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On April 30th, the Trusted Data Space Sub-Forum of the 9th Digital China Construction Summit was held in Fuzhou on April 29th. Liu Liehong, member of the Party Leadership Group of the National Development and Reform Commission and Secretary of the Party Leadership Group and Director of the National Data Administration, emphasized that the next step is to better leverage the roles of a proactive government and an effective market, using high-value scenarios as a driving force to accelerate the construction of a value closed loop for data, encompassing "resource supply—product co-creation—value realization—benefit sharing." This involves deeply developing high-value scenarios driven by applications, continuously expanding data supply based on value, promoting innovative development through products, and building a win-win ecosystem with a focus on mechanisms, thus propelling the Trusted Data Space from pilot exploration to large-scale development.April 30 – The 22nd session of the Standing Committee of the 14th National Peoples Congress (NPC) concluded on the morning of April 30 at the Great Hall of the People in Beijing. The meeting voted and adopted the newly revised Prison Law and Social Assistance Law; decided to remove Han Jun from his post as Minister of Agriculture and Rural Affairs and appoint Zhang Zhu as Minister of Agriculture and Rural Affairs, and Zhang Chengzhong as Minister of Emergency Management. President Xi Jinping signed Presidential Decrees No. 74, 75, and 76 respectively. Chairman Zhao Leji presided over the closing session. The meeting also voted and adopted the NPC Standing Committees decisions on approving the Treaty between the Peoples Republic of China and the Republic of Azerbaijan on Mutual Legal Assistance in Criminal Matters, and the Treaty on Permanent Good-Neighborliness, Friendship and Cooperation between the Peoples Republic of China and the Republics of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan.On April 30th, Anhui Zhijie completed its business registration update, appointing Guo Rui as its legal representative and chairman, marking a new stage in its Brand 2.0 strategy. It is understood that Guo Rui previously worked at Procter & Gamble, Huawei, and Honor. The companys first flagship 500,000-level high-end MPV, the Zhijie V9, has already received over 20,000 orders, reaching a crucial milestone for its market launch.On April 30th, Australias top prudential regulator announced it will take action against companies that fail to adequately control cybersecurity threats. The Australian Prudential Regulation Authority (APRA) is finalizing a plan to oversee artificial intelligence (AI) risks following a review of banks, insurance companies, and superannuation funds late last year that uncovered several deficiencies. The regulator stated these issues include inadequate information security practices to address the threats posed by AI in a timely manner, and excessive reliance on third-party AI vendors. APR stated on Thursday, "If an entity fails to adequately identify, manage, or control AI risks in a manner proportionate to its size, scope of operations, and complexity, we will take stronger regulatory action and, where appropriate, advance enforcement."On April 30, Iranian Foreign Minister Araqchi stated during a telephone conversation with Indian Foreign Minister S. Jaishankar on April 29 that the current turbulent situation in the Persian Gulf and the Strait of Hormuz is a direct consequence of the aggressive actions taken by the United States and Israel against Iran. According to Iranian sources, the two exchanged views on the ceasefire, bilateral relations, and the latest developments in the regional and international situation during the call. Araqchi said that the United States continues to threaten international freedom of navigation, and the international community should pay attention to the consequences that the US and Israel are bringing to global security and economic development. He also briefed Jaishankar on the latest progress in the ceasefire negotiations.

Crypto exchange FTX to acquire bankrupt Voyager’s assets

Cory Russell

Sep 28, 2022 14:50

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Crypto exchange FTX, whose rescue plan the insolvent institution had earlier this year been rejected, has acquired its assets in a $1.42 billion offer at an auction, according to Voyager Digital on Monday.


According to a statement from Voyager, the FTX offer consists of the fair market value of all Voyager cryptocurrencies at an unspecified future date, which is estimated to be over $1.31 billion at today's market pricing, plus an extra $111 million in additive value.


The business also said that the bankruptcy estate would continue to hold its claims against the hedge fund Three Arrows Capital and would distribute any available proceeds to the estate's creditors.


In June, Voyager sent a notice of default to the Singapore-based hedge firm for missing payments on a 15,250 bitcoin loan.


The business rejected an offer from FTX, the firm established by billionaire Sam Bankman-Fried, in July, calling it a "low-ball bid disguised up as a white knight rescue" that would obstruct its bankruptcy process.


Bankman-Fried has aggressively purchased the assets, technology, and customers of struggling crypto enterprises at low prices in an effort to support businesses in the precarious digital assets industry.


In addition to providing U.S. bitcoin lender BlockFi with a $250 million revolving credit facility in June and a contract granting FTX the ability to buy it depending on certain performance criteria, FTX disclosed in July a 7.6% investment in Robinhood Markets Inc.


During the COVID-19 epidemic, cryptocurrency lenders like Voyager had a surge in business, luring depositors with high interest rates and convenient access to loans that conventional banks seldom ever gave. The decline in the cryptocurrency markets has harmed investors and crypto firms, however.


In its Chapter 11 bankruptcy filing in July, Voyager estimated that company had between $1 billion and $10 billion in assets, as well as liabilities of a similar amount, and more than 100,000 creditors.