Genesis & Gemini motion to dismiss SEC lawsuit, Temasek cuts compensation for FTX investment team, Hong Kong police launch ‘CyberDefender Metaverse’ platform

Stay updated on cryptoasset and blockchain-related news with our daily, brief summaries. We investigate the stories that may be flying under the radar of today’s mainstream crypto news. __________

  • Genesis Global Capital, a bankrupt crypto lender, and Gemini, a crypto exchange, are jointly seeking the dismissal of a lawsuit filed by the Securities and Exchange Commission (SEC) that alleges the sale of unregistered securities. The request for dismissal was made in court filings.

Investment news

  • Singapore state investor Temasek Holdings has reported a cut in compensation for the team that recommended its investment in the now-bankrupt FTX exchange. The cut also impacts the senior management team. This move comes six months after Temasek initiated an internal review of its investment in FTX, which resulted in a writedown of $275 million. Temasek has not disclosed the amount of compensation cut.
  • Blocktrade, a gamified asset marketplace, has concluded its Blocktrade Exchange Token (BTEX) sale round, having raised €4.5 million ($4.8 million) worth of BTEX from over 1,400 community members in 42 countries. This follows a sold-out pre-sale round earlier this year, according to the press release.
  • Michael Egorov, CEO of DeFi protocol Curve Finance, and his wife Anna Egorova have reportedly purchased two luxurious villas worth AUD 59 million (USD 38.6 million) in Melbourne, Australia. The Australian Financial Review called the purchase of a Victorian mansion ‘Avon Court’ Victoria’s “most expensive sale of 2023.” Property documents confirmed the Hawthorn estate changed hands from its previous owners, the Du family, to the new owner Anna Egorova for AUD 41 million, it said.

Metaverse news

  • The Hong Kong police have introduced a new Web3 platform called “CyberDefender Metaverse” as part of their technological advancements. They organized an inaugural event titled “Exploring the Metaverse” within the virtual realm. The Cyber Security and Technology Crime Bureau (CSTCB) of the Police made this move in order “to enlighten the public about the threats and opportunities linked with Web3 and the Metaverse, raise their awareness of new technology crimes, and bring them [a] new experience,” said the announcement.

Exchange news

  • Huobi HK, the Hong Kong arm of the global exchange, has announced that it will start providing spot and managed services to business and retail clients in the region. The company has also applied for a virtual asset exchange license from the Hong Kong Securities Regulatory Commission. Huobi HK said it intends to work with independent auditors and plans to strengthen its security procedures over the next six months.
  • Bybit has announced that it received in-principle approval from Kazakhstan’s Astana Financial Services Authority (AFSA) to operate as a digital asset trading facility and custody services provider at the Astana International Financial Centre (AIFC). This approval subjects Bybit to pre-conditions that lead to permanent authorization once the exchange completes the application process.

Blockchain news

  • The Fantom blockchain has launched a Gas Monetization Program that rewards eligible dApps with 15% of the gas fees they produce, giving developers extra income. The program is aimed at supporting Fantom’s network infrastructure while retaining creators and rewarding dapps. The implementation of the proposal will reduce Fantom’s burn rate from 20% to 5% and redirect this 15% reduction toward gas monetization, according to the website.