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Genesis Global Trading, a prominent crypto lender, filed for Chapter 11 bankruptcy protection in New York on Jan. 20, becoming the latest company to declare bankruptcy in the wake of FTX’s collapse. However, the focus of the crypto community has shifted toward other firms that had exposure to the lending firm.One report suggested that a total of nine crypto firms had exposure to Genesis, including Gemini, Bybit, VanEck, Decentraland and others. Bybit CEO Ben Zhou was quick to respond to the reports and clarified that Bybit indeed had $150 million exposure to the bankrupt crypto lender via its investment arm…

Fans of the CryptoArt revolution will be thrilled at the influx of the medium in some of the world’s most respected art institutions. The latest to embrace this new era in the creative process comes from the revered halls of the Orlando Museum of art. A new exhibition called ‘Twentysomethings: Works and NFTs from the Fabio Sandoval Collection’ has been announced and will run from January 27 until May 7, 2023. NFTs at the Museum As per an official press release, the exhibition will feature NFTs that Sandoval has collected over the last 6 years from artists of various backgrounds. This installation is…

Several crypto industry commentators have expressed skepticism about FTX CEO John Ray’s vision to potentially reboot the crypto exchange, citing trust issues and “second-class” treatment of customers as reasons why users may not “feel safe to go back.”Former FTX CEO Sam Bankman-Fried tweeted on Jan. 20 praising John Ray for looking at a reboot of FTX, suggesting it is the best move for its customers.I’m glad Mr. Ray is finally paying lip service to turning the exchange back on after months of squashing such efforts!I’m still waiting for him to finally admit FTX US is solvent and give customers their…

Champions Ascension revealed their planned dates for the upcoming Elemental Eternals mint. This is a completely free mint, and features the second highest tier Characters that will be available in the game! This will be the second NFT mint for Champions Ascension. And this one is completely free! This mint is for Elemental Eternals. Elemental Eternals are considered second only to Prime Eternals. In fact, the team has some sort of plans to make it to so that the Elemental Eternals are actually stronger than Primes in the PvE portions of the game. Only 10,000 Elemental Eternals will ever be…

Three men drove their car into the metal barricade outside Sam Bankman-Fried’s parent’s home where he is under house arrest, SBF’s lawyers claim. In a filing to the federal court, the lawyers for the former FTX CEO said the three men got out of the car after hitting the barricade and told a security guard guarding the home: “You won’t be able to stop us.”The unidentified trio were then able to drive away before security guards could record the car’s license plate. According to a Reuters report, the incident was described in a Jan. 19 court filing that said it…

Looking back on the complete bottom→peak→bottom encryption industry cycle from 2020 to 2022, the three new tracks of DeFi, NFT, and blockchain games are dancing, and the most dazzling in the chain game track are two projects Axie and StepN: Axie created the “Play to Earn” mode, which led to the frenzy of small picture gold mining; while StepN took a slant after the decline of Axie, using the “Walk to Earn” light mode that is closer to the player’s real life, to guide players to build a consensus: In addition to making money in the game, you can also…

Binance will delist NFTs with low trading volume on its platform starting next month as it revamps its KYC rules. The move comes two days after the platform was implicated in a money laundering scandal by FinCEN.According to a company statement made on January 19, the platform will delist all NFTs listed before October 2, 2022, and lack an average of $1,000 in daily trading volume between November 1, 2022, and January 31, 2023. Also, as part of the new rules, artists can only mint 5 NFT per day.In the past, Binance NFT didn’t ask much of its users. As…

A former chief lawyer for FTX has accused the company’s U.S. general counsel of channeling business to Sullivan & Cromwell (S&C), the firm currently serving FTX as bankruptcy counsel.Daniel Friedberg, who was the chief regulatory officer of FTX until he resigned on Nov. 8, made the allegations as part of a Jan 19. court filing.In the declaration, Friedberg alleges that FTX US lead counsel Ryne Miller, who is a former partner at S&C, channeled business towards his former law firm across numerous cases. Friedberg stated:“Mr. Miller informed me that it was very important for him personally to channel a lot…

Crypto lender Nexo Capital has agreed to pay $45 million in penalties to the U.S. Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) for failing to register the offer and sale of its Earn Interest Product (EIP). The news was announced by the SEC and NASAA in two separate statements on Jan. 19. According to the statement from the SEC, Nexo agreed to pay a $22.5 million penalty and cease its unregistered offer and sale of the EIP to U.S. investors.The additional $22.5 million will be paid in fines to settle similar charges by state…

Blockchain has been fostering the development of new and often unpredictable markets and economies driven by demand for innovation. From unprecedented crowdfunding mechanisms to play-to-earn (P2E) and move-to-earn (M2E) models, decentralized technology is empowering communities like never before.One of the next big things in today’s tech revolution is the so-called Map2Earn — an emerging and fast-growing trend revolving around an economic model that incentivizes people to scan physical locations and buildings for 3D mapping. While this is not an independent market yet, Map2Earn may play an essential role in augmented reality and the Metaverse. Both are multibillion-dollar markets and are…