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<ul></ul> <ul><li>Dubai decentralized finance <keyword id="14454522" type="General" weightage="80" keywordseo="platform-zkx" source="Orion">platform ZKX</keyword> has raised $4.5 million seed funding amidst a crashing crypto market. </li><li>Investors include <keyword id="14454521" type="General" weightage="80" keywordseo="starkware" source="Orion">StarkWare</keyword>, <keyword id="11167283" type="General" weightage="80" keywordseo="alameda-research" source="Orion">Alameda Research</keyword>, <keyword id="14454525" type="General" weightage="80" keywordseo="amber-group" source="Orion">Amber Group</keyword>, Huobi and Crypto.com. </li><li>The platform specializes in faster transactions on blockchain with minimal gas fees. </li></ul> Dubai-based <keyword id="4164994" type="General" weightage="100" keywordseo="defi" source="Orion">DeFi</keyword> platform ZKX raised $4.5 million in seed funding today from StarkWare, Alameda Research, Amber Group, Huobi, Crypto.com and others. The decentralized finance platform helps make faster transactions and keeps gas fees low, and is built on StarkNet. These funds were raised in spite of a cryptocrash in particular and funding winter in general. “The downturn is driven by the Federal Reserve tightening interest rates and driving de-risking across asset classes. Alameda, Crypto.com, and our other partners have been actively fostering and building the Web3 ecosystem for years. This should only strengthen the ecosystem in the long run by cleaning up the bad apples and focusing on the strongest players,” said <keyword id="14454523" type="General" weightage="80" keywordseo="eduard-jubany-tur" source="Orion">Eduard Jubany Tur</keyword>, Founder at ZKX. The funding will go towards further development of its open-source protocol, DAO funding and growth of the ZXK ecosystem. ZKX was founded in 2021 by Eduard <keyword id="14454524" type="General" weightage="80" keywordseo="jubany" source="Orion">Jubany</keyword> Tur, Naman Sehgal, and Vitaly Yakovlev. The team has hired from Flipkart, PayTM, and Byju’s, with decades of shared experience in venture building and scaling technology startups in over eight countries. It had earlier received investment from Sandeep Nailwal, co-Founder, Polygon, and <keyword id="14454526" type="General" weightage="80" keywordseo="ashwin-ramachandran" source="Orion">Ashwin Ramachandran</keyword>, General <keyword id="6399933" type="General" weightage="80" keywordseo="partner" source="Orion">Partner</keyword>, DragonFly Capital. The platform aims to address some of the key challenges of the DeFi market, such as over-reliance on centralized entities, scalability, high gas fees for traders and painful user experience. “We are determined to build an exchange that breaks down the barriers to using DeFi by building a protocol that enables trading derivatives of assets on StarkNet. Our goal is to expand our reach across emerging markets, enabling users to have fair representation within a DAO,” said Jubany.

Dubai-based DeFi platform raises $4.5 million in seed funding

<ul class="summary-list"><li><keyword id="14273678" type="UNKNOWN" weightage="60" keywordseo="three-arrows" source="Orion">Three Arrows</keyword> Capital founder Zhu Su tweeted that liquidators were "baiting" the founders of the bankrupt hedge fund.</li><li>Su tweeted the accusation a day after reports said the firm was not cooperating. </li></ul>Three Arrows Capital founder Zhu Su on Tuesday responded to reports that he and his co-founder, Kyle Davies, weren't cooperating with liquidators in <keyword id="11976192" type="UNKNOWN" weightage="60" keywordseo="bankruptcy" source="Orion">bankruptcy</keyword> proceedings. The founders of the now defunct crypto hedge fund were said to be avoiding contact with creditors and their physical whereabouts were unknown. In a tweet on Tuesday morning, Su posted a screenshot of a communication from the firm's lawyers that appeared to accuse liquidators of "baiting" Three Arrows' executives into good faith negotiations when they had already referred the case to a US bankruptcy court. "Sadly, our good faith to cooperate with the Liquidators was met with baiting," Su tweeted. He <a href="https://twitter.com/zhusu/status/1546801270014758912?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1546801270014758912%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fblockworks.co%2F3acs-zhu-and-davies-to-skip-liquidators-court-hearing-email-shows%2F">attached screenshots of two email exchanges</a> between Teneo, the advisory firm expected to advise on the <keyword id="14427246" type="UNKNOWN" weightage="60" keywordseo="liquidation" source="Orion">liquidation</keyword> of the hedge fund's remaining assets, and Advocatus Law, which is representing Three Arrows."It now appears clear why your Singapore solicitors were keen to ask if the discussions were a 'without prejudice' basis," Advocatus wrote. "It was to use the discussions in Court filings without notice to our clients."The email refers to Teneo's claim that <a href="https://markets.businessinsider.com/news/currencies/three-arrows-3ac-founders-not-cooperating-liquidators-crypto-crash-bankruptcy-2022-7">Davies and Su had not given "meaningful cooperation"</a> in bankruptcy proceedings, adding that the hedge fund's founders could not be found at their office and were not responsive in a Zoom call scheduled last week. In response, the email asked liquidators to acknowledge they were previously told Davies and Su had been receiving "threats of physical violence" and "have been working under a lot of time pressure."The email also said that a spreadsheet listing Three Arrows' assets was attached, as liquidators had previously requested a subpoena be issued for Davies and Su in order to access information on the firm's holdings, records, and other financial details.Another email screenshotted by Su accused Teneo of causing Three Arrows to "lose substantial value," as the advisory firm had ignored a purchase offer from StarkWare, a blockchain startup based in Israel."The Liquidators' conduct on the StarkWare Exercise may constitute a breach of their duties," Advocatus said, asking liquidators to confirm details of the purchase offer. The emails from Advocatus added that Davies and Su would not be attending a call scheduled with Teneo for Tuesday evening. Davies and Su were also not in attendance at the <a href="https://www.reuters.com/technology/crypto-hedge-fund-three-arrows-liquidators-get-ok-claim-us-assets-2022-07-12/">emergency court hearing today</a>, Reuters reported, during which Teneo was granted official access to the crypto hedge fund's US assets."We will let you know when our clients can reasonably be expected to speak with you," the email from Advocatus said.

Three Arrows Capital founder accuses liquidators of 'baiting' a day after reports said the hedge fund execs were not cooperating in bankruptcy proceedings

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Getty</div></div></div><ul class="summary-list"><li>The cryptocurrency market was in disarray last year, but that doesn't mean the crypto world is all doom and gloom.</li><li>Business Insider gathered comments from three prominent crypto investors to get a sense of the big developments and trends they expect to see in 2019.</li></ul>While the cryptocurrency market wrapped up 2018 with a slump, it's not all doom and gloom.We gathered comments from three prominent crypto players to get a sense of the big developments and trends they expect to see in 2019:<h3>Paul Veradittakit, Pantera Capital</h3>Veradittakit is a partner at Pantera Capital, one of the first cryptocurrency investment firms, where he focuses on venture capital and hedge-fund investments. Pantera has rounded up more than $120 million for its third venture fund, known as Venture Fund III, and has used the new funding to invest in projects <a href="https://www.businessinsider.com/bitcoin-platform-by-ice-could-lure-wall-street-institutions-2018-8">including the digital-asset platform Bakkt</a>, Blockfolio, StarkWare, and Synthetic Minds.Amid tightening regulations, Veradittakit has seen a new trend emerge in the crypto fundraising space: Crypto or blockchain-related companies are raising new funds by selling new shares, rather than issuing additional tokens."A bunch of companies that raised capital using the initial-coin-offering structure either have managed their treasury poorly or realized that they haven't found a strong use case for their token - they are in need of more capital and to raise an equity round," he said.<a href="http://newsletter.businessinsider.com/join/4np/wall-st-insider&amp;hash=f4e91136c13f3c40c496d77bc7347502">Sign up here</a> for our weekly "Wall Street Insider" newsletter, a behind-the-scenes look at the stories dominating banking, business, and big deals.Crypto firms that raised money early on are going backward, fine-tuning their documentation and tightening up know-your-customer rules to identify whether an investor is accredited, he said.Pantera Capital has invested in more than 40 crypto and blockchain projects through its initial-coin-offering fund. The firm said in a monthly newsletter that roughly 25% of those projects might have run afoul of US securities regulations and may need to refund money to their investors, <a href="https://www.reuters.com/article/us-cryptocurrencies-pantera/pantera-says-some-tokens-in-portfolio-likely-noncompliant-with-sec-rules-idUSKBN1OC32Q">Reuters reported in December</a>.Veradittakit laid out three key themes he's watching in 2019.One is <a href="https://www.businessinsider.com/tagomi-prime-brokerage-service-launches-for-crypto-2018-12">an institutionalization of the crypto space</a>, meaning the industry is likely to see the launches of more fully regulated and licensed products, from security tokens to new crypto derivative products, serving as a bridge between institutional investors and the cryptocurrency market. In addition, custody, trading infrastructure, and data will be important for compliance and performance.The second is tools for developers to build compliant and better user-interfacing apps. Examples include smart contract auditing and on-ramps, or ways to turn fiat currency into crypto or stablecoins.He's also keeping an eye on companies that are building applications on top of decentralized protocols. For example, companies that are building markets on Augur, an ethereum-based prediction market protocol that allows users to bet on the outcome of future events, from the results of the presidential election to the price of top cryptocurrencies, to get monetary rewards.Another example is companies creating a domain service on Handshake, an ongoing cryptocurrency project backed by a slew of prominent venture capitalists in the crypto space including A16z Crypto, Boost VC, Pantera Capital, Polychain Capital and Founders Fund.<h3>Fred Wilson, Union Square Ventures</h3>Crypto won't be a haven from overall volatility in the stock market, Fred Wilson, a notable venture capitalist who cofounded Union Square Ventures, <a href="https://avc.com/author/fred8784/page/2/">said in a blog post</a> on January 1."I think we will see major dislocations in the leadership of the United States, a bear market in stocks, a weakening economy, a number of issues with the global economy including a messy Brexit and a sluggish China," he wrote. "All of this will lead to a more cautious stance by investors in the startup economy. And crypto will not be a safe haven for any of this although there will be signs of life in crypto land in 2019."That said, he expects the crypto bear market to eventually bottom out sometime this year."I expect we will see some bullish runs, followed by selling pressures taking us back to retest the lows," he wrote. "I think this bottoming out process will end sometime in 2019 and we will slowly enter a new bullish phase in crypto."Wilson also said he anticipated seeing meaningful progress and more widespread consumer adoption in areas like stablecoins, non-fungible tokens, and crypto gaming.<h3>Anthony Pompliano, Morgan Creek Digital</h3>Pompliano, also known as "Pomp," is a founding partner at Morgan Creek Digital and <a href="https://twitter.com/APompliano?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor">a notable crypto Twitter personality</a>. In November, he <a href="https://offthechain.substack.com/p/icos-and-crypto-fund-managers-are">warned in a Medium post</a> that a wave of crypto hedge funds could shut down because of the incentive fees structure and the prolonged crypto bear market.Pompliano said he expected some crypto hedge funds to suffer "high water mark issues," referring to a contractual clause that ensures "fund managers only receive their performance fee ... if the fund's net asset value is higher today than in any previous investment period."After peaking at $20,000 in December 2017, bitcoin has fallen below $4,000 per coin; altcoins also suffered significant losses last year."We have seen 50-80% decreases in net asset values in some funds since then," Pompliano said. "This means these fund managers will not receive a performance fee in 2018, which drastically reduces the income of the individual manager."Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a>

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