Micawbers

1. FTX lawyers have argued against the appointment of an independent examiner, claiming the costs would exceed $100 million and would not benefit equity holders or creditors.
2. The US Trustee has argued that an examiner is necessary due to the heavy financial losses FTX experienced in a short period of time.
3. The official committee of unsecured creditors has also objected to the appointment of an examiner, claiming it would be a “futile” exercise.

FTX, a once flourishing cryptocurrency exchange, has been brought to its knees due to a liquidity crisis that has had reverberations throughout the entire crypto industry. US Trustee Andrew Vara, tasked with handling FTX’s bankruptcy, has argued for the need of an independent examiner, citing the heavy losses the exchange has experienced in such a short period of time – from a $32 billion market value to a liquidity crisis within 8 days.

However, lawyers representing FTX have argued otherwise. In a Jan. 25 objection motion, they argued that the appointment of an examiner is neither mandatory nor appropriate. They further argued that the results of the investigations would coincide with those done by the committee of creditors, regulatory authorities, law enforcement agencies, and even the new CEO of FTX, John Ray. Therefore, they believe the examiner’s job would not attend to the needs of the creditors, which is locating and recovering the assets of the defunct FTX exchange estate.

The official committee of unsecured creditors has also filed an objection to the appointment of an examiner, claiming it would be a “futile” exercise. They feel that the costs of hiring such an individual would exceed $100 million, and yet not benefit either equity holders or creditors.

The situation has also caught the attention of four senators, who have submitted a letter asking for an independent examiner. Additionally, several states have entered the FTX case, and the US Securities and Exchange Commission (SEC) has asked for an independent examiner in a similar case involving Enron.

As the case continues to unfold, it is yet to be seen if the calls for an independent examiner will be heeded. The outcome of this situation will be of great importance to the crypto industry as a whole and will set a precedent for similar future cases.

• Yield App announces ETH-compatible Haven1, a Layer 1 blockchain powered by Yield App Labs.
• Haven1 utilizes the proof of authority consensus method to provide reliable on-chain financial transactions.
• It brings forth a verified identification architecture to remove the need for users to maintain private information on the blockchain.

Yield App recently announced that it will Incubate Haven1, a layer 1 blockchain powered by Yield App Labs. This blockchain is ETH-compatible and was developed with the growing need for reliable on-chain financial transactions in mind. It utilizes the proof of authority (PoA) consensus method which ensures the security of the blockchain while also paving the way for the broad adoption of web3.

Haven1 has a unique feature of having a verified identification architecture. This eliminates the need for users to maintain private information on the blockchain and allows for safe and legal on-chain financial transactions. This resolves the issue of DeFi limitations inside regulated institutions. Since the identification of every Haven1 validator and their activities on the network are verifiable in public, the network’s dependability and integrity will be improved.

The incorporation of Haven1 into Yield App will provide investors with the opportunity to participate in the construction of this layer 1 breakthrough. This will help create an ecosystem of trust and security for digital assets and financial transactions. Haven1 also has dispute resolution measures built-in and has partnered with reliable organizations to ensure that every asset on the network is protected.

Yield App’s integration of Haven1 is an innovative step for the blockchain industry and will help create a secure and reliable digital financial environment. With this, Yield App is sure to revolutionize the way we handle digital assets and financial transactions.

• CoinGate has announced the launch of crypto payment solutions for Wix.
• The crypto payment platform will allow users to pay for goods and services using over 70 different cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).
• CoinGate has used the Bitcoin Lightning Network (BLN) layer on the bitcoin ledger to facilitate efficient and cost-effective transactions.

CoinGate, a leading crypto payment platform, has announced the launch of its crypto payment solutions for e-commerce merchants building on Wix. This integration with Wix is a major step forward in the adoption of cryptocurrencies as a payment method, bringing with it a wide range of benefits for both merchants and customers.

The crypto payment platform will allow Wix users to buy and sell goods and services using a variety of different cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). This integration with Wix will also allow users to process and convert cryptocurrencies to fiat currencies and vice versa. To facilitate efficient and cost-effective transactions, CoinGate has used the Bitcoin Lightning Network (BLN), a layer on the bitcoin ledger that capitalizes on micropayment streams to scale bitcoin’s blockchain.

In addition, CoinGate has also included the ability to process reverse transactions in the case of refund orders paid through the platform in digital assets. According to CoinGate, this integration with Wix will make it easier for merchants to accept a wide range of payment options and will enable customers to make payments in a variety of different cryptocurrencies.

The introduction of crypto payment solutions for Wix is a major step forward in the adoption of cryptocurrencies as a viable payment option. This integration with Wix is expected to benefit both merchants and customers, making it easier for merchants to accept payments in a variety of different methods and provide customers with an easy and secure way to make payments. As the use of cryptocurrencies continues to grow, this integration with Wix is a major step forward in the mass adoption of digital assets.

• Social media personality Logan Paul threatened YouTuber Coffeezilla with legal action after he accused Paul’s CryptoZoo NFT project of being a scam.
• Paul argued that Coffeezilla was motivated by the desire to profit from his celebrity and pointed out that the investigator on the case had a history of armed robbery.
• Paul acknowledged working with an unsavory individual who brought questionable employees to the CryptoZoo team and stated that he had been overly trusting.

Logan Paul, a well-known social media personality, recently found himself in a heated debate with YouTuber Coffeezilla, a.k.a. Stephen Findeisen. Findeisen had posted several videos on Paul and his NFT project, CryptoZoo, accusing it of being a scam. In response, Paul uploaded a video to YouTube in which he defended himself and threatened to sue Findeisen, pointing out that the latter had exploited his name for views and cash.

Paul also highlighted Zack Kelling, an investigator allegedly working with Coffezilla, who had a history of armed robbery and had delayed justice in the case. He acknowledged that he had been overly trusting and that the team for CryptoZoo had included some questionable employees. He added that his tendency to be overly trusting had resulted in questions being raised about the project.

In his remarks, Paul emphasized that Findeisen had exposed himself to “very real implications” by making false claims and urged him to be more responsible with his statements. He also urged other creators to be more mindful of their words and actions as they could have serious consequences.

Overall, Paul’s response to Findeisen’s accusations of CryptoZoo being a scam were met with mixed reactions. Some praised him for standing up to the accusations while others felt he had overreacted and should have handled the situation differently. Regardless, Paul made it clear that he was not going to let anyone defame him and his projects without consequence.

• Video games have become essential to our culture, social networking, and entertainment, and have been growing at a CAGR of 20 percent, reaching a market size of $8.5 billion by 2022.
• Gaming can help players acquire the desired knowledge, actionable know-how, and valuable soft skills and, at the same time, have fun.
• One skill, in particular, is fast becoming a vital cog in the wheel of every thriving industry. That skill is known as project management.

The video game industry has come a long way since the first consumer video game hardware was released in the early 1970s. In the decades since, it has become a multi-billion dollar industry, now valued at over $200 billion and growing exponentially. As gaming has become more popular, it has gone beyond a mere form of entertainment and become essential to our culture, social networking, and entertainment.

Game-based learning has seen rapid growth over the past few years, with the market size of this sector estimated to reach $8.5 billion by 2022. This is largely due to the fact that, beyond being an entertaining pastime, video games can also teach players valuable skills and knowledge that can be applied to their everyday lives. Games can be used to teach players everything from cooking skills and finance to mathematics, languages, and project management.

Project management is an increasingly important skill in today’s world, and one that is becoming a vital part of virtually every thriving industry. This is because, unlike other academic concepts, project management is more than just memorizing formulas or following rules – it requires a practical approach and the ability to think on one’s feet. As such, it has become essential for those looking to succeed in their chosen field.

Given the rise of game-based learning and its potential to teach players the skills required for successful project management, it is clear that this type of learning has a lot to offer. Not only is it fun, but it also provides the chance to gain the knowledge and soft skills needed to make a real difference in the world.

• The Securities Commission of the Bahamas (SCB) has rejected allegations made by FTX’s new CEO John J. Ray III over the digital assets held by the regulator.
• The SCB seized more than $3.5 billion in cryptocurrencies from FTX Digital Markets, which it was keeping for future payments to consumers and other creditors.
• The SCB criticized Ray for failing to reply to the commission’s letter from Dec. 7 that offered cooperation and for hindering the inquiry by not allowing court liquidators access to FTX’s AWS system.

The Securities Commission of the Bahamas (SCB) recently released a statement refuting allegations made by FTX’s new CEO John J. Ray III regarding the value of digital assets seized by the regulator. According to the SCB, Ray’s claims that the value of the digital assets confiscated in November was just $296 million in FTT tokens, not $3.5 billion, is false information and defamation.

The SCB had announced last month that it had taken control of more than $3.5 billion in cryptocurrencies from FTX Digital Markets, which it was keeping for future payments to consumers and other creditors. However,Ray’s claims that the value of the stolen FTT tokens would have plunged to $167 million came under scrutiny by the regulator.

The statement also claimed that Ray had failed to contact the SCB to ask how the FTX funds were stolen and confiscated and had refused to reply to the commission’s letter from Dec. 7 that offered cooperation. The panel voiced worry that its inquiry is being hindered by the Chapter 11 debtors‘ insistence on not allowing the court liquidators access to FTX’s AWS system.

The SCB noted that it is committed to protecting the rights of consumers and creditors and will continue to take measures to ensure that the funds are properly safeguarded. The regulator also urged Ray to cooperate with the investigation and to provide the necessary information and documents.

In conclusion, the SCB’s statement serves as a reminder that any information or claims provided by FTX’s new CEO should be taken with a grain of salt. The regulator will continue to investigate the issue and take the necessary steps to ensure that the funds are properly safeguarded and that the rights of consumers and creditors are protected.

• Upbit, a Korean cryptocurrency exchange, has signed a sponsorship deal with Italian football team Napoli FC.
• Upbit’s logo will appear on the back of Napoli’s jerseys in both Serie A and Coppa Italia competitions, as well as on advertising boards around Stadio Diego Armando Maradona in Naples, Italy.
• The sponsorship comes at a time when many exchanges are halting their partnerships with sports teams.

Korean cryptocurrency exchange Upbit has recently signed a groundbreaking sponsorship deal with Italian football team Napoli FC. This partnership marks the first time a cryptocurrency exchange has sponsored a major football team, and will see Upbit’s logo appearing on the back of Napoli’s jerseys in both Serie A and Coppa Italia competitions.

Napoli FC took to Twitter to announce the news, and the deal was confirmed by Dunamu, the company that operates Upbit. Not only will Upbit’s logo appear on the back of Napoli’s jerseys, but it will also be featured on advertising boards around Stadio Diego Armando Maradona in Naples, Italy. Napoli is currently standing in 1st place in Serie A, and has remained undefeated at home throughout the 2022-23 season, winning the last five matches.

The Upbit-Napoli sponsorship comes at a time when many exchanges are halting their partnerships with sports teams. Tezos, for example, recently ended its partnership with Red Bull Racing. Upbit’s sponsorship of Napoli FC, then, is a bold move and showcases the exchange’s commitment to expanding its global brand visibility.

Upbit’s sponsorship of Napoli FC is seen as an opportunity for the cryptocurrency exchange to increase its presence in the sports world and reach a larger audience. This partnership marks a new era of cryptocurrency and sports, and could pave the way for more exchanges to sponsor major football teams in the future. It will be interesting to see what other exchanges follow Upbit’s lead and enter the sports sponsorship arena.