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Crypto collapse: it’s looking like a long, cold, contagious winter

On January 1st of 2022, one Bitcoin would cost you about $46,000. By November 8th, that same coin went for about $18,500. The year’s most significant crypto story began with the ongoing crash of the FTX Exchange ,, which brought new existential threats to crypto.

This past year was a nightmare for crypto. The Terra / Luna crash, which wiped away billions of dollars in value almost immediately, was another. There was Axie Infinity, the once-hot NFT game that lost $625 million in a hack and has struggled to recover. Celsius collapsed. Three Arrows Capital collapsed . NFTs were trendy back when people believed their JPGs were worth millions. All this occurred after the stock market crashed due to a pandemic that caused a spike in stock prices. This also lowered society’s tolerance for nonsensical, chaotic gambling with internet money. Crypto became a risky investment . as the economy started to recover and our collective risk tolerance decreased.

Crypto crashed before and the HODLers believe there is still upside. The future of cryptocurrencies looks very grim right now.

Here’s all our coverage from the ongoing crypto winter:

  • Sam Bankman-Fried scored $300 million during a big FTX funding push.

    The now-collapsed cryptocurrency exchange FTX raised $420 million in a big funding round in October 2021, but $300 million of it went to founder Sam Bankman-Fried, according to The Wall Street Journal. He sold some of his stake in FTX, but that still gave him a lot of money investors wanted to invest directly in the company.





  • FTX would like to make sure you know Sam Bankman-Fried doesn’t work there anymore.

    With FTX’s founder and former CEO steadily tweeting away and apparently DMing with Vox reporters (despite a precarious legal status as his former firm attempts to declare bankruptcy), John Ray, the new CEO of FTX, has an important message to share.



  • Sam Bankman-Fried on the FTX failure: his “single biggest fuckup” was filing for Chapter 11 bankruptcy.

    Apparently Alameda took huge losses when Luna went down, and sloppy accounting prevented Bankman-Fried from realizing how bad it was. Also, his meetings with regulators were “PR.”





  • The House Financial Services Committee is going to look into Binance’s role in FTX’s collapse.

    Hey, remember yesterday, when I said Changpeng “CZ” Zhao had painted a target on his exchange, Binance, by helping topple FTX? Well, the Republican most likely to lead House Financial Services Committee said The that Binance’s role in the debacle would be part of a December hearing.



  • FTX’s “company therapist” says he really provided dating advice. A “career coach” has been added to the company. This person also acts as a personal therapist for large portions of the company. From Vice:

    In his telling, Lerner worked for FTX not exactly as a therapist and certainly not as a doctor, but as a coach, even as he maintained independent doctor-patient relationships with about 20 employees and prescribed medication to at least some of them. Lerner stated that he was focused on the health and well-being of employees at FTX. He did not just care about their careers but also their personal (and sometimes even romantic) lives.



  • BlockFi is preparing for bankruptcy after FTX implodes. I feel like I have been saying “yikes!” a lot. However, it is my general feeling about the whole situation. If BlockFi or FTX has affected you, please email me at liz@theverge.com. I would love to talk to you.



  • Who looks at FTX and sees an investment opportunity?

    Sure, it might sound like a bad idea to invest in a bankrupt exchange with more accusations of fraud than anything else we’ve seen on this side of Enron, but the Wall Street Journal reports Sam Bankman-Fried is asking around anyway.

    Mr. Bankman-Fried spent the weekend calling around to find investors in order to fill a gap of up to $8B in order to repay FTX’s customers. In Mr. Bankman Fried’s case, funds were not meant to support a bare-bones workforce, but to repay individuals traders and institutional customers who have been unable get funds out.






  • No, FTX was not required to release Bahamian funds first.

    On Friday, the bankrupt FTX said it started facilitating withdrawals for its clients in the Bahamas (where the company’s based) at the request of “Bahamian HQ’s regulation and regulators.”

    But the Securities Commission of The Bahamas says that’s not the case, stating it never “directed, authorized or suggested… the prioritization of withdrawals for Bahamian clients.” Meanwhile, hundreds of millions of dollars are still missing from the exchange.



  • BlockFi cuts off credit card customers.

    After pausing client withdrawals just a couple of days ago, now BlockFi is shutting off its credit card. It sent customers an email stating that it was suspending “purchasing privileges on the BlockFi Rewards Visa Card” due to “recent developments at BlockFi”, but did not elaborate further.




  • FTX feels the heat.

    After FTX filed for bankruptcy on Friday, the Miami Heat announced that it’s terminating its partnership with the company, which acquired the naming rights to its basketball stadium last year. The stadium will remain known as the FTX Arena on Saturday, when the Heat takes on the Charlotte Hornets. This is likely to continue for the foreseeable future. While the team searches for a new sponsorship deal,





  • Is FTX’s founder a League of Legends genius? (No. )

    One of the funniest parts of this week’s FTX meltdown was learning that CEO Sam Bankman-Fried apparently blew investors’ minds by playing League of Legends during a meeting.

    It was first reported as a bit of gee-whiz startup mythmaking, and in the tradition of Kyle Orland’s brilliant investigation into Travis Kalanick’s Wii Tennis prowess, FT does the vital job of puncturing it by running down his actual history with the game. It turns out that he is a poor player, but he doesn’t deny it. Maybe not a sign that he is a genius.



  • Coinbase is undergoing additional layoffs.

    As first reported by The Information, crypto exchange Coinbase is adding to the 1,100 or so people it let go earlier this year with cuts to two other teams.

    As confirmed in a statement from the company, they affect the recruiting and institutional onboarding groups, which are shrinking by about 60 people in total.

    Coinbase CEO Brian Armstrong tweeted this week that the company isn’t affected by the ongoing FTX flameout and doesn’t engage in that kind of “risky behavior.”





  • The Department of Justice would like to know how Binance’s due diligence on the now-canceled FTX acquisition went.

    So remember when FTX was going to get bought by Binance, except whoopsie, Binance did due diligence for a couple hours and noped out? US authorities would love to see what Binance saw.



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NFT

China Court Recognizes NFTs As Virtual Property

Court in China Recognizes NFTs as Virtual Property Protected by Law

A court in Hangzhou, China, has ruled that non-fungible tokens (or NFTs) are virtual property under the People’s Republic laws. This ruling is based on a dispute between a customer, and a platform that was hired to sell tokens.

Hangzhou Internet Court Hearing Case Concerning Property Rights over NFTs

A court in Hangzhou (the capital of Zhejiang province in eastern China) has heard a dispute between a client of a digital art platform and a local customer. The platform had cancelled a sale of NFTs for the client. The user sued the company, claiming that the operation was ended without his consent.

The platform issued a refund because of the inaccurate information it received about the plaintiff. According to its know-your-customer procedures, orders placed without real-name authentication should be canceled, an announcement detailed.

The Hangzhou Internet Court stated that NFT collections have the characteristics of property rights, such as value and scarcity, controllability and tradability. However, digital collectibles can only be described as virtual properties. In the statement, quoted by Chinese crypto journalist Colin Wu, also known as ‘Wu Blockchain’ on Twitter, the judicial authority also emphasized:

The contract involved in the case does not violate the laws and regulations of our country, nor does it violate the actual policy and regulatory guidance to prevent economic and financial risks, and should be protected by the law.

The court stated that NFT digital collections are unique digital assets formed on the blockchain based on the trust and consensus mechanism between blockchain nodes. NFT digital collections, which are digital assets created on the blockchain using the trust and consensus mechanism among blockchain nodes , are also unique digital assets.

The Hangzhou court concluded that NFT collections are part of the category virtual property. It stated that the transaction in this case is a business activity that involves selling digital goods via the internet. Accordingly, it should be regulated under China’s E-commerce Law .”

The Chinese government launched a crackdown last year on cryptocurrency-related activities such as the issuance, trading and mining of bitcoins. While NFTs were allowed to be issued by regulators, they were also intended to limit speculation. They are sometimes called “digital collectibles” to avoid being associated with the crypto-space.

In April of this year, reports revealed that the popular Chinese messaging app Wechat is suspending accounts linked to NFTs. And in September, it became known that the National Copyright Administration of China (NCAC) had launched a campaign to crack down on copyright infringement and piracy through digital collectibles.

What future do you expect for NFTs in China? Please share your views on this topic in the comments section below.

Lubomir Tassev



Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or related to the use or reliance of any content, goods, or services in this article.

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Barcelona and Argentina’s Legend Mascherano joins Alchemy Pay to be a Brand Ambassador

sponsored

Barcelona’s and Argentina’s soccer legend Javier Mascherano signed with the top fiat-crypto payment gateway Alchemy Pay. On December 1, he announced that he had become an ambassador for Alchemy Pay. He will promote its payment features and products and work closely with Alchemy Pay in the future co-branded NFT launches.

“Just like I have bridged defense and offense in my career, Alchemy Pay bridges fiat and crypto, web2 or web3 across the globe. Mascherano tweeted, “A perfect match!” He considered this partnership to be an ideal fit and saw himself as embodying the same spirit of Alchemy Pay.

Mascherano was the former Argentina national team captain and is one of the best defensive midfielders in football. After his success with River Plate, Mascherano moved on to European club giants Liverpool or Barcelona. As one of the true legends of the game, Mascherano is also a social media legend, with 5.8M Instagram followers and 8.1M Twitter followers, and is enthusiastic about crypto utility for the people of Latin America. This ambassador endorsement will benefit users in Latin America, enabling them to use their local currency to buy crypto, cheaply and easily, on Alchemy Pay’s OnRamp Solution.

Argentina defeated Lewandowski’s Poland stars and qualified for the knockout stage. Alchemy Pay announced its support for Argentina and launched a series activities to support the team. For the FIFA World Cup 2022, the Barcelona and Liverpool legend will launch a series of signings, appearances, and NFTs to celebrate the Argentina team during the World Cup. Both parties will promote Alchemy Pay’s Ramp payment solution as well as NFT Checkout capabilities during the cooperation period.

Alchemy Pay is a top-rated payment provider. Over the past 18 months, its payment gateway to crypto has opened up the industry to mainstream users. Founded in Singapore in 2018, Alchemy Pay is a payment gateway that seamlessly connects crypto and global fiat currencies for businesses, developers, and users.

The Alchemy Pay Ramp Solution has been easily integrated, via plugin or API, with platforms and dApps to provide an easy onramp from fiat currency to crypto. Alchemy Pay’s new feature, the NFT Checkout, allows users to purchase NFTs using their preferred fiat currency payment method. Alchemy Pay supports payments from 173 countries – Visa, Mastercard, popular regional mobile wallets, and domestic transfers with a focus on emerging markets. Its offramping capability remits to users in 27 local fiat currencies. $ACH is the Alchemy Pay network & community token on Ethereum and Binance Chain.

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Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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NFT Sale begins mid-December NFT Sale Details for Entertainment DAO Project “SUPER SAPIENSS” by Yukihiko Tsutsumi and Katsuyukimotohiro Revealed

press release

PRESS RELEASE Financie Inc. pleased to announce that the “SUPER SAPIENSS NFT” sales conducted by “SUPER SAPIENSS”, an entertainment DAO project active on FiNANCiE.

About SUPER SAPIENSS

“SUPER SAPIENSS” is a unique entertainment project that brings together three directors, Yuichi Sato, Katsuyuki Motohiro and Yuichi Takaho, who have all been in the forefront of Japanese entertainment and film industries, as well as Takeshi Moriya, whose board members will help to tell the original story and visualize it.

The project will take on the challenge to be an entertainment DAO utilizing FiNANCiE’s token issuance and token-based “co-creation community” in order for Japan to enter a new era.

The company has conducted two rounds of token-issuing type funding, and has collected a cumulative total of over 50 million yen in support and approximately 3,000 members in the community.

The token holders are not only involved in the production of the contents but also participate in various community processes. We are developing our activities with the essential element of “sharing the same excitement, joy, and passion” as the three initiators.

About SUPER SAPIENSS NFT

The creative for SUPER SAPIENSS NFT, which started on September 26, 2022, is based on director Tsutsumi’s original character proposal, with original art developed by manga artist Chobi, who also works on the SUPER SAPIENSS webtoon. This creative is full of Japanese culture and is drawing worldwide attention.

SUPER SILVER SAPIENSS NFT can be described as a generative NFT format. Generative NFT uses a program that randomly combines image data into different parts to create many types of art.

For more information about SUPER SAPIENSS, NFT, please see the white paper below.

Japanese version https://www.canva.com/design/DAFMQ5CprK8/QbXlN5svdckr7ANJPMZ1aQ/view?utm_content=DAFMQ5CprK8&utm_campaign=designshare&utm_medium=link&utm_source=viewer

English version


https://www.canva.com/design/DAFMY5E1j_I/VA4_fieXABAD_tIW_e_RXQ/view?utm_content=DAFMY5E1j_I&utm_campaign=designshare&utm_medium=link&utm_source=viewer

Detailed Sales Information about SUPER SAPIENSS NFT

The sales of SUPER SAPIENSS NFFT will take place in the order of Presale or Public Sale. The sales format determines the date and number of sales.


Only holders of Allow List (AL) are allowed to join the presale.

No matter what sales format you choose, prepare in advance for a crypto wallet or GAS fee.

The first sales in Presale (website to mint)


Outline: How to buy the NFTs for only 1,093 designated holders of Allow List on the website to mint


Period: Dec 17 (Sat) 00: 00 ~ Dec 17 (Sat) 23: 30 EST


Number: 5,465 units (Maximumly 5 units per person to mint)

Payment Method: ETH payment


Target: The email address will be sent to the designated holders of Allow List.


For the Allow List

, please visit Discord and check the website.

The second sales in Presale (website to mint)


Outline: How to buy NFTs on a first-come, limited to holders of Allow List on the website to mint


Period: Dec 18(Sun) 00: 00 ~ Dec 19(Mon) 00: 00 EST


Number: There were 5 NFTs per person that could be mint )

.

Payment Method: ETH payment


The team will announce the winners and will select the applicants to the Allow List for secondary sales.

Please apply for Allow List below

Application deadline: Monday, Dec. 8th, 2022 at 10: 00 AM

The sales in Public Sale


Outline: How to buy the NFTs, which anyone can buy on the website to mint


Period: Dec 19(Mon) 22: 00 EST ~ Tue, Dec 20(Tue) 22: 00 EST


Number: 1,000 units (No limit to mint)


Payment Method: ETH payment

The team will post the latest information about NFT on Twitter and Discord:

SUPER SAPIENSS NFT Twitter: https://twitter.com/supersapi_nft

SUPER SAPIENSS NFT Discord: https://discord.gg/K63UzDJH

Milestone of SUPER SAPIENSS NFT

Roadmap

  • 2022.1FiNANCiE raised approximately 45 million at the beginning of the project. 2000 community members.
  • 2022.7Yukihiko Tsutsumi’s original movie “SUPER SAPIENSS THE BEGINNING” has been released
  • 2022.8Launch of SSCA (SUPER SAPIENESS CREATORS ACADEMY)
  • 2022.9SUPER SAPIENSS Golden Fish NFT drop. The significant goldfish to the story is for early supporters only.
  • 2022 – WinterRelease of SUPER SAPIENSS NFT
  • 2022 – WinterThe ten episodes of the webtoon comic (approx. 30 are planned). One chapter is released weekly
  • 2023 – MidMaking the live-action adaptation of Yukihiko Tsutsumi’s work. Filming of Katsuyuki Motohiro and Yuichi Satou’s film
  • 2023 – Produce short animated films for future animation

The following benefits are also available to NFT holders;

  1. Holder’s NFT will appear in the webtoon and/or the film
  2. Opportunity to submit ideas for a supernatural power for SUPER SAPIENSS NFT
  3. The priority pass to purchase the NFT derivatives/AirDrop
  4. The license for commercial use of proprietary NFT
  5. Prior experience/access to NFT projects
  6. Other unique benefits depending on the NFT volume and duration

Project initiators

  • Director: Yukihiko Tsutsumi(Director of Office Crescendo Inc. – There are numerous ‘aggressive’ masterpieces by the master in the Japanese film and television industries.
  • Director: Katsuyuki Motohiro(Member of the Planning Department in Production IG – Director of the highest-grossing live-action film in Japan, “Bayside Shakedown 2”.
  • Director: Yuichi Satou(Member of Kyodo Television)- The director is considered one of the most renowned Japanese film directors for his meticulous descriptions.
  • Producer: Takeshi Moriya(Atmovie Inc. – CEO and Founder – The most famous work by Takeshi Moriya is “Midnight Swan”, winner of the Japanese academy award for the picture of the year in 2021.
  • Adviser on webtoon comics; Supervising Director of NFT design: Youhei Sadoshima (Cork Inc. – CEO and Founder)
  • Project Promotion Advisor: Hironao Kunimitsu (Financie Inc. – CEO and Founder)

About FiNANCiE

Finance Inc. offers a crowdfunding 2.0 service, FiNANCiE, that takes advantage of blockchain technology and delivers a new token economy through issuing, planning and handling tokens (both FT and NFT). In addition, there are more than 170 token issuers (individuals, sports clubs, and projects).

Company: Financie Inc.

CEO: Naohiro Kunimitsu

Establish: January 2019

Address: Cerulean Towe 15F, 26-1, Shibuya, Tokyo, Japan


This is a press release. This is a press release. Readers are responsible for their own research before making any decisions about the promoted company, or any of its affiliates. Bitcoin.com does not assume any responsibility for any loss or damage caused by the content, goods, or services mentioned in this press release.

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