TL;DR Breakdown Sam Bankman-Fried authorized multiple real estate purchases worth over $243 million. SBF deliberately misused customer funds to acquire the real estate, made false documents, and lied to banking partners    Investigations into FTX are still ongoing, with expectations of recovering more assets Description While everyone knows Sam Bankman-Fried(SBF), the head of the collapsed FTX exchange, was involved in fraudulent activity and a scammer, they know little about his being a real estate mogul. While running the exchange, he cashed out some of the exchange’s funds and purchased properties totaling $243 million.  SBF authorized multiple real estate purchases Sam … Read more While everyone knows Sam Bankman-Fried(SBF), the head of the collapsed FTX exchange, was involved in fraudulent activity and a scammer, they know little about his being a real estate mogul. While running the exchange, he cashed out some of the exchange’s funds and purchased properties totaling $243 million.  SBF authorized multiple real estate purchases Sam Bankman-Fried purchased properties worth over $243 million in 2021 and 2022 using customer funds for himself, his parents, his employees, and their friends…

TL;DR Breakdown KuCoin, a leading cryptocurrency exchange, will implement mandatory know-your-customer (KYC) checks starting from July 15, 2023, to enhance security and comply with global regulations. New customers will be required to complete the KYC process to access KuCoin’s services, while existing customers who don’t comply will have restricted access to certain features. The strengthened KYC framework aims to safeguard user assets, address security challenges, and align with the industry trend of increasing KYC policies. Description Cryptocurrency exchange KuCoin has announced its plans to introduce mandatory know-your-customer (KYC) checks, effective July 15, 2023, as part of its ongoing efforts to enhance security and comply with global regulations. This strategic move aims to bolster the security level of user accounts and foster a safer trading environment for all cryptocurrency users. Safeguarding user … Read more Cryptocurrency exchange KuCoin has announced its plans to introduce mandatory know-your-customer (KYC) checks, effective July 15, 2023, as part of its ongoing efforts to enhance security and comply with global regulations. This strategic move aims to bolster the security level of user accounts and foster a…

TL;DR Breakdown Tether forms a strategic alliance with the Georgian government to advance blockchain and P2P technology. Tether aims to enhance urban areas through blockchain-based solutions and support for startups. The collaboration between Tether and Georgia sets the stage for a transformative monetary revolution. Description Tether, the leading stablecoin issuer, has inked a momentous Memorandum of Understanding (MOU) with the Georgian government, propelling Georgia into the forefront of blockchain and peer-to-peer (P2P) technology. This strategic alliance is set to spark a monetary revolution with far-reaching implications. In a bold move reflecting their commitment to global expansion, Tether’s stablecoin issuing platform … Read more Tether, the leading stablecoin issuer, has inked a momentous Memorandum of Understanding (MOU) with the Georgian government, propelling Georgia into the forefront of blockchain and peer-to-peer (P2P) technology. This strategic alliance is set to spark a monetary revolution with far-reaching implications. In a bold move reflecting their commitment to global expansion, Tether’s stablecoin issuing platform has forged a groundbreaking partnership with the Georgian government. The aim is to cultivate an atmosphere of innovation conducive to applying P2P…

TL;DR Breakdown Sony Network Communications, a Sony subsidiary, has collaborated with Japanese Web3 tech company Startale Labs, investing $3.5 million to support global Web3 adoption. This partnership will expedite Startale’s development of Web3 services and products, aiming to link real-world assets with the Web3 ecosystem. The president of Sony Network Communications, Jun Watanabe, has been appointed as director of Startale Labs. Description In a remarkable stride towards the future of technology, Sony Network Communications, an influential subsidiary of Sony, has announced a significant move that seeks to bolster the adaptation and global infrastructure of Web3. This ambitious endeavor is the latest in a series of forays by the company into the realm of groundbreaking technologies. A strategic … Read more In a remarkable stride towards the future of technology, Sony Network Communications, an influential subsidiary of Sony, has announced a significant move that seeks to bolster the adaptation and global infrastructure of Web3. This ambitious endeavor is the latest in a series of forays by the company into the realm of groundbreaking technologies. A strategic partnership nurturing the growth of…

TL;DR Breakdown Google is engaging in constructive discussions with the European Union on the emerging artificial intelligence regulations and strategies to build AI safely and responsibly. Google is developing tools to distinguish between human and AI-generated content, including a watermarking solution. EU regulators have concerns about the potential of AI models to infringe on copyright laws, leading to the approval of the EU AI Act. Description The tech titan, Google, is engaging in fruitful talks with the European Union authorities, focusing on trailblazing artificial intelligence laws and the safe and responsible deployment of AI technology. Google is keen on developing tools to quell the EU’s concerns about AI, one of which includes the difficulty in discerning human-generated content from that crafted … Read more The tech titan, Google, is engaging in fruitful talks with the European Union authorities, focusing on trailblazing artificial intelligence laws and the safe and responsible deployment of AI technology. Google is keen on developing tools to quell the EU’s concerns about AI, one of which includes the difficulty in discerning human-generated content from that crafted by…

TL;DR Breakdown The U.S. government, under President Biden’s administration, is considering imposing new export restrictions on AI-specific chips to China. The changes could impact tech companies like Nvidia and Advanced Micro Devices (AMD) by making it harder for them to sell high-end chips to China. Despite previous restrictions, Chinese tech giants, including Tencent, Alibaba, Baidu, and ByteDance, have increased their orders for Nvidia chips due to a surge in AI in China. Description The technology realm could be shaken soon as the U.S. government, under the Biden administration, reportedly explores the option of restricting the export of AI-specific chips to China. This potential decision continues the trend of Washington tightening the reins on technology with possible military applications, emphasizing the tense relations between these global superpowers. A strengthened … Read more The technology realm could be shaken soon as the U.S. government, under the Biden administration, reportedly explores the option of restricting the export of AI-specific chips to China. This potential decision continues the trend of Washington tightening the reins on technology with possible military applications, emphasizing the tense relations…

TL;DR Breakdown The cryptocurrency boom in Hong Kong is causing a dilemma for major banks like HSBC and Standard Chartered. These banks face the challenge of balancing the demand for crypto services with potential legal risks and a history of money-laundering issues. Hong Kong’s regulatory bodies are pressuring banks to provide services to crypto firms, despite these potential risks. Description With the surging popularity of cryptocurrencies, Hong Kong finds itself in the center of a global shift. The escalating growth of the digital coin market in this financial powerhouse has placed significant banking institutions, such as HSBC and Standard Chartered, in a complex quandary. Between a rock and a hard place These banks have to … Read more With the surging popularity of cryptocurrencies, Hong Kong finds itself in the center of a global shift. The escalating growth of the digital coin market in this financial powerhouse has placed significant banking institutions, such as HSBC and Standard Chartered, in a complex quandary. Between a rock and a hard place These banks have to balance the growing demand for banking services…

TL;DR Breakdown TUSD trades below Tether as Crypto Twitter worries about former FTX auditor Armanino’s rebranded outlet The Network Firm’s relationship with TrueUSD. Early this month, traders bet against TUSD amid claims that the stablecoin project leverages Prime Trust to issue and redeem tokens. From Terra LUNA’s experience crypto investors worry that TUSD depeging could usher in another crypto winter. Description The TUSD market is in the red turf. TrueUSD (TUSD), a dollar-pegged stablecoin, is trading at a discount to its counterpart tether (USDT) on Binance.US, Binance‘s US subsidiary. While the Bitcoin and crypto markets have been incredibly positive in recent days as a result of spot ETF news, gloomy clouds are building over the market … Read more The TUSD market is in the red turf. TrueUSD (TUSD), a dollar-pegged stablecoin, is trading at a discount to its counterpart tether (USDT) on Binance.US, Binance‘s US subsidiary. While the Bitcoin and crypto markets have been incredibly positive in recent days as a result of spot ETF news, gloomy clouds are building over the market once again. Will this be another…

TL;DR Breakdown Azuki’s new ‘Elementals’ NFT collection sparked controversy for alleged similarity to their original collection, causing a 44% drop in Azuki’s NFT value. Critics accuse Elementals of being a cheaper version of Azuki’s original collection, despite initial marketing suggesting a unique brand story. The backlash led to a market upheaval with a 400% surge in Azuki NFT sales and a steep price drop, while Elementals’ floor prices dropped by 55%. Description Yesterday, the NFT world was rocked by a significant market fluctuation when the floor price of Chiru Labs’ renowned Azuki NFT collection plunged by a striking 44%. However, this dramatic downturn was linked to the release of the company’s latest collection, ‘Elementals‘, which was met with substantial backlash from holders and market observers​. The Azuki … Read more Yesterday, the NFT world was rocked by a significant market fluctuation when the floor price of Chiru Labs’ renowned Azuki NFT collection plunged by a striking 44%. However, this dramatic downturn was linked to the release of the company’s latest collection, ‘Elementals‘, which was met with substantial backlash from holders…

TL;DR Breakdown Voyager Digital is expected to pay its legal advisor, Kirkland & Ellis, a substantial amount of $1.1 million for services rendered. Kirkland & Ellis is known for representing various crypto companies that have faced bankruptcy, including BlockFi and Celsius.  The total fees charged by attorneys and paralegals exceeded $1.4 million, with some of the top-ranking members of the firm commanding an hourly rate exceeding $2,000. Description Voyager Digital, the brokerage firm that underwent a bankruptcy process in April, is expected to pay its legal advisor, Kirkland & Ellis, a substantial amount of $1.1 million for services rendered during that time. According to official documents, the law firm utilized a blended hourly billing rate of $1,313.18 for all the services provided throughout … Read more Voyager Digital, the brokerage firm that underwent a bankruptcy process in April, is expected to pay its legal advisor, Kirkland & Ellis, a substantial amount of $1.1 million for services rendered during that time. According to official documents, the law firm utilized a blended hourly billing rate of $1,313.18 for all the services provided…