FTX management identify $1b in assets
FTX’s new management team have told a U.S. procedural hearing the company has over $1 billion in identified assets.
The executives are trying to claw back hundreds of millions of dollars in cash, from hundreds of bank accounts, as they seek to resolve the position of the crypto exchange.
The company located over $700 million in cash assets, which the exchange has yet to consolidate.
And these funds were located in U.S. financial institutions authorised to hold funds by the Department of Justice, whilst another $500 millions is being held in U.S. institutions.
The Chapter 11 bankruptcy hearings aim to wind up the exchange, but have been complicated by supposedly weak governance and poor record keeping under former CEO Sam Bankman-Fried’s reign.
The company has still not filed a statement of assets or of its financial position required under U.S. bankruptcy law, and currently estimates it will be able to do so in April.
Is the metaverse the future of social network?
U.S. firms like Meta, the parent company of Facebook and Microsoft are going all in on the metaverse. Meanwhile, Chinese companies appear to be taking a more cautious approach amid tighter regulation.
#metaverse #china #unitedstates #tech #veronicadudo #ozsultan #crypto
Who will win the global metaverse race?
China is looking to invest in the metaverse market as numerous cities rollout policy proposals.
Technology continues to change our lives forever.
As new advancements are released to the public—safety continues to be a major concern.
People are interacting with computers in a different way, with the word Metaverse becoming a buzzword in both the tech and business industries.
While the term, “metaverse” is broad, it refers to a set of digital spaces online—including 3D—that allows people to do many things from socializing and learning to interacting and collaborating.
Analysts say it’s the next evolution in social connection and the successor to the mobile internet.
According to Morgan Stanley, the metaverse market could be worth $8 trillion in the future.
China’s technology giants are investing in the metavese and recently, numerous Chinese cities have announced policy proposals to attract and support metaverse companies.
This comes after tense year of regulatory scrutiny on the countries tech sector.
The Chinese city of Zhengzhou recently announced a series of policy proposals to support metaverse companies operating in the region.
The initiative involves the municipal government establishing a nearly $1.5 billion dedicated fund in an effort to foster growth and development in the industry.
So, is the metaverse taking the world by storm?
Oz Sultan from the Sultan Interactive Group joins us to discuss. #china #metaverse #veronicadudo #ozsultan #regulation #crypto #tech
North Korean hacker groups steal billions in crypto assets
G7 finance ministers are supporting measures to counter growing threats in the crypto space
Hacker groups associated with North Korea have stolen over $700 million worth of crypto assets since 2017 from Japanese firms and businesses.
The amount equates to 30 per cent of the total of such losses globally.
This comes on the back of G7 finance ministers supporting measures to counter growing threats.
In total, hackers has stolen a total of $2.3 billion in cryptocurrency from businesses between 2017 and 2022.
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