🐻 Prime Trust Faces Closure as Nevada Regulators Take Action – Another Bear Market Victim?
Crypto custodian Prime Trust is facing imminent closure as Nevada regulators move to shut down the troubled company, potentially making it the latest victim of the crypto bear market.
The regulatory action comes after it was discovered that Prime Trust owed millions of dollars to its customers, placing it in an "unsafe financial condition and/or insolvent," according to the Nevada Financial Institutions Division (FID).
The FID has submitted a filing to the court, seeking to freeze all of Prime Trust's business activities and appoint a receiver – an external entity tasked with handling an insolvency – to manage the company's operations.
The problems for Prime Trust began when it reintroduced "legacy wallets" to customers, only to find out that it couldn't access them, along with the cryptocurrencies they held.
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🦁 DeFi Exchange Mango Markets Will Soon Start Refunding Users for $114M Exploit
Mango Markets, the decentralized crypto exchange (DEX) that suffered an exploit earlier this month, will soon start refunding users for the $114 million exploit.
The DEX had earlier said that its decentralized autonomous organization (DAO), entities that are owned and governed by their members without any central leadership, would vote on how to refund users.
"The program for depositors to recover funds is in audit and should be ready to go by tomorrow morning.
Much thanks to all the Mango contributors working tirelessly to make this happen," Mango Labs co-founder Daffy Durairaj said in a tweet.
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🌴 Sony Files Patent to Use NFT Tech for Keeping Track of in-Game Digital Assets; Introduces Moments Market
Electronics giant Sony has filed a patent that describes the usage of NFT (non-fungible token) and blockchain technology to track the history of in-game digital assets. The filing describes the usage of this tech in order to record the story of modifications and ownership of the digital assets from a given game.
Sony has filed a patent to use NFT and decentralized ledger technology in order to record the movements and changes undergone by in-game digital assets. The filing, titled “Tracking Unique In-Game Digital Assets Using Tokens on a Distributed Ledger,” introduced in July 2021, describes a system that mints a token to follow the history of each one of these assets in a given environment.
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🦁 Jinan, China: All Our Buses Accept Digital Yuan – And CBDC Customers Get Discounts
Jinan, China, says all of its bus routes now accept digital yuan pay, and will incentivize adoption by granting discounts to central bank digital currency (CBDC)-paying passengers.
Per the news outlet Shunwang-Jinan Daily (via e23), the city said that all of its bus routes’ software and card readers had been updated to allow all buses to accept payments in the Chinese CBDC.
Jinan is the capital of Shandong, a province in Eastern China, and has a population of over 9.2 million. The city had initially piloted digital yuan payments on two of its busiest bus lines, B52 and BRT5.
But after the success of these pilots, the city has decided to deploy digital yuan pay options across its entire bus network. And in a bid to boost adoption, Jinan has announced that passengers can receive discounts if they pay on buses using the CBDC.
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🌴 Will Smith, The Weeknd Back NFT Metaverse Land Investor Everyrealm
Interest around the metaverse has exploded in recent months, and high-profile investors are now backing some of the rising builders in the space. Everyrealm is one such firm, and now the metaverse land investor/builder has expanded its list of celebrity backers.
Everyrealm—previously Republic Realm, before spinning out from Republic—revealed this week that investors such as musician The Weeknd, actor Will Smith (via his Dreamers VC), singer Marc Anthony, and German soccer player Mario Götze have invested in the firm in recent weeks.
The additions come following Everyrealm’s announcement last month of a $60 million Series A round led by Andreessen Horowitz’s a16z crypto fund. That round also included such backers as Coinbase Ventures, NBA Top Shot maker Dapper Labs, Lightspeed Venture Partners, and Animoca Brands.
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