Crypto Flipsider News – DoJ Seizes $3.6 Billion from Bitfinex Hack, Bitfinex Surges 60%, Shiba Inu Enters Metaverse, LEASH Gains 45%, Russia to Regulate Crypto, OpenSea Delists CryptoPunks, Sotheby’s to Auction CryptoPunksRead in the Digest:
- Department of Justice seizes $3.6 billion stolen from Bitfinex hack, Bitfinex surges 60%.
- enters metaverse with ‘Shiba Lands,’ LEASH jumps 45%.
- Russia set to regulate crypto, donations to Ukraine NGOs soar.
- OpenSea delists CryptoPunks v1, Sotheby’s to auction 104 CryptoPunks.
Department of Justice Seizes $3.6 Billion Stolen from Bitfinex Hack, Bitfinex Surges 60%
In August 2016, Bitfinex suffered one of the biggest crypto exchange hacks to date when 119,754 Bitcoin was stolen, worth approximately $5.2 billion at current prices. On February 8th, the U.S. Department of Justice announced the recovery of a significant portion of the stolen funds.
The DoJ reported that it had arrested Ilya Lichtenstein and his wife Heather Morgan, who together conspired to launder funds stolen from the Bitfinex hack. In addition to this, the DoJ lawfully seized and recovered more than 94,000 bitcoins, worth over $3.6 billion.
Following the announcement, the Hong Kong-based crypto exchange announced that it would work “with the DOJ and follow the appropriate legal processes to establish our rights to a return of the stolen bitcoin.”
The value of Unus Sed Leo (LEO), a token launched by Bitfinex, has jumped by more than 60% since the announcement was made. Initially opening for trade at $4.87, LEO has since skyrocketed to a new all-time high of $8.04.
The 48 hour price chart for Unus Sed Leo (LEO). Source: Tradingview
Flipsider:
- Bitfinex promised to burn an amount equal to 80% of the recovered funds in order to repurchase and burn outstanding LEO tokens within 18 months of the recovery.
Why You Should Care
After almost six years, the victims of the Bitfinex hack can perhaps finally expect to recover their lost funds.
Shiba Inu Enters Metaverse with ‘Shiba Lands,’ LEASH Jumps 45%
Two weeks after revealing its metaverse project dubbed ‘The Shiberse,’ the developers of popular meme coin Shiba Inu have announced that its community can now obtain and own virtual pieces of land in the Shiba Inu Metaverse.
The Shiba Inu team announced that it would be introducing land, a queue system, and more in the virtual reality as part of its ecosystem expansion. The Shiba Army can now purchase land in order to get a front-row seat in the dog themed metaverse as per the announcement.
As part of the reveal, the Shiba Inu Team stated that $LEASH holders will be the first to gain access to Shiba Inu metaverse Lands. The proclamation caused the price of LEASH to jump by more than 45%.
Over the last 24 hours, Doge killer (LEASH) has gained in value by 46%, making it one of the day’s best performers. After grazing an interday high of $1,886.19, LEASH is now trading at $1,766.1, with a market cap of $190 million as of this writing.
The 24 hour price chart for Doge Killer (LEASH). Source: Tradingview
Flipsider:
- Though it remains one of the Shiba army’s most anticipated events, a listing for SHIB on Robinhood (NASDAQ:) continues to elude the project.
Why You Should Care
With its metaverse and other upgrades coming in 2022, Shiba Inu is aiming to change the face of the meme coin for the better and battle for a top spot.
Russia Set to Regulate Crypto, Bitcoin Donations to Ukraine NGOs Soar
After weeks of uncertainty following the proposal that tabled a blanket ban on crypto transactions, trading, and mining operations, Russia is set to propose a regulatory framework for the industry on Friday, February 11th.
According to a statement released on Tuesday, the Russian government and the country’s central bank have agreed to draft legislation and amend existing laws recognizing crypto as a form of currency.
Early reports suggest that the framework could integrate digital currencies into the nation’s financial systems. In addition to this, Russia is aiming to “minimize the threat to the financial system’s stability and reduce the use of cryptocurrencies for illegal purposes.”
Flipsider:
- Responding to the rising tensions in Ukraine, volunteer groups have been crowdfunding bitcoin to support the country’s military.
- NGOs and volunteer groups received more than $550,000 in 2021, and have already amassed $6,000 in 2022 as Russian troops occupy Ukraine’s borders.
Why You Should Care
The report represents a significant turn from last month’s proposed ban on all crypto activities, and eliminates the possibility of a repeat of China.
OpenSea Delists CryptoPunks v1, Sotheby’s to Auction 104 CryptoPunks
CyptoPunks v1 – a collection of 10,000 uniquely generated characters – has been delisted by the largest NFT marketplace in the space, OpenSea. The NFT platform delisted CryptoPunks v1 after being served a Digital Millennium Copyright Act takedown notice by Larva Labs, creator of the original CryptoPunks – one of the oldest NFT collections in the industry.
According to reports, the CryptoPunks v1 collection was created due to a smart contract bug through which Larva Labs attempted to create CryptoPunks v2, a sequel to the original set.
Sotheby’s, the auction house famous in the cryptoverse for Beeple’s $69 million NFT sale, has announced it will be auctioning off 104 NFTs from the original 2017 CryptoPunks collection. The collection will be sold as a single lot on February 23rd. The collection was originally purchased in the legendary “Punk Sweep” of July 2021.
Initially bought for $7 million in 2021 by anonymous collector “0x650d,” the auction, titled “Punk It!” is estimated by Sotheby’s to fetch between $20 million & $30 million.
Flipsider:
- Despite being delisted from OpenSea, CryptoPunks v1 recently debuted on competing for NFT platforms such as LooksRare.
Why You Should Care
The newest upcoming Sotheby’s auction is a true indication of just how much the digital art sector has grown since its inception.
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Sotheby’s has announced that it will be holding another auction where it will accept payment in Ethereum. This is not the first time that the auction house will accept crypto payment for pieces. However, it will be the first time that it will be accepting live bids in Ethereum. Sotheby’s had made its mark in the space as one of the first auction houses to accept payment in crypto earlier in the year.
Sotheby’s had also begun to expand its footprint in the space by turning famous artworks into NFTs. In July, the auction house had auctioned off a rare artwork of Muhammad Ali’s “Fight of the Century” as an NFT.
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It also holds the world record for the largest diamond sale for crypto. Sotheby’s had successfully sold a 1010.38-carat diamond in a world record crypto sale of $12.3 million that was processed using Coinbase Commerce. Accepting live bids in Ethereum is another notch in its hat when it comes to redefining how art is collected and paid for.
Auctioning Off Banksy Pieces With Ethereum
Banksy is arguably one of the most famous street artists of recent times. The pseudonymous artist who remains unknown to the public has had pieces sell for tens of millions at auction. This will not be the first time that Sotheby’s will be selling pieces from the artist. Back in May, a Banksy artwork had sold for $12.9 million at the 300-year-old auction house.
ETH price trading below $4,700 | Source: ETHUSD on TradingView.com
Sotheby’s will be auctioning two of the artist’s pieces. This time, both of the pieces are physical works and not NFTs. The auction is scheduled to take place next week and will feature live Ethereum bids for both pieces for the first time ever.
A live auction will be held by Sotheby’s where Banksy’s “Love is in the Air” and “Trolley Hunters” will be available for collectors to bid on. The final price for the piece can be settled by the buyer in crypto (ETH, BTC, USDC), or fiat currency.
Sotheby’s Enters Into The Metaverse
The metaverse is all the rave right now, especially after social media giant Facebook had announced that it would be changing its name to Meta in anticipation of its metaverse launch. Metaverse-related tokens had soared after the Facebook announcement. However, before Facebook, now Meta, had made its announcement, Sotheby’s had made one of its own.
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Sotheby’s had launched itself fully into the NFT space with the launch of its very own metaverse marketplace. It features Ethereum NFTs curated by the auction house available for sale. This has propelled Sotheby’s forward as a force to be reckoned with in the NFT space.
Michael Bouhanna, Sotheby’s co-head of digital art sales, said of the metaverse launch; “With Sotheby’s Metaverse, we will create a new industry ecosystem that serves as a destination for the most sophisticated digital art sales and auctions, positioning Sotheby’s at the center of some of the most important NFT industry activity.”
Featured image from Nairametrics, chart from TradingView.com
Legendary Hong Kong director Wong Kar-Wai will be minting an “In The Mood For Love” NFT soon. Revered fine art auction house Sotheby’s will broker the deal. The NFT will contain never-before-seen footage from the first day of filming. How rare does that make it? Considering “In The Mood For Love” is one of the most critically acclaimed films of the century, what does this mean for the NFT space? What does it mean for Asian cinema?
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So far, this trailer for the whole event is all we have:
In the description box, Sotheby’s presents its Modern Art Sale in Hong Kong:
“Celebrated auteur Wong Kar Wai will bring his avant-garde aesthetic to Sotheby’s this October. The first Chinese filmmaker to win Best Director at the Cannes Film Festival, Wong’s sensuous cinema embodies the spirit of Modernism so it is only fitting that we will be working together on our Modern Art Sale in Hong Kong.“
ETH price chart for 09/09/2021 on Poloniex | Source: ETH/USD on TradingView.com
Tell Me More About Wong Kar-Wai ‘s First NFT
Every time film critics vote, “In the Mood for Love’s” name appears among the best films of the century. Its reputation has only increased since the movie’s 2000 release. Along with Wong Kar-Wai ‘s “Days of Being Wild” and “2046,” “In the Mood for Love” is part of an informal trilogy. And now, a lucky soul can own a digital representation of unreleased footage from the movie. In it, the two main actors play different characters than those in “In the Mood for Love.” How rare!
The auction house describes the item as:
“The star lot of Sotheby’s Modern Art Evening Sale on 9 October is the debut of Wong Kar Wai’s first ever NFT creation – “In the Mood for Love – Day One” – edited from never-before-seen footage shot on the first production day of the international masterpiece, “In The Mood For Love” (2000).”
And they quote Wong Kar-Wai himself, saying:
“Today, we are able to eternalize this first day in a brand-new form. In the world of blockchain, this arrow can chart a new course. Here’s to more of us that will live and chase that first spark in every flash.”
What Does The NFT Contain?
This rhymes with the whole Wong Kar-Wai trilogy in more ways than one. “In the Mood for Love’s” main actors, but as completely different characters. What a concept.
“Unveiled for the very first time, the NFT short film contains rare footage starring Tony Leung and Maggie Cheung as characters utterly different from the iconic lovers in the original film. This unique artwork celebrates the critical and wondrous moment when a creative idea is first conceived, while marking the first Asian film NFT ever to be offered in international auction houses.”
Will this extremely rare NFT that has a concept behind it and it’s backed up by a legendary piece of cinema break some records? So far, the world’s most expensive NFT is Beeple’s “Everydays: The First 5000 Days.” Rival auctioneers Christie’s sold it for $69,3M. That doesn’t mean Sotheby’s hasn’t been part of the game. They sold CryptoPunk #7523, AKA Covid Alien, for $11.8M.
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Currently, Sotheby’s is auctioning a lot of 101 Bored Ape Yacht Club NFTs. The highest bid is $19M and the lot closes in approximately 9 hours. Participate while you can. Or save your money for the Wong Kar-Wai one.
Featured Image: Screenshot from "In The Mood For Love" NFT | Charts by TradingView TradingView