FTX Loses Miami Heat Stadium Sponsorship
National Basketball Association (NBA) team Miami Heat’s home arena will soon be renamed after a Florida judge ended the naming rights agreement between the bankrupt cryptocurrency exchange, FTX.com, and Miami-Dade County, according to a Wednesday court filing. Both Miami-Dade and the new FTX leadership asked the judge overseeing the exchange’s bankruptcy in November to end the agreement amid accusations of fraud within the company’s previous leadership group, led by founder Sam Bankman-Fried. (forkast)
Former ESPN, Singtel and Meta Executive Joyee Biswas Joins Virtualness to Accelerate Sports and Media Momentum
Virtualness, a mobile-first platform designed to help creators, brands, and the sports, media and entertainment industry navigate the complex world of web3, announced today that Joyee Biswas will join Virtualness as a founding team member, heading Sports and Media partnerships. Sports and media organizations have been trendsetters for decades. They are amongst the first to leverage next-generation technology, NFTs, digital collectables and the metaverse to engage and entertain fans, and unlock new revenue lines. The discussion has moved from "whether" web3 is relevant, to "how" sports and media can benefit from the power of decentralization, blockchain and web3. (prnewswire)
Apple and the Metaverse: Everything We Know So Far
Tech giants see huge opportunity in the metaverse—the name given to a future, more immersive vision of the internet with potential real-world ties. Facebook parent Meta has bet big on the prospect, as its rebrand suggests, while Microsoft has both teamed with Meta and tried acquiring a major game publisher (if the FTC approves) as it builds momentum in the space. The iPhone and Mac maker has famously taken a unique approach to hardware and software design, even incorporating its “Think Different” ethos into its marketing. As the metaverse takes shape through new hardware and online worlds—some of which will be built with interoperable Web3 tech like NFTs—Apple may again forge its own path. (Decrypt)
Bankrupt FTX Exchange has Recovered US$5 bln Worth of ‘Liquid’ Assets, Lawyers Say
The collapsed crypto exchange FTX has recovered at least US$5 billion of liquid assets, including cryptocurrency and securities, liquidators told a U.S. bankruptcy judge in Delaware on Wednesday. The US$5 billion does not include crypto in the custody of the Securities Commission of the Bahamas, said FTX bankruptcy team attorney Adam Landis. According to Landis, the assets under the control of the Bahamian authorities are highly volatile and were estimated to be worth about US$170 million at the end of 2022. Former FTX Chief Executive Officer Sam Bankman-Fried, who now faces multiple charges of fraud and theft of customer deposits, lived in and operated many of FTX’s subsidiaries from the Bahamas, and U.S. and Bahamian-based liquidators had previously clashed over jurisdiction control of the exchange’s international assets. FTX had been valued at $32 billion before its collapse in November last year. (forkast)
The Fed Will Keep Focusing on Crypto — Fed Governor Says 'We Do Not Want to Hinder Innovation
Federal Reserve Governor Michelle Bowman says while “cryptocurrency activities can pose significant risks,” the Fed does not want to “hinder innovation.” She added: “By inhibiting innovation, we could be pushing growth in this space into the non-bank sector, leading to much less transparency and potential financial stability risk.” (Bitcoin.com)
Oregon Weighing Crypto Miner Carbon Crackdown
Cryptocurrency miners and related entities could soon be required to adhere to an uncommonly stringent set of restrictions around their energy usage. The measures — largely an outlier in the US — stem from a bill submitted to Oregon’s legislature on Wednesday. New York has been one of a handful of other states to impose strict standards on miners of bitcoin and other proof-of-work cryptoassets. Sponsored by Rep. Pam Marsh, Sen. Michael Dembrow and Rep. Mark Gamba, House Bill 2816 aims to curb the carbon output of such “high energy use” facilities — with the goal of tamping down emissions by 60% below their baseline current levels by 2027. (Blockworks)
FTX Customers Are Safe From Being Doxxed, for Now
The names of up to nine million FTX customers are set to remain confidential for at least three more months following the latest ruling in FTX bankruptcy proceedings. The decision was reportedly made by Judge John Dorsey in the Delaware-based bankruptcy court on Jan. 11 in response to a 168-page filing by FTX on Jan. 8 which requested the court to withhold confidential customer information. Judge Dorsey said that he remains “reluctant at this point” to disclose the confidential information, as it may put creditors “at risk,” despite increased pressure from several media outlets: "We're talking about individuals here who are not present – individuals who may be at risk if their name and information is disclosed.” (Cointelegraph)
El Salvador Passes Landmark Crypto Bill, Paving Way for Bitcoin-backed Bonds
El Salvador has passed landmark legislation providing the legal framework for a Bitcoin-backed bond — known as the “Volcano Bond” — which will be used to pay down sovereign debt and fund the construction of its proposed “Bitcoin City”. The bill passed on Jan. 11 with 62 votes for and 16 against, and is set to become law after it is ratified by President Bukele. The National Bitcoin Office of El Salvador announced the passage of the bill in a Jan. 11 tweet thread, noting that they will begin issuing the bonds soon. (Cointelegraph)
Bitcoin Surges Above $18K to Cap 8-day Winning Streak
Bitcoin has clocked eight straight days of increasing prices and has surged back above $18,000 for the first time since mid-December. The cryptocurrency hadn't recorded such a prolonged winning streak since July 2021, at the height of the COVID-19 pandemic. Over the last seven days, the price of BTC has increased nearly 8%, with a 4.1% surge in the last 24 hours at the time of writing. (Cointelegraph)
How 100 Million More People Will Use Crypto With These Improvements
Approximately 6 million total people have interacted with decentralized applications. Unfortunately, this number is deficient and should explode when these changes occur.
