LensLinks: Issue 33

Today in LensLinks:

• Is Jail Next?

• 3 Interesting (& Optimistic) Metaverse Perspectives

• Fidelity Starts a Crypto Trading Waitlist

• Crypto Trading Platforms Deal With Massive Withdrawal Requests

• Crypto Taxation in India

• And Much, Much, More...

An inrush of $42 million into digital asset investment products last week marked the highest level in 14 weeks, according to CoinShares data

“It suggests that investors see this price weakness as an opportunity, differentiating between ‘trusted’ third parties and an inherently trustless system,” Butterfill said in a blog post Monday.

An announcement from Binance CEO Changpeng Zhao has triggered an immediate rise in the price of Bitcoin and the overall crypto markets.

Zhao says he’s forming an “industry recovery fund” to support companies and projects that are struggling with liquidity in the aftermath of the collapse of FTX.

KEY POINTS

Meta’s huge bet on the metaverse may have put the company in dire straits, but a new Deloitte report suggests that virtual realities could have a “transformational impact” on Asian economies.

The metaverse’s contribution to gross domestic product in Asia could be between $800 billion and $1.4 trillion per year by 2035, said the consulting company.

“The metaverse is no longer science fiction. Early metaverse platforms are already being used by millions,” it wrote.

There are Two Obstacles

The first is jurisdiction. Since FTX is an offshore business with headquarters in the Bahamas, and did not cater to Americans, defense lawyers could argue the actions of its executives are beyond the reach of U.S. law enforcement.

The second potential obstacle to a criminal prosecution comes in the form of intent. Specifically, Eliason says that any conviction will turn on whether SBF was not simply incompetent but whether he deliberately deceived investors.

During the last week, the crypto community has been dealing with the demise of FTX and its affiliated crypto businesses, and ever since then, the proof-of-reserves topic has found its way to the forefront of conversations. Another silver lining to the fiasco is the fact that cryptocurrency enthusiasts have removed large quantities of bitcoin and ethereum from centralized trading platforms. Seven-day statistics from cryptoquant.com indicate that more than $3.4 billion in bitcoin has been removed from exchanges since Nov. 7, 2022.

Metaverse & Gaming - A Little More...

Blockchain, Tokens & Defi - A Little More...

Crypto Trading - A Little More...

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