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3AC: A $10B hedge fund gone bust with founders on the run
Three Arrow Capital (3AC), a Singapore-based crypto hedge fund that at one point managed over $10 billion worth of assets, became one of the many crypto firms that went bankrupt in this bear market. However, the fall of 3AC wasn’t purely a market-driven phenomenon. As more information surfaced, the collapse looked more like a self-inflicted crisis brought upon by an unchecked decision-making process. To put it concisely, the hedge fund made a series of large directional trades in Grayscale Bitcoin Trust (GBTC), Luna Classic (LUNC) and Staked Ether (stETH) and borrowed funds from over 20 large institutions. The May crypto crash led to a series of spiral investment collapse for the hedge fund. The firm went bust and the loan defaults have led to mass contagion in crypto. The first hint...
Billboard ChartStars and FEWOCiOUS Partner for Exclusive NFT Drop
Get ready for the drop! Billboard ChartStars has teamed with FEWOCiOUS for a colorful new NFT drop, arriving in full this Friday (July 29). This time, the 19-year-old artist has designed a full issue of Billboard Magazine, existing inside his FewoWorld and stuffed with Easter eggs and exclusive audio. The cover star is Mr. MiSUNDERSTOOD, one of FEWOCiOUS’ most popular characters. The special release will consist of 250 tokens sold at $250 each, with portions of the proceeds benefitting The Trevor Project, the suicide prevention and mental health organization for LGBTQ young people. It’s the second NFT collaboration between Billboard and FEWOCiOUS (aka Victor Langlois), who previously served as guest illustrator for the trade title’s annual Pride issue cover. NFT hunters can join the Twitte...
Biden launches plan to bring solar to low-income homes
The Biden administration has big aspirations for the program, projecting it could spur the development of 134 gigawatts of new solar power capacity nationwide, the agency official said. To put that in perspective, total U.S. solar capacity today sits at 97.2 gigawatts, according to the Energy Department. And it could lead to sizable savings, too: DOE estimated participants in the five initial pilot project states and the District of Columbia alone would save more than $1 billion on their energy bills annually. “For many reasons, certain segments of our society are unable to participate in the benefits of solar energy and the savings potentially that flow from that,” the agency official said, speaking on condition of anonymity to discuss the plan before agencies had given final approval. Th...
Big Time Studios announces OPEN LOOT Platform & Gaming Fund
Grand Cayman, Cayman Islands, 27th July, 2022, Chainwire Following the success of launching the flagship title ‘Big Time’ into Early Access and generating NFT sales in excess of 100 million dollars, BIG TIME Studios Ltd. (BTS) announced the OPEN LOOT (OL) Platform. OL enables developers to launch web3 games and distribute their NFTs through the OPEN LOOT Marketplace. Its Vault technology enables an extremely easy-to-use experience for receiving and managing blockchain-based digital assets, allowing players to trade and sell to one another in a very natural way. With no gas fees and instant transaction settlement, OL creates the best possible experience for players like no other. “We believe that we can bring the success we realized with Big Time to our partner studios, and have them join t...
KuCoin CEO Johnny Lyu launches ‘Anti-FUD Fund’
The CEO of crypto exchange KuCoin says it is launching an “Anti-FUD Fund” to track down and potentially take legal action against “FUDers” and educate crypto users on identifying misinformation. Johnny Lyu, CEO of the exchange, announced the fund in a Tuesday Twitter thread, coming only days after publishing a blog post criticizing Twitter user Otteroooo for spreading misinformation about his firm. (1/5) FUD benefits no one except the FUDers. It misleads investors and harms the industry’s image and market confidence. To build a crypto space with less FUD, #KuCoin is going to launch an Anti-FUD Fund. Currently, the fund will mainly focus on… thread pic.twitter.com/dWA93nEmHz — Johnny_KuCoin (@lyu_johnny) July 26, 2022 Lyu said the Anti-FUD fund will cover three elements, the fir...
Bitcoin heads into FOMC day on 24-hour highs amid concern over $24.3K top
Bitcoin (BTC) attempted to claw back losses on July 27 as a macro day of reckoning arrived for risk assets. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analysis: $24,300 resistance “not a good sign” Data from Cointelegraph Markets Pro and TradingView confirmed a 24-hour high for BTC/USD prior to the Wall Street open on July 27. The pair had sunk below $21,000 in the first portion of the week, heightening nervousness among traders already wary of potential headwinds from the United States Federal Reserve. Likely chop for equities going into FOMC which expected $BTC and crypto chop around also today pic.twitter.com/GDj0GwlDXy — Rager (@Rager) July 26, 2022 July 27 is set to reveal the Federal Open Markets Committee‘s (FOMC) next base rate hike, expectations flitting between 7...
‘Game yet to begin’ for security token offerings, INX exec says
Despite some of the first security token offerings (STO) launching at least four years ago, the STO industry is still yet to take off, according to an executive at the INX cryptocurrency trading platform. The STO industry is still nascent compared to the overall digital asset industry as companies and individuals are just getting into the field, INX’s chief business officer Douglas Borthwick said in an interview with Cointelegraph. According to Borthwick, there is still a huge educational gap between those who are aware of STOs and those who have never heard of the term. Also known as a tokenized initial public offering (IPO), an STO is a type of public offering involving sales of tokenized digital securities, or security tokens, on security token exchanges. Security tokens can be used to ...
NFT potential vast and creative possibility endless, says YellowHeart CEO
While some refuse to adopt nonfungible tokens (NFTs), others are finding ways to realize the potential of NFT technology to solve real-world problems. In an interview with Cointelegraph, Josh Katz, CEO of NFT marketplace YellowHeart, shared his thoughts on using NFTs in ticketing, what the NFT space will look like in the future and whether NFTs can eventually surpass crypto in popularity. According to Katz, ticketing is one of the most compelling use cases for NFTs. Citing the UEFA Champions League incident in Paris where fraudulent tickets caused chaos, the CEO said that NFT tickets are the solution: “By providing immutable proof of authenticity for every ticket issued, venues and artists have an effective defense against ticket counterfeiting.” When asked about his thoughts on what the N...
Blockchain Streaming Platform Audius Victim of $6M Hack
Audius, a blockchain-based streaming service, announced over the weekend that a hacker managed to steal and sell millions of dollars worth of AUDIO tokens from the platform. The hacker was able to find and exploit a bug in Audius’ smart contract — the code that allows decentralized platforms to function without intermediaries. Other companies have been hit in a similar fashion: The blockchain security firm Beosin recently estimated that close to $2 billion has been lost to hacking incidents in the first half of 2022. “The most common hacking techniques continue to be contract vulnerability exploitation and flash loans,” Beosin noted. On Saturday, Audius tweeted that it was looking into “reports of an unauthorized transfer… from the community treasury.” The following day, the company publis...
Self-Described R. Kelly Manager Pleads Guilty to Stalking
A self-described manager and adviser to R. Kelly pleaded guilty Tuesday (July 26) to an interstate stalking charge, less than a week after he was convicted of making a phone threat that gunfire was about to occur in a Manhattan theater where a documentary about the singer was about to be shown. Explore Explore See latest videos, charts and news See latest videos, charts and news Donnell Russell, 47, of Chicago, entered the plea in Brooklyn federal court. U.S. Attorney Breon Peace said Russell used threats, harassment and intimidation to silence one of Kelly’s sexual abuse victims. Kelly, who was sentenced to 30 years in prison last month, was convicted last year of racketeering and sex trafficking. Peace said in a statement that Russell sent threatening messages to the woman and her mother...
Audius Hacked for $1 Million Via Malicious Governance Proposal
In the midst of a blistering $2 trillion crypto crash that has roiled the blockchain industry, the world’s leading blockchain-based streaming platform has sustained a seven-figure attack. In a malicious exploit that used the platform’s built-in governance structure as a means to withdraw tokens, Audius reportedly sustained a hack which saw the perpetrator make a speedy exit with over $1 million. According to Cointelegraph, the hacker was able to solely request the transfer of 18 million $AUDIO tokens by establishing themselves as the singular guardian of the contract, known as “Proposal #85.” The 18 million tokens were originally worth $6 million at the time, but due to the hacker’s move to hastily dump the reserves on the open market simultaneously, the resul...
Sentiment and inflation: Factors putting pressure on Bitcoin price
Subsequently, there are fears that Bitcoin prices will take longer to recover. Bitcoin (BTC) has been hovering around the $20,000 range for several weeks now after the coin lost over 60% of its value from its peak in November. The recent plunge wiped out over $600 million from its market cap and caused rising concerns of a bubble burst. Negative investor sentiment Cryptocurrency investors have been on edge since Bitcoin’s fall to around $20,000. Many of them fear that more unprecedented selloffs by key players could precipitate a bigger downtrend. Further declines are likely to amplify losses and make it harder for the market to recover in the medium term. As such, many investors are holding off additional investments. Besides the fall of cryptocurrencies, the decimation of linchpin crypto...
