Abu Dhabi's technology ecosystem, Hub71, has announced a new initiative called "Hub71+ Digital Assets," with a capital backing of over US$2 billion. This project aims to advance Web3-based innovations, such as blockchain technology and metaverse applications. The initiative aspires to provide Web3 startups with access to a range of programs, and initiatives, as well as, corporate, government, and investment partners in both global markets and the UAE. The Hub71+ Digital Assets initiative said it intends to provide Web3 startups with access to a state-of-the-art blockchain and virtual asset infrastructure, as well as a progressive regulatory environment. This initiative will be …

According to a new press release on Feb. 15, Thai cryptocurrency exchange Zipmex stated that it sent a new scheme to all firm's eligible creditors through its scheme manager KordaMentha. As told by Zipmex, the creditors have until Feb. 21, 2023 to vote on the scheme and "will receive 100% of their digital assets in the Z Wallet" if the scheme is approved and the cryptocurrency closes its pending investment deal. Last July, Zipmex filed for debt relief in Singapore after its counter-party and crypto lending firm Babel Finance halted withdrawals, citing "unusual liquidity pressures." The exchange was also impacted …

According to a Feb. 15 announcement, Conflux Network, also known as Shanghai Tree-Graph Blockchain Research Institute, said that it secured a partnership with China Telecom to develop a blockchain SIM (BSIM) card. As told by Conflux, the BSIM will have a secure place to store digital private keys and will be to call upon the said signature to transfer money to other users. In addition, 'one-click direct check' functionality will allow users to check for transaction information and status progress in real-time. "The R&D phase for the BSIM card is complete - and it's connected to Conflux's main network in …

Angel investors and venture capitalists are two types of private investors who provide funding for early-stage and growth-stage companies. However, there are some key differences between them that we will cover in this article. Who are angel investors? High-net-worth individuals who invest in companies at an early stage in exchange for equity in the business are known as angel investors. They frequently invest their own funds and take a more active approach to investment, offering advice and mentoring to the businesses they support. The well-known angel investors in the crypto world include: Roger Ver — He is known as “Bitcoin …

South Korean prosecutors have requested an arrest warrant for the former CEO of Tmon, a Korean e-commerce platform, after taking billions of won in LUNA (LUNA), now known as LUNA Classic (LUNC), for promoting Terra as a simple payment gateway. Seoul prosecutors requested an arrest warrant on the former CEO of ecommerce giant Tmon for allegedly receiving bribery from Terra cofounder Daniel Shin in exchange for promoting Terra as a payment method, the Seoul Southern District Prosecutors Office confirmed with me via text. — Danny Kunwoong Park (@ParkKunwoong) February 15, 2023 Media outlet Dong-A Ilbo reported that the head of …

Silvergate Bank and its CEO Alan Lane have been accused of “aiding and abetting” a “multibillion-dollar fraudulent scheme orchestrated by Sam Bankman-Fried (SBF)” and two of his entities, FTX and Alameda Research, in a newly proposed class action lawsuit. The proposed class-action lawsuit was filed in the United States District Court of the Northern District of California on Feb. 14 by lawyers representing a San Francisco-based FTX user who — just like all other FTX customers — was frozen out of around $20,000 in crypto when the exchange collapsed last year. Plaintiff Soham Bhatia alleges that Silvergate Bank, its parent …

Users of bankrupt crypto exchange FTX have reportedly taken aim at financiers who promoted the platform suggesting their efforts added an “air of legitimacy” to the now-defunct exchange, a case labeled as "tricky" by a crypto lawyer. A Feb. 15 Bloomberg report revealed a class-action suit filed Feb. 14 by FTX investors against venture capital firm Sequoia Capital and private equity firms Thoma Bravo and Paradigm. The firms were accused by the investors of touting “their own investments” of hundreds of millions of dollars in FTX. It was alleged the firms were involved in a promotional marketing campaign in 2021 …

Cryptocurrency exchanges Binance and Huobi have again frozen accounts linked to the $100 million Harmony Horizon bridge attack on Jun. 24, 2022. Around $1.4 million worth of crypto frozen by the trading platforms came from accounts linked to the notorious Lazarus Group operating out of North Korea. The investigation was carried out by blockchain analytics firm Elliptic, according to a report shared by the firm on Feb. 14. However, the firm didn’t state what coins or tokens were frozen. Exchanges @binance and @HuobiGlobal today froze accounts containing $1.4 million stolen by North Korea’s Lazarus Group. This was made possible thanks …

The official committee of Celsius creditors proposed suing Celsius co-founder Alex Mashinsky and other executives for "fraud, recklessness, gross mismanagement and self-interested conduct" that eventually led to the collapse of the crypto lender. In a proposed complaint filed in a New York Bankruptcy Court on Feb. 14, attorneys representing the Official Committee of Unsecured Creditors said the move follows six months of investigations into Celsius’ current and former directors, officers and employees. The committee is made up of seven Celsius account holders and was appointed by the U.S. Trustee in July 2022. The committee represents the interest of Celsius' account …

The decentralized autonomous organization (DAO) behind Lido — the largest Ethereum staking pool — is deliberating whether it should sell or stake the $30 million in Ether (ETH) from its treasury. A proposal was submitted on Feb. 14 by the DAO’s financial unit, Steakhouse Financial that considers four choices, one of which contemplates staking part or all of its ETH on Lido in the form of Lido Staked ETH (stETH). Another would see LidoDAO selling a part or all of its 20,304 ETH for a stablecoin, with the purpose being to extend the DAO’s runway. The proposal comes as ETH …

Polaris Ventures, a charity created by former FTX and Alameda chief of staff Ruairi Donnelly, reportedly wants to access roughly $150 million earned from insider trading on the bankrupt exchange’s tokens. According to a Feb. 14 Wall Street Journal report, Donnelly received roughly $562,000 in salary during his time at FTX, which was converted into FTX Tokens (FTT) at a rate not yet available to the public — $0.05. The former executive reportedly ‘donated’ the tokens to Polaris Ventures, selling them in 2019 and 2020 after public trading opened at price of $1 and making millions. FTX filed for Chapter …

The crypto industry will “probably” start using euro, yen, or Singapore dollar based stablecoins in the future, reducing its reliance on US dollar based stablecoins, according to a Feb. 14 statement on Twitter Spaces by Binance CEO Changpeng Zhao, also known as “CZ.” CZ gave the statement in answer to a question about the crypto industry using gold as a standard of value instead of the US Dollar. CZ agreed that it “makes sense” to use gold. However, “most people’s costs are still in fiat currencies.” For this reason, most people calculate their investment returns in dollars, which is why …