Category Archives: cryptopotato.com

Here’s When Celsius Network Will Auction Assets Following the Bankruptcy

The much-anticipated auction of assets belonging to bankrupt Celsius Network is likely to begin later this month.
The embattled lending platform submitted an auction plan to the United States Bankruptcy Court for the Southern District of New York on Monday, media reports said.
Here is all that you need to know about it:

Celsius has set the deadline of 4 pm, October 17, for the bids to be submitted. If required, an auction will be held on October 20 at 10 am.
A sale hearing on Zoom where a large number of participants are expected will be presided over by Chief US Bankruptcy Judge Martin Glenn on November 1, at 11 am.
As per media reports, FTX is likely to bid for the troubled lending platform after recently making a successful bid for Voyager Digital, outbidding Binance in the process.
The Sam Bankman-Fried (SBF)-led company is reportedly expected to go for $1-billion fundraising to finance new acquisitions. FTX has been at the forefront of acquiring distressed assets after the market meltdown in May.
On September 27, Alex Mashinsky resigned as Celsius CEO as his financial conduct leading to the bankruptcy came into sharp focus. 
In a voluntary disclosure, Mashinsky revealed to the unsecured creditor committee that he had withdrawn $10 million in May, weeks before Celsius paused withdrawals.   

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Contentos Vietnamese Blockchain Community Launches NFT Collection to Support Contentos Foundation

[PRESS RELEASE – Ho Chi Min City, Vietnam, 4th October 2022] The Contentos Vietnamese community with more than 1,000 local blockchain enthusiasts and content creators recently announced the launch and distribution of a community-led NFT PFP collection “GoldStar MetaClub” with the support of the Contentos Foundation. “GoldStar MetaClub” is an NFT collection that captures the value of the Vietnamese community and received official support from the Contentos Foundation, becoming one of the first NFT projects to be supported in the COS.SPACE metaverse.
The Contentos Vietnamese community has long supported the operation of block-producing nodes on the Contentos mainnet, staking more than 200 million COS tokens, and has promoted Contentos’ decentralized content ecosystem. Additionally, Contentos’ Vietnamese community has been very active on COS.TV, a Web 3.0 video distribution and digital asset management platform built on the Contentos mainnet, establishing COS.TV creator guilds to produce educational videos and holding online and offline gatherings. In April this year, more than 200 people participated in an offline Contentos meetup in Ho Chi Minh City to show their support. Members of the COS.TV guilds are blockchain enthusiasts and Vlog creators that actively support one another, follow each other, send each other rewards, support each other’s activities, and even operate a kind of “video dating” in Vietnam.
Vietnamese community manager Hai Trung said, “COS.TV is a video platform built on Web 3.0 concepts. COS.TV has many features designed to encourage interactions between creators and audiences, allowing creators to feel connected to their audience. We love being encouraged by viewers in addition to earning revenue on COS.TV, which is unlike what we have experienced in traditional video platforms where you must be a celebrity with lots of views to be successful.”
According to Hai Trung, a strong sense of community is what led to the creation of the “GoldStar MetaClub” NFT collection. It is a collection from and for the community. Years of community building and camaraderie created the foundation for this NFT collection. Many new NFT projects often lack real community support, making it difficult for their long-term development, and price fluctuations often lead to communities abandoning projects. When creators issue NFTs they need to invest into marketing operations to attract users to hold them, and they also have to operate the community and create use cases for the NFTs. Contentos hopes to support the long-term sustainability of community-driven NFT projects such as “GoldStar MetaClub” by creating community-building spaces like COS.TV and providing real use cases for NFTs such as in the COS.SPACE metaverse.
Contentos Foundation CEO, Mick Tsai is very happy to see the strong community in the Contentos ecosystem and stated, “NFT PFPs such as “GoldStar MetaClub” supported by Contentos are all in the ERC-721 standard, and holders are able to display them on COS.TV, their personal Instagram digital collection and on other platforms that support the ERC-721 standard, greatly expanding the influence of COS.TV creators and creating an opportunity for a wider audience to better understand and engage with our Contentos ecosystem. We will continue to support NFTs and content created by Contentos creators and communities.”
A total of 500 GoldStar MetaClub NFT PFPs will be issued, and the NFTs will include various themes, such as lifestyle, sports, singing and other unique elements. Community manager Hai Trung said that the NFTs will capture the diverse characteristics of creators on COS.TV. The first issued NFTs will be limited to long-term community participants with more NFTs becoming available for the general public in the near future.
About Contentos Foundation
The vision of Contentos is to build a decentralized digital content community that allows content to be freely produced, distributed, rewarded, and traded, while protecting author rights. Contentos strives to incentivize content creation and global diversity and return the rights and value of content to users. A decentralized video platform, COS.TV is built on top of the Contentos mainnet, which now serves over 1 million global users monthly around the world. Creators can earn not just block rewards with their videos but can also receive direct support from fans via watching ads or sending Gifting Votes. These revenue models generate profit for creators and the COS.TV platform just like ads on YouTube today.
In 2022, Contentos released a roadmap to build a metaverse around content creation and consumption. Starting with COS.SPACE “virtual real estate,” Contentos’ metaverse will be a place where COS.TV users can create their virtual home experience.

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DeSo is Elon Musk and Jack Dorsey’s Answer for Decentralized Social Blockchain

[PRESS RELEASE Los Angeles, CA, 3rd October 2022] Takeaways:

Jack Dorsey and Elon Musk’s Messages call for a decentralized social media blockchain: DeSo could be the answer.
Sam Bankman-Fried, Founder of FTX crypto exchange, also had a conversation about buying Twitter or creating a blockchain-based social network
The DeSo Foundation just released its roadmap to decentralize social media

The DeSo Foundation announces the release of their ambitious roadmap to decentralize social media and build The Social Layer of Web3.
Milestones on the roadmap will be executed over the next 2 quarters to solve the major problem with social media today.
“Most people don’t realize that social media is more centralized than the financial system was when Bitcoin was invented. Only a handful of companies currently control what we see and do online. We can solve this problem by decentralizing social media and storing all content on a blockchain.” said Nader Al-Naji, the founder of DeSo.
The roadmap release comes as new messages emerge between Elon Musk and Jack Dorsey, showing his idea for a blockchain-based social media protocol that does payments and short text messages.
The two billionaire entrepreneurs discussed how Twitter would be better off as an open-source protocol funded by a foundation instead of a company. Dorsey expressed regret over making Twitter a company calling it an “original sin.”
The foundation’s role in an open-source blockchain-based social network would be to finance and advance its development.
Elon Musk called it a “super interesting idea” and offered to help. However, once Dorsey failed in his attempt to get Musk on the Twitter board, he eventually left the company.
Additionally, there was a conversation between Elon Musk and Sam Bankman-Fried, founder of FTX, about making a blockchain Twitter or buying Twitter outright.
However, this may not be necessary considering the DeSo foundations roadmap and the apps emerging from its ecosystem.
DeSo released the first milestone on their roadmap with their MetaMask integration, which went live last week. It allows millions of Ethereum users to log in to DeSo with one click. They also plan to add more cross-chain communication bridges between ecosystems, including Solanas Phantom wallet. Other potential integrations include Cardano and NEAR.
A move from Proof-of-Work to “Infinite Proof-of-Stake” is also in the works. Like Ethereum’s switch to Proof-of-Stake, DeSo Proof-of-Stake will reduce consumption and become more energy efficient.
A hackathon at a major Ivy League Institution where students can compete to build the next great decentralized social network is also in the works.
The above is expected to be completed by Q4, along with a critical COO hire to help scale business and marketing operations.
Many experts expect decentralized social media to be the next huge market opportunity, which top crypto research firms have assessed. DeSo ranked first in Messari’s seven other crypto trends analysis due to the overall addressable market.
In the next decade, social media is predicted to attract 6 billion users and be worth trillions. A blockchain-based social network would highly appeal to the 50 million creators in today’s economy who are always looking for new platforms; the creator economy is currently valued at $100 billion.
DeSo has several social media apps emerging from its ecosystem that appeal directly to the creator economy, including a blockchain-based Twitter app where people can monetize with diamonds.
About Deso Foundation
DeSo is a new layer-1 blockchain built from the ground up to decentralize social media and scale storage-heavy applications to billions of users. They raised $200 million and are backed by Sequoia, Andreessen Horowitz, Coinbase Ventures, Social Capital, Polychain Capital, Winkelvoss Capital, Pantera, and others.
$DESO, the native currency of the DeSo blockchain, is listed on Coinbase.

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Institutional Crypto Inflows Remain Weak But ETF Exodus Abates

According to CoinShares’ weekly report published on Oct. 3, there has been an inflow of around $10 million over the past week suggesting institutional investors are still hesitant.
It is the third week in a row that there has been a marginal inflow, but confidence over crypto products has yet to return as the bear market deepens.
Bitcoin and Ethereum funds saw minor inflows with $7.7 million and $5.6 million, respectively, but there was negative sentiment for altcoins with a $3.5 million outflow, according to the report.
Major ETF Outflows Over
CoinShares measures institutional flows for digital asset products across the globe. It noted that investment product trading volumes were $886 million for the week, the lowest level for two years.
In a related report, Bloomberg noted that funds flowing out of institutional crypto products in the third quarter had slowed down, adding that it is a “sign that many bearish investors may have already piled out of the risky asset class.”

ARK Invest To Offer Crypto Separately Managed Accounts (SMAs) to Financial Advisors

On October 03, Cathie Wood’s ARK Invest announced a collaboration with Eaglebrook Advisors to offer its first crypto separately managed accounts (SMAs) to financial advisors and wealth managers.
Through this joint venture, registered clients of the investment advisors will be able to use two different ARK-managed investment strategies: One focused on “Cryptoassets” and another for “Cryptocurrency” investments.
ARK Invest Wants to Expand Its Reach in the Crypto Industry
Cathie Wood, the founder, CEO, and CIO of ARK said they have been actively working in the crypto space since their founding in 2014 to offer their clients cryptocurrency-related equity and securities investment services.
Therefore, this alliance between Ark and Eaglebrook will expand their reach in the crypto ecosystem, offering new “actively managed crypto strategies to the wealth management industry.”
Wood further emphasized that the strategies will be independently managed through separate accounts to meet the needs of all the parties involved, allowing them to diversify their portfolios gaining exposure to digital assets.

NYDIG CEO and President Become the Latest Crypto Execs to Step Down

The alternative asset manager – New York Digital Investment Group (NYDIG) – announced the departure of its CEO Robert Gutmann and its President Yan Zhao.
Tejas Shah and Nate Conrad will take their posts, respectively.
Changes at the Top
The cryptocurrency-focused company revealed that its bitcoin balances hit an all-time high during Q3, up almost 100% YOY. At the same time, NYDIG’s revenue was up by 130% in Q2, followed by another increase in the next quarter.
Nevertheless, it noted that the CEO and President – Robert Gutmann and Yan Zhao – have stepped down from their respective positions and will remain as key members of NYDIG’s parent company – Stone Ridge Holdings Group.
The company announced Tejas Shah as the new Chief Executive Officer and Nate Conrad as the new President. They will focus on doubling down the organization’s investments in the crypto mining industry by serving some of the leading North American miners.

Binance Joins Forces With Kazakhstan’s Regulators to Battle Local Financial Crime

The world’s largest cryptocurrency exchange – Binance – signed a Memorandum of Understanding (MoU) with the Financial Monitoring Agency of the Republic of Kazakhstan.
Over the course of the agreement, both parties expressed a mutual interest in creating a safe crypto environment in the Asian country and bringing down financial crime in the area.
Binance’s Efforts in Kazakhstan
The trading venue revealed its intentions to expand in the Central Asian nation at the beginning of 2022. Back then, Gleb Kostarev – Eastern European Director of Binance – said the residents of Kazakhstan and some of its neighboring countries are “more loyal” to cryptocurrencies, which is why the company might strengthen its presence there.
Less than two months ago, the exchange fulfilled its goal by obtaining regulatory approval from the Astana Financial Services Authority (AFSA).
A recent announcement outlined that Binance has signed an MoU with the Financial Monitoring Agency of the Republic of Kazakhstan. The main purpose will be to grant domestic investors enhanced protection when delving into the digital asset universe.

Fed Will Trigger a Global Recession if Rate Hikes Continue: United Nations

The United Nations Conference on Trade and Development (UNCTAD) released a report on Monday warning that central bank monetary and fiscal policy is putting the global economy in danger. 
It claimed that U.S. interest rate hikes in particular will cut $360 billion in future income from developing countries. 
A Crisis in Developing Countries
According to the report, UNCTAD projects a global economic growth slowdown to 2.5% in 2022, and 2.2% in 2023. This will cost the planet $17 trillion – more than 20% of its income. Growth rates for developing economies will descend under 3%, which the organization calls “insufficient for sustainable development.”
It also claims that interest rate hikes are “hitting the poor the hardest,” with 90 developing countries seeing their currencies weaken against the dollar in 2022. Over a third of those countries weakened by more than 10% between January and July, with countries like Argentina and Turkey weakening by 23% and 31% respectively. 
“A stronger dollar makes the situation worse, raising the price of imports in developing countries,” reads the report. “The consequences are devastating for the poor across the globe, especially in a time of stagnant wages for most workers.”
The British pound weakened substantially against the dollar last month, falling as low as $1.07 before recovering to $1.13 days later. Despite the crypto bear market, even Bitcoin performed better than most fiat currencies against the dollar over the third quarter. 

Pro-Russian Outfits Turn to Crypto Fundraising to Support War Efforts Against Ukraine: Report

Pro-Russian outfits have resorted to digital asset funds in a bid to support the war efforts against Ukraine while evading international sanctions. A new report suggests that these groups are raising a massive amount of Bitcoin and other cryptocurrencies via crowdfunding campaigns.
According to Chris Janczewski, head of global investigations at TRM Labs, the blockchain intelligence resource identified around $400,000 in cryptocurrency raised since the beginning of the invasion on February 24.

TRM Labs’ research report on the same revealed that Task Force Rusich – which happens to be a pro-Kremlin militia advocating for the murder and torture of Ukrainian prisoners – is also one such group raising funds in crypto.
The group was sanctioned by the Office of Foreign Assets Control (OFAC) last month, along with two of its senior leaders and five crypto addresses associated with it.
TRM Labs also discovered a Telegram Channel called Romanov Light that amassed more than $174,000 in crypto for the Special Rapid Response Unit (SOBR), an elite Special Forces unit of the National Guard of Russia.
The Novorossia Aid Coordinating Center raised approximately $21,000, primarily bitcoin, to purchase drones. The 8-year-old entity was created to support Russian operations in the now war-torn country.
The development follows European Union (EU) slamming the “sham” independence voting that was conducted in Russian-occupied regions of Ukraine.
Amid the current escalation of the conflict in the country, European Commission President Ursula von der Leyen announced intentions to impose a new round of sanctions that also aims to restrict the ability of Russians to transfer wealth using cryptocurrencies.
Russia has been advancing its crypto strategy to skirt the Western sanctions.
Last month, Russia’s Ministry of Finance and the central bank agreed on legislation to facilitate cross-border payments using crypto.
The two agencies also found common ground in legalizing mining activity in energy-rich regions of the country.

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Tether Further Slashes Commercial Paper Holdings, Increases US Treasury Portfolio

Major stablecoin issuer Tether has further reduced its commercial paper holdings to less than $50 million, with more than half of its backing in US Treasury Bills.
The continuous reduction in Tether’s commercial debt holdings is in line with the firm’s plans revealed earlier in the year.

In an update posted on Twitter on Monday (October 3, 2022), Tether CTO Paolo Ardoino announced that the company’s total US Treasury portfolio is currently at 58.1% as of September 2022. This signals an increase from 43.5% on June 30.
Ardoino also mentioned that the firm also slashed its commercial debt holdings to less than $50 million.
The latest development comes shortly after a US District Court in New York in September ordered Tether to provide financial records to access USDT backing. The court order is in response to a lawsuit filed in 2019, which claimed that Tether and crypto exchange Bitfinex manipulated the market to issue USDT to inflate the price of Bitcoin.
Tether responded, saying the court order was “a routine discovery order” and does not “in any way substantiate plaintiffs’ meritless claims.” The stablecoin issuer added that the company already planned to produce the documents concerning its USDT reserves.
In August, Tether said it would provide attestation reports every month, a change from the former quarterly attestations, and hired the accounting firm BDO Italia.

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