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Celsius Emerges From Bankruptcy, Begins to Distribute $3 Billion to Creditors

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Celsius has concluded its Chapter 11 bankruptcy process and is embarking on a new journey with the launch of Ionic Digital, Inc., a bitcoin mining company managed by Hut 8 Corp. This development follows a complex legal and financial restructuring, which will include over $3 billion distributed to creditors. Celsius Ends Bankruptcy Saga, Will Return $3 Billion to Creditors After an eighteen-month bankruptcy process, Celsius Network LLC has emerged from Chapter 11 , marking a turnaround in the cryptocurrency industry. The company announced today that it has completed the transactions under its reorganization plan, approved by 98% of its account holders and the Bankruptcy Court for the Southern District of New York on Nov. 9, 2023. This event concludes a long journey for Celsius, during which the company fielded legal challenges, underwent audits by regulatory investigations, and had to gain stakeholder support. The plan includes distributing over $3 billion in cryptocurrency and fiat...
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Jupiter’s JUP Token Makes a Grand Entry With $700M Airdrop on Solana Blockchain

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Jupiter successfully launched its JUP token. The airdrop, one of the largest in crypto history, distributed an astounding $700 million worth of JUP tokens to almost a million wallet holders. Jupiter’s JUP Token Airdrop Distributes to Nearly a Million Users The cryptocurrency world witnessed one of the largest token airdrops in its history on Jan. 31, as Jupiter, a Solana-based decentralized trading aggregator, launched its native token, JUP. The event distributed approximately $700 million worth of JUP tokens to nearly a million wallets. Jupiter’s founder, known pseudonymously as weremeow on X, announced the launch details in a forum post, revealing that the initial circulating supply of JUP would be 1.35 billion tokens, a reduction from the previously projected 1.7 billion. This adjustment brought the total supply to 10 billion JUP tokens, split evenly between team and community wallets. The airdrop constituted 10% of the total supply, amounting to 1 billion JUP. The distributi...
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Hong Kong Worldcoin Offices Visited Amid Privacy Investigation

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The offices of the Worldcoin project, a biometric scanning and wallet initiative, have been visited by authorities in Hong Kong amidst a broad privacy investigation. The authorities, complying with a court warrant, advised the general audience to protect their sensitive data carefully and avoid casually providing their biometric information to third parties. Worldcoin Under Investigation by Hong Kong Authorities Worldcoin is facing increased scrutiny on its operations in Hong Kong. Local sources reported that on January 31, privacy authorities visited six Worldcoin offices in the city, located in Yau Ma Tei, Kwun Tong, Wan Chai, Cyberport, Central, and Causeway Bay, to conduct investigations on the project operations. The authorities, part of the Office of the Privacy Commissioner, had a court warrant to enter these premises and seize documents related to the usage of the data collected by Worldcoin. To receive a bonus of 25 WLD, Worldcoin’s token, users have to scan their eyes us...
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US Banking Sector Volatility — Distressed Commercial Real Estate Sector Raises Default Concerns

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Following the U.S. central bank’s decision to keep the federal funds rate unchanged, the turbulence in the commercial real estate market has sent shockwaves through the country’s banking sector and internationally as well. On Thursday, New York Community Bancorp witnessed a further 13% decline, while Japan’s Aozora Bank plunged to its lowest point in eight months, primarily attributed to its involvement with U.S. office loans. From New York to Japan: Aozora Bank Faces Share Plunge as U.S. Commercial Real Estate Woes Intensify Government statistics and the recent statements from the U.S. Federal Reserve are failing to align with the real-world situation observed on Main Street. During Wednesday’s announcement , the central bank opted to maintain elevated interest rates, with Fed Chair Jerome Powell emphasizing their pursuit of “greater confidence” in achieving a 2% inflation rate. Notably, Powell refrained from addressing the turbulence in the banking sector, which had experienced s...
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China’s AML Legal Framework Set to Target Cryptocurrency Transactions in Major Update

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As part of its ongoing efforts to modernize financial regulations, China is revising its Anti-Money Laundering laws to include stringent measures against cryptocurrency-related transactions. This revision, the first since 2007, aims to plug the legal gaps exploited in the burgeoning world of digital currencies. China to Tighten Grip on Digital Assets With Revised Anti-Money Laundering Law China is set to overhaul its Anti-Money Laundering (AML) laws, incorporating cryptocurrency-related transactions into its regulatory framework. This major revision, according to an article in Jiemian.com , is the first since 2007 and comes amid increasing concerns over the use of digital assets in money laundering activities. Prime Minister Li Qiang chaired a key executive meeting of the State Council on Jan. 22, to address the revised AML law. The initial draft for this revision was first proposed in June 2021 and later included in the 2023 legislative work plan of the State Council. The final la...
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SEC Moves to Dismiss Lawsuit Against Crypto Company Debt Box, Citing Inaccuracies in Court

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The SEC has decided to abandon its lawsuit against Debt Box, a crypto company previously accused of defrauding investors of millions. This decision follows the SEC’s acknowledgment of presenting misleading information in court, a revelation that undermines the agency’s case and credibility. Inaccuracies in Court Lead SEC to Drop Fraud Case Against Crypto Firm Debt Box The U.S. Securities and Exchange Commission (SEC) has requested to dismiss its lawsuit against crypto startup Debt Box. The decision comes after the SEC admitted to making inaccurate statements in court. The lawsuit, initially filed against Digital Licensing Inc., which does business as Debt Box, accused the company of defrauding investors of at least $49 million. The SEC claimed that Debt Box offered “node licenses” for mining cryptocurrencies that were never actually mined. This action was part of a broader crackdown by the SEC on cryptocurrency firms, under the leadership of Chair Gary Gensler who has repeatedly s...
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Fed Maintains Interest Rates, Seeks ‘Greater Confidence’ on Inflation Goal; Bitcoin and Gold Hold Steady

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On Wednesday, Jan. 31, 2023, the U.S. Federal Reserve opted to maintain the federal funds rate unchanged. The Federal Open Market Committee (FOMC) additionally stated that the committee “does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation” is steadily approaching the 2% mark. As benchmark equity indices experienced declines, the price of bitcoin remained unaffected. Fed Holds Rate Steady, Aiming for ‘Greater Confidence’ in Inflation Control The U.S. central bank has resolved to maintain the federal funds rate between 5.25% and 5.5% until the forthcoming FOMC meeting. The Fed observed that recent signs indicate a robust expansion of economic activity. It acknowledged that while job growth has slowed compared to the early part of last year, it continues to be strong, and the unemployment rate has stayed low. Although inflation has moderated over the previous year, it continues to be higher than desired. “In support o...
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