Crypto Retro

2023-04-19 23:30:00 ​Microsoft Azure Marketplace integrates on-ramp to blockchain data

Space and Time CEO Nate Holiday said this would allow enterprises to build on the blockchain without compromising security and computing power.

Web3 data company Space and Time has announced that developers can now deploy their data warehouse directly from the Azure Marketplace, Microsoft’s online store that provides services and applications to use on Azure.

In an announcement sent to Cointelegraph, Space and Time said developers will have an accelerated on-ramp to access, analyze and manage native blockchain data. This allows developers to quickly onboard large enterprise data volumes to smart contracts and new use cases for indexed blockchain data.

Through the integration, businesses will be able to access decentralized data without rebuilding their existing infrastructure. This will allow enterprises to build on the blockchain without sacrificing security and computing power, according to the announcement.

Space and Time CEO Nate Holiday commented that verifiable data across blockchains, enterprises and artificial intelligence (AI) is very important. Holiday explained :

“We provide enterprises with the ability to integrate blockchain data into their applications and business processes, which is critical for both customer growth and enabling responsible data stewards.”

Microsoft Azure executive Kathleen Mitford said that this new development equips developers with the tools necessary to create the next generation of use cases for blockchain. “At Microsoft, we are empowering growth across emerging markets — including blockchain and distributed data,” Mitford added.

Microsoft is one of the many supporters of the Web3 data firm. On Sept. 22, 2022, Microsoft’s M12 fund joined the strategic funding round for Space and Time along with other investors like Avalanche, Polygon, HashKey and more. Open / Comment

2023-04-16 23:30:00 ​Do Kwon lawyers received $7 million before Terra collapse.

While trying to tie in Kwon’s ill intent in prepaying the law firm, prosecutors believe that the information will help in the ongoing fraud case.

South Korean prosecutors confirmed that Terraform Labs CEO Do Kwon sent 9 billion won ($7 billion) to Kim & Chang — a top South Korean law firm — right before the spectacular collapse of the Terra ecosystem.

Kwon’s decision to send millions to the law firm was flagged by prosecutors as a deliberate move, which allegedly reaffirmed his awareness of the impending collapse and anticipated expected legal problems, as reported by KBS News.

While trying to tie in Kwon’s ill intent in prepaying the law firm, prosecutors believe that the information will help in the ongoing fraud case. In addition, Kim & Chang's lawyers visited Montenegro to meet with Kwon and Terraform’s former chief financial officer, Han Chang-joon.

Previously, Kwon was arrested at Podgorica airport in Montenegro after trying to fly to Dubai using fake documents. Following his arrest, both United States and South Korean authorities have sought Kwon’s extradition. However, the court is yet to decide.

On April 7, it was revealed that South Korean prosecutors suspected Kwon of converting illicit funds from Terra to Bitcoin. The prosecutors requested Binance to halt all withdrawal requests linked to Kwon.

In total, prosecutors identified 414.5 billion won ($314.2 million) in illicit assets associated with Terraform Labs co-founder Kwon and his associates, out of which about 91.4 billion won ($69 million) is reportedly directly linked to Kwon.

“We provided Korean LE authorities with the requested assistance. Since we cannot comment on ongoing LE investigations, for any further comment, please reach out to the prosecutors,” said a Binance spokesperson, speaking to Cointelegraph about the matter. Open / Comment

2023-04-13 23:01:50 EOS Network lands $60M investment and partnership from DWF Labs

DWF Labs invests over $60 million in a partnership with the EOS Network Foundation, providing a $45 million EOS token purchase agreement and a $15 million pledge for EOS-based projects to expedite growth and adoption.

In its most substantial investment to date, DWF Labs, a digital asset market maker and investment firm, has announced an alliance with the EOS Network Foundation (ENF), entailing an investment deal worth over $60 million. EOS is a Layer-1 network for developers looking to build blockchain-based games (GameFi) and deploy decentralized applications (dApps).

DWF is bolstering the EOS Network by means of a $45 million EOS token purchase agreement and a $15 million pledge to invest in businesses and projects based on EOS. This pledge is aimed at expediting the expansion and acceptance of the EOS Network.

The ENF plays a pivotal role in the EOS network’s development by coordinating support, creating feedback loops for innovation, promoting community involvement, allocating funding and facilitating the growth of the EOS ecosystem. Open / Comment

2023-04-11 00:00:00 ​Fortune debuts ‘Crypto 40’; Ethereum takes top honors for protocol category.

The Fortune Crypto 40 highlights cryptocurrency organizations across eight different categories with a heavy emphasis on older, established companies.

In what it’s calling an industry first, Fortune released the “Fortune Crypto 40” on April 10. This analysis-based list highlights five cryptocurrency companies in each of eight categories and relies on a combination of analysis and executive polling to determine the winners.

Per an article announcing the index, Fortune claims the Crypto 40 is a “definitive list of the most important crypto companies.” An accompanying link describing the methodology goes on to state that the Crypto 40 was designed to highlight the organizations and their technology — as opposed to the popularity of the individuals and teams driving them.

“Currently, there are no such rankings for the crypto industry,” writes the Fortune staff, “While there are plenty of lists, nearly all of them reflect the subjective preference of a handful of editors, and most focus on personalities rather than companies.”

The Fortune Crypto 40 is divided into eight distinct categories: TradFi, CeFi, NFTs, Venture Capital, Data and Analytics Companies, Infrastructure Firms, Blockchain Protocol Firms and DeFi.

While the usual suspects are all there, with Coinbase, Binance and Kraken taking top spots in CeFi, PayPal leading TradFi, and OpenSea claiming number one in the NFT rankings, there are also some surprises among the list.

Surprisingly, Bitcoin took a backseat to Ethereum in the protocol rankings, with Polygon edging out Solana for third place. Elsewhere, Bitmain took third in the infrastructure race, with Ledger and Genesis Digital Assets taking first and second, respectively. Open / Comment

2023-04-08 11:57:48 ​Celsius Network to make April 12 filing, including info on voting for restructuring plan

“Our Disclosure Statement will provide a summary of the Plan, account-holder recovery percentages, FAQs, and additional information on certain risk factors,” said Celsius.

Bankrupt crypto lender Celsius Network has announced it will be moving forward on its Chapter 11 restructuring plan with a disclosure statement containing information for claim holders.

In a April 7 notice to users, the Celsius debtors said they will file a disclosure statement on April 12. A March 31 court filing in United States Bankruptcy Court for the Southern District of New York said the statement was aimed at providing “adequate information” for claim holders to vote on the proposed restructuring plan sponsored by NovaWulf.

Celsius first presented the plan in February, which proposed creating a public platform fully owned by Earn creditors called NewCo. The committee of unsecured creditors will appoint the majority of the firm’s board members, with no "Celsius founder involvement or relationship."

According to the debtors’ statement regarding the plan, the April 12 filing will include details of events leading up to Celsius’ bankruptcy, projected recoveries for certain stakeholders should the restructuring plan be approved, and answers to frequently asked questions. The bankruptcy court is expected to conduct a hearing regarding approval of the disclosure statement on May 17, with a vote on the plan to follow.

Since filing for Chapter 11 in July 2022, Celsius’ bankruptcy proceedings in court have included discussions on assets from the firm’s Earn program, crypto holdings, Bitmain coupons, and personal information of its users. In March, the bankruptcy judge approved a settlement plan allowing Celsius custody account holders to get back 72.5% of their crypto. Open / Comment

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2023-04-04 23:30:00 ​ Crypto exchange backed by 3AC founders launches with claims trading plans.

OPNX CEO Leslie Lamb said the exchange planned to launch claims trading aimed at helping users from bankrupt crypto platforms including FTX and Celsius.

Su Zhu and Kyle Davies, founders of the collapsed hedge fund Three Arrows Capital (3AC), have announced the launch of the crypto project Open Exchange, or OPNX.

Both Zhu and Davies retweeted the April 4 launch announcement from OPNX chief executive officer Leslie Lamb, who said the exchange was open to “trade spot and futures immediately.” According to the CEO, the launch of the exchange was aimed at wanting to “help the industry” amid the collapse of platforms including FTX and Celsius.

“Claims trading will be the next thing that we launch, so that these claimants can have an opportunity to be made whole again,” said Lamb.

The exchange, a brainchild of the 3AC co-founders as well as higher-ups from crypto investment platform Coinflex — currently subject to a restructuring plan approved in Seychelles — launched its website in February. Three Arrows Capital, the crypto-friendly hedge fund that once held $10 billion worth of assets, went bust amid the 2022 market crash.

Following the collapse of 3AC, Coinflex CEO Mark Lamb and co-founder Sudhu Arumugam later said they would be working with Zhu and Davies to build a new platform, reportedly originally pitched as ‘GTX’ before settling on OPNX. Authorities in the United States have also issued a subpoena to Davies via Twitter regarding his alleged role in 3AC’s collapse.

At the time of publication, both Davies’ and Zhu’s whereabouts were unknown. However, both 3AC co-founders have continued to be active on social media channels. Open / Comment

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2023-04-02 16:00:04 ​More than 3,600 Bitcoin ATMs went offline to record largest monthly decline.

With 3,627 crypto ATMs going down last month, March 2023 becomes the month with the largest monthly decline of crypto ATMs.

Contradicting the growing global Bitcoin adoption rate, physical ATMs dedicated to fiat-crypto conversions are on the decline. In March alone, 3,627 crypto ATMs were removed from the network, bringing down the total ATMs to 33,727.

In the decade since the first Bitcoin ATM was launched on Oct. 29, 2013, the net change of cryptocurrency machines installed and removed monthly remained positive most times — implying that total crypto ATMs worldwide were steadily increasing. However, the trend is reversing, according to data from Coin ATM Radar.

As shown above, net crypto ATM installations declined for four months between September 2022 and March 2023. However, with 3,627 crypto ATMs going down last month, March 2023 stands out as the month with the largest monthly decline.

The chart above shows the number of Bitcoin machines installed over time, revealing the sudden drop in the total crypto ATMs. The significance of this reduction seems enormous, considering that the highest number of ATMs installed in a month was 2,048 — back in January 2021.

On the bright side, April broke the three-month-long downtrend by recording 37 crypto ATM installations on April 1. Current market leaders in manufacturing crypto ATMs are General Bytes, BitAccess and Genesis Coin.

After losing customer funds in a “security incident” in March that saw its customers’ hot wallets accessed, General Bytes promised to reimburse the losses.

“We have taken immediate steps to prevent further unauthorized access to our systems and are working tirelessly to protect our customers,” General Bytes said in a statement. Open / Comment

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