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FTX reboot 🛎️
FTX CEO John Ray wants a completely fresh identity. UK passes bill for crypto regulation. BTC for playing Candy Crush clone. Melania Trump's $50 July 4 collectibles. Chess-inspired crypto game.
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FTX is about to hit the reboot button
Rising from the ashes like a phoenix, ready to soar higher.
CEO John Ray is on a mission to find some bidders to finance and the company "has begun the process of soliciting interested parties to the reboot of the FTX.com exchange."
Ray, the superhero CEO: He took charge in November 2022 when FTX filed for bankruptcy. Since then, he's been brewing a reboot. The buzz started in January, and even FTX's lead attorney hinted at the revival. In May, court documents revealed Ray's secret activities to bring FTX back to life. The restructuring plans will be filed in Q3 2023, with a verdict expected by summer 2024.
FTT, the native token for FTX doubled in the last three days.
To hit a almost three-month high of $2.5.
Potential bidders have a deadline
Before the end of the week.
FTX isn't planning to just be "FTX 2.0" or any old derivative of its previous name. No, no, they want to rebrand themselves with a completely fresh identity.
And current FTX creditors might just become part-owners of the new and improved exchange.
FTX wants to ensure their creditors get the best deal possible. They're determined to repay everyone with style and finesse.
The second quarter of 2024 is when the new FTX exchange is expected to make its grand debut.
FTX still has a $2 Billion hole to fill in their books. And to make matters worse, there are allegations of customer asset misuse by some of FTX's key leaders.
One of the key players, Daniel Friedberg, has even been accused of paying "hush money" and approving fraudulent transfers.
Brakes on anthropic AI Sale
FTX has hit the brakes on selling its $500 Million stake in the fantastic AI startup Anthropic.
Apparently, FTX has decided to put a pause on the sale. They've got a hefty chunk of Anthropic shares, worth over half a billion dollars.
Amidst all the court chaos, the failed exchange owes customers $8.7 Billion. A federal judge gave FTX the green light to sell off some of its assets to repay the creditors. FTX was trying to claw back some funds by selling off those Anthropic shares.
Established by former OpenAI employees, Anthropic has been making waves in AI. They launched Claude AI, received millions in investments from big players like Google, and even set up ethical rules based on the Universal Declaration of Human Rights.
Sequoia Capital partner Alfred Lin defended the firm's investment in bankrupt crypto exchange FTX, saying they would likely make the same decision again. Sequoia invested $213.5 Million in FTX and FTX US through two funds. Despite the loss, Lin expressed continued excitement about the concept of crypto. However, Sequoia is facing a lawsuit from users of FTX who claim the firm, along with Thoma Bravo and Paradigm, added legitimacy to the exchange through a promotional campaign. The three firms were investors in FTX's $900 Million Series B round.
Sam Bankman Fried embarrassed the politicians; he gave a lot of money to them. They spent a lot of time with him, Gary Gensler spent a lot of time with him. And then they had this huge situation that happened. And that was very embarrassing. And so now the pendulum has swung too far to over-regulation in this ridiculous prosecutorial oversight."
Anthony Scaramucci, founder of Skybridge Capital and former White House communications director.
Scaramucci also highlighted Binance CEO Changpeng "CZ" Zhao as a leading figure in the future of cryptocurrency exchanges, despite the SEC's lawsuit against Binance.
TTD Games 🎮
Magical twist on chess
Anichess, a chess-inspired crypto game with a magical twist, has raised $1.5 Million in a seed round from investors including GameFi Ventures, The Operating Group, Koda Capital, Bing Ventures, 708 Capital, and Asymmetry Capital.
The funds will be used to further develop the game, expand the team, and grow the community.
Anichess plans to launch a playable alpha test in Q1 2024.
The game aims to preserve chess as a skill-based, free-to-play game but adds enriched gameplay with a spell mechanic and esports-inspired aspects.
It is being developed in partnership with Magnus Carlsen's Play Magnus Group and Chess.com.
Over 30 chess grandmasters have advised and tested the game.
Anichess targets both experienced and casual chess players, as well as strategy game enthusiasts.
The game will use Lympo's SPORT token for play-and-earn mechanics, combining chess and crypto gaming.
Another Web3 chess game called Immortal Game raised $12 Million and features an optional play-and-earn model and NFT pieces. It is collaborating with Polo & Pan, French electronic musicians, for unique NFT chess pieces and perks for token holders.
Score Bitcoin playing Candy Crush clone
Sweet Bitcoin is a knockoff game similar to Candy Crush Saga that rewards players with cryptocurrency.
The game closely resembles the original Candy Crush gameplay, where players match coloured candies on a grid to complete objectives.
Sweet Bitcoin offers hundreds of levels and avoids extreme difficulty spikes seen in Candy Crush.
The game is free-to-play but includes full-screen video ads that players must watch after each level.
Players earn cryptocurrency, such as Bitcoin or Ethereum, for playing the game, but the payouts are minimal (around $0.05 worth of Bitcoin per hour).
The game utilises "Bling points" that can be converted into BTC or ETH and cashed out.
The ads in Sweet Bitcoin can become tiresome, and the points earned per level decrease over time.
Despite lacking originality, Sweet Bitcoin provides an entertaining experience for players seeking to earn cryptocurrency by playing a familiar mobile game.
TTD Trump ⛳
Guess who's back in the NFT game?
This time, Melania's bringing the fireworks with $50 Independence Day collectibles.
The 1776 Collection: Just two months after Donald Trump's NFT trading cards, Melania launches her own set inspired by Independence Day.
Seven unique designs, each priced at $50, make up a total of 3,500 NFTs
Melania's Solana-based NFTs feature familiar American imagery with landmarks like the Statue of Liberty and Mount Rushmore.
The NFTs are being sold through USA Collectibles. And yes, there's also "POTUS TRUMP" NFTs available - featuring photos of the former president and first lady.
An undisclosed portion of the sales will go to 'Fostering the Future', a program focused on helping foster children."
Remember when Trump launched his NFT trading cards? 45,000 NFTs sold out in 24 hours at $99 each. The cards offered potential special perks, such as dinner with the ex-president or a Zoom meeting invite.
At their peak, the Trump cards were going for over $1,000 each on secondary marketplaces, generating over $20 Million in sales.
But, with the second batch of 47,000 more NFTs, the original value fell dramatically.
TTD UK 🇬🇧
King Charles approves, and now The UK's Financial Services and Markets Act 2023 has officially been inducted into law.
Yes, the UK has now recognised cryptocurrencies as a regulated financial activity within the kingdom's borders.
Introduced in July 2022, this bill has been the talk of the town (and the Parliament). It has undergone several amendments, primarily focusing on treating all crypto as a regulated activity and overseeing crypto promotions.
The legislation is expected to increase legal clarity and support the adoption of cryptocurrencies across the UK.
The Act will bring cryptocurrencies and stablecoins under regulatory scrutiny.
The new law will vest powers in the Treasury, Financial Conduct Authority (FCA), Bank of England, and Payments Systems Regulator to introduce and enforce regulations for crypto businesses.
Financial Services Minister Andrew Griffith in a statement.
The Act "gives us control of our financial services rulebook," following the UK's exit from the EU, enabling regulation of crypto assets to support their safe adoption in the UK.
Griffith sees blockchain as a golden goose for the private sector and economy. The ultimate aim? Letting firms make the most of the opportunities from crypto assets under the umbrella of adequate crypto regulation.
Recently, venture capital firm Andreessen Horowitz (A16z) announced its first office outside of the US in London after some "productive dialogue" with the UK prime minister and "months of constructive conversations" with policymakers and the FCA.
TTD Surfer 🏄
Boston-based investment giant Fidelity refiles Bitcoin ETF application with US SEC, following most of the big funds queuing up for BTC ETF.
Bitcoin-friendly Damus will stay on Apple app store, sans the crypto tip functionality, as it scores a lifeline to remain in the Apple app store.
Slovakia lowers taxes on crypto profits. The bill will reduce taxes on the sale of cryptocurrencies held for at least 12 months from 25% down to 7%.
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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.