genesis Archives - Top Crypto Game https://topcryptogame.com/tag/genesis/ The latest crypto news! Sat, 03 Aug 2024 01:44:36 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://topcryptogame.com/wp-content/uploads/2022/01/cropped-favicon-32x32.png genesis Archives - Top Crypto Game https://topcryptogame.com/tag/genesis/ 32 32 Genesis begins distributing $4 billion in assets to creditors, creates legal fund to sue DCG, others https://topcryptogame.com/genesis-begins-distributing-4-billion-in-assets-to-creditors-creates-legal-fund-to-sue-dcg-others/ https://topcryptogame.com/genesis-begins-distributing-4-billion-in-assets-to-creditors-creates-legal-fund-to-sue-dcg-others/#respond Sat, 03 Aug 2024 01:44:36 +0000 https://topcryptogame.com/genesis-begins-distributing-4-billion-in-assets-to-creditors-creates-legal-fund-to-sue-dcg-others/ Genesis has finalized its restructuring process and started distributing roughly $4 billion in digital assets and US dollars to creditors, according to an Aug. 2 statement. The company revealed that creditors will recover an average of 64% of their crypto claims, depending on the coins. Bitcoin holders will regain 51.28% of their holdings, Ethereum creditors […]

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Genesis has finalized its restructuring process and started distributing roughly $4 billion in digital assets and US dollars to creditors, according to an Aug. 2 statement.

The company revealed that creditors will recover an average of 64% of their crypto claims, depending on the coins.

Bitcoin holders will regain 51.28% of their holdings, Ethereum creditors will receive 65.87%, and Solana creditors will be paid 29.58%. Other altcoins holders will receive 87.65% of their assets, while creditors owed stablecoins or US dollars will receive the full amount owed.

The firm added that its creditors may receive more funds following the initial distribution based on ongoing claims reconciliation, contractual rights, and litigation outcomes.

Meanwhile, Genesis has set up a $70 million litigation fund to pursue legal action against various third parties, including its parent company, Digital Currency Group. This fund comprises $26 million in BTC, $13 million in ETH, and $31 million in fiat.

Mark Renzi, Managing Director at BRG, has been appointed as the plan administrator to oversee the plan and the company’s wind-down process. The company has also appointed a new board of directors.

The announcement concludes a lengthy bankruptcy process that began in January 2023, when Genesis and its subsidiaries filed for Chapter 11 protection in New York due to significant losses from the collapse of the FTX exchange.

At the time, the firm reported owing over $3.5 billion to its top 50 creditors.

Repayments

According to Arkham Intelligence, on-chain data shows the firm has started repaying its creditors, with a wallet linked to the billionaire Mark Cuban receiving $19.9 million in ETH from Genesis.

This followed the blockchain analytical platform’s earlier report that Genesis had moved 16,600 BTC, equivalent to $1.1 billion, and 166,300 ETH, valued at $521.1 million, in multiple transactions on Aug. 2 for other creditor claims.

Lookonchain pointed out that the repayment process began earlier in the week, with Genesis shifting around $3 billion in crypto — 32,256 BTC (valued at approximately $2.12 billion) and 256,775 ETH (worth about $838 million) — in three days.

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Gemini Earn returns over $2 billion in crypto, triggering concerns of sell pressure https://topcryptogame.com/gemini-earn-returns-over-2-billion-in-crypto-triggering-concerns-of-sell-pressure/ https://topcryptogame.com/gemini-earn-returns-over-2-billion-in-crypto-triggering-concerns-of-sell-pressure/#respond Wed, 29 May 2024 18:48:53 +0000 https://topcryptogame.com/gemini-earn-returns-over-2-billion-in-crypto-triggering-concerns-of-sell-pressure/ Crypto exchange Gemini said users of its now-defunct Earn product received $2.18 billion of their digital assets, according to a May 29 statement. These distributions amount to 97% of the total digital assets owed to Earn users, marking a significant recovery since the collapse of crypto lender Genesis, which halted withdrawals in November 2022. In-kind […]

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Crypto exchange Gemini said users of its now-defunct Earn product received $2.18 billion of their digital assets, according to a May 29 statement.

These distributions amount to 97% of the total digital assets owed to Earn users, marking a significant recovery since the collapse of crypto lender Genesis, which halted withdrawals in November 2022.

In-kind distribution

The exchange explained that the assets were returned in kind, meaning that if a user lent one Bitcoin to the Earn program, they received one BTC back. This would represent a 232% recovery for Earn users, as the value of several digital assets has significantly increased compared to two years ago.

Gemini’s founders, Cameron and Tyler Winklevoss, highlighted the significance of this recovery, stating:

“This represents an unprecedented recovery among crypto bankruptcies, as well as bankruptcies in general, and follows our previous announcement that we reached a settlement in principle with Genesis and other creditors in the Genesis Bankruptcy, which will result in all Earn users receiving 100% of their digital assets back in kind.”

Meanwhile, Gemini stressed that Genesis’s bankruptcy was not a result of issues within the crypto industry but stemmed from “old-fashioned financial fraud compounded by a lack of regulatory clarity” in the US.

So, the company emphasized its commitment to advocating for better regulatory measures to support the industry. It stated:

“We will continue to fight for clear rules and guidance for our industry that foster both innovation and consumer protection. And we will win this fight. The future is bright.”

Selling pressure ahead?

Industry analysts warn that in-kind distributions could cause substantial selling pressure as creditors liquidate their assets.

Evan Cohen, a thesis investor, noted:

“Lots of sellers [are] now ready to unload their 2-year locked-up crypto.”

This increased trading activity may affect Bitcoin and Ethereum prices. CryptoSlate’s data shows a modest 0.73% decline in the broader market over the past 24 hours, with BTC and ETH prices now at $67,640 and $3,761, respectively.

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Gemini to return 97% of frozen assets in-kind to Earn users by month’s end https://topcryptogame.com/gemini-to-return-97-of-frozen-assets-in-kind-to-earn-users-by-months-end/ https://topcryptogame.com/gemini-to-return-97-of-frozen-assets-in-kind-to-earn-users-by-months-end/#respond Mon, 20 May 2024 13:46:26 +0000 https://topcryptogame.com/gemini-to-return-97-of-frozen-assets-in-kind-to-earn-users-by-months-end/ Crypto exchange Gemini said its defunct Earn product users will begin receiving approximately 97% of their frozen digital assets by the end of this month. According to a recent statement, the exchange clarified: “As a reminder, the initial distributions will be in kind. This means, for example, that if you had lent one bitcoin in the […]

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Crypto exchange Gemini said its defunct Earn product users will begin receiving approximately 97% of their frozen digital assets by the end of this month.

According to a recent statement, the exchange clarified:

“As a reminder, the initial distributions will be in kind. This means, for example, that if you had lent one bitcoin in the Earn program (as of November 16, 2022 — the date Genesis suspended redemptions), you will receive one bitcoin back. And it means that you will receive any and all appreciation of your assets since you lent them into the Earn program.”

Notably, the exchange’s announcement coincided with news that the failed crypto lender Genesis got Court approval to return around $3 billion of its customers’ assets.

Meanwhile, this development marks a significant relief for Earn users, whose assets have been frozen since November 2022 due to the liquidity crisis that hit Genesis, the now-bankrupt crypto lender.

The community has broadly welcomed Gemini’s plan, especially given the substantial increase in asset values since 2022. For example, Bitcoin’s average price has surged to over $67,000, while Ethereum’s price has risen to over $3,000.

Gemini Earn is an interest-bearing product that has been controversial since Genesis filed for bankruptcy last year. The program was suspended in January 2023 after the crypto trading platform terminated the Master Loan Agreements with Genesis.

Since then, Gemini has pursued extensive legal action against Digital Currency Group, Genesis’s parent company, on behalf of over 200,000 Earn users. Gemini alleges that Digital Currency Group was aware of Genesis’s insolvency since 2022 but failed to inform investors.

The Earn program also attracted regulatory scrutiny from the New York State Department of Financial Services (NYDFS) and the US Securities and Exchange Commission (SEC), both alleged violations of federal securities laws. Gemini has since settled with both regulators.

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MASSIVE Ethereum ETH UNLOCK! Binance BNB $1 Bn Deal | Solana SOL & Polygon MATIC News https://topcryptogame.com/massive-ethereum-eth-unlock-binance-bnb-1-bn-deal-solana-sol-polygon-matic-news/ https://topcryptogame.com/massive-ethereum-eth-unlock-binance-bnb-1-bn-deal-solana-sol-polygon-matic-news/#respond Tue, 13 Jun 2023 16:27:49 +0000 https://topcryptogame.com/massive-ethereum-eth-unlock-binance-bnb-1-bn-deal-solana-sol-polygon-matic-news/ Ethereum is about to have a massive 15.96 MILLION ETH unlock, Binance gets ready for $1 Billion Dollar deal, and is Solana making a come back? Polygon gets a big update, and Barry Silbert of DCG speaks out. 🚀Find the most undervalued gems, up-to-date research, and NFT buys with Altcoin Buzz Access🚀 Join Altcoin Buzz […]

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Ethereum is about to have a massive 15.96 MILLION ETH unlock, Binance gets ready for $1 Billion Dollar deal, and is Solana making a come back?
Polygon gets a big update, and Barry Silbert of DCG speaks out.

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The Papercuts’ Genesis – The Cryptonomist https://topcryptogame.com/the-papercuts-genesis-the-cryptonomist/ https://topcryptogame.com/the-papercuts-genesis-the-cryptonomist/#respond Sun, 11 Dec 2022 08:05:01 +0000 https://topcryptogame.com/the-papercuts-genesis-the-cryptonomist/ Born as an almost automatic response to an urge to draw, to keep his artistic flow going even while at work, the Papercuts series became a carefully calibrated exploration of optical aesthetics and the first official steps Mattia Cuttini made towards his career in crypto art. Yet, as its title suggests, this seminal series has […]

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Born as an almost automatic response to an urge to draw, to keep his artistic flow going even while at work, the Papercuts series became a carefully calibrated exploration of optical aesthetics and the first official steps Mattia Cuttini made towards his career in crypto art. Yet, as its title suggests, this seminal series has its roots in its physical, paper-made version, so let’s deep dive into the Papercuts’ genesis.

It was back in 2016 when Cuttini started taking the first notes around the concept at the basis of the Papercuts. Squared notebooks were his inseparable companions while he was working as a graphic designer. The squared pages provided him with a constructive grid, a fixed reference within which he could jot down visual clues and reflections or actual drawings. At the time, while attending a course on how to create a font, he got closer to the optical aesthetic often admired as a boy in the works of Gruppo T and others. Cubes, prisms, black and white mazes, and traces of the famous logotype with which he now signs his works began to appear in Cuttini’s notebooks. Accompanying him during these graphic explorations in his free time was also his son Mirko, involved by the often playful nature of his father’s seemingly methodical experiments.

Papercuts’ Genesis
Notebook from 2016

Cuttini’s deep connection with printing techniques and a conversation with his friend Steve Nardini soon inspired the idea of attaching a blade to a plotter and using it as a machine to pierce and cut paper sheets. With this vision in mind, he began to sketch the first Papercuts on paper, in the shape of two squares side by side where various lines would intersect to create full areas and voids to be cut. From the first, hand-drawn prototypes, Cuttini immediately imagined a digital version of the project and started working on the analog algorithm to create other variations of the initial design. Yet, experimenting with the plotter as a cutting machine, he found out it would often tear the paper sheets. An alternative solution was needed.

Papercuts’ Genesis
Early prototype

Cuttini then began to use the co-working space Lino’s and Co in Udine, his current headquarters, where there was also a laser cutting machine. In January 2017, Kickstarter encouraged its community to create a series of 100 works through crowdfunding. Chance – or perhaps fate – was offering a subtle hint to a man who knows how to seize them, and Make 100 became the framework for the actual development of Cuttini’s series on laser-cut paper. Interestingly, Sparrow Read – aka Blackbox.art – also participated in Make 100, unawarely parallel to Mattia who she would later meet and support in the NFT realms.

First laser-cut tests

 

 

 

 

 

 

 

 

The new era of Papercuts

The Papercuts project is significant also as it became Cuttini’s first test of crowdfunding mechanisms, co-working collaboration and community support. This is because through Kickstarter he managed to create a small but devoted group of supporters of his work, a sort of first community of known and unknown people, local and international, in view of his future entry into the crypto art community.

Papercuts’ Genesis
< The algorithm

After various tests, in the Spring of 2017, the series began to actually appear in Lino’s and Co’s workshop, at a slow pace of 4 pieces per day. Each artwork features two groups of multiple, concentric squares chasing each other in space. In order to be laser cut, the works were first generated using Illustrator starting from the paper prototypes and an algorithm in Cuttini’s head. This analog algorithm – a forerunner of recent generative art outcomes in his practice – involves duplicating the first work and reproducing it with systematic alterations in the coordinates of each grid of concentric squares. Translation, rotation and overlapping of the same grids are thus the basis for the variations. 

Each work is like a single frame, a crystalized instant taken from the potentially inexhaustible movement of the grids of squares in space. The optical effect characteristic of the series is achieved using Illustrator’s XOR control, with the black areas on screen representing the black paper and the white ones becoming the void areas in the physical, laser-cut work.

In June 2017, the paper series was completed and Cuttini held a party to celebrate the project’s birthday with all the supporters who could attend. Of the 100 physical artworks created, about 30 got mysteriously lost while 20 turned out to be duplicates due to some printing errors, for a total of 90 versions. The digital series mirrors the physical one, and the “duplicates” became special versions, reversed ones, so to speak.

Papercuts’ Genesis

First laser-cut test drive piece

“Time goes by, in 2018 Cuttini had his first solo exhibition of Rubberstamps at Kobo Shop, in Udine, most of the Papercuts’ physical copies had been sold, while the digital material remained secured in the artist’s hard disk. In the meantime, SuperRare, KnownOrigin and other crypto art galleries appeared. Drawn by curiosity, Cuttini soon approached the crypto art discourse and in the first NFT galleries’ chats, particularly in KnownOrigin’s, he shared his Papercuts. Ilan Katin’s keen eye noticed the works and suggested an exchange with his own, so the physical pieces began to circulate in this new community. After the crowdfunding campaign, with this series Cuttini seeked and found in the crypto art realms that same context, made of sincere connections between people and artists at a human and not only professional level.

In December 2019, Cuttini finally decided to tokenize the series, and chose to use pixura. Just as he was about to proceed, however, his laptop broke. His economic situation prevented him from replacing it immediately, but he did not abandon the idea. Little by little, like a digital craftsman, Cuttini found himself using a makeshift tablet to convert the pdf pages of a small self-produced publication on the project into png files, digitizing the series one piece after another.”

Eventually, the Papercuts appeared in the digital world through the Mattia Cuttini Produkt smart contract


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Noku announces the pre-mint of ‘Heroes: Genesis’ https://topcryptogame.com/noku-announces-the-pre-mint-of-heroes-genesis/ https://topcryptogame.com/noku-announces-the-pre-mint-of-heroes-genesis/#respond Sun, 19 Jun 2022 07:09:06 +0000 https://topcryptogame.com/noku-announces-the-pre-mint-of-heroes-genesis/ Noku, the Web3 platform that features NFTs, play-to-earn games, and soon the metaverse, has announced the pre-mint date of the PFP collection ‘Heroes: Genesis’ on 22 June 2022 at 1 PM Italian time.  The pre-sale will take place on Nokuchain to allow users to receive the NFT in advance and unlock the new features immediately, […]

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Noku, the Web3 platform that features NFTs, play-to-earn games, and soon the metaverse, has announced the pre-mint date of the PFP collection ‘Heroes: Genesis’ on 22 June 2022 at 1 PM Italian time. 

The pre-sale will take place on Nokuchain to allow users to receive the NFT in advance and unlock the new features immediately, before anyone else.

Noku and the announcement of the ‘Heroes: Genesis’ Pre-Mint

Noku has announced the date to start minting ‘Heroes: Genesis’, the platform’s new PFP collection, developed via the NPFS PROTOCOL (Noku-Planetary-File-System). 

“PRE-MINT ANNOUNCEMENT

This is a great day: we have the official pre-mint date!

On 22/06 you’ll be able to mint our Heroes: Genesis.

They’ll unlock straight away:

  • early access to our metaverse

Stay tuned for further details”.

As of 22 June 2022 at 1:00 PM Italian time, it will be possible to mint Heroes: Genesis on Nokuchain, and new owners will be able to unlock the following new features

  • farming (staking the NFT to passively “farm” tokens and other NFTs);
  • tournaments reserved for Heroes: Genesis owners with really interesting prize pools;
  • early access to their metaverse, a play-to-earn environment with a VIP area reserved for owners of their NFTs. 

Users will be able to receive the NFT as a preview and unlock the new features now, before anyone else, without paying minting fees, and only bridge to and from ETH afterwards.

Noku and the PFP collection from ‘Heroes: Genesis’ on Nokuchain

Heroes: Genesis is the first NFT Cross-Chain project with Gaming and Farming in place, developed with a Low-Fee-Minting technology

In fact, the architecture developed by Noku for the ERC 721-N allows metadata to be shared between different chains, while maintaining a set of data for each, thanks to the NPFS protocol. This prevents dissimilarity of data across different chains and in addition helps users save a lot of money in gas fees.

In general, Noku is a Web3 platform dedicated to the NFT world with its own blockchain, Nokuchain. 

With more than 70,000 users, the platform aims to offer an all-round service with play-to-earn games, an NFT marketplace, a metaverse about to be released, and many other new features to be added this year. 

NOKU tokens and the gaming industry

Noku also launched its native NOKU token in 2017, already with the NFT gaming protocol, with the goal of bringing social freedom and economic independence to as many people as possible through secure means of exchanging value. 

Thus was born the Nokuchain, a scalable EVM blockchain that improved the performance of classic NFTs for gaming. 

Noku’s first NFT game is Crypto Heroes (July 2021) and in this context, the NOKU token is the centre of the entire ecosystem, settling NFT purchases and game rewards.

At the time of writing, NOKU is worth $0.31, following a price drop since 13 June that follows the general trend of major crypto such as Bitcoin and Ethereum. 


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