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In this 50th episode of BFN you will read about Genesis bankruptcy, new Beeple studio and whales in the cryptoworld. We’ve also got some short news and some information from the BFC Community, with BFC Numbers.
Genesis filed for bankruptcy last Thursday. The company said it seeks protection from creditors, opening a new chapter in the troubled firm's
Shortly after news of the settlement broke to the public, Gemini's Cameron Winklevoss threatened legal action against Genesis's parent company Digital Currency Group and its CEO, Barry Silbert.
According to court documents from Genesis, the firm's biggest 50 creditors are owed a whopping $3.6 billion. Listed creditors include Gemini, VanEck, Babel Finance, Plutus Lending, and others.
Genesis hopes the bankruptcy will be a quick one, at least according to interim CEO Derar Islim.
"Our goal is to move through the Chapter 11 process as quickly and efficiently as possible while reaching the best outcome and emerging well-positioned for the future."
CEO Derar Islim
It looks like a domino effect after the FTX farce. I feel that it isn't the last piece that will fall this year. 😔
🎨 BEEPLE STUDIO
You know the most popular NFT artist - Beeple. He's posting new art every day on Twitter. In his digital art, public figures like Trump, SBF, Musk, and others are in futuristic visions commenting on the current world state. He's opening an exhibition space in Charleston, South Carolina, on March 11.
The opening event is organized in collaboration with Christie's - a British auction house. To attend, you'll need to own a Beeple NFT to claim a ticket by February 1st, and you'll still need to hold it on event night.
The interior of the studio will be covered in digital displays. The finest selection of artists whose work will be shown at the grand opening will be on display (Fvckrender, Blake Kathryn, XCOPY, Refik Anadol, and more).
Beeple is inviting other artists to submit their work for consideration. If their work is selected, they'll also get a ticket to the opening.
Most cryptocurrencies have several large holders. They can influence the crypto asset's price for active investors and crypto traders.
Crypto whales refer to big holders of cryptocurrencies. They are usually individuals or organizations who own more than 10% of the cryptocurrency. MicroStrategy owns nearly 130,000 BTC. They can move the price of BTC by their market participation. Tracking the action of crypto whales provides timely insights into a cryptocurrency's price movement.
When big players buy or sell Bitcoin, its price rises or falls as well. This is why when such players sell Bitcoin, its price usually falls.
With cryptocurrencies and non fungible tokens (NFTs), all transactions are on-chain. Whale wallets can be
tracked to understand how the wider market could behave. All because of the transparency that blockchain offers.
There is no stupid question in the web3 field. If you don’t understand any term, please share it with us and we will make a short explanation in the future mails.