Autor Cointelegraph By Stephen Katte

Disney brings back Bob Iger as CEO: Here's the crypto connection

Disney brings back Bob Iger as CEO: Here's the crypto connection

Uverejnil používateľ | nov 21, 2022 |

Metaverse-backer Bob Iger has announced a surprise return to his former role as CEO of Disney, taking over from now-former CEO Bob Chapek.While Iger is most well known for serving 15 years as the CEO of the global entertainment conglomerate, the Disney executive became known in the crypto community after becoming a director, advisor and investor in Genies, a digital avatar platform running on Dapper Labs’ Flow blockchain.“Thrilled to be joining the Genies Board of Directors to help Akash Nigam and company empower humans to create the ‘mobile apps of Web3’: avatar ecosystems,” Iger said at the time.Iger was still at Disney as an executive and board chairman when the company filed for a Metaverse-related patent on Dec. 28.The patent was for a “virtual-world simulator in a real-world venue,” and according to the filing, would allow visitors to Disney theme parks to use mobile phones to generate and project personalized 3D effects onto nearby physical spaces, such as walls and other objects.However, Disney said at the time there were “no current plans” to use the “virtual-world simulator” patent, and the company has yet to announce any products related to the patent.Related: Silicon Valley tech CEOs are not big fans of metaversesAccording to the Hollywood Reporter, Iger’s return will reportedly only be temporary, though, with Iger only agreeing to serve as Disney’s CEO for the next two years. During his new term as CEO, Iger will reportedly work with the Board to set the strategic direction for the company and work to develop a successor.In his absence, Disney has continued to work towards projects involving the metaverse, NFTs and blockchain throughout the year.In September, Disney started hiring for a principal counsel to work on transactions involving NFTs, the Metaverse, blockchain and decentralized finance (DeFi).Specifically seeking someone to provide “full product life cycle legal advice and support for global NFT products” and ensure they comply with all current laws and regulations on United States soil and internationally.

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Crypto sleuth debunks 3 biggest misconceptions about the FTX hack

Crypto sleuth debunks 3 biggest misconceptions about the FTX hack

Uverejnil používateľ | nov 21, 2022 |

On-chain sleuth ZachXBT has shared his findings on what he sees as the three most common misconceptions about the FTX hack — taking to Twitter to correct a “ton of misinformation” about the event and the possible culprits. In a lengthy Nov. 20 post on Twitter, the self-proclaimed “on-chain sleuth” debunked speculation that Bahamian officials were behind the FTX hack, that exchanges knew the hacker’s true identity, and that the culprit is trading memecoins.1/ I have seen a ton of misinformation being spread on Twitter and in the news about the FTX event so let me debunk the three most common things I’ve seen“Bahamian officials are behind the FTX hack”“Exchanges know who the hacker is”“FTX hacker is trading meme coins” pic.twitter.com/IAtHnpJI44— ZachXBT (@zachxbt) November 20, 2022On the same day that FTX filed for bankruptcy on Nov. 11, the crypto community began flagging suspicious transactions on wallets associated with FTX, with more than $650 million transferred off the wallet. While there was no official culprit has been identified, a Nov. 17 statement from the Securities Commission of the Bahamas (SCB) that stated it had ordered the transfer of all digital assets of FTX to a digital wallet owned by the commission around that time prompted some to believe the SCB was behind the supposed “hack.” However, ZachXBT argued that the “0x59” wallet address associated with the hacker was a blackhat address and not affiliated with either the FTX team or the SCB because it “began selling tokens for ETH, DAI, and BNB and using a variety of bridges so crypto couldn’t be frozen on 11/12.””The fact 0x59 was dumping tokens and bridging sporadically was very different behavior from the other addresses who withdrew from FTX and instead sent to a multisig on chains like Eth or Tron,” he added. Zach also notes that the blackhat wallet also had contact with another wallet, 0x24, which he suggests “has very [suspicious] behavior on-chain using sketchy services.””This behavior completely differs what was said about the Debtors moving assets to cold storage or Bahamian government moving assets to Fireblocks.”ZachXBT says his final clue was the wallet address selling Ether (ETH) for renBTC and then using RenBridge, which he says will most likely end with the funds being sent to “a mixer at some point in the future.”Blockchain analytics firm Chainalysis came to a similar conclusion in a Nov. 20 post, noting that: “Reports that the funds stolen from FTX were actually sent to the Securities Commission of The Bahamas are incorrect. Some funds were stolen, and other funds were sent to the regulators.”FTX has also commented on the recent fund movements, posting a warning to exchanges “that certain funds transferred from FTX Global and related debtors without authorization on 11/11/22 are being transferred to them through intermediate wallets.”(2/2) Exchanges should take all measures to secure these funds to be returned to the bankruptcy estate.— FTX (@FTX_Official) November 20, 2022

ZachXBT also highlighted the potential misinformation surrounding the claim the hacker’s identity had been discovered by “Kraken or other exchanges.” The rumor had been circulating since Kraken’s chief security officer claimed in a Nov.12 post that“We know the identity of the user.” Zach says “In reality” the user identified as the hacker was likely just the FTX group securing assets to a multi-signature wallet on Tron, using Kraken due to the FTX hot wallet being out of gas for transactions., stating: “The withdrawals to these multisigs also matched what Ryne Miller (FTX GC) had said at the time. This took place hours after the initial 0x59 withdrawals.”Related: FTX funds on the move as thief converts thousands of ETH into BitcoinAs his last point, ZachXBT took aim at the rumor that the FTX hacker is trading memecoins, which was first noted by blockchain analytics firm CertiK. Instead, the blockchain detective claims the transfers have been “spoofed” on the Ethereum network, citing a March blog by Etherscan community member, Harith Kamarul explaining how transactions can be faked.

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No red flags at FTX despite 8 months of 'extensive due diligence' — Temasek

No red flags at FTX despite 8 months of 'extensive due diligence' — Temasek

Uverejnil používateľ | nov 17, 2022 |

Singapore’s state-owned investment firm Temasek revealed despite eight months of due diligence in 2021, it didn’t find any significant red flags in FTXs financials before deciding to invest $275 million into the now-bankrupt crypto exchange.Like many of FTX’s more than one million creditors, the Singapore-based firm has been left blindsided by the collapse of FTX and the ongoing fallout, saying in a Nov. 17 post: “The thesis for our investment in FTX was to invest in a leading digital asset exchange providing us with protocol agnostic and market neutral exposure to crypto markets with a fee income model and no trading or balance sheet risk.” Before the firm decided to invest $210 million for a stake of 1% in FTX International and $65 million for a minority 1.5% stake in its United States-based entity FTX US across two funding rounds, it claims to have conducted “extensive due diligence” from Feb. to Oct. 2021.According to Temasek it reviewed FTX’s audited financial statements, investigated the associated regulatory risk with crypto financial market service providers, and sought advice from external legal and cybersecurity specialists, with a legal and regulatory review undertaken for the investments.As another precaution, the firm said it interviewed people familiar with FTX, including employees, industry participants, and other investors.”We recognize that while our due diligence processes may mitigate certain risks, it is not practicable to eliminate all risks,” the firm said. “It is apparent from this investment that perhaps our belief in the actions, judgment, and leadership of Sam Bankman-Fried, formed from our interactions with him and views expressed in our discussions with others, would appear to have been misplaced.”Related: FTX’s ongoing saga: Everything that’s happened until nowAccording to Temasek, it estimates its investment in FTX was 0.09% of its portfolio value of more than $293 billion, and none of the disclosed investments involves crypto, despite rumors to the contrary, the firm says it has “no direct exposure in cryptocurrencies.””We continue to recognize the potential of blockchain applications and decentralized technologies to transform sectors and create a more connected world. But recent events have demonstrated what we have identified previously – the nascency of the blockchain and crypto industry and the innumerable opportunities as well as significant risks involved.”

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Bahamian liquidators reject validity of FTX's US bankruptcy filing

Bahamian liquidators reject validity of FTX's US bankruptcy filing

Uverejnil používateľ | nov 17, 2022 |

Brian Simms, the court-appointed provisional liquidator overseeing the bankruptcy proceedings of FTX Digital Markets in The Bahamas, has called into question the validity of a Chapter 11 bankruptcy filing by subsidiary FTX Trading and 134 other affiliates in a Delaware court on Nov. 14.In the Nov. 15 document, Simms filed for Chapter 15 Bankruptcy in the United States Bankruptcy Court in the Southern District of New York, which is used when a foreign representative of the debtor seeks recognition in the U.S. for a pending foreign insolvency proceeding. In the filing Simms notes FTX Digital is not part of the Delaware Petition, and says as the provisional liquidator he is the only one, “authorized to take any act including, but not limited to, filing the Delaware Petition,” adding:”The Provisional Liquidation Order divests FTX Digital’s directors’ of the ability to act, or exercise any functions, for or on behalf of FTX Digital unless expressly instructed to so by me in writing.” The Bahamas-based lawyer argues because he “did not authorize or approve, in writing or otherwise,” he rejects the “validity of any purported attempt to place FTX Affiliates in bankruptcy.”He further notes, “The entire FTX Brand was ultimately operated from a single location: The Bahamas. All core management personnel likewise were located in The Bahamas.”FTX’s digital asset exchange was founded in May 2019 by Sam Bankman-Fried (SBF) in Hong Kong but after China’s crypto ban, SB relocated the company to the Bahamian capital of Nassau in Sept. 2021.Simms has not asked the court to dismiss the U.S. bankruptcy proceedings, stating “no provisional relief seeking the injunction or dismissal of the Chapter 11 is presently sought” but requests the U.S courts recognize the legal actions taking place in The Bahamas. However, he notes “it is conceivable that the FTX Affiliates that filed Chapter 11 will be impacted by the provisional relief sought,” by his filing. Related: FTX’s ongoing saga: Everything that’s happened until nowChapter 11 is used by businesses to help them reorganize their debts and repay creditors while continuing their operations.The appointment of provisional liquidators followed the Bahamian securities regulator suspending FTX’s registration status and freezing its local subsidiary’s assets on Nov. 10.

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Nifty News: Nike unveils NFT platform, Steve Jobs' sandals sell for $200K and more

Nifty News: Nike unveils NFT platform, Steve Jobs' sandals sell for $200K and more

Uverejnil používateľ | nov 15, 2022 |

Nike’s “Dot Swoosh” platform landsFootwear and apparel giant Nike has unveiled its latest foray into the non-fungible token (NFT) and Metaverse space with the launch of an NFT marketplace named “.Swoosh”While .Swoosh is still in the beta phase, Nike announced that its “first digital collection” is set to launch on the eb3 platform in 2023, with the rest of 2022 devoted to growing the platform and user base.✅ About .SWOOSH ‍♂️.SWOOSH is a platform for @Nike’s virtual creations, for them to be more accessible and to onboard the next millions into the wonderful world of web3 and digital assets.pic.twitter.com/F0M7Q8Ddwk— ycxc RTFKT (@ycxcRTFKT) November 14, 2022Among the “virtual creations” to become available next year are digital sneakers, apparel, accessories and other collectibles. In addition, some will unlock benefits such as access to real-life products and events.Following the first collection drop, members can enter a community challenge to win the opportunity to co-create a virtual product with Nike.According to Nike, the winners of the challenge can earn an undisclosed amount of royalties on the virtual product they help co-create.Ron Faris, general manager of Nike Virtual Studios, said .Swoosh offers a “gateway into a new digital arena,” while the Twitter post from Nike said the platform would help “onboard the next millions” into the “wonderful world of web3 and digital assets.”“We are shaping a marketplace of the future with an accessible platform for the web3-curious,” he added.In 2021, Nike entered the Metaverse game through the acquisition of virtual sneakers and collectibles brand RTFKT. It also launched the virtual world Nikeland. .SWOOSH uses similar tools and technologies but all three are different projects for the company.Steve Jobs NFT sandals go under the hammerA one-of-a-kind non-fungible token (NFT) of the Birkenstocks sandals worn by Apple co-founder Steve Jobs at various times during his life has sold for $218,750 at an auction. Steve Jobs sandals, complete with imprints of his feet. Source: Julien’s AuctionsJulien’s Auctions ran the auction from Nov. 11 to Nov. 13, with 19 people overall trying to claim the footwear with offers ranging from $15,000 to $175,000.Included in the deal was an NFT featuring a 360° digital representation of Steve Jobs sandals and was minted on the Polygon blockchain. The NFT is a 1-of-1 Edition and included the physical sandals, with the “imprint of Steve Jobs’ feet.” It also came with a hard case for storage and transport and a Jean Pigozzi book titled “The 213 Most Important Men in My Life.”Initially, the sandals and NFT were projected to fetch between $60,000 and $80,000, but after 19 bids, the sandals ended up going for $218,750. The new owner of the sandal NFT has not been publically disclosed. Jobs and Steve Wozniak co-founded Apple in 1976. Jobs died of pancreatic cancer in 2011. First airport metaverse takes flight in India Bangalore International Airport has launched Metaport, a metaverse airport built on the Polygon blockchain. Hello flyers ✈️ @BLRAirport launches #Metaport, the ‘s first airport metaverse exclusively #onPolygon to showcase the T2 Terminal.Experience the phygital world ofSocializing️ ShoppingEntertainmentWelcome to the future powered by #Polygon, @AWS & @Intel pic.twitter.com/9ESUoIvplm— Polygon – MATIC (@0xPolygon) November 12, 2022

Inaugurated by Indian Prime Minister Narendra Modi on Nov. 11, the metaverse features a virtual reproduction of Terminal 2 at Bangalore International Airport and allows users to network with other travelers, access entertainment and go shopping in the digital space. Arpit Sharma, Vice President of Enterprises at Polygon, posted a Nov. 12 video of Metaport in action. BLR metaport powered by @0xPolygon, @awscloud, @intel, @BLRAirport goes live today! Super proud! Bengaluru is leading the way – @Tejasvi_Surya Kudos to the amazing leaders and team@HariMarar @sandeepnailwal @kamakshi_taneja @nikhilv @kanishkaagiwal https://t.co/5X9BBLOUIL pic.twitter.com/VgTomeNBxz— Arpit (@Arp_it1) November 12, 2022

In the video a user logs into the Metaverse airport, customizes their avatar’s appearance and clothing, and then wanders around the virtual space. The avatar interacts with several other users through a text-based chat, goes on an art tour, and gets the chance to purchase digital items before a boarding call prompts the user to leave the metaverse. The project is the result of a joint venture between Bangalore International Airport, Polygon, Intel and Amazon Web Services and is being called the first metaverse airport in the world by its creators. 2022 FIFA World Cup NFTs kicking off The 2022 FIFA World Cup is rapidly approaching its Nov. 20 kickoff in Qatar and in the leadup, several companies have been releasing NFT collections and announcing Web3 games for the event. Sportswear manufacturer Adidas posted a Nov. 14 promotional trailer for the World Cup featuring its Bored Ape Yacht Club (BAYC) character Indigo Herz alongside Lionel Messi and other players. catch our family reunion all World Cup long #ImpossibleIsNothing pic.twitter.com/UCNG2WBnLg— adidas (@adidas) November 14, 2022

Herz was on a cereal box of “Indigoooooals.” The footwear giant purchased Indigo Herz, or BAYC #8774, on Sept. 17, 2021 for 46 Ethereum — worth approximately $58,500 at the time. Yuga Labs grants holders full intellectual property rights to use the characters for commercial endeavors. Related: Wuhan omits NFTs from metaverse plan amid regulatory uncertainty in ChinaEarlier this month, major credit card company Visa released five soccer-themed NFTs for auction on Nov. 1 featuring World Cup goals of famous players. The auction lasted until Nov. 8, with all proceeds donated to a U.K.-based charity. The payments company is also giving fans a chance to create their own NFTs on a digital pitch at the FIFA Fan Festival, which will launch during the World Cup. On Oct. 14, Budweiser partnered with FIFA to release a live scoreboard NFT collection called Budverse X World Cup. According to the OpenSea description, once users mint their world cup team, the NFT will follow and track the progress throughout the FIFA World Cup. Meanwhile, FIFA announced on Nov. 9 they will have at least four web 3.0 games that fans can play while at the World Cup.More Nifty News:NFT marketplace OpenSea announced it will continue to enforce royalties across all collections going forward, following an outcry from creators for considering otherwise. Web3 technology has opened a whole new frontier for musicians, but the head of IP at Animal Concerts metaverse platform says onboarding someone like Snoop who is active in the space is very different from “artists who don’t typically keep up with the Web3 ecosystem.”

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