This article is more than three months old

FTX former legal adviser files to dismiss class-action lawsuit; South Korean company offers NFT K-pop tickets

FTX former legal adviser files to dismiss class-action lawsuit; South Korean company offers NFT K-pop tickets
Former CEO of bankrupt crypto exchange FTX Sam Bankman-Fried: Credit: Joe Schildhorn/BFA.com/Shutterstock

Happy Sunday!

Fenwick & West, a law firm that previously provided legal services to bankrupt exchange FTX and its former CEO Sam Bankman-Fried, has filed for dismissal of a class-action lawsuit, while South Korean entertainment company Dreamus is offering NFT K-pop tickets, and Dubai-based crypto exchange JPEX is under investigation in Hong Kong. Read on!

Former FTX advisers dispute lawsuit

Fenwick & West, a law firm that formerly provided services to bankrupt crypto exchange FTX, filed to dismiss a class-action lawsuit claiming that it assisted in the exchange’s alleged frauds, Cointelegraph reported.

The law firm denied all accusations of misconduct, contending that while it had provided FTX with regular, lawful legal services, former CEO Sam Bankman-Fried had misused its advice.

Stay ahead of the game with our weekly newsletters

Dreamus offers NFT K-pop ticketing

Dreamus, a South Korean entertainment company, is offering NFT ticketing services through its parent SK Planet’s rewards app, Cryptonews reported.

Fans can buy tickets to events including K-pop concerts in the form of Avalanche NFTs on SK Planet’s private Avalanche subnet, the report said.

Community votes to stop USTC minting

The Terra Classic community voted to stop minting and reminting TerraUSD Classic (USTC), as it looks to restore a stable peg to the US dollar, Cointelegraph reported.

About 59% of the community voted to stop minting USTC, while 40% were opposed. USTC depegged from the US dollar in May 2022, causing Terra to collapse and eventually leading to billions in losses in the broader market.

Join the community to get our latest stories and updates

JPEX investigated by Hong Kong

Crypto trading platform JPEX is being probed by Hong Kong police after about 2,000 investors complained of $166 million in losses, the BBC reported. Hong Kong’s Securities and Futures Commission recently said Dubai-based JPEX had been operating without a licence for trading digital assets.

The case may provide a test for Hong Kong’s new financial regulations. JPEX said it had “strived to comply” with the rules that took effect in June, but its efforts were “dismissed or sidestepped with official rhetoric,” according to the report.

Coinbase secures Bank of Spain approval

Coinbase was approved by the Bank of Spain as a Bitcoin and digital assets exchange and custodial wallet service provider, Crypto.News reported.

Nana Murugesan, Coinbase’s vice president of international and business development, said the approval will allow the company to expand its services for retail consumers, institutional clients, and developer partners in the region, according to the report.

What we’re reading around the web

European Crypto Asset Manager CoinShares to Enter U.S. Hedge Fund FrayCoinDesk

Surprising report finds 41% of asset managers see ‘very strong’ crypto growth aheadDL News

Ripple’s legal bills hit $200 million as crypto industry looks to AsiaFortune