Community News:
1. FTX bankruptcy lawyer: A large amount of FTX’s crypto assets were stolen or lost
James Bromley, a partner at the law firm Sullivan & Cromwell representing FTX, said at a bankruptcy hearing in federal court in Delaware that a large amount of FTX assets were either stolen or lost, and more than a week after the bankruptcy legal process entered, SBF's mismanagement of FTX left lawyers with very limited understanding of the company's financial situation. (The Wall Street Journal)
2. Zhu Su: FTX's collapse has set the crypto industry back 7 to 8 years, and a new investment company may be established
Zhu Su, co-founder of Three Arrows Capital, said in an interview in Abu Dhabi: "Some industry leaders said that the collapse of FTX set the industry back five years, but I think it is more serious, about seven to eight years. If the fundamental problems are not properly resolved, the regression will be longer." In addition, Zhu Su said that after several months of reflection on the failure of Three Arrows Capital, he is considering establishing a new investment and trading company. (Bloomberg)
Industry News:
1. South Korea’s Metaverse Platform Ifland will be launched in 49 countries and regions
South Korean telecom giant SK announced that its metaverse platform Ifland will be launched in 49 countries and regions in North America, Europe, the Middle East and Asia. SKT will use K-pop to develop content with various international partners and strengthen the communication function on the platform to promote Ifland as a global social metaverse. (Forkast)
Policies and Regulations:
1. Bank of Japan plans to conduct digital yen trials in 2023
The Bank of Japan plans to conduct a digital yen trial in 2023 to identify possible problems with deposits and withdrawals and to test whether central bank digital currencies (CBDCs) can operate during natural disasters and in areas without internet access. The experiment will last for two years, and the central bank will decide whether to issue a CBDC in 2026. (Nikkei)
2. New York Attorney General proposes banning retirement fund investments in cryptocurrencies
New York Attorney General Letitia James proposes a ban on crypto investments in defined contribution plans and individual retirement accounts (IRAs). In a letter to U.S. lawmakers, Letitia James called for legislation to prohibit U.S. citizens from using funds in individual retirement accounts and defined contribution plans such as 401(k) and 457 plans to purchase cryptocurrencies and digital assets. (Cointelegraph)
3. British digital bank Starling Bank announces a ban on crypto-related payments
British digital bank Starling Bank sent a text message to its customers on Tuesday, clearly stating that cryptocurrency transactions are prohibited. Starling Bank believes that crypto activities are high-risk, so it decided to block all bank card payments to cryptocurrency merchants and impose further restrictions on deposits and withdrawals related to cryptocurrencies. (Sifted EU)
4. New York State issues two-year temporary ban on fossil fuel plants obtaining cryptocurrency mining licenses
New York Governor Kathy Hochul signed and issued a two-year temporary ban on fossil fuel plants obtaining cryptocurrency mining permits, a bill aimed at mitigating and assessing the industry's environmental impact. (Forkast)