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Porsche Is Prepping for an IPO
Porsche has officially announced that it is planning to go public in the coming weeks. With the new announcement, Volkswagen pushes ahead to list a minority stake of the iconic German sports car company on the Frankfurt Stock Exchange. Volkswagen is planning on the initial public offering at the end of the month or start of October. Despite the volatility of the market, it appears hat the automotive company is planning on going ahead with the plan. When the IPO goes through, it is slated to become one of Europe and Germany’s greatest floats in the year. The listing of the luxury sports car brand is valued at over $60 billion USD. Porsche’s CFO Lutz Meschke said in a call to the only reason why they would back out is if there is a severe geopolitical event, “You never know...
Music’s Top Money Makers: The Highest-Paid Executives and Stockholders at Publicly Traded Companies
Kang Hyo-won is not a marquee name in the music industry. The South Korean producer is better known as Pdogg, the studio wizard behind hits by K-pop supergroup BTS and other acts on the roster of Korean entertainment company HYBE. Because Kang played a key role in HYBE’s global success, his employer gave him 128,000 stock options in 2016 that turned into about $35 million when Kang exercised them. (All currency conversions to U.S. dollars in this story are based on the average 2021 exchange rate.) That made Kang the second-highest-paid music industry executive last year among those whose earnings are publicly disclosed. Yoon Seok-jun (aka Lenzo Yoon) and Kim Shin-gyu, co-CEO of HYBE America and chief artist management officer, respectively, also benefited from HYBE going public. Yoon nette...
Celsius co-founder declares his equity is ‘worthless’ in court
A Celsius Network co-founder has moved in court to declare the entirety of his equity stake in the embattled crypto company as “worthless.” In a Monday document to the United States Bankruptcy Court, law firm Kirkland & Ellis LLP filed a declaration on behalf of Celsius Co-Founder Daniel Leon, confirming his status as a substantial shareholder and declaring that his 32,600 common shares are now considered worthless. #CelsiusNetwork #CelsiusBankruptcy Here’s a new one — a declaration of “wothlessness” was just filed by Daniel Leon , one of the cofounders. The Declaration was filed by K&E. https://t.co/OHldovdhBZ — David Adler (@DavidJAdler1991) September 5, 2022 A declaration that a particular stock or common share is “worthless” generally occurs when shareholders in a company...
What is veTokenomics and how does it work?
All facets of a token’s production and management, including its allocation to various stakeholders, supply, token burn schedules and distribution, are managed through tokenomics analysis. Tokenomics help to determine the potential value of decentralized finance (DeFi) projects. Since the law of supply and demand cannot be changed, tokenomics dramatically impacts the worth of each nonfungible token (NFT) or cryptocurrency. Related: What is Tokenomics? A beginner’s guide on supply and demand of cryptocurrencies However, there are various loopholes in the tokenomics design, such as a substantial initial supply allocation to insiders, which may be a pump and dump warning sign. Also, there is no manual on how founders, treasury, investors, community and protocol designers should split th...
FBI seeks Bitcoin wallet information of ransomware attackers
Three federal agencies in the United States — the Federal Bureau of Investigation (FBI), the Cybersecurity and Infrastructure Security Agency and the Multi-State Information Sharing and Analysis Center — jointly issued an advisory seeking information to curb ransomware attacks. As part of the #StopRansomware campaign, the joint cybersecurity advisory alerted citizens of Vice Society, a ransomware-type program that encrypts data and demands ransom for decryption. The trio anticipates a spike in ransomware attacks, primarily aimed at educational institutions, adding that “School districts with limited cybersecurity capabilities and constrained resources are often the most vulnerable.” While proactive measures remain vital to counter ransomware, the FBI asked US citizens to report infor...
Getting hitched, Satoshi style: a Bitcoin-themed wedding in Lebanon
A Bitcoin (BTC) evangelist in Lebanon took their love for Bitcoin to the next level. Said Nassar, an international business engineer, themed his wedding day around Satoshi Nakamoto’s innovation, Bitcoin. Each and every wedding guest received Satoshis (the smallest denomination of a Bitcoin) as a wedding gift for attending the Nassar family’s special day, while the theme of the wedding was volcanoes–a nod to El Salvador’s Bitcoin bonds, commonly known as the Volcano bonds. The Bitcoin volcano followed the wedding party. Source: Nassar Nassar told Cointelegraph that he put a volcano stand in the wedding and “distributed gifts via the Lightning Network.” Indeed, under every cutlery set for the post-ceremony banquet were instructions to download a Bitcoin Lightning Network wallet to receive 4,...
Music Writer Jim DeRogatis Fighting Subpoena to Testify at R. Kelly Chicago Trial
A music writer who spent decades raising awareness about sexual misconduct allegations against R. Kelly is fighting a bid to force him to testify at the R&B singer’s federal trial on child pornography and trial-fixing charges, according to a Tuesday court filing. Explore Explore See latest videos, charts and news See latest videos, charts and news Lawyers for Jim DeRogatis, who in 2019 released his book Soulless: The Case Against R. Kelly, invoked constitutional and other protections for the press in asking Judge Harry Leinenweber to rule that DeRogatis need not testify. DeRogatis was a reporter for the Chicago Sun-Times in the early 2000s when he anonymously received a video that he gave to police that helped lead to Kelly’s child pornography trial in 2008 in state court.&nb...
PraSaga awarded U.S. patent for placing computer operating system onto the blockchain
According to a new United States Patent and Trademark Office publication on Tuesday, Swiss-based blockchain startup PraSaga has been awarded a patent placing its operating system, dubbed “SagaOS,” on the blockchain. Titled “Systemic Extensible Blockchain Object Model Comprising A First-class Object Model And A Distributed Ledger Technology,” the methods described in U.S. patent no. 11436039B2 relate to processing multiple message passing transactions via blockchain. At present, smart contracts only allow for processing just one transaction or action at any given time. However, PraSaga claims that its proprietary methods, as described in the patent, can allow for the execution of multiple actions simultaneously and in greater numbers. The SagaOS team said they ...
Bitcoin price falls under $19K as data shows pro traders avoiding leverage longs
An $860 surprise price correction on Sept. 6 took Bitcoin (BTC) from $19,820 to $18,960 in less than two hours. The movement caused $74 million in Bitcoin futures liquidations at derivatives exchanges, the largest in almost three weeks. The current $18,733 level is the lowest since July 13 and marks a 24% correction from the rally to $25,000 on Aug. 15. Bitcoin/USD 30-min price. Source: TradingView It is worth highlighting that a 2% pump toward $20,200 happened in the early hours of Sept. 6, but the move was quickly subdued and Bitcoin resumed trading near $19,800 within the hour. Ether’s (ETH) price action was more interesting, gaining 7% in the 48 hours preceding the market correction. Any conspiracy theories regarding investors changing their position to favor the altcoin can be dismiss...
New finance minister Kwasi Kwarteng leaves crypto policy in the UK unclear
Recently elected Conservative Party Leader and Prime Minister of the United Kingdom Liz Truss has appointed Kwasi Kwarteng as the country’s newest chancellor of the exchequer, or chief financial minister. In a Tuesday announcement, Truss’ office named Kwarteng as the next U.K. finance minister, replacing Nadhim Zahawi, who served as chancellor of the exchequer for three months following Rishi Sunak’s resignation in July. Kwarteng was most recently the U.K. government’s secretary of state for business, energy and industrial strategy in addition to being a Member of Parliament since 2010. The Rt Hon Kwasi Kwarteng MP @KwasiKwarteng has been appointed Chancellor of the Exchequer @HMTreasury.#Reshuffle pic.twitter.com/6YQy0YuQPs — UK Prime Minister (@10DowningStreet) September 6, 2022 Queen El...
Trademark applications for crypto, NFTs and Metaverse surge in 2022: Report
The number of U.S. trademarks filed related to cryptocurrencies, nonfungible tokens (NFTs), Web3 and the Metaverse since January have reportedly passed those filed in 2021. According to data compiled by intellectual property lawyer Mike Kondoudis on Tuesday, individuals and businesses filed more than 3,600 trademark applications for cryptocurrencies and crypto-related services with the United States Patent and Trademark Office as of Aug. 31, compared to 3,516 in all of 2021. In addition, Kondoudis reported that the number of NFT applications had surged even higher — more than 5,800 in 2022 compared to 2,087 in 2021 — while the number of trademark filings related to the Metaverse or Web3 had more than doubled: 1,866 in 2021 and 4,150 as of August 2022. So far in 2022 over 5800 trademark app...
Drake and LeBron James Sued Over Rights to ‘Black Ice’ Hockey Documentary
Drake and LeBron James are facing a new $10 million lawsuit over the underlying rights to an upcoming documentary they’re producing called Black Ice, about the history of Black players in professional ice hockey. In a complaint filed Monday in Manhattan court, longtime NBA players union exec Billy Hunter said he owns the exclusive film rights to a 2004 book that forms the basis for the soon-to-be-released documentary – but that he wasn’t involved in the production of the film. “While the defendants … are internationally known and renowned in their respective fields of basketball and music, it does not afford them the right to steal another’s intellectual property,” Hunter wrote. “Yet that is exactly what occurred.” Directed by Canadian filmmaker Hubert Davis, Black Ice is set to premiere t...
