Here are some of the major developments in the world of crypto over the past few days.
Magic Square, backed by Binance Labs, announced the launch of its new Initial DEX Offering (IDO) platform. Magic Square Chief Operating Officer Michael Landsberger says the new crowdfunding platform will be based on a decentralized exchange (DEX), and with limited funds, he hopes Web3 investors will democratize retail access.
A user who wants to participate in the investment round must first accumulate her SQR points by staking Magic Square (SQR) tokens. This determines the allocation size for some projects that require participation points. Users can also participate in the Road to IDO campaign and earn points before each project's IDO launches.
Magic Square joins the rapidly growing decentralized crowdfunding industry as the latest emerging protocol. There are already 109 IDO launchpads on the market, and the largest DAO Makers have a combined market capitalization of over $2 billion, measuring all the projects funded on the platform. IDO is becoming an increasingly popular protocol for fundraising.
Bankrupt cryptocurrency lender Genesis Global has received court approval to return approximately $3 billion in cash and virtual currency to creditors. As a result of this decision, the parent company Digital Currency Group (DCG) will not be able to recover from bankruptcy. Judge Sean Lane approved Genesis’s Chapter 11 repayment plan on Friday, May 17.
However, Lane rejected an appeal from DCG, which argued that Genesis should not have paid customers or creditors more than the value of its crypto assets in January 2023, when Genesis filed for bankruptcy. Lane stated that funds available for distribution by Genesis will be depleted by creditor claims and will be prioritized over DCG's equity investments.
Genesis is one of several crypto lending companies affected by the massive crypto bear market of 2022. Genesis previously said in November 2023 that DCG agreed to pay its outstanding $324.5 million in loans by April 2024. Genesis previously said in November 2023 that DCG agreed to pay its outstanding $324.5 million in loans by April 2024.
An Australian has pleaded guilty to his role in promoting now-defunct cryptocurrency exchange BitConnect's cryptocurrency lending services. ASIC alleged that John Lewis Anthony Bigatton, in his role as BitConnect's national promoter, provided advice on financial products in six sessions across Australia, four seminars and two social media posts.
BitConnect's lending platform was promoted as an investment opportunity, encouraging investors to buy BitConnect coin (BCC) through its website. BitConnect's lending platform was promoted as an investment opportunity and encouraged investors to purchase his BitConnect Coin (BCC) through the website. Investors can borrow her BCC for a fixed period at a high-interest rate.
BitConnect was founded in February 2016 and operated a platform and digital currency, but it shut down in January 2018, and its founders ultimately disappeared along with their investors' money. A group of crypto fraud victims from the BitConnect investment scheme have felt some relief from the multi-billion-dollar fraud scheme after a court ordered them to receive a portion of the $17 million in compensation.