Legal challenges, JPM Coin, and Alexia Putellas NFT in the Spotlight

The new management of FTX, the crypto exchange which has gone bankrupt, has taken the initiative of filing a petition against Michael Kives. He is the founder of an investment company going by the name of K5. According to the petition, the amount of $700 million was forwarded by the ex-chief of FTX, Sam Bankman-Fried, who utilized the money to influence witnesses and turn the tide in his favor. 

In 2022, Bankman-Fried distributed the funds amongst K5 entities via multiple shell companies. This allegation was, however, refuted entirely by the concerned authorities at K5. 

In the case of Wintermute Trading, the company was up against a class-action lawsuit for a supposed deal that it struck with Celsius Network. As per the allegation, Wintermute had offered assistance to Celsius Network in misrepresenting facts and duping investors. 

In this matter, the Celsius creditors altered their initial lawsuit and brought in Wintermute as a defendant. This was purely denied by the officials at Wintermute. Wintermute is a cryptocurrency market maker, whereas Celsius Network is a now-defunct crypto lender. 

As per the latest news update, a European Central Bank board member, Fabio Panetta, came out with his observation that the acceptance of crypto had begun to witness a downward trend towards the end of 2021, and by mid-2022, the market capitalization had fallen by roughly $1 trillion. He has attributed this to the constraints that come with crypto that prevents it from becoming a type of currency that is dependable. 

According to an official at JPMorgan, the banking institution came out with its initial Euro-dominated, official blockchain transaction with the utilization of its own token. It was Siemens that was instrumental in carrying out the JPM Coin payment on JPMorgan’s permissioned blockchain. Incidentally, the JPM Coin is accessible only in the case of institutional clients and for their settling of payments. 

Regarding the European Football club, FC Barcelona will be forming a collaboration with the World of Women. The idea is to deliver an NFT that stems from the Spanish woman soccer player Alexia Putellas. The NFT was the handiwork of an artist, Rhi Madeline, and is soon to be auctioned on OpenSea. Whoever wins will have the opportunity of interacting with Putellas, along with coming in for various offers.  

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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