Today in Crypto: Genesis & Gemini File Motion to Dismiss the SEC Lawsuit, Temasek Cuts Compensation for Team Who Recommended FTX Investment, Hong Kong Police Launches ‘CyberDefender Metaverse’ Platform

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
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Legal news

• Bankrupt crypto lender Genesis Global Capital and crypto exchange Gemini are asking a US court to dismiss a lawsuit by the Securities and Exchange Commission (SEC) alleging the two sold unregistered securities, according to court filings.

Investment news

• Singapore state investor Temasek Holdings said on Monday it had cut compensation for the team that recommended its investment in the now-bankrupt FTX exchange, as well as for its senior management team, the South China Morning Post reported. The move comes around six months after Temasek initiated an internal review of its investment in FTX, which resulted in a writedown of $275 million. Temasek did not detail the amount of compensation cut.
• Gamified asset marketplace Blocktrade announced the close of its Blocktrade Exchange Token (BTEX) sale round, which ran from May 5th to 18th and followed a sold-out pre-sale round earlier this year. A total of €4.5 million ($4.8 million) worth of BTEX has been raised from over 1,400 community members in 42 countries, according to the press release.
• Michael Egorov, CEO of DeFi protocol Curve Finance, and his wife Anna Egorova have reportedly purchased two luxurious villas worth AUD 59 million (USD 38.6 million) in Melbourne, Australia. The Australian Financial Review called the purchase of a Victorian mansion ‘Avon Court’ Victoria’s “most expensive sale of 2023.” Property documents confirmed the Hawthorn estate changed hands from its previous owners, the Du family, to the new owner Anna Egorova for AUD 41 million, it said. 

Metaverse news

• The Hong Kong police introduced a new Web3 platform called “CyberDefender Metaverse” as part of their technological advancements, and it organized an inaugural event titled “Exploring the Metaverse” within the virtual realm. The Cyber Security and Technology Crime Bureau (CSTCB) of the Police made this move in order “to enlighten the public about the threats and opportunities linked with Web3 and the Metaverse, raise their awareness of new technology crimes, and bring them [a] new experience,” said the announcement. 

Exchange news

• Huobi HK, the Hong Kong arm of the global exchange, said that it would start providing spot and managed services to business and retail clients in the region, and that it applied for a virtual asset exchange license from the Hong Kong Securities Regulatory Commission. Huobi HK said it intends to work with independent auditors and plans to strengthen its security procedures over the next six months. 
• Bybit announced that it received an in-principle approval from Kazakhstan’s Astana Financial Services Authority (AFSA) to operate as a digital asset trading facility and custody services provider at the Astana International Financial Centre (AIFC), multiple media outlets reported. This approval subjects Bybit to pre-conditions that lead to permanent authorization once the exchange completes the application process. 

Blockchain news

• Fantom blockchain aims to reward projects that use its network and contribute toward high usage of gas fees. “Fantom’s Gas Monetization Program rewards eligible dApps with 15% of the gas fees they produce, giving developers extra income,” said the website. The proposal implementation will reduce Fantom’s burn rate from 20% to 5% and redirect this 15% reduction toward gas monetization, which will then reward dapps, retain creators, and support Fantom’s network infrastructure, it explained.