LensLinks: Issue 51

Today in LensLinks:

• Iris Energy hit by Class-Action Suit

• $1.85B SPAC for Infinite Reality

• Canada to Prohibit Leverage for Crypto Trading for Citizens

• Metaverse Programming Language - What is It?

• Inside the Bored Ape Yacht Club's $4 Billion Metaverse Bet

• The FTX Ponzi Report

• How Can Crypto Avoid the Next FTX?

• And Much, Much, More...

The suit was filed in the U.S. District Court for the District of New Jersey.

The suit alleges that Iris Energy has repeatedly given out materially false information and misled investors, starting with the documentation for the firm's 2021 initial public offering. Those documents were negligently prepared and failed to disclose certain of the mining machines, "owned through its Non-Recourse SPVs [non-recourse special purpose vehicles], were unlikely to produce sufficient cash flow to service their respective debt financing obligations."

Infinite Reality, a company that takes companies into the metaverse, announced plans to go public through a special purpose acquisition company, or SPAC. The company plans to raise at least $128 million at a valuation of $1.85 billion.

Per the agreement, Infinite Reality would combine with Newbury Street Acquisition Corporation (NASDAQ: NBST), a publicly traded company that serves as an investment vehicle. Infinite Reality said it is working with some of the world’s biggest brands, including Warner Bros. Discovery Sports, to foster immersive virtual experiences and new monetization opportunities in Web3-enabled showrooms and events.

These last few days have been very challenging for most cryptocurrencies. The cryptocurrency market has lost another $20 billion in value as it worsens. Bitcoin has plummeted significantly, and all other cryptocurrencies have followed suit. The majority of coins have dropped drastically, and the overall atmosphere has to improve. With further reports of FTX-related disasters, it is unclear when things will return to normal.

Solana is one cryptocurrency facing the burden of the current market conditions. On November 13th, the currency had another significant 12% drop, and many wonder whether more will enter the market. However, most cryptocurrency enthusiasts want to improve their position by investing in low-risk assets more likely to generate profits.

Crypto platforms applying for registration in Canada will have to agree to tighter rules in the country, including a ban on margin and leverage trading.

Firms will also have to hold the assets of Canadian clients separately from their proprietary business, according to expanded terms outlined by the Canadian Securities Administrators (CSA) on Monday.

Metaverse & Gaming - A Little More...

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

Crypto Trading - A Little More...

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Disclaimer: This note is distributed by Regiment, LLC for informational purposes only and is sourced from publicly available media reports. It is not an investment recommendation or solicitation for any investment. The information is current as of date and subject to change. In such case Regiment, LLC does not undertake to provide any updates. Recipients must be aware that any private, alternative investments discussed are speculative in nature, often illiquid, and subject to loss of capital.