ASI MARKET MOVING NEWS! (11/10/23)
1: Gale Replacing 110% Of Funds Users Lost in Recent Front-End Hack, Over $400K 4 J
To reassure its community, the web3 credentials and rewards platform Gale has announced that it will be refunding just over $396,000 to users affected by the major DNS attack on the platform last week. Notably, the refund amount is 10% above the value of the assets lost in the attack. The compensation will reportedly be paid in USDT on the Polygon network.
The company stated,
"We want to express our deepest gratitude to those who are standing by us during this difficult time," the company said.
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2: Crypto Exchange WOO to Buy Back Shares From 3AC To 'Clear Uncertainty' &
Taiwan-based crypto exchange WOO Network has reportedly reached a settlement with 3AC liquidator Teneo to buy back the shares and tokens acquired by the hedge fund as part of WOO's Series A funding round in November
- The firm stated that it wanted to "clear the uncertainty" and that it plans to increase the ownership of all other shareholders proportionally. It also stated that it would be sending the 20 million repurchased crypto tokens to a burn address. While WOO declined to disclose the total value of the repurchased shares and tokens, it had raised a total of $30 million in its Series A back in 2021.
Jack Tan, co-founder of WOO, stated,
"We are pleased to clear the uncertainty related to 3AC from the WOO ecosystem. We proactively collaborated with the liquidators to secure a fair deal to repurchase our shares and both vested and vesting tokens from 3AC's estate. The past 18 months have seen a concentration of bad news hit our industry from large-scale failures to more overzealous regulators. A thorough cleansing of the system has taken place and we are looking forward to rebuilding with our partners and team.
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3: Grocery Chain Trader Joe's Sues Unaffiliated
Crypto Project That's Using Its Name Ad
U.S. supermarket chain Trader Joe's is reportedly suing decentralised exchange (DEX)
Trader Joe for federal trademark infringement.
Interestingly, this is the grocery chain's second attempt at shutting down the DeFi platform.
Just last year, Trader Joe's filed a complaint with the U.N.'s World Intellectual Property Organization (WIPO). However, WIPO ruled in favour of the DeFi platform at that time after the founder Cheng Chieh Liu asserted that the DeFi platform was named after his brother.
In its fresh lawsuit, the grocery chain is seeking all profits from the Trader Joe DeFi platform as damages, plus additional payments to
"adequately compensate" the brand.
Addtionally, it also wants further damages to compensate the company for its "erroneous" loss last year in the United Nations' court.
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4: Caroline Ellison: Sam Bankman-Fried Told Me to Take Billions From FTX Customers !
In her recent testimony before the court, the former Alameda Research CEO and star witness Caroline Ellison told the jury that FTX founder Sam Bankman-Fried directed her to commit crimes. Specifically, she told the courtroom that Bankman-Fried was the one "who set up the system to allow Alameda to take money." She also admitted to sending balance sheets to banks at Bankman-Fried's direction. These balance sheets were reportedly tailored to make Alameda's position look less risky than it really was.
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5: JPMorgan Debuts Blockchain Collateral Settlement in BlackRock-Barclays Trade 191
According to a Bloomberg report, JPMorgan Chase & Co. has carried out its first live blockchain-based collateral settlement transaction involving BlackRock and Barclays.
Specifically, BlackRock used JPMorgan's Ethereum-based Onyx blockchain and its Tokenized Collateral Network (TCN) to turn shares in one of its money market funds into digital tokens. These tokens were then transferred to Barclays Pc as collateral for an over-the-counter derivatives trade between the two institutions.
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