More than a year and a half after the FTX exchange's bankruptcy a new proposal to repay victims of the 2022 crash, was unveiled. FTX now promises to refund all creditors and says the plan is "subject to finalization and approval" by the U.S. Bankruptcy Court for the District of Delaware. Some experts say that may not be enough.
FTX has proposed a new reorganization plan that would see a whopping 98% of its creditors recover 118% of their claims - in cash - within 60 days of court approval, according to new documents filed Tuesday evening, shared also by Coindesk.
FTX's available assets would now be between 14 and 16.3 billion dollars, thanks to the intense fund recovery activity through the liquidation of collateral (and non-collateral) assets of the company.
Only creditors who hold claims of less than $50,000 will be entitled to the 118% recovery.
According to FTX's plan, other non-government creditors will recover 100% of their claims plus interest of up to 9% to compensate them “for the time value of their investments.” The deal is still subject to approval by the Delaware bankruptcy court overseeing the bankruptcy case. The proposed payments are higher than previous estimates from FTX Assets, which in October said it expected to repay only 90% of client funds.
From the creditors side, the conditions are not so positive. Wired reported that "some creditors of the bankrupt crypto exchange FTX are preparing to reject a plan that would see them recover 118 percent of the money they lost. The proposal is far less generous than it might seem, they claim".
SOURCE: Coindesk, Wired
READ ALSO ---> "Is Disney back in the metaverse?" by Ilaria Vanni
Ilaria Vanni is a TV journalist for italian broadcasting and coordinator of The Meta Economist portal. She has a philosphy degree and she's now studing the economic and technological issues connected to the new frontiers of the metaverse.
Talking practically, when we use AI is a matter of fact that we
Laura Rosell is an academic copy editor. She works with professional writing and she wrote an article discussing the "dark side" of AI and the risks connected to a limitless use of AI "writing assistants". That’s the focus of Ilaria Vanni’s latest interview about the consequences of the use of AI. “You don't know what you don't know”. That’s the big danger, according to Rosell, when the use of AI is not made by someone who’s not skilled enough to write. If you can't even fix a spelling mistake or put a period in the right place, you probably would benefit a lot from professional help with your writing”, Rosell said.
Read also---> The EU AI Act is law by Ilaria Vanni
Ilaria Vanni is a TV journalist for italian broadcasting and coordinator of The Meta Economist portal. She has a philosphy degree and she's now studing the economic and technological issues connected to the new frontiers of the metaverse.
Binance founder has been sentenced for 4 months in prison. The cryptocurrency trading platform created in 2017 by Changpeng Zhao said to be ready to cover at all costs.
Binance founder Changpeng Zhao was sentenced to four months in prison for putting profits before the law. The company was found guilty of unintentionally helping to finance several criminal activities around the world. Zhao, who is 47 and has a personal fortune of nearly $40 billion, pleaded guilty on the last day of April and will now have to spend several months in prison in the United States, as well as pay large fines.
"The sentence, handed down in a US federal court in Seattle, is far lighter than the three years prosecutors had argued for" - CNN journalist Allison Morrow says
“Words cannot explain how deeply I regret my choices that result in me being before the Court,” he said in a letter to the judge. “Rest assured that it will never happen again.”
CNN also reported that Binance agreed to pay more than $4 billion in fines and other penalties as part of a coordinate settlement with the federal government last fall. The company admitted to engaging in anti-money laundering activities, unlicensed money transmitting and sanctions violations.
Zhao according to Bloomberg, agreed to step down as CEO and pay $200 million in fines.
SOURCE: Binance.com, CNN News
READ ALSO ---> "Is Disney back in the metaverse?" by Ilaria Vanni
Ilaria Vanni is a TV journalist for italian broadcasting and coordinator of The Meta Economist portal. She has a philosphy degree and she's now studing the economic and technological issues connected to the new frontiers of the metaverse.
The cryptocurrencies economical revolution redefines the frontiers of the global market, with unprecedented challenges and opportunities. The regulation of this emerging sector represents an ideological and practical battleground, with various governments and international bodies trying to find a balance between safeguarding financial stability, protecting consumers and supporting innovation. Some nations have adopted a rigorous stance, introducing restrictive measures to mitigate potential risks. Others like Singapore and Switzerland have stood out for their open and inspiring regulatory frameworks, becoming hubs for blockchain-based businesses and positively influencing the global digital economy. International cooperation will be crucial in the fight against money laundering and terrorist financing which are the most dangerous risks of this new exchange system.
By 2030, blockchain is expected to generate one million new open source software engineering jobs. The most in-demand blockchain careers for 2024 include developers, project managers, solution architects, UX/UI designers, quality assurance engineers and data analysts.
Blockchain-related job opportunities are constantly evolving thanks to the growing adoption and diversification of blockchain technology applications across various industries. Here are some of the new job opportunities that may emerge:
These are just some of the new job opportunities connected to blockchain. Blockchain technology is still evolving, and there are many more possibilities that could emerge as the technology continues to mature and be adopted into new industries.
Cryptocurrencies have given rise to a wide range of new jobs and professional opportunities. Here are some examples:
These are just a few examples of jobs created by cryptocurrencies, but the landscape is constantly evolving as technology advances and cryptocurrencies become increasingly adopted across different industries and sectors.
READ ALSO ---> "Is Disney back in the metaverse?" by Ilaria Vanni
Ilaria Vanni is a TV journalist for italian broadcasting and coordinator of The Meta Economist portal. She has a philosphy degree and she's now studing the economic and technological issues connected to the new frontiers of the metaverse.
Bounds and links are a fundamental law in everything, as mother nature teaches us everyday. But most of the time in life and market fields we prefer dealing with competitors or, worse, we call them enemies. None of the above for Mark Zukerberg. We talk about an important collaboration between Disney and Epic Games and now there's another one behind the corner, or we have to say "on the horizon". In fact, Meta CEO recently announced that it will open up its Quest 3 OS to third-party companies, allowing other manufacturers to build their own mixed reality headsets based on its software. This is a move that will probably influence the virtual and augmented reality sector, also due to the fact that there are already important companies that have embraced Quest OS, specially renamed Meta Horizon OS.
The call for the other companies includes at the moment ASUS' Republic of Gamers (ROG) brand, which is working on a new "performance gaming" headset, Xbox and Lenovo which is developing devices for "productivity, learning and entertainment". Zuckerberg revealed this operation in a short video, that you can watch in an interesting post by Arun Prasath S, an important entrepreneur. Meta also states that it is working on a limited edition Xbox-inspired Quest headset. In this regard, it is worth mentioning that Microsoft and Meta recently collaborated to bring Xbox cloud gaming to Quest. Meta is also calling on Google to bring the 2D Play Store to Meta Horizon OS and adds that it will make software developed through Quest App Lab available in the Horizon Store. Finally, Meta is developing a new framework to allow mobile developers to create mixed reality apps. This strategy should help bring more content into the Meta Horizon OS ecosystem which could become a sort of Android for mixed reality.
In the official communication Meta said:
"Meta Horizon OS is the result of a decade of work at Meta to build a next-generation computing platform. To pioneer standalone headsets, we developed technologies like inside-out-tracking and self-tracked controllers. To allow for more natural interaction systems and social presence, we pioneered hand, eye, face and body tracking. And for mixed reality, we built a full stack of technologies for blending the digital and physical worlds, including high-resolution Passthrough, Scene Understanding and Spatial Anchors. This long-term investment that began on the mobile-first foundations of the Android Open Source Project has produced a full mixed reality operating system used by millions of people.
Developers and creators can take advantage of all these technologies to create mixed reality experiences. And they can reach their audiences and grow their businesses through the content discovery and monetization platforms built into Meta Horizon OS, including the Meta Quest Store, which we’ll rename the Meta Horizon Store".
Someone said this is the "resurrection of metaverse", we prefer to say that collaborations always bring important revolution. Maybe this is the new path for the metaverse to become part of our everyday life.
SOURCE: Meta
READ ALSO ---> "Is Disney back in the metaverse?" by Ilaria Vanni
Ilaria Vanni is a TV journalist for italian broadcasting and coordinator of The Meta Economist portal. She has a philosphy degree and she's now studing the economic and technological issues connected to the new frontiers of the metaverse.
Bitcoin is ready to open another chapter. For the most popular cryptocurrency, born in 2009 from the idea of a programmer who calls himself Satoshi Nakamoto is coming a new important revolution: the fourth halving. The halving established by the four-year cycle of the asset will inevitably change its acquisition and use methods. In fact, a halving of daily emissions is expected: 6.25 Bitcoins will no longer be created for each block of transactions, but 3.125. With very important consequences.
The halving involves a decrease in the creation of Bitcoin, which from today goes from 900 to 450. The cryptocurrency therefore becomes increasingly scarce, in other words it can be said it will become "a more scarse than gold", said SkyTg 24.
The price of Bitcoin now stands at around $64,500, close to the record recorded in November 2021, before the new peak reached last month, triggered precisely by the wait for the halving appointment . The halving will inevitably define new balances, especially in the medium and long term. As always, we encourage you to weigh every decision, not based solely on short-term forecasts. Looking back, after each Halving we have witnessed an impressive growth in the value of bitcoin.
SOURCE: SKYTG24
IMAGE CREDITS: André François McKenzie
READ ALSO ---> "Google's Gemini enters the AI market with a completely new model" by Ilaria Vanni
Ilaria Vanni is a TV journalist for italian broadcasting and coordinator of The Meta Economist portal. She has a philosphy degree and she's now studing the economic and technological issues connected to the new frontiers of the metaverse.
Deputy Treasury Secretary Wally Adeyemo recently discussed the use of cryptocurrency and digital assets by terrorist groups. Adeyemo aims at struggling against crypto crime by creating a stable regulatory environment . Before the Senate Banking Committee Adeyemo said:
“As we take steps to cut terrorist groups and other malign actors off from the traditional financial system, we are concerned about the ways these actors are using cryptocurrencies to try and circumvent our sanctions. For example, five years ago, al-Qaeda and affiliated terrorist groups, largely based out of Syria, operated a Bitcoin money laundering network using social media platforms to solicit cryptocurrency donations. After receiving virtual currency, they laundered the proceeds through various online gift card exchanges to be able to purchase what they needed to advance their violent agenda.”
Us Deputy proposals include secondary sanctions aimed at foreign providers of digital assets involved in illicit financing, extraterritorial jurisdiction to pursue companies undermining national security, and the introduction of a new secondary sanctions tool. These measures aim to enhance authorities' ability to combat financial crimes in the cryptocurrency sphere and address the increasing use of digital assets for illegal funding.
The first proposal's goal is to prevent these suppliers from facilitating illegal activities and cut off their access to the international banking system. By increasing the accountability of digital asset platforms and service providers, this policy aims to make it more challenging for individuals to exploit cryptocurrencies for unlawful purposes.
Adeyemo's second proposal calls for extending jurisdiction beyond national borders in cases where companies using digital assets to undermine national security are abusing the financial system. This expansion would enable US law enforcement to pursue and punish foreign criminals utilizing cryptocurrencies for illegal activities, regardless of their location. The intention is to ensure that entities and individuals involved in illicit financing cannot evade accountability by exploiting the global nature of digital assets, thereby reducing jurisdictional gaps.
These proposed reforms reflect a concerted effort by the US Treasury Department to bolster enforcement mechanisms against the misuse of cryptocurrencies for criminal purposes. By targeting both foreign providers and those abusing digital assets to undermine national security, the aim is to create a more robust regulatory framework to combat financial crimes in the cryptocurrency space.
SOURCES: CNBC, Blockchain News
READ ALSO ---> "Google's Gemini enters the AI market with a completely new model" by Ilaria Vanni
Ilaria Vanni is a TV journalist for italian broadcasting and coordinator of The Meta Economist portal. She has a philosphy degree and she's now studing the economic and technological issues connected to the new frontiers of the metaverse.
1inch Network, a decentralized finance (DeFi) company, has unveiled a new debit card with crypto-fiat bridge functionality. 1inch gave the announce on its official website. This new crypto debit card was made in collaboration with Mastercard and Baanx. Users will be able to carry out cash withdrawals and transactions at enabled points of sale and ATMs.
The collaboration with Mastercard and Baanx created this new payment model. The new debit cards will come with full features, including a physical card with account number, expiration data and the "CVC" security code needed to make some transactions. They will also have a virtual card function, which will allow users to carry out transactions digitally, where supported.
Christian Rau, senior vice president of crypto and fintech enablement at Mastercard, said in a statement that the new card represents a necessary bridge between the Web3 and Web2 world: “We have long supported solutions that not only delight customers but also offer reach, peace of mind and the highest levels of security. Leveraging Mastercard's leading technology and standards, the 1inch card connects the Web2 and Web3 worlds in an innovative way.”
This can slow down transactions, increase security risks, and add additional fees to the process. The advent of purchases through crypto-to-fiat debit cards allows users to maintain custody of their crypto and Web3 funds with a single conversion rate to consider at the time of purchase. For now, the cards are only available in the UK and European economic areas. However, according to 1inch, the company is looking to expand the program as Orest Gavryliak, chief legal officer of 1inch Network, told Cointelegraph.
Segej Kunz, co-founder of 1inch Network, showed the virtual payment method of the new card in a post on the social network X, completing a one-touch transaction with his smartphone. As announced, the 1inch Crypto Card allows users to make cash withdrawals at supported ATMs through crypto to fiat conversion and it also supports Apple Pay or Google Pay. “This is another important step towards bringing a large number of users into DeFi,” said Sergej Kunz, co-founder of 1inch. “With the 1inch Card, the user can enjoy the benefits of both DeFi and traditional finance.”
In these days, during the Paris Blockchain Week, 1inch co-founder was guest on talks about Defi and crypto payments. Kunz also posted on X the immediate results after the launch: "In just the first 24 hours since launch, over 3,000 visionaries have applied to the #1inchCard waiting list - and we're just getting warmed up!"
SOURCES: CryptoNews, CoinTelegraph
READ ALSO ---> "Google's Gemini enters the AI market with a completely new model" by Ilaria Vanni
Ilaria Vanni is a TV journalist for italian broadcasting and coordinator of The Meta Economist portal. She has a philosphy degree and she's now studing the economic and technological issues connected to the new frontiers of the metaverse.
According to José Maria Macedo, CEO of Delphi Labs and founding partner of cryptocurrency investment firm Delphi Ventures, Ethena Labs will become the highest revenue-generating cryptocurrency project on the market. Ethena Labs is one of the projects with the most potential for Delphi Ventures during this bull cycle, according to an April 2 post on Delphi Labs' Macedo blog, which explains: “sUSDe will offer the highest dollar return in crypto at scale. USDe will become the largest stablecoin outside of USDC/USDT in 2024. Ethena will become the highest revenue-generating project in the entire crypto industry.”
ENA, the governance token of Ethena Labs' much-discussed Ethena protocol, has been among the best of the 24 hours, gaining more than 45 percent at the time of writing. This is a sign that despite the controversies and doubts involving the main project, demand has been strong.
Controversy that has also affected in the last few hours one of the so-called bluechips of the DeFi world, namely AAVE, cascading over DAI's decision to increase the underlying limits precisely related to the project's stablecoin.
On March 8, Ethena Labs became the highest-earning decentralized application (DApp) in crypto, offering a 67% annual percentage yield (APY) on USDe. Ethena launched its USDe synthetic dollar on the public mainnet on February 19. According to its homepage, Ethena's USDe synthetic dollar currently offers a 35.4% APY and over 118,000 users. The CEO's bullish forecast follows the launch of Ethena Labs' airdrop on April 2, which distributed $450 million worth of Ethena (ENA) tokens to eligible wallets.
SOURCE: CoinTelegraph
PHOTO CREDITS: Carlos Muza
READ ALSO ---> "Google's Gemini enters the AI market with a completely new model" by Ilaria Vanni
Ilaria Vanni is a TV journalist for italian broadcasting and coordinator of The Meta Economist portal. She has a philosphy degree and she's now studing the economic and technological issues connected to the new frontiers of the metaverse.
