The counsel representing Celsius’ official creditor committee has denied assertions that the bids for Celsius’ crypto assets have been rejected. During a Jan. 31 Twitter Space “town hall” following the examiner’s report on Celsius attorneys from White & Case LLP including Gregory Pesce and Aaron Colodny addressed the so-called “leaked” bids for Celsius’ crypto assets, which was published by crypto blogger Tiffany Fong. “The assertion that the bids have been rejected is just categorically false,” said Pesce. https://t.co/hbJ5GJchZC — Celsius Official Committee of Unsecured Creditors (@CelsiusUcc) January 31, 2023 Fong’s Jan. 27 post on Substack revealed at least five firms …

The United Kingdom is host to at least 168 companies accused of running fraudulent crypto or foreign exchange (forex) scams according to an independent analysis. A Jan. 29 joint investigation by media firms the Bureau of Investigative Journalism and the Observer suggested organized crime groups are using the U.K. as their base due to its “lax regulation.” The actual number of U.K.-based crypto or forex companies involved in scams is likely far greater than 168 as the number was calculated by reviewing lists of suspected shell companies and cross-referencing them with reports of fraudulent activity on various websites. Around half …

Founder of “My Big Coin” and convicted fraudster Randall Crater has been sentenced to 100 months in prison and has been ordered to pay over $7.6 million to the victims of his fraudulent scheme. The U.S. Department of Justice (DOJ) said on Jan. 31 that Crater was sentenced by United States District Court Judge Denise Casper in Massachusetts. The sentence comes around six months after Crater was convicted by a federal jury on Jul. 21, 2022, on four counts of wire fraud, three counts of unlawful monetary transactions and one count of operating an unlicensed money-transmitting business. Randall Crater, the …

Rally, a social token platform, has announced nonfungible tokens (NFTs) on its sidechain will no longer be accessible. Users reported across social media platforms that Rally said the platform’s sidechain will “begin to sunset” after Jan. 31, leaving users unable to access NFTs once the site fully shuts down. The site’s developers did not say that they would be offering another path forward in the future, but hinted at building “leaner web3 experiences and/or products on mainnet.” “2022 was a challenging year not only for the platform, but also for the entire crypto industry,” said Rally. “The team has worked …

Core Scientific has received permission from the bankruptcy court for the Southern District of Texas to take out a loan of up to $70 million from investment bank B. Riley, one of the company’s biggest creditors. The loan would be used to pay off the bankrupt Bitcoin miner’s existing debtor-in-possession (DIP) financing loan, which also came from B. Riley. Core Scientific stated its intention of replacing its original DIP loan in advance at the beginning of its Chapter 11 bankruptcy process, saying it would find better terms with more flexibility. The company is seeking to use $35 million to replace …

Blockchain solutions provider SIMBA Chain has been selected for a $30 million Strategic Technology Focus Initiative (STRATFI) by the United States Air Force (USAF). The initiative is focused on identifying and advancing technologies that could secure the future dominance of the U.S. Air Force. According to the announcement, the investment will be used to develop blockchain applications in supply chain management and programs that will be used by several government organizations, including the Office of the Undersecretary of Defense for Research & Engineering, the USAF, the U.S. Navy, the U.S. Army and the Defense Logistics Agency. SIMBA Chain has a …

Court-appointed examiner Shoba Pillay submitted her final report on select aspects of operations at bankrupt cryptocurrency Celsius on Jan. 31. The document was commissioned on Sept. 29 and is 470 pages long, not counting the 31 appendices. Pillay is a former federal prosecutor and partner at law firm Jenner & Block. She looked at how customer cryptocurrency was stored at Celsius, the accuracy of the company’s public representations, whether new deposits were used to pay existing customers, the status of the company’s mining business and tax compliance. “Celsius promoted itself as an altruistic organization,” Pillay wrote. However, “Behind the scenes, …

Cyberpunk movies are a subgenre of science fiction that emerged in the 1980s. They typically take place in a dystopian future, often in a city characterized by high-tech, advanced technology and a breakdown of social order. They often feature advanced forms of artificial intelligence, virtual reality, and cybernetically enhanced characters and worlds. The stories often focus on the intersection of technology and humanity and typically depict a society where the lines between man and machine are blurred, and where the power dynamics between governments, corporations and individuals are in constant flux. Cyberpunk movies are known for their unique visual style, …

Blockchain startup accelerator Cronos Labs has announced the opening of applications for its second cohort of the $100 million-backed Cronos Accelerator Program. The program, which begins on April 24, 2023, will last for 12 weeks and provide selected projects with upfront seed funding of $30,000. In addition, participants will have the opportunity to secure up to $300,000 in seed funding from Cronos Labs and receive mentoring, masterclasses and support from industry experts. The program is focused on the decentralized finance (DeFi), GameFi, SocialFi, and Infrastructure verticals and will accept applications until March 24, 2023. The selection of projects for the …

A partnership between Poundtoken and BitcoinPoint will make the country's first 100% backed GBP stablecoin ($GBPT) accessible to retail consumers via a network of 18,000 ATMs across the United Kingdom. The move marks another step towards the U.K. becoming a "crypto hub" and is in line with the government's push to use stablecoins for wholesale settlements. Bitcoin Point is a Lightning Network-enabled Bitcoin (BTC), and cryptocurrency exchange, licensed and registered in the U.K. Poundtoken is the sole issuer of the GBPT ($GBPT) stablecoin. Poundtoken states that its stablecoin GBPT is fully backed in pound sterling at all times, with monthly …

According to a filing with the United States Securities and Exchange Commission on Jan. 31, electric vehicle manufacturer Tesla disclosed that it recorded a $204 million gross impairment loss during 2022 on its Bitcoin (BTC) holdings. Simultaneously, Tesla recorded a gain of $64 million from converting BTC into fiat currency at various points during the year, resulting in a net loss of $140 million from its cryptocurrency trading activities. The filing further explained the impact of volatile crypto prices on Tesla's bottom line: "Digital assets are considered indefinite-lived intangible assets under applicable accounting rules. Accordingly, any decrease in their fair …

The potential behind the metaverse is becoming greater as virtual and physical worlds converge. Market intelligence firm Contrive Datum Insights recently found that the global metaverse market is estimated to surpass $1.3 trillion by 2030. According to the study, this growth will be driven by newly adopted virtual economy trends, combined with the rise of both crypto and online games. Additionally, a recent survey conducted by CoinWire highlighted that the metaverse would likely reshape social lifestyles. CoinWire found that 69% of respondents believe that the metaverse will eventually modify social lifestyles due to new approaches taken for entertainment and activities. …