The Crypto News Recap is your weekly pulse of the markets, helping you track every single important news story that happened in the crypto sphere. This week we’re still covering the aftermath of FTX’s meltdown with new revealings that claims that SBF took $1 billion personal loan, Binance creates industry recovery fund to help projects struggling with liquidity also teams up with Cristiano Ronaldo to launch his first NFT collection, and South Korea confescates $104 million from Terra co-founder suspecting unfair profits.
Let’s dive in!
Source: Shutterstock
Cristiano Ronaldo’s first NFT collection will be available on November 18th as part of a multi-year partnership with Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider.
#Binance x @Cristiano GIVEAWAY
Win mystery boxes for a chance of owning limited-edition CR7 NFTs!
To enter:
⚽️Retweet & follow @Binance
⚽️Share your favourite CR7 moment using #RonaldoOnBinance
⚽️Fill ➡️ https://t.co/J1NS5Y5UEA
Open to all Binance users, 750 available boxes. pic.twitter.com/myvmIj09nV
The Portuguese soccer player collaborated with Binance to release a line of over 6,000 NFTs featuring animated statues of four rarity levels. The five most valuable NFTs will be auctioned off on Friday, with bidding starting at around $10,000 in cryptocurrency. Each rarity level has its own set of benefits, which may include a personal message from Ronaldo as well as autographed CR7 and Binance merchandise.
Binance CEO Changpeng Zhao revealed plans for a new fund to assist the struggling crypto sector, which has been harmed by the fall of FTX.
To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify. 1/2
Zhao’s new fund aims to assist “strong” crypto industry companies experiencing liquidity issues, according to the CEO’s Nov. 14 tweet. Such businesses should contact Binance Labs, as well as players interested in contributing capital to the fund. However, as Zhao stated, the fund will not be used to assist FTX.
Documents related to FTX’s bankruptcy proceedings revealed that the company had been mismanaged on multiple levels. According to reports, FTX Group was made up of several companies divided into four silos. One of those silos allegedly allocated a $1 billion personal loan to former FTX CEO Sam Bankman-Fried.
The documentation also revealed numerous other flaws and oddities concerning the function of FTX. FTX is being investigated by several regulators, including the Bahamas Securities Commission. The Financial Industry Regulatory Authority, a self-regulatory organization in the United States, has also launched a broader investigation into crypto-related companies in general, assessing their communications with the general public.
South Korean authorities are working hard to bring closure to the victims of the year’s first cryptocurrency crash, Terraform Labs. South Korean authorities froze approximately $104.4 million (140 billion won) from Terra blockchain co-founder Shin Hyun-seong on suspicion of unfair profits nearly six months after the Terra blockchain was officially halted.
According to local news outlet YTN, the district court froze the allegedly stolen funds because they are suspected of profiting from unwarranted LUNA sales.
© 2000 – 2022 Al Bawaba (www.albawaba.com)
Subscribe to our newsletter for exclusive updates and enhanced content
Subscribe
