Autor Cointelegraph By Jesse Coghlan

Nifty News: China’s lockdown protest NFTs emerge, Candy Digital cuts staff, and more

Nifty News: China’s lockdown protest NFTs emerge, Candy Digital cuts staff, and more

Uverejnil používateľ | nov 29, 2022 |

China’s COVID-19 protests cemented as NFTsNonfungible tokens (NFTs) depicting the ongoing protests in China against the country’s tough zero-tolerance COVID-19 policy have found their way to the NFT marketplace OpenSea.At least two collections have been created in November, the first is a Polygon (MATIC)-based collection called “Silent Speech” featuring 135 NFTs depicting images of protesters, signage, graffiti and even social media screenshots related to the ongoing protests up for auction starting at 0.01 Ether (ETH), or just under $11.50.A Silent Speech NFT titled “Beihang University” (translated) shows an image of multiple tealight candles within surgical masks. Candles are an often used symbol of remembrance.Another collection titled “Blank Paper Movement” of 36 Ethereum-based NFTs with a floor price of 10 ETH, or nearly $11,800, features a more artistic take as the images of the protests appears to be painted.Holding a blank sheet of paper has emerged as a symbol representing the suppression of speech in the rare and widespread protests which have flared up across China since Nov. 14, starting with residents of Guangzhou, one of China’s biggest cities, tearing down police barricades in response to COVID-19 related measures.Demonstrators in Beijing hold blank pieces of paper in a rally against the communist government.This idea developed during a student movement by a group of high school students in HK. pic.twitter.com/jRmnQ50Mlz— 鄉港 (@sabaocean) November 28, 2022The protests intensified on Nov. 24 as a fire that day in a high-rise building in the northeastern city of Urumqi killed 10 people. Some Chinese internet users believe residents weren’t able to escape due to extreme lockdown measures which have included authorities wiring or welding doors shut.Candy Digital lays off 100 staff NFT company Candy Digital has reportedly laid off a sizeable portion of its workforce amid turbulent crypto market conditions and a massive dip in NFT trading volumes this year.More than one-third of the company’s roughly 100 employees were cut according to a Nov. 28 report from the sports industry outlet Sportico.It’s unclear the reason for the layoffs and if any particular departments were affected as Candy Digital has not publicly addressed the layoffs. The former community content manager at Candy Digital, Matthew Muntner, in a Nov. 28 Twitter post publicly confirmed he was part of the staff cuts:I hate that I have to share this as much as I loved my job at @CandyDigital but I was part of the layoffs that occurred earlier today.I am quickly looking for a new role in Community Management, Graphic Design, or related Marketing.Thanks, Candy Fam for one hell of a ride ❤️— Muntner (@muntnerdesigns) November 28, 2022

Cointelegraph contacted Candy Digital for comment but did not receive an immediate response.Candy Digital was launched in June 2021, backed by sports e-commerce store Fanatics, crypto-friendly entrepreneur Gary Vaynerchuk and Galaxy Digital CEO Mike Novogratz.The company quickly gained partnerships with sports leagues including Major League Baseball, NASCAR’s collaborative Race Team Alliance, and several college athletes. It was valued at $1.5 billion in Oct. 2021 following a $100 million funding round.Candy Digital’s layoffs follow others across technology firms such as NFT protocol Metaplex’s Nov. 17 cuts of “several members” of its team, Meta’s Nov. 9 layoff of 11,000 employees, and Flow blockchain developer Dapper Labs’ Nov. 2 layoffs of roughly 130 employees.Bored & Hungry restaurant runs pop-up at Phillippine blockchain weekThe Long Beach-based NFT-themed burger restaurant Bored & Hungry has set up a pop-up shop at the Philippine Blockchain Week which kicked off on Nov. 28 local time.It’s the first time the restaurant has operated in South East Asia, the brand also operated a pop-up french fry stand at NFT.London in early November.Grilling in Manila for 3 days only!Home of the Trill Burger, America’s best burger of 2022: @BorednHungry is bringing their apes and burgers to Manila! pic.twitter.com/RuDBy6Ykjg— Philippine Blockchain week (@philblockchain) November 27, 2022

The restaurant first opened in April and is themed using the owner’s intellectual property of his owned Bored Ape Yacht Club and Mutant Ape Yacht club NFTs and accepted ETH and ApeCoin (APE) as payment.Around two months after its opening, in June, the store inexplicably stopped accepting cryptocurrency as a form of payment, likely due to the drop in crypto prices. Ripple’s XRP Ledger hits new record NFT saleRipple’s XRP Ledger blockchain has recorded a new record NFT sale, with an XPUNK NFT — a clone of the popular Ethereum-native CryptoPunk NFTs — selling for 108,900 XRP (XRP), about $44,000 at the time of sale on Nov. 25.The #XRPL has a new record! An @XRPLPUNKS NFT just got sold for 108900 $XRP (44000 USD). This is just the beginning for #NFTonXRP.— onXRP.com (@onXRPdotcom) November 25, 2022

The sale was a result of an open auction with over 20 people in a Discord voice chat according to the XPUNKS official Twitter account. It refused to disclose the purchaser but said “the community knows who it is.” Related: The metaverse is a new frontier for earning passive incomeThe XRP Ledger introduced NFTs on Oct. 31 with the introduction of the XLS-20 standard that was first proposed on May 25, 2021, the NFTs feature “automatic royalties” for creators.More Nifty NewsThe community-led decentralized autonomous organization (DAO) made up of ApeCoin holders launched its own NFT marketplace on Nov. 24 featuring only Yuga Labs-backed collections.Following the surprise win of the Saudi Arabian soccer team at the FIFA World Cup over Argentina on Nov. 22, the floor price of a Saudi Arabian-themed NFT collection unrelated to the team jumped by 52.6% with some appearing to view the tokens as an indirect way to bet on the success of soccer teams.

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BlockFi sues FTX's Bankman-Fried over shares in Robinhood

BlockFi sues FTX's Bankman-Fried over shares in Robinhood

Uverejnil používateľ | nov 29, 2022 |

Newly-bankrupt crypto lending platform BlockFi has filed a lawsuit against Sam Bankman-Fried’s holding company Emergent Fidelity Technologies seeking his shares in Robinhood that were pledged as collateral earlier in November.The suit was filed on Nov. 28 in the United States Bankruptcy Court for the District of New Jersey just hours after BlockFi filed for Chapter 11 bankruptcy in the same court.As per the filing, BlockFi is demanding Emergent turnover collateral as part of a Nov. 9 pledge agreement that saw Emergent agree to a payment schedule with BlockFi that it has allegedly failed to pay.BlockFi names the collateral as “including certain shares of common stock.”In May, Bankman-Fried acquired a 7.6% stake in the online brokerage firm Robinhood, buying a total of $648 million in Robinhood shares through his Emergent investment company.Related: FTX collapse drives curiosity around Sam Bankman-Fried, Google data showsBlockFi is one of the latest firms to file for bankruptcy as a result of the collapse of FTX crypto exchange. The crypto firm initially previously denied that a majority of its assets were held on FTX earlier in the month, but also acknowledged “significant exposure” to FTX.In its bankruptcy filing, BlockFi stated that it has assets between $1 billion and $10 billion with liabilities in the same range, along with over 100,000 creditors.

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Three Arrow’s Su Zhu reveals latest attempts at a comeback post-FTX

Three Arrow’s Su Zhu reveals latest attempts at a comeback post-FTX

Uverejnil používateľ | nov 28, 2022 |

Three Arrows Capital co-founder Su Zhu looks like he may be attempting a comeback amid the fallout over FTX and Sam Bankman-Fried — seen by some as the crypto industry’s newest supervillain. After months of radio silence, Su Zhu remerged on Twitter on Nov. 9, the day after FTX revealed it was suffering from a “liquidity crunch.” As the FTX saga has unfolded, Zhu has continued to post on Twitter, offering sage advice through poetic metaphors, while tweeting veiled criticism of Sam Bankman-Fried and his handling of FTX. That being a better swimmer led to her death felt bizarre yet obviousThe better she could swim the more she underestimated nature, how the difference between people is like the difference between grains of sand, just as theres no mighty grain there is also no mighty person— Zhu Su (@zhusu) November 10, 2022In his latest Nov. 27 Twitter thread Zhu revealed his next steps — the launch of a “long-form video podcast series” that discusses “life, belief systems, and mental health” which will be launched with a collaborator and friend named “Cliff.” In the tweet, Zhu also makes reference to Allah, a sign some believe means he had converted to Islam. Cliff and I will launch a longform video podcast series soon discussing life, belief systems, and mental health. Allah does not charge a soul except that which is within its capacity.— Zhu Su (@zhusu) November 27, 2022

Recently, Zhu also hinted at creating a new trading firm in a Nov. 22 interview with Bloomberg saying it could be an “all-weather fund” — made to perform reasonably through all market conditions — that invests in traditional financial assets and crypto.Zhu’s latest quasi-announcement has attracted more criticism than support, however, with many drawing a contrast between his actions at 3AC with the ideologies presented in Islam. Blogger and nonfungible token (NFT) project founder Foobar asked “what does Allah say about interest-bearing loans?”Another user pointed out that interest is “haram”, or forbidden under Islamic law.Su: “sorry brah can’t pay back the loan its not Sharia-compliant” pic.twitter.com/QsfJq7aDUL— vechudnov (@chudnovglavniy) November 27, 2022

Over the last few weeks, the community has noticed a return of so-called “crypto villains” to Twitter following the collapse of FTX.Related: It’s time for crypto fans to stop supporting cults of personalityAnother Three Arrows Capital co-founder, Kyle Davies recently reappeared on Twitter after months of radio silence, posting on Nov. 13 on Twitter that he’d spent the last few months seemingly looking at grass and painting.He even appeared on CNBC’s Squawk Box program on Nov. 16 to allege Alameda “hunted” 3AC’s positions.My initial process was to spend my time searching and understanding. Less markets and screens, more grass and painting.I will look to share my understanding to the extent it contributes to good and to light.Yours Truly, Humbled and Gracious pic.twitter.com/z7YFvQwiRd— Kyle Davies (@KyleLDavies) November 13, 2022

Alex Mashinsky, the founder of the bankrupt lending platform Celsius Network has also made a reappearance after FTX’s downfall, appearing in a series of Twitter Spaces over the last few weeks. In a Twitter Space on Nov. 27 Mashinsky said he “loves the idea” of getting FTX to “pay for the hole” and asked listeners to “make a lot of noise” and convince bankruptcy lawyers for Celsius and its Committee of Unsecured Creditors to sue FTX to pay for Celsius’ cash deficit.One of the more frustrating parts of the FTX collapse is that all of the previous villains are coming out of woodwork pretending like they are victims. Reminder: we are in this mess because of @KyleLDavies, @zhusu, @stablekwon, @SBF_FTX (others too but remember these 4). https://t.co/ltAd3SeA4H— Haym (@SalomonCrypto) November 24, 2022

It’s estimated that Mashinsky, Zhu, and Davies owe creditors around $6.3 billion.

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FTX fall was ‘incredibly damaging,’ crypto must foster real utility: Ripple policy lead

FTX fall was ‘incredibly damaging,’ crypto must foster real utility: Ripple policy lead

Uverejnil používateľ | nov 28, 2022 |

Ripple’s APAC Policy Director has described the fall of FTX as “incredibly damaging” for the crypto space, but says the industry should stand the test of time if its focus shifts towards building “real utility.”In a statement sent to Cointelegraph, Ripple’s APAC policy lead Rahul Advani said he expects the FTX saga to lead to greater scrutiny on crypto regulations, while governments will re-evaluate “their stance towards crypto and blockchain technology,” adding: “The collapse of FTX is incredibly damaging for the crypto space and once again underscores the need for greater regulatory clarity.”Advani argued that the industry will need forward-looking and “flexible” regulations to boost confidence in the crypto sector while protecting consumers. “[These regulations] must include robust measures for consumer protection but also recognize the different risks posed by business-facing crypto companies.”“What we don’t want to see is a knee-jerk response that could stifle innovation within the sector,” he added.Following the collapse of FTX, a number of regulators around the world pledged to focus on developing greater crypto regulation.The Australian government is doubling down on its commitment to a crypto regulatory framework and the International Monetary Fund (IMF) called for more regulation in Africa’s crypto markets, one of the fastest-growing in the world.Meanwhile, United States Commodity Futures Trading Commission (CFTC) commissioner Summer Mersinger said on Nov. 18 that the time to act on crypto regulation may have arrived, prompting experts to warn that crypto is in the crosshairs of U.S. lawmakers.Advani however noted that a “one size fits all” approach to regulation “will not work” due to differing risk profiles presented by crypto companies. He instead advocated for a “risk-based approach” to regulating the industry.He added that risks posed by crypto businesses include requirements on conduct, like segregating business accounts, disclosing conflicts of interest, and providing “retail investor safeguards.”Related: After FTX: Defi can go mainstream if it overcomes its flaws“We still firmly believe that crypto is here to stay and that real use cases will withstand the test of time,” Advani said. “I think that the crypto industry will have to take a more focused approach, shifting from hype cycles toward building real utility.”

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CoinList addresses 'FUD' on withdrawals, cites technical issues for delays

CoinList addresses 'FUD' on withdrawals, cites technical issues for delays

Uverejnil používateľ | nov 25, 2022 |

Cryptocurrency exchange and Initial Coin Offering (ICO) platform CoinList took to Twitter to address “FUD” after a blogger tweeted that users reported being unable to withdraw funds for over a week, sparking fears the company was having liquidity issues or w insolvent.“There is a lot of FUD going around that we would like to address head-on,” CoinList said in a Nov. 24 Twitter thread that stated the exchange is “not insolvent, illiquid, or near bankruptcy.” It said however that its deposits and withdrawals are affected by “technical issues.”2/ We are upgrading our internal ledger systems and are migrating wallet addresses involving multiple custodians.This is one of many efforts we are undertaking to offer our customers around the world better products and services while maintaining compliance.— CoinList (@CoinList) November 24, 2022Crypto-focused blogger Colin Wu had earlier tweeted to his 245,000 followers that “some community members” using CoinList have been unable to withdraw for over a week due to maintenance.CoinList has a $35 million creditor claim with bankrupt crypto hedge fund Three Arrows Capital which Wu said in his tweet was a “loss,” that likely triggered concerns the company was insolvent or illiquid.Looking to dampen fears that have seen bank runs on other platforms, CoinList explained that an upgrade to its internal systems and a migration of wallet addresses that involves “multiple custodians” is being undertaken.The company cited unexplained “custodian issues” as the reason a selection of cryptocurrencies “are taking longer than anticipated to migrate” with one of its unnamed custodian partners suffering from an “outage […] unrelated to the migration” on Nov. 23 which impacted tokens on the platform.Its status page shows “degraded performance” for withdrawals, with four cryptocurrencies unavailable for withdrawal since Nov. 15, and one experiencing delayed deposits since Nov. 16.“Once again, this is purely a technical issue, not a liquidity crunch,” CoinList said. It claimed to hold “all user assets dollar for dollar” and noted it plans to publish its proof of reserves.Cointelegraph has contacted CoinList for more information but did not immediately receive a response.Related: FTX illustrated why banks need to take over cryptocurrencyCoinList claimed on Nov. 14 that it had no exposure to the now-bankrupt FTX exchange, but users are increasingly nervous about centralized platforms and have rushed to ensure safe custody of their assets as evidenced by the surge in sales reported in mid-November by hardware wallet providers Trezor and Ledger.Around the same time, outflows of Bitcoin (BTC) and stablecoins from exchanges hit historic highs and a corresponding uptick in activity was seen on decentralized exchanges.

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