FTX Chances, Exploit Multichain and Worldcoin's $115M Raise - Hodler's Digest May 21-27
This week, Binance caused a stir when they ceased deposits for particular tokens working on the faltering Multichain protocol. There have been multiple storage slowdowns in recent days without any sort of explanation from the Multichain group, which left Binance with no alternative but to take action. The Fantom Foundation also reacted, withdrawing $2.4 million worth of their MULTI from SushiSwap liquidity. News spread quickly of the Chinese police having arrested the Multichain team for supposedly taking control of $1.5 billion smart contracts. This date was not welcomed by the MULTI token which recorded a negative week. Even with an announcement issued by Multichain on the 24th of May stipulating some of the delays were apparently "due to force majeure," there's no information when service will be restored.
The reboot of FTX could finally come to fruition in the very near future as court documents indicate. In line with reports of a bidding process set to begin in 2024 with the restoration of more than $7 billion of assets, the new board of directors has been hard at work finalizing plans for the anticipated FTX 2.0 launch. Discussions between present management and stakeholders have been ongoing for the past month to bring the project to what all involved are sure will be a successful conclusion.
This week, despite the bear market, Worldcoin pulled off a remarkable feat by securing a massive $115 million Series C venture courtesy of Blockchain Capital. Those resources are enabling them to take ahead the progress of their decentralized identification program, World ID and the no-fee cryptocurrency wallet, World App. Sam Altman, the brain behind OpenAI, is a co-founder of this world enlightening project which seeks to resolve all the complications and obstacles that are arising out of the growing complexity of Artificial Intelligence such as identifying an individual. Unfortunately, the WLD tokens of Worldcoin can not be acquired in the United States and some other nations where it is barred by the respective laws.
After the digital currency market fell in the summer of 2022, resulting in a contractionoften referred to as the 'crypto winter', the offer put forward by Fahrenheit, with Arrington Capital and US Bitcoin Corp. providing support, has been welcomed by Celsius Network creditors and accepted by Celsius itself. The immensely profitable bid, amounting to a in total sum of almost two billion US dollars, included a diversified collection of institutional credit, alternative investments, staked crypto-coins and a mining organisation, an additional $450 million in instantly available digital currency reserves. Though it has been approved unanimously, the agreement must now be officially finalised by getting the nod of approval from regulatory powers.
