Sotheby’s auction house has sold a piece of digital artwork from the collection of collapsed crypto hedge fund Three Arrows Capital (3AC) for more than $6 million.According to auction records updated June 15, Dmitri Cherniak’s artwork ‘The Goose’ sold for roughly $5.4 million in addition to Sotheby’s premium fees, totaling just over $6.2 million. The nonfungible token (NFT) artwork was part of 3AC’s digital portfolio assembled in 2021. Su Z...
The crypto industry in the U.S. is facing its greatest challenge in the history of its nascent existence. After steadily ramping up anti-crypto rhetoric and the enforcement of securities laws in recent years, the United States Securities and Exchange Commission (SEC), led by Chair Gary Gensler, filed civil lawsuits against the largest crypto exchanges in existence — Binance and Coinbase —during the week of June 5, 2023....
Proof Collective — an exclusive members-only NFT community responsible for projects like Moonbirds, Oddities, Grails, and Emotes — has revealed its intention to launch a real-world, multi-purpose gallery and event venue situated in downtown Los Angeles’ Arts District. The venue is envisioned as a “hub where the Proof community, including Web3, traditional art, and entertainment spheres, can gather,” with artists also ha...
In this week’s newsletter, read about footwear giant Puma’s new metaverse experience for Puma Pass nonfungible token (NFT) holders. Check out Meta CEO Mark Zuckerberg’s comments on the new Apple Vision Pro headset, and how NFT platform Enjin has launched a new blockchain. In other news, GameStop terminated the executive responsible for its NFT push, and don’t forget this week’s Nifty News, featuring Kraken’s NFT marketplace and Coinbase’s S...
Hong Kong has been making headlines in the crypto space ever since it announced it would allow retail crypto trading in May 2023. On June 1, Hong Kong implemented new crypto regulations to license exchanges, with the Hong Kong Securities and Futures Commission (SFC) marking the occasion by issuing a flurry of regulatory guidance for operators of Virtual Asset Trading Platforms (VATP). It is important to note that while ...
Ripple’s Chief Legal Officer, Stuart Alderoty, has called for an investigation into former U.S. Securities and Exchange Commission (SEC) director Bill Hinman. The call comes in the wake of the court-ordered release of a trove of documents by the SEC, which has been embroiled in a legal dispute with Ripple since 2020.
The documents, which were recently unsealed by a judge’s order, reveal conflicting thoughts and opini...
Attorneys for former FTX CEO Sam Bankman-Fried (also known as “SBF”) are seeking to sever or dismiss six charges from his upcoming trial, claiming that it may take years for courts in the Bahamas to rule on whether they will allow him to be tried for these offenses, according to a June 12 document filed in a New York federal court.Prosecutors acknowledged on May 29 that they need permission from the Bahamas to try Bankman-Fried for five of ...
In a recent development that could have significant effects on the crypto industry, the United States Securities and Exchange Commission (SEC) has released a trove of documents, including emails and notes, as part of its ongoing legal dispute with cryptocurrency company Ripple. The SEC sued Ripple in 2020 for raising $1.3 billion through the sale of unregistered securities in the form of its native token, XRP.
Many ...
In March 2023, the SEC charged eight celebrities with violating certain provisions of the Securities Act of 1933 in their promotion of cryptocurrency assets. The charges stem from Section 17(b) of the act, an anti-fraud and anti-touting provision that addresses the failure to disclose payments related to promotional activity.
The group of celebrities — which included Lindsay Lohan, Jake Paul, and Ne-Yo —specifically...
Leaders of the decentralized autonomous organization (DAO) governing the ApeCoin (APE) ecosystem have been criticized by community members for what they described as “insane” salaries after the sums were published in an organizational chart. On June 10, the ApeCoin DAO secretary, who goes by “Vulkan,” published an organizational chart on Twitter detailing the salaries of the DAO’s leadership. This showed salaries ranging from $7,000 to $75,...
