Author: Jeremy Ryan

The CEO of crypto exchange FTX has rejected calls for its law firm to be replaced as lead counsel in its bankruptcy case. John J. Ray III, who was appointed as the new FTX CEO on Nov. 11, filed a court motion on Jan. 17 arguing that Sullivan & Cromwell has been integral in taking control over the “dumpster fire” that was handed to him. Ray suggested that retaining their services is in the best interest of FTX creditors, arguing:“The advisors are not the villains in these cases. The villains are being pursued by the appropriate criminal authorities largely as a…

As the Web3 space continues to grow and evolve, there are now several defined aspects that users tend to affiliate it with. Whether one likes to use crypto for payments or is interested in hunting down the latest NFT collectible, the crypto space is rapidly diversifying what it can offer users. Regardless of the sub-sector, Web3 continues to onboard new users.According to the latest DappRadar industry report, the number of unique active wallets that connected to a blockchain-based application on a daily basis rose significantly in 2022. While in 2021, the blockchain industry saw an average daily wallet count of…

Yuga Labs launched its latest NFT collection, the ‘Sewer Pass’, which sees a new move that puts creators first.The NFT project is built in the Bored Ape Yacht Club ecosystem, and interest was high after yielding over 4000 ETH on its first day.Those who own a Bored Ape Yacht Club or Mutant Ape Yacht Club NFT were eligible to receive a free Sewer Pass. This will act as a key to playing Dookey Dash. Anyone who plays the game from January 19 to February 8 will accumulate scores that will be used in what Yuga Labs is calling ‘Chapter 1’.The…

Noncustodial peer-to-peer crypto exchange Bitzlato was little known to some before the United States Department of Justice (DOJ) enforcement action against it on Jan. 18. It was co-founded in 2016 by recently arrested Russian national Anatoly Legkodymov.According to a Russian source, Legkodymov is the owner of 73.4% of Bitzlato, which has an office on a high floor in the Federation Tower skyscraper in Moscow, where it accepted trades of $100,000 or more. Legkodymov and his main partner in Bitzlato are also reportedly involved in Russian crypto mining equipment distribution company A-HVT.Legkodymov had a long and checkered history in the crypto…

The nonfungible token (NFT) industry has experienced some market turbulence over the past few months, but this hasn’t stopped both Twitter and Instagram from making moves into an industry that some estimate could be worth $231 billion by 2030. This comes off the back of Twitter having recently announced NFT Tweet Tiles and Instagram releasing an array of different NFT-related tools, and many NFT enthusiasts are naturally starting to deliberate which one will come out on top as the go-to social media platform for NFTs. Going by their unique value proposition and recent events, it is evident that Instagram currently has…

The total crypto market capitalization soared by 29.4% in two weeks, although Bitcoin’s (BTC) price stabilized near $21,000 on Jan. 19.As a result, it became increasingly difficult to justify that the 5-month-long bearish trend still prevails after the $930 billion total crypto channel top has been breached. Still, the psychological $1 trillion resistance remains strong.Total crypto market cap in USD, 2-day. Source: TradingViewThe move possibly reflects investors becoming more optimistic about risk assets after weaker than expected inflation metrics signaled that United States Federal Reserve interest rate hikes strategy should ease throughout 2023.However, Klaas Knot, who serves as the governor…

NFT Donald Trump’s NFT collection has condensed much of the wild volatility of the NFT space into its first five weeks of existence: it faced widespread ridicule but ultimately sold out, then saw prices and sales surge before quickly crashing. Now, sales are suddenly skyrocketing again. Total daily sales volume for the official Trump Digital Trading Cards collection rose nearly 800% from Tuesday to Wednesday, jumping from about $34,000 worth on Tuesday to over $306,000 worth yesterday. That’s according to data from analytics platform CryptoSlam, which shows continuing momentum with some $241,000 worth of sales so far today. At one…

NFT Celebrating his win, Ryder Ripps, self-proclaimed artist and designer, announces his victory stating that Yuga Labs has “admitted” to all of their counterclaims, based on the court’s recent order. Ripps further shares an electronic filing of the US District Court, Central District of California on Twitter. ????HUGE WIN ANNOUNCEMENT????Yuga Labs has ADMITTED all of our counterclaims as a result of the courts recent orderRanging from emotional distress, theres no copyright to the apes, DMCA violations and that we are not defaming them.Their motion has been STRICKEN!???? pic.twitter.com/hikVKeHJwG — RYDER RIPPS ???? (@ryder_ripps) January 18, 2023 Ripp also elucidated that…

After the collapse of major cryptocurrency exchange FTX in November 2022, former CEO Sam “SBF” Bankman-Fried was arrested by Bahaman authorities on Dec. 12. Just a day later, the United States Securities and Exchange Commission and Commodity Futures Trading Commission filed charges against him for allegedly defrauding investors and violating securities laws.On Dec. 22, Bankman-Fried was granted bail on a $250 million bond paid by his parents against the equity in their house. The bail order added that he would require “strict pretrial supervision,” including mental health treatment and evaluation. The former CEO faces eight criminal counts in the United…

NFT Non-fungible token (NFT) marketplace Blur announced that it is delaying the launch of its native BLUR token to February 14 after pledging a January launch date. “We know this is past our initial estimate of January and we’re sorry for the delay,” the platform tweeted on Thursday. “We’re trying new things and the extra two weeks will allow us to deliver a launch that hasn’t been done before.” The platform, which has positioned itself as the NFT marketplace for “pro traders” since its launch in October, gained traction among seasoned JPEG slingers for its zero trading fees, marketplace “floor…