for vault users.
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Casa’s CEO, Nick Neuman, emphasized that gas fees and transactions originating from an ETH pay wallet would not be linked to Casa on-chain, affording users a greater degree of anonymity.
This feature was in development prior to the launch of the ETH custody vault, demonstrating Casa’s proactive approach to enhancing its services.
Nick Neuman clarified that while the ETH pay wallet enhances on-chain privacy, it does not provide the anonymity associated with certain obfuscation tools in the cryptocurrency space.
All on-chain activity remains visible, but the key advantage is the removal of the connection to Casa on-chain.
Using the ETH pay wallet does entail additional steps compared to the Casa Relay, and users are responsible for covering gas fees with their pay wallet.
However, the added privacy benefit makes it an attractive option for those seeking to prevent the linkage of their on-chain ETH addresses to Casa.
Casa’s commitment to user privacy and security is evident in its continuous efforts to improve its self-custody offerings.
With the introduction of the ETH pay wallet as a relay, Casa users now have more control over their transactions and can enjoy enhanced privacy when managing their Ethereum assets.
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The race to establish the first Ethereum exchange-traded fund (ETF) in the United States has officially commenced, triggered by recent 19b-4 filings submitted by the Chicago Board Options Exchange (CBOE).
These filings effectively set the stage for the Securities and Exchange Commission (SEC) to make a crucial decision.
On September 6th, CBOE submitted two 19b-4 applications to the SEC, seeking approval for the listing of the ARK 21Shares Ethereum ETF and the VanEck Ethereum ETF on its BZX Exchange.
This marks a significant development, as it signifies the initiation of the countdown towards a decision by the SEC.
Bloomberg ETF analyst James Seyffart took to Twitter to highlight the significance of these 19b-4 filings compared to the previously submitted S-1 filings.
He pointed out that the clock is now ticking for the SEC to make a determination, and declared that the “Spot Ethereum ETF Race is officially on.” Seyffart estimated a final decision deadline around May 23, 2024.
In the financial world, a 19b-4 form is utilized by self-regulatory organizations, like stock exchanges, to request a rule change from the SEC.
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In contrast, an S-1 filing merely indicates a firm’s intention to list a specific investment product on a national exchange.
The SEC is now obliged to review the 19b-4 filings and make a decision, although it has the authority to delay its decision, as it has previously done with spot Bitcoin ETFs.
Notably, ARK Invest and 21Shares collaborated to submit an S-1 filing to the SEC on September 6th, whereas VanEck’s S-1 filing dates back to July 2021. Seyffart anticipates that more spot Ethereum ETF filings will emerge in the coming days.
Furthermore, it’s worth mentioning that on August 17th, the SEC signaled its intention to approve Ethereum Futures investment products.
Concurrently, various firms, including Grayscale Investments and BlackRock, are actively pursuing approval for spot Bitcoin ETFs, intensifying the competition in the ETF space.
In conclusion, the race for the first Ethereum ETF in the United States has officially kicked off with the 19b-4 filings, and market participants are eagerly awaiting the SEC’s decision, which will have significant implications for the cryptocurrency investment landscape.
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Ether’s price has experienced a remarkable 31.3% surge between March 10 and March 18, coinciding with the Federal Reserve’s intervention to address the Silicon Valley Bank’s insolvency with a $300 billion injection. Subsequently, Ether (ETH) has maintained a daily closing price exceeding $1,600.
However, concerns are now emerging regarding Ether’s ability to sustain this support level.
This skepticism arises amidst the bearish sentiment prevailing in the cryptocurrency sphere and declining metrics within the Ethereum network.
Over the last six months, the cryptocurrency landscape has been fraught with negative developments.
One prominent issue is the financial struggles of Digital Currency Group (DCG), the parent company of Grayscale mutual fund manager.
Worries are escalating that a portion of the $4.8 billion worth of ETH deposits in the Grayscale Ethereum Trust might be liquidated to address DCG’s debts.
Furthermore, two global heavyweights in the crypto exchange arena, Binance and Coinbase, are embroiled in legal disputes with the United States Securities and Exchange Commission (SEC).
Additionally, initial excitement surrounding the prospect of futures-based Ether exchange-traded funds (ETFs) in early August has waned, with these instruments differing from spot ETFs as they don’t involve actual ETH coins.
In addition to these unfavorable market conditions, Ethereum’s on-chain metrics reflect a stagnation in demand, both in terms of ETH investments and smart contract transactions.
The number of Ethereum addresses holding at least $1,000 worth of ETH deposits is at its lowest level in nearly six months, despite Ether’s peak price of $2,130 in mid-April.
Part of the waning investor interest is attributed to Ethereum’s average transaction fee remaining above $4 for the past six months.
Consequently, despite fluctuations in network staking metrics, there seems to be no increase in the total number of investors when using the $1,000 threshold as a proxy.
Furthermore, data on decentralized application (DApps) activity on the Ethereum network supports the idea of a lack of new users.
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Even when excluding the significant 60% decline in the Uniswap NFT Aggregator, the average number of active addresses across the top Ethereum network DApps has decreased by 4% compared to the previous month.
From cryptocurrency games to decentralized exchanges, nonfungible token marketplaces, and Web3 services, all sectors have seen a decline in active users, according to DappRadar.
Regarding token activity on the network, with the exception of stablecoins and Wrapped ETH, no project has recorded more than 13,000 unique receiver addresses over the past week.
This analysis underscores the current constraint of Ethereum’s network by its relatively high transaction fees, limiting active user numbers.
Without an increase in network activity, catalysts for a price recovery, such as potential network upgrades and cost reduction or improved user privacy implementations, remain elusive.
Furthermore, recent developments have disappointed Ethereum enthusiasts.
Visa has integrated Solana blockchain settlement capabilities, and Coinbase has announced plans to assist partners in converting old USDC versions to the new format, following Circle’s USD Coin (USDC) introducing native accounts and transfers on the Base chain.
Rune Christensen, co-founder of MakerDAO, has even proposed developing the project’s native chain based on Solana’s codebase, despite its previous affiliation with Ethereum.
Given the overall bearish sentiment in the cryptocurrency market, including legal challenges faced by exchanges and dwindling interest in cryptocurrencies according to Google Trends data, the likelihood of Ether’s price dipping below the $1,600 support level has increased.
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The likelihood of a Bitcoin price correction descending to $22,000 is growing, driven by emerging bearish signals within BTC derivatives.
Examining the Bitcoin price chart underscores a decline in investor sentiment, attributed to Grayscale’s legal triumph against the SEC on August 29 and subsequent delays in spot BTC exchange-traded fund (ETF) applications.
Crucially, the question at hand is whether the potential for an ETF can outweigh escalating risks.
By August 18, the entire 19% post-BlackRock ETF filing rally had reversed, with Bitcoin regressing to $26,000.
Efforts to reclaim the $28,000 support faltered as optimism for an ETF approval rose following Grayscale’s favorable Bitcoin trust request.
Cryptocurrency investor morale waned as the S&P 500 closed at 4,515 on September 1, only 6.3% below its January 2022 peak.
Similarly, gold, unable to surpass $2,000 since mid-May, sits 6.5% from its all-time high, dampening Bitcoin investor sentiment months ahead of the 2024 halving.
Analysts attribute Bitcoin’s lackluster performance to regulatory actions against Binance and Coinbase, alongside speculation of a potential U.S. Department of Justice indictment against Binance for money laundering and sanctions breaches.
According to Pentoshi, potential gains from a spot ETF approval eclipse the price impact of regulatory actions against exchanges.
Yet, this analysis disregards decreased U.S. inflation (3.2% in July 2023 from 9.1% in June 2022) and the Federal Reserve’s liquidity reduction, unfavorable to Bitcoin’s inflation protection thesis.
Though Bitcoin clings to $25,000 since mid-March, derivatives data suggests testing bulls’ conviction.
Typically, Bitcoin monthly futures trade slightly above spot markets, indicating sellers demand more to delay settlement.
Presently, a 3.5% futures premium is the lowest since mid-June, pre-BlackRock’s ETF filing, revealing reduced demand for leverage buyers via derivatives.
Options markets also offer insights into investor optimism post-correction.
A bearish tone emerges, with protective put options trading at a 9% premium on September 4, contrasting similar call options.
The increasing bearish momentum in Bitcoin derivatives data, coupled with potential spot ETF approval delays until 2024 due to SEC concerns, tips the regulatory landscape in favor of bears.
The looming uncertainty surrounding potential DOJ actions and ongoing SEC lawsuits against exchanges exacerbates the situation.
In conclusion, considering the inability to sustain a positive price momentum despite elevated odds of a spot Bitcoin ETF approval, a retracement to $22,000 appears probable.
This echoes the price level observed when Bitcoin’s futures premium was 3.5%.
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Zurich, Switzerland, September 7th, 2023, Chainwire
The world of investing in art and exclusive collectibles is undergoing significant change with Web3 technology and DeFi. Well-known decentralized tokenized markets’ infrastructure provider AllianceBlock introduces the high-value real-world asset (RWA) investment platform Arkefi in the Avalanche ecosystem. Backed by reputed art investment company ARTBANX, Arkefi’s unique approach aims to reshape the realm of real-world asset (RWA) investments, providing an accessible path for both High-Net-Worth Individuals (HNWIs) and crypto investors to invest in exclusive art, cars, and collectibles.
Despite the high value of the exclusive collectibles featured on Arkefi, the platform’s inclusive approach means anyone can get involved. For example, the first listing will accept investments of as little as 100 USD.
Arkefi’s inaugural luxury collectible investment will feature the renowned Danish-Vietnamese installation artist Danh Võ, who is based in the vibrant art hub of New York City. Võ’s work has earned him global recognition, with his art showcased at prestigious events and institutions such as La Biennale di Venezia, the Solomon R. Guggenheim Museum in New York City, and Palazzo Grassi in Venice. Notably, Võ’s works have experienced consistent annual appreciation rates exceeding 10%.
Arkefi leverages blockchain technology and decentralized finance (DeFi) to unlock liquidity for illiquid and unbankable assets while making high-value art and exclusive art, cars and collectibles more accessible in a transparent and user-friendly platform. Backed by the art industry experience of ARTBANX and the blockchain technology expertise of AllianceBlock, Arkefi will transform how individuals invest in tangible assets.
Arkefi – Fractionalized Investments
Key Features of Arkefi
Arkefi stands out through its focus on user accessibility, transparency, and convenience, all powered by AllianceBlock’s decentralized technology:
- Unlocking Liquidity for High-Value RWAs: Arkefi enables HNWIs to unlock the liquidity of their valuable yet otherwise illiquid assets, using them as collateral to access these funds.
- Earnings on Investment: Arkefi ensures clear benefits for investors. In case of a buy-back, the principal and pre-agreed return are directly added to the digital wallet. If not executed, buyers gain full ownership, offering additional profit potential.
- Digital Twins of RWAs: Through the Nexera Protocol, the Arkefi platform tokenizes and fractionalizes the high-value art piece with a digital representation on-chain, enabling fractional ownership and investment in art.
- Partial Ownership in Digital Twins: Arkefi’s partial ownership feature enables small capital investments in a fraction of a tokenized art piece, opening art investment to a broader audience of investors and art enthusiasts.
- Guided Steps: Arkefi offers user-friendly guidance with step-by-step instructions, ensuring seamless platform navigation.
Enhancing Value with Curation and Preservation
Beyond its investment capabilities, Arkefi enhances value through curation, authentication, and preservation:
- Secure RWA Storage: Only artworks meeting stringent standards are available for sale, stored securely in bonded warehouses in Switzerland, ensuring asset preservation.
- Investor-Friendly Holding Terms: Sellers can access liquidity from their collections. An artwork is tokenized and showcased on the platform for funding. If not repurchased, buyers retain ownership, presenting additional profit opportunities.
What’s Next for Arkefi
The fusion of AllianceBlock’s technology and ARTBANX’s experience sets a new standard for tokenizing RWAs. Upcoming upgrades include integrating AllianceBlock’s identity management and compliance solution, NexeraID; secondary market trading; dynamic pricing mechanisms; insurance pools; and expanding offerings to include other high-value asset classes like cars and diamonds.
Arkefi’s user-friendly approach, backed by AllianceBlock, is reshaping the investment landscape for RWAs, democratizing access to art and exclusive collectibles. The platform’s launch furthers AllianceBlock’s mission of creating the infrastructure for a decentralized tokenized market by bringing together the worlds of high-value art and decentralized finance.
“I’m thrilled to witness DeFi’s potential in reshaping high-value real-world asset investment. Arkefi’s launch on the Avalanche network brings an already established model into the dynamic world of Web3. By combining our innovative tokenization infrastructure with ARTBANX’s expertise, we’re democratizing investment in art and collectibles, making it more equitable, efficient, and accessible for all.” said Matthijs de Vries, CTO and Founder of AllianceBlock.
About Arkefi
Arkefi serves as a pioneering platform that levels the playing field in the financing of art, cars, and collectibles by utilizing on-chain options. It offers a guaranteed return of up to 50%, allowing investors to acquire portions of these high-value assets at half their market price. This approach provides a compelling alternative to conventional methods of fractional ownership.
About AllianceBlock
AllianceBlock is an infrastructure provider for decentralized tokenized markets. It empowers businesses with liquidity provisioning and allows them to compliantly issue, manage, and trade tokenized digital assets, including real-world assets (RWAs).
The AllianceBlock ecosystem of partners, clients, and ventures consists of top stakeholders from the financial industry and the decentralized finance (DeFi) sector. Their unique product suite complies with global regulations and seamlessly integrates with legacy systems.
Follow AllianceBlock on Twitter and join the Telegram Community to stay updated on the latest AllianceBlock news and updates.
Contact
Avishay Litani
[email protected]
A recent development in the legal saga surrounding former Celsius CEO Alex Mashinsky has seen a federal judge issue an order to freeze specific bank accounts and properties associated with him, following a motion from the United States Justice Department.
This judicial decision, dated September 5 and emanating from the U.S. District Court for the Southern District of New York, has approved the unsealing of a restraining order pertaining to Mashinsky’s assets.
Under this order, the Justice Department has been granted the authority to freeze accounts held under the names of various holding companies at Goldman Sachs and Merrill Lynch, in addition to accounts registered under Mashinsky’s own name at First Republic Securities, SoFi Bank, and SoFi Securities.
Notably, the order extends to include a property owned by Alex Mashinsky and his wife, Kristine, situated in Austin, Texas.
The Mashinskys acquired this residence in 2021, and it had been on the market for over a year, a period coinciding with Celsius’s filing for bankruptcy in July 2022.
This Austin property has garnered attention as it is being sold by Alex Mashinsky, the co-founder and former CEO of the cryptocurrency lending platform, Celsius, which declared bankruptcy.
Mashinsky cited his resignation in September 2022, asserting that his role had become a significant distraction, particularly amidst the backdrop of Celsius users grappling with “difficult financial circumstances.”
Even prior to this development, Celsius had been under scrutiny by both state and federal authorities for purportedly offering unregistered securities.
The legal entanglements intensified in July when U.S. authorities arrested Mashinsky, alleging that he had deceived Celsius investors and defrauded users of substantial sums.
Mashinsky pleaded not guilty to all charges and was subsequently released on $40 million bail, with certain restrictions such as electronic monitoring and stringent financial transaction controls in place.
In a parallel legal course, the U.S. Commodity Futures Trading Commission and the Securities and Exchange Commission initiated civil cases against Mashinsky in July, ultimately reaching settlements with Celsius amidst the backdrop of the former CEO facing criminal and civil charges.
Furthermore, the Federal Trade Commission imposed substantial fines amounting to $4.7 billion on Celsius for alleged misconduct in “duping” its users.
However, these penalties were temporarily suspended to facilitate the use of assets in the context of Celsius’s ongoing bankruptcy proceedings.
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Seoul, South Korea, September 5th, 2023, Chainwire
- Aims to create a vast ecosystem to drive common growth of global blockchains
- Complete user-customized omnichain network to easily and conveniently utilize services across multiple blockchains
- All platforms and dApps are connected as one with blockchains bringing complementary strengths to the ecosystem
WEMIX has unveiled unagi, short for Unbound Networking & Accelerating Growth Initiative, which aims to construct an all-encompassing ecosystem that goes beyond the limitations of diverse blockchains by seamlessly integrating, connecting and encompassing multiple networks, fostering an environment where they coexist harmoniously. This need for an omnichain ecosystem that taps the potential for innovative synergy between blockchains is increasingly important amid the growing number and diversity of emerging blockchains.
Overcoming existing integration challenges
Proposed by the WEMIX Foundation, the launch of unagi marks a pivotal turning point with the potential to overcome existing challenges. unagi is designed to accelerate the mass adoption of blockchain by seamlessly integrating diverse blockchains and services, helping to address the multifaceted challenges that arise during chain interactions, and providing a seamless immersion into a wide array of blockchain experiences. With unagi, you can transcend the boundaries between chains and experience integrated transactions and comprehensive asset management.
Core Mechanism
At its core, unagi accomplishes a highly accessible omnichain, spanning on-chain and off-chain domains, through a messaging protocol known as unagi(x). This protocol supports decentralized off-chain messaging in addition to on-chain messaging, surmounting the computational limitations associated with contracts running on specific blockchains.
This is achieved through a decentralized validation method, ensuring swift and secure transactions across heterogeneous chains that are completely reliable, both on-chain and off-chain. unagi enhances various aspects of blockchain activity, aiding in optimal route discovery for dApps, reducing fees, and supporting gas fee delegation services.
Connecting 8 major blockchains
Moreover, unagi(x) will initially support EVM networks and expand its compatibility to Non-EVM environments in the future, reducing entry barriers and enabling utilization of existing smart contracts. An initial group of 8 major blockchains are connected by unagi including Arbitrum, Avalanche, BNB Smart Chain, Ethereum, Kroma (WEMIX L2 project), Optimism, Polygon, and WEMIX3.0.
Core Applications
unagi’s core functionalities, supporting the omnichain, are accessible through the una Wallet, which provides a secure and speedy wallet authentication service that allows users to search and manage assets of various chains as if they were stored using a single wallet.
It facilitates access to the services of these chains swiftly and securely through robust authentication mechanisms, and enables efficient management of assets across various chains through one wallet. Notably, unagi’s authentication will not only utilize MPC technology but also introduce Account Abstraction for unprecedented authentication speed and ease of use.
- una Wallet: natively manage assets on multiple chains through one single wallet with easy utilization of complicated concepts such as gas fee, seed phrase, network, etc.
- unagi Swap: A service that provides high liquidity and stability, and low fees using various cross-chain protocols, enabling users to potentially utilize dApp services at the lowest cost.
- unagi Scan: Get easy and direct access to transaction histories of various chains. Transactions that occur both on and between chains can all be recorded and searched through unagi.
In addition to delivering user convenience, unagi will also provide support for partners and dApp builders using a Standard SDK/API that will simplify effective and efficient development of services for builders.
This will create an environment where disparate blockchain services and assets effectively become interwoven as part of a single massive ecosystem and achieve what was once deemed unattainable in cross-chain transactions.
Wemade showcases unagi at Korea Blockchain Week
Experience unagi up close and personal at the Wemade booth on-site from 5 – 6 September at The SHILLA Seoul during Korea Blockchain Week 2023. Wemade is returning as the main sponsor for IMPACT, the key event headlining this year’s KBW. You can also watch the introduction to unagi on YouTube or visit unagi’s official website for more information.
About WEMADE
A renowned industry leader in game development with over 20 years of experience, Korea-based WEMADE is leading a once-in-a-generation shift as the gaming industry pivots to blockchain technology. Through its WEMIX subsidiary, WEMADE aims to accelerate the mass adoption of blockchain technology by building an experience-based, platform-driven, and service-oriented mega-ecosystem to offer a wide spectrum of intuitive, convenient, and easy-to-use Web3 services. Visit www.wemix.com/communication for more information.
Contact
Global PR
Kevin Foo
WEMIX
[email protected]
The legal sector has capitalized on the downfall of cryptocurrency giants like FTX and Celsius, reaping substantial gains totaling hundreds of millions of dollars in fees.
Professionals such as lawyers, accountants, consultants, and analysts have collectively earned at least $700 million through their involvement in the bankruptcy proceedings of prominent crypto companies over the past year.
This lucrative trend is detailed in a report by The New York Times, which analyzed the financial outcomes of the crypto bankruptcies.
The sum encompasses expenses incurred during the resolution of five major crypto firms’ bankruptcy cases: FTX, Celsius Network, Voyager Digital, BlockFi, and Genesis Global.
This assessment covers the period from July 5, 2022, to July 31, 2023, with an expectation of further escalation as pending cases unfold, including the impending trial of Sam Bankman Fried scheduled for October.
The most substantial beneficiaries in the realm of cryptocurrency bankruptcy are the legal experts tied to the FTX case, amassing a significant sum of $326 million. Notably, the law firm Sullivan & Cromwell, overseeing FTX’s bankruptcy, has been at the forefront, charging a remarkable $110 million in legal fees and an additional $500,000 in expenses.
The complex nature of cryptocurrency regulations, or the lack thereof, has played a pivotal role in driving up costs.
Andrew Dietderich acknowledged that the intricacies of crypto regulations have led to a protracted and multifaceted legal landscape, contributing to higher fees.
Kirkland & Ellis, entrusted with handling bankruptcies for Celsius, Genesis, and Voyager, have accounted for $101 million in billed fees and $2.5 million in expenses.
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Additionally, Alvarez & Marsal, specializing in turnaround management, has reportedly invoiced over $125 million for their involvement in FTX, Celsius, and Genesis cases.
Initial reports in January 2023 indicated the substantial financial gains anticipated for firms like Sullivan & Cromwell engaged in crypto bankruptcy proceedings.
The firm allocated an extensive workforce of over 150 professionals to the FTX case, including 30 partners charging rates surpassing $2,000 per hour.
Acknowledging concerns over exorbitant legal fees, Katherine Stadler was appointed by the United States bankruptcy court to oversee fee examination for the FTX case.
In June, Stadler confirmed that the fees requested by the FTX team, which exceeded $200 million since the November bankruptcy, were justifiable.
Continuing the legal saga, Sam “SBF” Bankman-Fried’s legal team is actively opposing the United States Department of Justice, seeking to counter recent requests by the authority.
These requests encompass an appeal to exclude all seven of SBF’s expert witnesses from testifying in court, a move that could potentially cost up to $1,200 per hour for these witnesses.
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