Bankrupt crypto exchange FTX is planning on selling one of its subsidiaries, Digital Custody, Inc. (DCI), to CoinList at a massive discount. New court documents reveal that FTX is going to sell DCI, which it planned to use to provide custodial services for FTX.US and LedgerX customers, to crypto exchange CoinList for just $500,000 after […]
The post FTX Plans To Sell Digital Custody Inc to CoinList for $500,000 After Acquiring the Firm for $10,000,000 appeared first on The Daily Hodl.
FTX Trading Ltd. and its affiliates have announced a plan to sell a subsidiary it acquired for $10 million to Coinlist for $500,000, court documents filed on Feb. 9, 2024 show. The latest motion, filed in the United States Bankruptcy Court for the District of Delaware, details the proposed sale in order to maximize the […]
CoinList blamed “custodian issues” with one suffering an outage affecting “many tokens” on the platform as the reason for reported withdrawal problems.
Cryptocurrency exchange and Initial Coin Offering (ICO) platform CoinList took to Twitter to address “FUD” after a blogger tweeted that users reported being unable to withdraw funds for over a week, sparking fears the company was having liquidity issues or w insolvent.
“There is a lot of FUD going around that we would like to address head-on,” CoinList said in a Nov. 24 Twitter thread that stated the exchange is “not insolvent, illiquid, or near bankruptcy.” It said however that its deposits and withdrawals are affected by “technical issues.”
2/ We are upgrading our internal ledger systems and are migrating wallet addresses involving multiple custodians.
— CoinList (@CoinList) November 24, 2022
This is one of many efforts we are undertaking to offer our customers around the world better products and services while maintaining compliance.
Crypto-focused blogger Colin Wu had earlier tweeted to his 245,000 followers that “some community members” using CoinList have been unable to withdraw for over a week due to maintenance.
CoinList has a $35 million creditor claim with bankrupt crypto hedge fund Three Arrows Capital which Wu said in his tweet was a “loss,” that likely triggered concerns the company was insolvent or illiquid.
Looking to dampen fears that have seen bank runs on other platforms, CoinList explained that an upgrade to its internal systems and a migration of wallet addresses that involves “multiple custodians” is being undertaken.
The company cited unexplained “custodian issues” as the reason a selection of cryptocurrencies “are taking longer than anticipated to migrate” with one of its unnamed custodian partners suffering from an “outage [...] unrelated to the migration” on Nov. 23 which impacted tokens on the platform.
Its status page shows “degraded performance” for withdrawals, with four cryptocurrencies unavailable for withdrawal since Nov. 15, and one experiencing delayed deposits since Nov. 16.
“Once again, this is purely a technical issue, not a liquidity crunch,” CoinList said. It claimed to hold “all user assets dollar for dollar” and noted it plans to publish its proof of reserves.
Cointelegraph has contacted CoinList for more information but did not immediately receive a response.
Related: FTX illustrated why banks need to take over cryptocurrency
CoinList claimed on Nov. 14 that it had no exposure to the now-bankrupt FTX exchange, but users are increasingly nervous about centralized platforms and have rushed to ensure safe custody of their assets as evidenced by the surge in sales reported in mid-November by hardware wallet providers Trezor and Ledger.
Around the same time, outflows of Bitcoin (BTC) and stablecoins from exchanges hit historic highs and a corresponding uptick in activity was seen on decentralized exchanges.
The play-to-earn game’s soft launch is planned for Q1 2022, with 400,000 users already pre-registered.
Upcoming NFT based mobile role-playing game Guild of Guardians has sold out two tranches of its native token (GEMS) totaling $5.3 million.
The token sale, held on Coinlist on Nov. 30 was oversubscribed 82 times, with around 808,000 users registering. More than 10,700 new GEM holders from over 100 countries purchased a maximum of $500 worth of tokens. However users from Australian, the U.S.,Canada and China were prohibited from purchasing tokens amid mounting regulatory concerns.
GOG allocated 6% of the total 1 billion total tokens to the CoinList sale, while 63% of the supply will be distributed via community-driven events, activities, and core gameplay.
The play-to-earn game’s soft launch is planned for Q1 2022, with 400,000 users already pre-registered.
The game comes from Ukrainian developer Stepico games in partnership with Australian-based NFT layer 2 scaling solution Immutable X. Immutable X is the first layer 2 scaling solution for NFTs on Ethereum, and is backed by Galaxy Digital and Coinbase.
I'm super bullish on quality Aussie crypto projects and love to support them as I'm sure others do too so I hope the exclusion of Australians being able to invest in $IMX is just an error by @CoinList
— Nish Sequeira (@nishseq) August 26, 2021
Immutable’s Head of Marketing Nicholas Kelland said GOG is launching on mobile so that it’s accessible to most people.
“Not everyone has really robust gaming rigs and PCs and so on and so forth. So mobile was an easy choice for us.”
Just pretty damn cool, really pic.twitter.com/a3MFzrgMZt
— GuildOfGuardians (@GuildOfGuardian) November 29, 2021
The success of GOG’s successful initial DEX offering (IDO) comes as play-to-earn gaming becoming increasingly popular. In GOG, every in-game asset that users own is a tradable and exchangeable NFT.
Related: New tribes of the Metaverse — Community-owned economies
“I think the concept of in-game asset ownership is a foregone conclusion. And it's a matter of when, not if,” Kelland said, adding that “it goes back to the concept of the content creator economy and people, people basically owning this stuff that they deserve to own.”
This comes after the first Founder NFT sale in June, which raised $3 million in 24 hours. The second wave raised $5 million, and the third and final wave raised over $4 million.
Rally has generated $22 million in sales from its liquid token sale on April 4, which attracted 40,000 investors.
Social token platform Rally has completed its first “liquid token sale” on crypto asset issuance platform CoinList, with 40,000 investors snapping up RLY tokens for $0.60 each between April 1 and April 4.
The sale saw tokens distributed to investors at a set price despite RLY trading on exchanges since October, 2020. Token pricing was determined by a 20-day trailing average from March 11, 2021 to March 30, 2021 minus a 30% markdown to compensate for the RLY being locked up for 12-month a linear release.
However, investors had the opportunity to purchase RLY for less than half the price offered by CoinList on the open markets just five weeks ago.
The sale was approved through community governance in mid-March, with the 40 million RLY sodl having previously been allocated to Rally’s Community Treasury. The ballot saw 100% of the 7,400 participating token holders vote in favor of the sale. Nearly 30% of RLY are now held by Rally’s team and investors.
News of the sale appeared to drive bullish momentum for RLY, which has gained nearly 250% since trading for less than $0.29 on March 12. RLY consistently traded between $0.25 and $0.35 from mid-January until mid-May. As of this writing, RLY last changed hands for $1.
Half of the tokens will become tradable on Oct. 4, after which the remaining RLY will unlock gradually on a monthly basis. In a blog post on April 12, Coinlist revealed the offering generated $22 million. Investments were limited to $1,000 per person, with nearly two-thirds of the offering’s 115,000 registrants missing out on participating.
Rally is a blockchain-based social network that allows content creators to launch social tokens.
The social token sector — non-fungible tokens issued by content creators, brands, and communities — has been on the rise in 2021, with RLY and WHALE representing 83% of the social token market cap pack with $240 million combined.
More than 100,000 investors are trying to participate in CasperLabs’ offering on CoinList, but only about 12,000 are likely to secure tokens.
That’s about 10X more hopefuls than are likely to secure tokens in the sale.
It’s the first of three phases to Casper’s token sale and commenced on March 23 at midnight UTC. Investors are competing for 800 million CSPR tokens at prices of $0.015, with the tokens subject to a 12-month lock-up. Participants are limited to purchasing between $100 and $1,000 worth of tokens each.
If every investor invests the full $1,000 allocated to them, only 12,000 investors will be able to participate. With 15% of tokens already sold and more than 100,000 people queued up, the only way everyone will be served is if each investor tips a meager $102 into the sale.
Investors hoping to participate in Casper Labs’ CSPR token sale on CoinList are in for a rude shock, with more than 100,000 investors queuing up for the sale so far.
The token sale has broken the previous record for signups on CoinList, held be the community sale for Dapper Labs’ FLOW token which had more than 12,000 people.
After receiving more than 100,000 sign-ups for Casper’s offering, CoinList reduced purchase limits and raised the number of tokens allocated to each phase of the sale. The first phase allocation increased from 400 million CSPR (or 4% of genesis supply) to 800 million tokens (or 8%). Purchase limits were reduced from $5,000 to $1,000.
The sale’s second phase, which launches on March 25 and will see tokens sold for $0,02 with a six-month lockup, saw its allocated supply increase from 300 million to 400 million and its maximum purchase size reduced from $1 million to $250,000
The final phase of the sale will distribute tokens that will freely trade after a 40 day-vesting period. Its allocation increased from 300 million to 400 million, while purchase limits dropped from $30,000 to $5,000.
In a bid to prevent website outages amid high demand from investors, as was seen during Near’s offering on CoinList in August 2020, CoinList implemented virtual waiting room software for the Casper sale.
After beginning life as a development team working on Proof-of-Stake scaling for Ethereum 2.0, Casper Labs announced it was pivoting to build its own blockchain in April 2020. In February 2021, the team announced it had partnered with China’s Blockchain Service Network to make its smart contract platform available to developers building on the BSN.
Despite the surging demand for Casper’s token, a former employee filed a lawsuit against CapserLabs accusing the team of distributing misleading marketing materials ahead of the sale.
