Finance
Central African Republic eyes legal framework for crypto adoption
A 15-member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in Central African Republic and expedite the development of the national economy. News Own this piece of history Collect this article as an NFT Central African Republic (CAR), a developing country in Central Africa, set up a 15-member committee responsible for drafting a bill on the use of cryptocurrencies and tokenization in the region. According to Faustin-Archange Touadéra, the president of CAR, cryptocurrencies can potentially help eradicate the country’s financial barriers. He believed in creating a business-friendly environment supported by a legal framework for cryptocurrency usage. A rough translation of the official press release reads: “With access to cryptocurrencies, th...
Warner Bros. Discovery Exploring Sale of Music Assets
Warner Bros. Discovery is exploring a sale of its music assets that could be worth upwards of $1 billion, according to a source familiar with the matter. The catalog is being shopped by famed entertainment attorney Allen Grubman. While the potential sale — which was first reported by The Financial Times — is still in the very early stages, some of Warner Bros. Discovery’s current music partners could be potential buyers. Universal Music Group (UMG) already administers the publishing assets, which are likely the largest part of the deal, and Warner Music Group (WMG) distributes WaterTower Music, Warner Bros. Discovery’s in-house record label. The assets being shopped, including music and production music from the company’s television and film projects, are not the kinds of music rights...
LiveOne Podcasting Division Files With SEC for Spinoff
Music streaming company LiveOne’s podcasting division, PodcastOne, filed an S-1 with the Securities Exchange Commission on Tuesday as a prelude to becoming a standalone, publicly traded company. LiveOne has set a record date of Jan. 16 for PodcastOne’s special dividend to LiveOne shareholders of record. The spinoff “will meaningfully enhance our industry market perception,” the company wrote in the filing, “thereby providing greater growth opportunities for us than our consolidated operation as a private subsidiary of LiveOne.” LiveOne will remain PodcastOne’s majority shareholder and will distribute approximately 6.2% of outstanding shares to LiveOne shareholders. LiveOne will retain 86.3% of outstanding shares. The remaining shares will be held by holders of bridge notes as well as...
DeFi flash loan hacker liquidates Defrost Finance users causing $12M loss
Defrost Finance, a decentralized leveraged trading platform on Avalanche blockchain, announced that both of its versions — Defrost V1 and Defrost V2 — are being investigated for a hack. The announcement came after investors reported losing their staked Defrost Finance (MELT) and Avalanche (AVAX) tokens from the MetaMask wallets. Moments after a few users complained about the unusual loss of funds, Defrost Finance’s core team member Doran confirmed that Defrost V2 was hit with a flash loan attack. At the time, the platform believed that Defrost V1 was not impacted by the hack and decided to close down V2 for further investigation. Core team member Doran confirming attack on Defrost Finance. Source: Telegram At the time, the platform believed Defrost V1 was not impacted by the hack...
BlockFi employees were discouraged from describing risks in internal communications: Report
Following BlockFi’s Chapter 11 bankruptcy filing at the United States Bankruptcy Court for the District of New Jersey, reports have surfaced about the crypto lending company’s risk assessment and management culture. According to Forbes, as early as 2020, the company culture discouraged employees from “describing risks in written internal communications to avoid liability, “ as reported by a former employee at BlockFi. Although BlockFi claimed risk management was core to their DNA and central to their mission, reports surfacing paint a different picture of the company. BlockFi executives appear to have prioritized aggressive growth, while dismissing risk management professionals who attempted to do their job. According to a former employee, an internal team at BlockFi raise...
