GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- FTX and Bybit Reach $228 Million Settlement, Pending Court Approval

- Banco Bisa Introduces USDT Custody, Enabling Crypto Transactions in Bolivia

- Animoca Brands Set to Release ‘Ghost in the Shell’ NFTs on October 31

- Phantom Wallet Downtime Affects Solana Users Amid GRASS Airdrop

- Metaplanet Now Holds Over 1,000 Bitcoin After New $10M Buy

- Hana Network Raises $4M for ‘Hypercasual Finance’ Initiative

FTX Settles $228 Million Legal Battle with Bybit, Recovering Key Assets for Creditors 

FTX has secured a $228 million settlement with Bybit and its investment branch, Mirana, aiming to recover critical assets for creditors. Pending court approval on November 20, the settlement would allow FTX to reclaim approximately $175 million in digital assets held on Bybit’s platform and around $53 million in BIT tokens from Mirana. This resolution comes nearly a year after FTX initiated legal proceedings against Bybit, originally seeking $1 billion in damages. FTX alleged that Bybit and Mirana leveraged privileged access to withdraw substantial funds just before FTX’s 2022 collapse, which had left many users unable to retrieve their assets. FTX’s lawsuit claimed that Bybit and Mirana used “VIP” status to expedite withdrawals while other users faced restrictions. The filings suggest that Mirana’s transactions were recorded in FTX’s proprietary database, showing priority access.

Additionally, Mirana reportedly pressured FTX staff to fulfill its withdrawal requests during the platform’s operational freeze. With mounting legal costs, FTX’s legal team opted for a settlement to accelerate the recovery of assets for creditors. This agreement, if approved, is set to enhance FTX’s restructuring strategy, which aims to reimburse creditors at least 118% of their original claims. The estate has already seen progress, with recent legal victories including the dismissal of a claim against its former counsel, Sullivan & Cromwell. Further, FTX and Alameda Research recently unstaked 178,631 SOL tokens worth around $28 million, sparking concerns about a possible selloff affecting Solana’s price. The Bybit settlement, if finalized, is expected to advance FTX’s liquidation efforts, bringing creditors closer to recouping their losses.

Bolivia’s Banco Bisa Launches USDT Custody Service, Opening Regulated Crypto Transactions for Bolivian Clients

Bolivian bank Banco Bisa has launched a USDT (Tether) custody service, allowing clients to securely buy, sell, and transfer the stablecoin under a regulated framework. This new initiative lets Banco Bisa clients conduct cross-border payments, transact with relatives, and store digital assets through verified channels, which the bank says will enhance security and lower risks in the cryptocurrency market. In line with Bolivia's recent regulatory shift, Yvette Espinoza of the Autoridad de Supervisión del Sistema Financiero (ASFI) highlighted the bank's efforts to provide a safer environment for digital asset transactions. Banco Bisa's service offers affordability and convenience, with fees ranging from $5 to $14.50 depending on transaction size, and international dollar transfers costing around $40.50. Daily transaction limits are capped at 10,000 USDT, with a minimum entry point of 200 USDT, designed to appeal to both seasoned and new crypto users.

According to Franco Urquidi, Banco Bisa’s vice president of business, the bank's verification process ensures secure and transparent transactions, instilling confidence in customers exploring digital assets. This launch marks Bolivia’s latest shift in its approach to cryptocurrency. After prohibiting Bitcoin and other digital currencies in 2014 to safeguard its national currency, Bolivia lifted this ban in June 2024, aiming to foster economic growth and align with Latin America’s rising crypto adoption. The Banco Central de Bolivia has since reported a surge in digital asset trading, with an average of $15.6 million transacted monthly between July and September. While Bolivia has embraced regulated cryptocurrency transactions, a formal tax policy for digital assets remains absent.

Animoca Brands to Launch ‘Ghost in the Shell’ Movie NFTs, Bringing Classic Anime to the Ethereum Blockchain

Anime and NFT fans have reason to celebrate as Animoca Brands, the Hong Kong-based blockchain gaming giant, prepares to launch a non-fungible token (NFT) collection inspired by the iconic anime movie Ghost in the Shell. This collection, set for release on October 31, 2024, will introduce 500 exclusive NFTs featuring Ghost in the Shell artwork on the Ethereum blockchain. Each NFT will be priced at 0.018 ETH and available on Animoca's SORAH platform, an NFT marketplace aimed at bridging Web3 users across Japan and beyond. Animoca Brands, a significant player in the blockchain and digital entertainment space, has developed an expansive portfolio, including games like The Sandbox and Crazy Defense Heroes, alongside projects like REVV and SAND tokens. This collection marks Animoca’s first AnimeTraits NFT series and showcases its vision of integrating popular culture into the blockchain ecosystem to create a decentralized digital economy for gamers and enthusiasts.

The Ghost in the Shell series, directed by Mamoru Oshii, has a strong legacy as a cyberpunk anime classic that has spawned sequels, video games, and live-action adaptations. Originally launched as an adult animated tech noir action film in 1995, the series has captivated audiences worldwide with its exploration of human and artificial intelligence themes. Animoca aims to honor this legacy by introducing it to crypto collectors and anime fans through blockchain technology. This new NFT collection follows Animoca's mission to establish digital property rights, empowering Web3 communities and expanding play-to-earn economies within an open metaverse framework. By blending blockchain with beloved anime, Animoca hopes to draw anime enthusiasts into the expanding world of NFTs.

Solana's Phantom Wallet Faces Downtime During GRASS Token Airdrop, Causing Inaccurate Account Balances

Solana’s primary wallet, Phantom, is experiencing downtime, impacting users with inaccurate account balances during the anticipated GRASS token airdrop. The Phantom team acknowledged the issue on their status page, labeling it a "major incident," but assured users that their funds remain safe. Although both the browser extension and mobile app are still functional, some users have reported difficulties viewing correct balance information. The timing of this outage has been particularly inconvenient as it coincides with an airdrop event from the Solana-based decentralized app Grass, which is distributing 10% of its GRASS token supply to eligible users.

Phantom advised users to disregard simulation errors and attempt transactions through decentralized applications if needed. Phantom has faced similar issues this year, with previous incidents causing delays in balance updates in February and temporary visibility issues in August, both of which were resolved swiftly. Despite the current disruption, the Phantom team is actively working to restore full functionality and has yet to release details on the cause of the outage.

Japan’s Metaplanet Surpasses 1,000 Bitcoin in Holdings With Additional $10 Million Investment

Japanese investment firm Metaplanet Inc., listed on the Tokyo Stock Exchange, has expanded its Bitcoin holdings to over 1,000 BTC following a $10.4 million purchase, bringing its total to 1,018.17 BTC valued at approximately $68.8 million. This latest acquisition of 156.78 BTC was completed at an average price of 10.2 million yen ($66,436) per Bitcoin. Metaplanet's ongoing accumulation strategy has made it one of Asia’s largest corporate Bitcoin holders. Since announcing Bitcoin as its treasury reserve asset in May, Metaplanet has actively increased its holdings, which grew from 141.07 BTC in June to nearly 400 BTC by September.

The company's recent acquisitions have been funded through both capital market activities and operational revenue, including a significant 10 billion yen ($66 million) raised last week via stock acquisition rights offered to shareholders. Despite its Bitcoin accumulation, Metaplanet clarified that holding its common shares does not equate to any ownership of its Bitcoin assets. The firm’s stock has surged, with a 5.9% increase on Monday, a 14.7% rise over the past month, and a significant 610% gain year-to-date. This rise accompanies broader gains in Japan’s Nikkei 225 index, which was up 2.07% today.

Hana Network Secures $4M in Builders Round to Advance ‘Hypercasual Finance’ Across Social Networks

Hana Network, the startup pioneering “Hypercasual Finance,” has successfully raised $4 million in a builders round, attracting investment from major contributors such as Sushiswap, Alliance, and Orange DAO. Founded in 2023 by Kohei Hanasaka, Hana Network aims to simplify the crypto onboarding process by integrating finance options directly into social networks. The new capital will support the network's mission to make crypto more accessible through casual financial interactions like attention incentives, social tipping, and peer-to-peer (P2P) funding.

Hana Network's goal is to bridge the gap between traditional centralized exchanges and a more interactive, community-driven financial experience. Following the January 2024 launch of Hana Gateway, a secure on/off-ramp for users, Hana has structured its mainnet launch into four phases. The recently completed Phase 1 introduced users to “Hanafuda,” a hyper-casual card game where they can earn rewards. Future phases aim to add social clubs, real-time communication tools, and real-world financial connectivity. With its focus on making crypto interactions more approachable, Hana Network hopes to create a new entry point for the unbanked and newcomers, ultimately evolving financial engagement on popular social media platforms.

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