Justin Sun walked into the room flanked by his usual entourage of bodyguards and advisers and made his way to the stage. Behind him, a banana was duct taped in position on a white wall. On either side, two blank-faced men in white shirts and black aprons stared into the sea of cameras and smartphones. I wondered what they were thinking.

As for what I was thinking, it was something along the lines of how ridiculous this all was. To give some background, on Nov. 21 Tron founder Justin Sun paid a whopping $6.2 million — including $1 million in commission — at an auction at Sotheby’s in New York for an <a href="https://www.sothebys.com/en/buy/auction/2024/contemporary-evening-auction-2/comedian" target="_blank">artwork called </a><a href="https://www.sothebys.com/en/buy/auction/2024/contemporary-evening-auction-2/comedian" target="_blank">Comedian</a>. The work, created by modern artist Maurizio Cattelan in 2019, is the aforementioned banana duct taped to the wall.

The reaction among many observers was the typical one seen whenever anyone spends a large sum of money on modern art: bewilderment, a bit of disgust, an eye roll. I think people who don’t like art can still appreciate the skill that goes into paintings or sculptures. If works like Comedian or Unmade Bed have any artistic merit, I cannot comprehend it. Tron’s public relations team assured me art is subjective.

But it’s memecoin season and things with absolutely no intrinsic value are very in right now. So it was hardly surprising that shortly after buying the banana-and-duct-tape combo, Sun said he planned to eat it.

This has happened twice before: Once in 2019, when a performance artist took it from the Art Basel in Miami shortly after it was sold for $120,000. Then again by a South Korean art student at the Leeum Museum of Art in Seoul in 2023.

It doesn’t affect the artwork. The banana and duct tape are replaced regularly anyway.

The consumption took place at the 5-star Peninsula Hotel in the Tsim Sha Tsui area of Hong Kong on Friday, a stone’s throw from some of the city’s most notorious doss houses.

The crowd consisted of a mix of journalists and people from the art and crypto industries, Tron and Sotheby’s employees and so-called key opinion leaders (KOLs). I mean the sort of people who wear clothes that look like they came from the local market, but probably cost thousands of dollars — U.S. dollars, not Hong Kong. One fellow journalist had flown all the way from Shanghai just for the event. Around us in the foyer, servers in white suit jackets served wine and other refreshments.

An information board near the entrance said Sun sought to immerse himself in the performance art of Cattelan, with Comedian as his muse. “He envisions this iconic piece as a catalyst for sparking dialogues and exchanges,” the text read.

Other people I spoke to in attendance were more skeptical, characterizing the event as little more than a marketing gimmick.

It’s not the first time Sun has courted the limelight. In 2019, he paid $4.57 million at a charity auction to have lunch with Warren Buffett. In April this year, he commissioned a theme song for Tron written by legendary movie composer Hans Zimmer.

He also served as <a href="https://www.coindesk.com/business/2021/12/17/justin-sun-is-retiring-from-tron-but-not-crypto" target="_blank">Grenada's permanent representative</a> to the World Trade Organization and, more recently, became prime minister of the libertarian <a href="https://liberland.org/about" target="_blank">micronation Liberland</a>, which is located in a floodplain on the Croatian side of the Danube.

Sun has also made the headlines in far less whimsical ways. Last year the U.S. Securities and Exchange Commission <a href="https://www.sec.gov/newsroom/press-releases/2023-59" target="_blank">charged</a> him with fraud and other securities law violations, including “fraudulently manipulating the secondary market for TRX through extensive wash trading.” Sun responded on X that the suit was without merit.

Meanwhile, his lawyers have <a href="https://coingeek.com/justin-sun-tron-threaten-to-sue-coingeek-for-reporting-on-blockchain-terror-ties/" target="_blank">threatened media outlets</a> with legal action when they report on Tron’s use by terrorist groups.

Perhaps the hope was that the banana would bring everyone together and let them forget about this. Indeed, Sun seems to believe the banana is the start of some sort of mass movement. “Is it simply a banana or something belonging to all of us?” he asked at one point.

He compared the process of replacing the banana every few days to the changing Chinese dynasties over the millennia. He praised the banana for how much traffic and attention it had brought himself and Tron. He noted that the banana’s value went beyond the limits of money.

Then he ate it.

November in Hong Kong seems to just be the prime season for odd crypto events. Fortunately, unlike <a href="https://www.coindesk.com/business/2023/11/06/apefest-attendees-report-severe-eye-burn-bayc-says-less-than-1-have-symptoms" target="_blank">ApeFest last November</a>, this time nobody was hospitalized. Instead, upon leaving attendees received a replica of Comedian along with a roll of duct tape and a spare banana.

At least that’s my breakfast tomorrow sorted.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Justin Sun walked into the room flanked by his usual entourage of bodyguards and advisers and made his way to the stage. Behind him, a banana was duct taped in position on a white wall. On either side, two blank-faced men in white shirts and black aprons stared into the sea of cameras and smartphones. I wondered what they were thinking.

As for what I was thinking, it was something along the lines of how ridiculous this all was. To give some background, on Nov. 21 Tron founder Justin Sun paid a whopping $6.2 million — including $1 million in commission — at an auction at Sotheby’s in New York for an <a href="https://www.sothebys.com/en/buy/auction/2024/contemporary-evening-auction-2/comedian" target="_blank">artwork called </a><a href="https://www.sothebys.com/en/buy/auction/2024/contemporary-evening-auction-2/comedian" target="_blank">Comedian</a>. The work, created by modern artist Maurizio Cattelan in 2019, is the aforementioned banana duct taped to the wall.

The reaction among many observers was the typical one seen whenever anyone spends a large sum of money on modern art: bewilderment, a bit of disgust, an eye roll. I think people who don’t like art can still appreciate the skill that goes into paintings or sculptures. If works like Comedian or Unmade Bed have any artistic merit, I cannot comprehend it. Tron’s public relations team assured me art is subjective.

But it’s memecoin season and things with absolutely no intrinsic value are very in right now. So it was hardly surprising that shortly after buying the banana-and-duct-tape combo, Sun said he planned to eat it.

This has happened twice before: Once in 2019, when a performance artist took it from the Art Basel in Miami shortly after it was sold for $120,000. Then again by a South Korean art student at the Leeum Museum of Art in Seoul in 2023.

It doesn’t affect the artwork. The banana and duct tape are replaced regularly anyway.

The consumption took place at the 5-star Peninsula Hotel in the Tsim Sha Tsui area of Hong Kong on Friday, a stone’s throw from some of the city’s most notorious doss houses.

The crowd consisted of a mix of journalists and people from the art and crypto industries, Tron and Sotheby’s employees and so-called key opinion leaders (KOLs). I mean the sort of people who wear clothes that look like they came from the local market, but probably cost thousands of dollars — U.S. dollars, not Hong Kong. One fellow journalist had flown all the way from Shanghai just for the event. Around us in the foyer, servers in white suit jackets served wine and other refreshments.

An information board near the entrance said Sun sought to immerse himself in the performance art of Cattelan, with Comedian as his muse. “He envisions this iconic piece as a catalyst for sparking dialogues and exchanges,” the text read.

Other people I spoke to in attendance were more skeptical, characterizing the event as little more than a marketing gimmick.

It’s not the first time Sun has courted the limelight. In 2019, he paid $4.57 million at a charity auction to have lunch with Warren Buffett. In April this year, he commissioned a theme song for Tron written by legendary movie composer Hans Zimmer.

He also served as <a href="https://www.coindesk.com/business/2021/12/17/justin-sun-is-retiring-from-tron-but-not-crypto" target="_blank">Grenada's permanent representative</a> to the World Trade Organization and, more recently, became prime minister of the libertarian <a href="https://liberland.org/about" target="_blank">micronation Liberland</a>, which is located in a floodplain on the Croatian side of the Danube.

Sun has also made the headlines in far less whimsical ways. Last year the U.S. Securities and Exchange Commission <a href="https://www.sec.gov/newsroom/press-releases/2023-59" target="_blank">charged</a> him with fraud and other securities law violations, including “fraudulently manipulating the secondary market for TRX through extensive wash trading.” Sun responded on X that the suit was without merit.

Meanwhile, his lawyers have <a href="https://coingeek.com/justin-sun-tron-threaten-to-sue-coingeek-for-reporting-on-blockchain-terror-ties/" target="_blank">threatened media outlets</a> with legal action when they report on Tron’s use by terrorist groups.

Perhaps the hope was that the banana would bring everyone together and let them forget about this. Indeed, Sun seems to believe the banana is the start of some sort of mass movement. “Is it simply a banana or something belonging to all of us?” he asked at one point.

He compared the process of replacing the banana every few days to the changing Chinese dynasties over the millennia. He praised the banana for how much traffic and attention it had brought himself and Tron. He noted that the banana’s value went beyond the limits of money.

Then he ate it.

November in Hong Kong seems to just be the prime season for odd crypto events. Fortunately, unlike <a href="https://www.coindesk.com/business/2023/11/06/apefest-attendees-report-severe-eye-burn-bayc-says-less-than-1-have-symptoms" target="_blank">ApeFest last November</a>, this time nobody was hospitalized. Instead, upon leaving attendees received a replica of Comedian along with a roll of duct tape and a spare banana.

At least that’s my breakfast tomorrow sorted.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Justin Sun walked into the room flanked by his usual entourage of bodyguards and advisers and made his way to the stage. Behind him, a banana was duct taped in position on a white wall. On either side, two blank-faced men in white shirts and black aprons stared into the sea of cameras and smartphones. I wondered what they were thinking.

As for what I was thinking, it was something along the lines of how ridiculous this all was. To give some background, on Nov. 21 Tron founder Justin Sun paid a whopping $6.2 million — including $1 million in commission — at an auction at Sotheby’s in New York for an <a href="https://www.sothebys.com/en/buy/auction/2024/contemporary-evening-auction-2/comedian" target="_blank">artwork called </a><a href="https://www.sothebys.com/en/buy/auction/2024/contemporary-evening-auction-2/comedian" target="_blank">Comedian</a>. The work, created by modern artist Maurizio Cattelan in 2019, is the aforementioned banana duct taped to the wall.

The reaction among many observers was the typical one seen whenever anyone spends a large sum of money on modern art: bewilderment, a bit of disgust, an eye roll. I think people who don’t like art can still appreciate the skill that goes into paintings or sculptures. If works like Comedian or Unmade Bed have any artistic merit, I cannot comprehend it. Tron’s public relations team assured me art is subjective.

But it’s memecoin season and things with absolutely no intrinsic value are very in right now. So it was hardly surprising that shortly after buying the banana-and-duct-tape combo, Sun said he planned to eat it.

This has happened twice before: Once in 2019, when a performance artist took it from the Art Basel in Miami shortly after it was sold for $120,000. Then again by a South Korean art student at the Leeum Museum of Art in Seoul in 2023.

It doesn’t affect the artwork. The banana and duct tape are replaced regularly anyway.

The consumption took place at the 5-star Peninsula Hotel in the Tsim Sha Tsui area of Hong Kong on Friday, a stone’s throw from some of the city’s most notorious doss houses.

The crowd consisted of a mix of journalists and people from the art and crypto industries, Tron and Sotheby’s employees and so-called key opinion leaders (KOLs). I mean the sort of people who wear clothes that look like they came from the local market, but probably cost thousands of dollars — U.S. dollars, not Hong Kong. One fellow journalist had flown all the way from Shanghai just for the event. Around us in the foyer, servers in white suit jackets served wine and other refreshments.

An information board near the entrance said Sun sought to immerse himself in the performance art of Cattelan, with Comedian as his muse. “He envisions this iconic piece as a catalyst for sparking dialogues and exchanges,” the text read.

Other people I spoke to in attendance were more skeptical, characterizing the event as little more than a marketing gimmick.

It’s not the first time Sun has courted the limelight. In 2019, he paid $4.57 million at a charity auction to have lunch with Warren Buffett. In April this year, he commissioned a theme song for Tron written by legendary movie composer Hans Zimmer.

He also served as <a href="https://www.coindesk.com/business/2021/12/17/justin-sun-is-retiring-from-tron-but-not-crypto" target="_blank">Grenada's permanent representative</a> to the World Trade Organization and, more recently, became prime minister of the libertarian <a href="https://liberland.org/about" target="_blank">micronation Liberland</a>, which is located in a floodplain on the Croatian side of the Danube.

Sun has also made the headlines in far less whimsical ways. Last year the U.S. Securities and Exchange Commission <a href="https://www.sec.gov/newsroom/press-releases/2023-59" target="_blank">charged</a> him with fraud and other securities law violations, including “fraudulently manipulating the secondary market for TRX through extensive wash trading.” Sun responded on X that the suit was without merit.

Meanwhile, his lawyers have <a href="https://coingeek.com/justin-sun-tron-threaten-to-sue-coingeek-for-reporting-on-blockchain-terror-ties/" target="_blank">threatened media outlets</a> with legal action when they report on Tron’s use by terrorist groups.

Perhaps the hope was that the banana would bring everyone together and let them forget about this. Indeed, Sun seems to believe the banana is the start of some sort of mass movement. “Is it simply a banana or something belonging to all of us?” he asked at one point.

He compared the process of replacing the banana every few days to the changing Chinese dynasties over the millennia. He praised the banana for how much traffic and attention it had brought himself and Tron. He noted that the banana’s value went beyond the limits of money.

Then he ate it.

November in Hong Kong seems to just be the prime season for odd crypto events. Fortunately, unlike <a href="https://www.coindesk.com/business/2023/11/06/apefest-attendees-report-severe-eye-burn-bayc-says-less-than-1-have-symptoms" target="_blank">ApeFest last November</a>, this time nobody was hospitalized. Instead, upon leaving attendees received a replica of Comedian along with a roll of duct tape and a spare banana.

At least that’s my breakfast tomorrow sorted.

Justin Sun walked into the room flanked by his usual entourage of bodyguards and advisers and made his way to the stage. Behind him, a banana was duct taped in position on a white wall. On either side, two blank-faced men in white shirts and black aprons stared into the sea of cameras and smartphones. I wondered what they were thinking.

As for what I was thinking, it was something along the lines of how ridiculous this all was. To give some background, on Nov. 21 Tron founder Justin Sun paid a whopping $6.2 million — including $1 million in commission — at an auction at Sotheby’s in New York for an <a href="https://www.sothebys.com/en/buy/auction/2024/contemporary-evening-auction-2/comedian" target="_blank">artwork called </a><a href="https://www.sothebys.com/en/buy/auction/2024/contemporary-evening-auction-2/comedian" target="_blank">Comedian</a>. The work, created by modern artist Maurizio Cattelan in 2019, is the aforementioned banana duct taped to the wall.

The reaction among many observers was the typical one seen whenever anyone spends a large sum of money on modern art: bewilderment, a bit of disgust, an eye roll. I think people who don’t like art can still appreciate the skill that goes into paintings or sculptures. If works like Comedian or Unmade Bed have any artistic merit, I cannot comprehend it. Tron’s public relations team assured me art is subjective.

But it’s memecoin season and things with absolutely no intrinsic value are very in right now. So it was hardly surprising that shortly after buying the banana-and-duct-tape combo, Sun said he planned to eat it.

This has happened twice before: Once in 2019, when a performance artist took it from the Art Basel in Miami shortly after it was sold for $120,000. Then again by a South Korean art student at the Leeum Museum of Art in Seoul in 2023.

It doesn’t affect the artwork. The banana and duct tape are replaced regularly anyway.

The consumption took place at the 5-star Peninsula Hotel in the Tsim Sha Tsui area of Hong Kong on Friday, a stone’s throw from some of the city’s most notorious doss houses.

The crowd consisted of a mix of journalists and people from the art and crypto industries, Tron and Sotheby’s employees and so-called key opinion leaders (KOLs). I mean the sort of people who wear clothes that look like they came from the local market, but probably cost thousands of dollars — U.S. dollars, not Hong Kong. One fellow journalist had flown all the way from Shanghai just for the event. Around us in the foyer, servers in white suit jackets served wine and other refreshments.

An information board near the entrance said Sun sought to immerse himself in the performance art of Cattelan, with Comedian as his muse. “He envisions this iconic piece as a catalyst for sparking dialogues and exchanges,” the text read.

Other people I spoke to in attendance were more skeptical, characterizing the event as little more than a marketing gimmick.

It’s not the first time Sun has courted the limelight. In 2019, he paid $4.57 million at a charity auction to have lunch with Warren Buffett. In April this year, he commissioned a theme song for Tron written by legendary movie composer Hans Zimmer.

He also served as <a href="https://www.coindesk.com/business/2021/12/17/justin-sun-is-retiring-from-tron-but-not-crypto" target="_blank">Grenada's permanent representative</a> to the World Trade Organization and, more recently, became prime minister of the libertarian <a href="https://liberland.org/about" target="_blank">micronation Liberland</a>, which is located in a floodplain on the Croatian side of the Danube.

Sun has also made the headlines in far less whimsical ways. Last year the U.S. Securities and Exchange Commission <a href="https://www.sec.gov/newsroom/press-releases/2023-59" target="_blank">charged</a> him with fraud and other securities law violations, including “fraudulently manipulating the secondary market for TRX through extensive wash trading.” Sun responded on X that the suit was without merit.

Meanwhile, his lawyers have <a href="https://coingeek.com/justin-sun-tron-threaten-to-sue-coingeek-for-reporting-on-blockchain-terror-ties/" target="_blank">threatened media outlets</a> with legal action when they report on Tron’s use by terrorist groups.

Perhaps the hope was that the banana would bring everyone together and let them forget about this. Indeed, Sun seems to believe the banana is the start of some sort of mass movement. “Is it simply a banana or something belonging to all of us?” he asked at one point.

He compared the process of replacing the banana every few days to the changing Chinese dynasties over the millennia. He praised the banana for how much traffic and attention it had brought himself and Tron. He noted that the banana’s value went beyond the limits of money.

Then he ate it.

November in Hong Kong seems to just be the prime season for odd crypto events. Fortunately, unlike <a href="https://www.coindesk.com/business/2023/11/06/apefest-attendees-report-severe-eye-burn-bayc-says-less-than-1-have-symptoms" target="_blank">ApeFest last November</a>, this time nobody was hospitalized. Instead, upon leaving attendees received a replica of Comedian along with a roll of duct tape and a spare banana.

At least that’s my breakfast tomorrow sorted.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Justin Sun walked into the room flanked by his usual entourage of bodyguards and advisers and made his way to the stage. Behind him, a banana was duct taped in position on a white wall. On either side, two blank-faced men in white shirts and black aprons stared into the sea of cameras and smartphones. I wondered what they were thinking.

As for what I was thinking, it was something along the lines of how ridiculous this all was. To give some background, on Nov. 21 Tron founder Justin Sun paid a whopping $6.2 million — including $1 million in commission — at an auction at Sotheby’s in New York for an <a href="https://www.sothebys.com/en/buy/auction/2024/contemporary-evening-auction-2/comedian" target="_blank">artwork called </a><a href="https://www.sothebys.com/en/buy/auction/2024/contemporary-evening-auction-2/comedian" target="_blank">Comedian</a>. The work, created by modern artist Maurizio Cattelan in 2019, is the aforementioned banana duct taped to the wall.

The reaction among many observers was the typical one seen whenever anyone spends a large sum of money on modern art: bewilderment, a bit of disgust, an eye roll. I think people who don’t like art can still appreciate the skill that goes into paintings or sculptures. If works like Comedian or Unmade Bed have any artistic merit, I cannot comprehend it. Tron’s public relations team assured me art is subjective.

But it’s memecoin season and things with absolutely no intrinsic value are very in right now. So it was hardly surprising that shortly after buying the banana-and-duct-tape combo, Sun said he planned to eat it.

This has happened twice before: Once in 2019, when a performance artist took it from the Art Basel in Miami shortly after it was sold for $120,000. Then again by a South Korean art student at the Leeum Museum of Art in Seoul in 2023.

It doesn’t affect the artwork. The banana and duct tape are replaced regularly anyway.

The consumption took place at the 5-star Peninsula Hotel in the Tsim Sha Tsui area of Hong Kong on Friday, a stone’s throw from some of the city’s most notorious doss houses.

The crowd consisted of a mix of journalists and people from the art and crypto industries, Tron and Sotheby’s employees and so-called key opinion leaders (KOLs). I mean the sort of people who wear clothes that look like they came from the local market, but probably cost thousands of dollars — U.S. dollars, not Hong Kong. One fellow journalist had flown all the way from Shanghai just for the event. Around us in the foyer, servers in white suit jackets served wine and other refreshments.

An information board near the entrance said Sun sought to immerse himself in the performance art of Cattelan, with Comedian as his muse. “He envisions this iconic piece as a catalyst for sparking dialogues and exchanges,” the text read.

Other people I spoke to in attendance were more skeptical, characterizing the event as little more than a marketing gimmick.

It’s not the first time Sun has courted the limelight. In 2019, he paid $4.57 million at a charity auction to have lunch with Warren Buffett. In April this year, he commissioned a theme song for Tron written by legendary movie composer Hans Zimmer.

He also served as <a href="https://www.coindesk.com/business/2021/12/17/justin-sun-is-retiring-from-tron-but-not-crypto" target="_blank">Grenada's permanent representative</a> to the World Trade Organization and, more recently, became prime minister of the libertarian <a href="https://liberland.org/about" target="_blank">micronation Liberland</a>, which is located in a floodplain on the Croatian side of the Danube.

Sun has also made the headlines in far less whimsical ways. Last year the U.S. Securities and Exchange Commission <a href="https://www.sec.gov/newsroom/press-releases/2023-59" target="_blank">charged</a> him with fraud and other securities law violations, including “fraudulently manipulating the secondary market for TRX through extensive wash trading.” Sun responded on X that the suit was without merit.

Meanwhile, his lawyers have <a href="https://coingeek.com/justin-sun-tron-threaten-to-sue-coingeek-for-reporting-on-blockchain-terror-ties/" target="_blank">threatened media outlets</a> with legal action when they report on Tron’s use by terrorist groups.

Perhaps the hope was that the banana would bring everyone together and let them forget about this. Indeed, Sun seems to believe the banana is the start of some sort of mass movement. “Is it simply a banana or something belonging to all of us?” he asked at one point.

He compared the process of replacing the banana every few days to the changing Chinese dynasties over the millennia. He praised the banana for how much traffic and attention it had brought himself and Tron. He noted that the banana’s value went beyond the limits of money.

Then he ate it.

November in Hong Kong seems to just be the prime season for odd crypto events. Fortunately, unlike <a href="https://www.coindesk.com/business/2023/11/06/apefest-attendees-report-severe-eye-burn-bayc-says-less-than-1-have-symptoms" target="_blank">ApeFest last November</a>, this time nobody was hospitalized. Instead, upon leaving attendees received a replica of Comedian along with a roll of duct tape and a spare banana.

At least that’s my breakfast tomorrow sorted.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Justin Sun walked into the room flanked by his usual entourage of bodyguards and advisers and made his way to the stage. Behind him, a banana was duct taped in position on a white wall. On either side, two blank-faced men in white shirts and black aprons stared into the sea of cameras and smartphones. I wondered what they were thinking.

As for what I was thinking, it was something along the lines of how ridiculous this all was. To give some background, on Nov. 21 Tron founder Justin Sun paid a whopping $6.2 million — including $1 million in commission — at an auction at Sotheby’s in New York for an <a href="https://www.sothebys.com/en/buy/auction/2024/contemporary-evening-auction-2/comedian" target="_blank">artwork called </a><a href="https://www.sothebys.com/en/buy/auction/2024/contemporary-evening-auction-2/comedian" target="_blank">Comedian</a>. The work, created by modern artist Maurizio Cattelan in 2019, is the aforementioned banana duct taped to the wall.

The reaction among many observers was the typical one seen whenever anyone spends a large sum of money on modern art: bewilderment, a bit of disgust, an eye roll. I think people who don’t like art can still appreciate the skill that goes into paintings or sculptures. If works like Comedian or Unmade Bed have any artistic merit, I cannot comprehend it. Tron’s public relations team assured me art is subjective.

But it’s memecoin season and things with absolutely no intrinsic value are very in right now. So it was hardly surprising that shortly after buying the banana-and-duct-tape combo, Sun said he planned to eat it.

This has happened twice before: Once in 2019, when a performance artist took it from the Art Basel in Miami shortly after it was sold for $120,000. Then again by a South Korean art student at the Leeum Museum of Art in Seoul in 2023.

It doesn’t affect the artwork. The banana and duct tape are replaced regularly anyway.

The consumption took place at the 5-star Peninsula Hotel in the Tsim Sha Tsui area of Hong Kong on Friday, a stone’s throw from some of the city’s most notorious doss houses.

The crowd consisted of a mix of journalists and people from the art and crypto industries, Tron and Sotheby’s employees and so-called key opinion leaders (KOLs). I mean the sort of people who wear clothes that look like they came from the local market, but probably cost thousands of dollars — U.S. dollars, not Hong Kong. One fellow journalist had flown all the way from Shanghai just for the event. Around us in the foyer, servers in white suit jackets served wine and other refreshments.

An information board near the entrance said Sun sought to immerse himself in the performance art of Cattelan, with Comedian as his muse. “He envisions this iconic piece as a catalyst for sparking dialogues and exchanges,” the text read.

Other people I spoke to in attendance were more skeptical, characterizing the event as little more than a marketing gimmick.

It’s not the first time Sun has courted the limelight. In 2019, he paid $4.57 million at a charity auction to have lunch with Warren Buffett. In April this year, he commissioned a theme song for Tron written by legendary movie composer Hans Zimmer.

He also served as <a href="https://www.coindesk.com/business/2021/12/17/justin-sun-is-retiring-from-tron-but-not-crypto" target="_blank">Grenada's permanent representative</a> to the World Trade Organization and, more recently, became prime minister of the libertarian <a href="https://liberland.org/about" target="_blank">micronation Liberland</a>, which is located in a floodplain on the Croatian side of the Danube.

Sun has also made the headlines in far less whimsical ways. Last year the U.S. Securities and Exchange Commission <a href="https://www.sec.gov/newsroom/press-releases/2023-59" target="_blank">charged</a> him with fraud and other securities law violations, including “fraudulently manipulating the secondary market for TRX through extensive wash trading.” Sun responded on X that the suit was without merit.

Meanwhile, his lawyers have <a href="https://coingeek.com/justin-sun-tron-threaten-to-sue-coingeek-for-reporting-on-blockchain-terror-ties/" target="_blank">threatened media outlets</a> with legal action when they report on Tron’s use by terrorist groups.

Perhaps the hope was that the banana would bring everyone together and let them forget about this. Indeed, Sun seems to believe the banana is the start of some sort of mass movement. “Is it simply a banana or something belonging to all of us?” he asked at one point.

He compared the process of replacing the banana every few days to the changing Chinese dynasties over the millennia. He praised the banana for how much traffic and attention it had brought himself and Tron. He noted that the banana’s value went beyond the limits of money.

Then he ate it.

November in Hong Kong seems to just be the prime season for odd crypto events. Fortunately, unlike <a href="https://www.coindesk.com/business/2023/11/06/apefest-attendees-report-severe-eye-burn-bayc-says-less-than-1-have-symptoms" target="_blank">ApeFest last November</a>, this time nobody was hospitalized. Instead, upon leaving attendees received a replica of Comedian along with a roll of duct tape and a spare banana.

At least that’s my breakfast tomorrow sorted.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Justin Sun walked into the room flanked by his usual entourage of bodyguards and advisers and made his way to the stage. Behind him, a banana was duct taped in position on a white wall. On either side, two blank-faced men in white shirts and black aprons stared into the sea of cameras and smartphones. I wondered what they were thinking.

As for what I was thinking, it was something along the lines of how ridiculous this all was. To give some background, on Nov. 21 Tron founder Justin Sun paid a whopping $6.2 million — including $1 million in commission — at an auction at Sotheby’s in New York for an <a href="https://www.sothebys.com/en/buy/auction/2024/contemporary-evening-auction-2/comedian" target="_blank">artwork called </a><a href="https://www.sothebys.com/en/buy/auction/2024/contemporary-evening-auction-2/comedian" target="_blank">Comedian</a>. The work, created by modern artist Maurizio Cattelan in 2019, is the aforementioned banana duct taped to the wall.

The reaction among many observers was the typical one seen whenever anyone spends a large sum of money on modern art: bewilderment, a bit of disgust, an eye roll. I think people who don’t like art can still appreciate the skill that goes into paintings or sculptures. If works like Comedian or Unmade Bed have any artistic merit, I cannot comprehend it. Tron’s public relations team assured me art is subjective.

But it’s memecoin season and things with absolutely no intrinsic value are very in right now. So it was hardly surprising that shortly after buying the banana-and-duct-tape combo, Sun said he planned to eat it.

This has happened twice before: Once in 2019, when a performance artist took it from the Art Basel in Miami shortly after it was sold for $120,000. Then again by a South Korean art student at the Leeum Museum of Art in Seoul in 2023.

It doesn’t affect the artwork. The banana and duct tape are replaced regularly anyway.

The consumption took place at the 5-star Peninsula Hotel in the Tsim Sha Tsui area of Hong Kong on Friday, a stone’s throw from some of the city’s most notorious doss houses.

The crowd consisted of a mix of journalists and people from the art and crypto industries, Tron and Sotheby’s employees and so-called key opinion leaders (KOLs). I mean the sort of people who wear clothes that look like they came from the local market, but probably cost thousands of dollars — U.S. dollars, not Hong Kong. One fellow journalist had flown all the way from Shanghai just for the event. Around us in the foyer, servers in white suit jackets served wine and other refreshments.

An information board near the entrance said Sun sought to immerse himself in the performance art of Cattelan, with Comedian as his muse. “He envisions this iconic piece as a catalyst for sparking dialogues and exchanges,” the text read.

Other people I spoke to in attendance were more skeptical, characterizing the event as little more than a marketing gimmick.

It’s not the first time Sun has courted the limelight. In 2019, he paid $4.57 million at a charity auction to have lunch with Warren Buffett. In April this year, he commissioned a theme song for Tron written by legendary movie composer Hans Zimmer.

He also served as <a href="https://www.coindesk.com/business/2021/12/17/justin-sun-is-retiring-from-tron-but-not-crypto" target="_blank">Grenada's permanent representative</a> to the World Trade Organization and, more recently, became prime minister of the libertarian <a href="https://liberland.org/about" target="_blank">micronation Liberland</a>, which is located in a floodplain on the Croatian side of the Danube.

Sun has also made the headlines in far less whimsical ways. Last year the U.S. Securities and Exchange Commission <a href="https://www.sec.gov/newsroom/press-releases/2023-59" target="_blank">charged</a> him with fraud and other securities law violations, including “fraudulently manipulating the secondary market for TRX through extensive wash trading.” Sun responded on X that the suit was without merit.

Meanwhile, his lawyers have <a href="https://coingeek.com/justin-sun-tron-threaten-to-sue-coingeek-for-reporting-on-blockchain-terror-ties/" target="_blank">threatened media outlets</a> with legal action when they report on Tron’s use by terrorist groups.

Perhaps the hope was that the banana would bring everyone together and let them forget about this. Indeed, Sun seems to believe the banana is the start of some sort of mass movement. “Is it simply a banana or something belonging to all of us?” he asked at one point.

He compared the process of replacing the banana every few days to the changing Chinese dynasties over the millennia. He praised the banana for how much traffic and attention it had brought himself and Tron. He noted that the banana’s value went beyond the limits of money.

Then he ate it.

November in Hong Kong seems to just be the prime season for odd crypto events. Fortunately, unlike <a href="https://www.coindesk.com/business/2023/11/06/apefest-attendees-report-severe-eye-burn-bayc-says-less-than-1-have-symptoms" target="_blank">ApeFest last November</a>, this time nobody was hospitalized. Instead, upon leaving attendees received a replica of Comedian along with a roll of duct tape and a spare banana.

At least that’s my breakfast tomorrow sorted.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.

A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.

Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.

After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in <a href="https://www.coindesk.com/business/2024/02/01/celsius-bitcoin-mining-assets-to-restart-as-new-unit-prepares-to-go-public" target="_blank">Ionic Digital</a>, which is a company formed from Celsius’ reorganized mining business.

The upcoming payout follows a much larger one that the company made in August, when Celsius <a href="https://www.coindesk.com/policy/2024/02/01/celsius-to-distribute-3b-crypto-to-creditors-as-firm-emerges-from-bankruptcy" target="_blank">distributed</a> over $2.53 billion to more than 251,000 creditors. The first payout covered about two-thirds of all eligible creditors and about 93% of the eligible value.

Celsius initially filed for bankruptcy relief under Chapter 11 on July 13, 2022 after the business collapsed. Its former CEO, Alex Mashinsky resigned in September 2022. He was later <a href="https://www.coindesk.com/policy/2023/07/13/sec-sues-bankrupt-celsius-network-alex-mashinsky-over-securities-fraud" target="_blank">arrested</a> on fraud charges and will go to trial in the U.S. in January 2025.

Former Chief Revenue Officer at Celsius, Roni Cohen-Pavon pled guilty to market manipulation and fraud last year. He is due to be sentenced next month.

The process also saw the company make a $4.7 billion <a href="https://www.coindesk.com/business/2023/11/10/celsius-bankruptcy-reorganization-plan-approved-by-court-implementation-by-early-2024" target="_blank">settlement</a> with U.S. authorities over fraud allegations.

Japanese messaging app giant Line plans to give its 196 million active users the ability to use decentralized apps (dapps) such as games and utilities.

The social network, which is mainly used in Japan, Taiwan, Thailand and Indonesia, will debut with 30 dapps in its portal by the end of January and plans for a further 150 by the end of the first quarter, said Sam Seo, the chairman of Kaia DLT Foundation, whose Kaia blockchain will host the applications.

Line's initiative reflects a growing trend of social media and messaging apps integrating blockchain technology to offer a wider range of services. Telegram, which has <a href="https://www.ft.com/content/8d6ceb0d-4cdb-4165-bdfa-4b95b3e07b2a" target="_blank">more than 900 million users</a>, offers games including Catizen and <a href="https://www.coindesk.com/consensus-magazine/2024/07/08/what-hamster-kombat-did-how-telegram-built-a-web3-gaming-juggernaut/" target="_blank">Hamster Kombat</a> over The Open Network (TON) blockchain. The so-called mini dapps (dapps within apps) also build on the popularity of utility functions added to programs such as WeChat.

“Games are the biggest portion," Seo said in an interview with CoinDesk. "The others are social apps, some <a href="https://www.coindesk.com/learn/what-is-defi/" target="_blank">DeFi</a> and AI-based chatting dapps.”

The move to dapps comes after the relative failure of earlier blockchain experiments with NFT functionality. In March 2023, Instagram said it would disable the NFT features it introduced the previous year that allowed people to share NFTs they created or bought. And while Reddit’s Digital Collectibles still exist, Collectible Expressions — which were used to animate them — were removed in July this year.

Line itself also made a foray into NFTs, starting an NFT marketplace in Japan in April 2022 and rolling out its own-brand NFT stickers.

“NFTs are too complicated for the normal users. The ideas were good, but I think we needed to improve the UX and UI,” Seo said, referring to the user experience and user interface.

“Previously, the way that users and even creators were looking at NFTs was just as an investment tool, rather than a tool for ownership. I think that was a kind of mismatch between the intention and then the result.”

Japanese messaging app giant Line plans to give its 196 million active users the ability to use decentralized apps (dapps) such as games and utilities.

The social network, which is mainly used in Japan, Taiwan, Thailand and Indonesia, will debut with 30 dapps in its portal by the end of January and plans for a further 150 by the end of the first quarter, said Sam Seo, the chairman of Kaia DLT Foundation, whose Kaia blockchain will host the applications.

Line's initiative reflects a growing trend of social media and messaging apps integrating blockchain technology to offer a wider range of services. Telegram, which has <a href="https://www.ft.com/content/8d6ceb0d-4cdb-4165-bdfa-4b95b3e07b2a" target="_blank">more than 900 million users</a>, offers games including Catizen and <a href="https://www.coindesk.com/consensus-magazine/2024/07/08/what-hamster-kombat-did-how-telegram-built-a-web3-gaming-juggernaut/" target="_blank">Hamster Kombat</a> over The Open Network (TON) blockchain. The so-called mini dapps (dapps within apps) also build on the popularity of utility functions added to programs such as WeChat.

“Games are the biggest portion," Seo said in an interview with CoinDesk. "The others are social apps, some <a href="https://www.coindesk.com/learn/what-is-defi/" target="_blank">DeFi</a> and AI-based chatting dapps.”

The move to dapps comes after the relative failure of earlier blockchain experiments with NFT functionality. In March 2023, Instagram said it would disable the NFT features it introduced the previous year that allowed people to share NFTs they created or bought. And while Reddit’s Digital Collectibles still exist, Collectible Expressions — which were used to animate them — were removed in July this year.

Line itself also made a foray into NFTs, starting an NFT marketplace in Japan in April 2022 and rolling out its own-brand NFT stickers.

“NFTs are too complicated for the normal users. The ideas were good, but I think we needed to improve the UX and UI,” Seo said, referring to the user experience and user interface.

“Previously, the way that users and even creators were looking at NFTs was just as an investment tool, rather than a tool for ownership. I think that was a kind of mismatch between the intention and then the result.”

Japanese messaging app giant Line plans to give its 196 million active users the ability to use decentralized apps (dapps) such as games and utilities.

The social network, which is mainly used in Japan, Taiwan, Thailand and Indonesia, will debut with 30 dapps in its portal by the end of January and plans for a further 150 by the end of the first quarter, said Sam Seo, the chairman of Kaia DLT Foundation, whose Kaia blockchain will host the applications.

Line's initiative reflects a growing trend of social media and messaging apps integrating blockchain technology to offer a wider range of services. Telegram, which has <a href="https://www.ft.com/content/8d6ceb0d-4cdb-4165-bdfa-4b95b3e07b2a" target="_blank">more than 900 million users</a>, offers games including Catizen and <a href="https://www.coindesk.com/consensus-magazine/2024/07/08/what-hamster-kombat-did-how-telegram-built-a-web3-gaming-juggernaut/" target="_blank">Hamster Kombat</a> over The Open Network (TON) blockchain. The so-called mini dapps (dapps within apps) also build on the popularity of utility functions added to programs such as WeChat.

“Games are the biggest portion," Seo said in an interview with CoinDesk. "The others are social apps, some <a href="https://www.coindesk.com/learn/what-is-defi/" target="_blank">DeFi</a> and AI-based chatting dapps.”

The move to dapps comes after the relative failure of earlier blockchain experiments with NFT functionality. In March 2023, Instagram said it would disable the NFT features it introduced the previous year that allowed people to share NFTs they created or bought. And while Reddit’s Digital Collectibles still exist, Collectible Expressions — which were used to animate them — were removed in July this year.

Line itself also made a foray into NFTs, starting an NFT marketplace in Japan in April 2022 and rolling out its own-brand NFT stickers.

“NFTs are too complicated for the normal users. The ideas were good, but I think we needed to improve the UX and UI,” Seo said, referring to the user experience and user interface.

“Previously, the way that users and even creators were looking at NFTs was just as an investment tool, rather than a tool for ownership. I think that was a kind of mismatch between the intention and then the result.”

Japanese messaging app giant Line plans to give its 196 million active users the ability to use decentralized apps (dapps) such as games and utilities.

The social network, which is mainly used in Japan, Taiwan, Thailand and Indonesia, will debut with 30 dapps in its portal by the end of January and plans for a further 150 by the end of the first quarter, said Sam Seo, the chairman of Kaia DLT Foundation, whose Kaia blockchain will host the applications.

Line's initiative reflects a growing trend of social media and messaging apps integrating blockchain technology to offer a wider range of services. Telegram, which has <a href="https://www.ft.com/content/8d6ceb0d-4cdb-4165-bdfa-4b95b3e07b2a" target="_blank">more than 900 million users</a>, offers games including Catizen and <a href="https://www.coindesk.com/consensus-magazine/2024/07/08/what-hamster-kombat-did-how-telegram-built-a-web3-gaming-juggernaut/" target="_blank">Hamster Kombat</a> over The Open Network (TON) blockchain. The so-called mini dapps (dapps within apps) also build on the popularity of utility functions added to programs such as WeChat.

“Games are the biggest portion," Seo said in an interview with CoinDesk. "The others are social apps, some <a href="https://www.coindesk.com/learn/what-is-defi/" target="_blank">DeFi</a> and AI-based chatting dapps.”

The move to dapps comes after the relative failure of earlier blockchain experiments with NFT functionality. In March 2023, Instagram said it would disable the NFT features it introduced the previous year that allowed people to share NFTs they created or bought. And while Reddit’s Digital Collectibles still exist, Collectible Expressions — which were used to animate them — were removed in July this year.

Line itself also made a foray into NFTs, starting an NFT marketplace in Japan in April 2022 and rolling out its own-brand NFT stickers.

“NFTs are too complicated for the normal users. The ideas were good, but I think we needed to improve the UX and UI,” Seo said, referring to the user experience and user interface.

“Previously, the way that users and even creators were looking at NFTs was just as an investment tool, rather than a tool for ownership. I think that was a kind of mismatch between the intention and then the result.”

Japanese messaging app giant Line plans to give its 196 million active users the ability to use decentralized apps (dapps) such as games and utilities.

The social network, which is mainly used in Japan, Taiwan, Thailand and Indonesia, will debut with 30 dapps in its portal by the end of January and plans for a further 150 by the end of the first quarter, said Sam Seo, the chairman of Kaia DLT Foundation, whose Kaia blockchain will host the applications.

Line's initiative reflects a growing trend of social media and messaging apps integrating blockchain technology to offer a wider range of services. Telegram, which has <a href="https://www.ft.com/content/8d6ceb0d-4cdb-4165-bdfa-4b95b3e07b2a" target="_blank">more than 900 million users</a>, offers games including Catizen and <a href="https://www.coindesk.com/consensus-magazine/2024/07/08/what-hamster-kombat-did-how-telegram-built-a-web3-gaming-juggernaut/" target="_blank">Hamster Kombat</a> over The Open Network (TON) blockchain. The so-called mini dapps (dapps within apps) also build on the popularity of utility functions added to programs such as WeChat.

“Games are the biggest portion," Seo said in an interview with CoinDesk. "The others are social apps, some <a href="https://www.coindesk.com/learn/what-is-defi/" target="_blank">DeFi</a> and AI-based chatting dapps.”

The move to dapps comes after the relative failure of earlier blockchain experiments with NFT functionality. In March 2023, Instagram said it would disable the NFT features it introduced the previous year that allowed people to share NFTs they created or bought. And while Reddit’s Digital Collectibles still exist, Collectible Expressions — which were used to animate them — were removed in July this year.

Line itself also made a foray into NFTs, starting an NFT marketplace in Japan in April 2022 and rolling out its own-brand NFT stickers.

“NFTs are too complicated for the normal users. The ideas were good, but I think we needed to improve the UX and UI,” Seo said, referring to the user experience and user interface.

“Previously, the way that users and even creators were looking at NFTs was just as an investment tool, rather than a tool for ownership. I think that was a kind of mismatch between the intention and then the result.”

Japanese messaging app giant Line plans to give its 196 million active users the ability to use decentralized apps (dapps) such as games and utilities.

The social network, which is mainly used in Japan, Taiwan, Thailand and Indonesia, will debut with 30 dapps in its portal by the end of January and plans for a further 150 by the end of the first quarter, said Sam Seo, the chairman of Kaia DLT Foundation, whose Kaia blockchain will host the applications.

Line's initiative reflects a growing trend of social media and messaging apps integrating blockchain technology to offer a wider range of services. Telegram, which has more than 900 million users, offers games including Catizen and Hamster Kombat over The Open Network (TON) blockchain. The so-called mini dapps (dapps within apps) also build on the popularity of utility functions added to programs such as WeChat.

“Games are the biggest portion," Seo said in an interview with CoinDesk. "The others are social apps, some DeFi and AI-based chatting dapps.”

The move to dapps comes after the relative failure of earlier blockchain experiments with NFT functionality. In March 2023, Instagram said it would disable the NFT features it introduced the previous year that allowed people to share NFTs they created or bought. And while Reddit’s Digital Collectibles still exist, Collectible Expressions — which were used to animate them — were removed in July this year.

Line itself also made a foray into NFTs, starting an NFT marketplace in Japan in April 2022 and rolling out its own-brand NFT stickers.

“NFTs are too complicated for the normal users. The ideas were good, but I think we needed to improve the UX and UI,” Seo said, referring to the user experience and user interface.

“Previously, the way that users and even creators were looking at NFTs was just as an investment tool, rather than a tool for ownership. I think that was a kind of mismatch between the intention and then the result.”

Japanese messaging app giant Line plans to give its 196 million active users the ability to use decentralized apps (dapps) such as games and utilities.

The social network, which is mainly used in Japan, Taiwan, Thailand and Indonesia, will debut with 30 dapps in its portal by the end of January and plans for a further 150 by the end of the first quarter, said Sam Seo, the chairman of Kaia DLT Foundation, whose Kaia blockchain will host the applications.

Line's initiative reflects a growing trend of social media and messaging apps integrating blockchain technology to offer a wider range of services. Telegram, which has more than 900 million users, offers games including Catizen and Hamster Kombat over The Open Network (TON) blockchain. The so-called mini dapps (dapps within apps) also build on the popularity of utility functions added to programs such as WeChat.

“Games are the biggest portion," Seo said in an interview with CoinDesk. "The others are social apps, some DeFi and AI-based chatting dapps.”

The move to dapps comes after the relative failure of earlier blockchain experiments with NFT functionality. In March 2023, Instagram said it would disable the NFT features it introduced the previous year that allowed people to share NFTs they created or bought. And while Reddit’s Digital Collectibles still exist, Collectible Expressions — which were used to animate them — were removed in July this year.

Line itself also made a foray into NFTs, starting an NFT marketplace in Japan in April 2022 and rolling out its own-brand NFT stickers.

“NFTs are too complicated for the normal users. The ideas were good, but I think we needed to improve the UX and UI,” Seo said, referring to the user experience and user interface.

“Previously, the way that users and even creators were looking at NFTs was just as an investment tool, rather than a tool for ownership. I think that was a kind of mismatch between the intention and then the result.”

Japanese messaging app giant Line plans to give its 196 million active users the ability to use decentralized apps (dapps) such as games and utilities.

The social network, which is mainly used in Japan, Taiwan, Thailand and Indonesia, will debut with 30 dapps in its portal by the end of January and plans for a further 150 by the end of the first quarter, said Sam Seo, the chairman of Kaia DLT Foundation, whose Kaia blockchain will host the applications.

Line's initiative reflects a growing trend of social media and messaging apps integrating blockchain technology to offer a wider range of services. Telegram, which has more than 900 million users, offers games including Catizen and Hamster Kombat over The Open Network (TON) blockchain. The so-called mini dapps (dapps within apps) also build on the popularity of utility functions added to programs such as WeChat.

“Games are the biggest portion," Seo said in an interview with CoinDesk. "The others are social apps, some DeFi and AI-based chatting dapps.”

The move to dapps comes after the relative failure of earlier blockchain experiments with NFT functionality. In March 2023, Instagram said it would disable the NFT features it introduced the previous year that allowed people to share NFTs they created or bought. And while Reddit’s Digital Collectibles still exist, Collectible Expressions — which were used to animate them — were removed in July this year.

Line itself also made a foray into NFTs, starting an NFT marketplace in Japan in April 2022 and rolling out its own-brand NFT stickers.

“NFTs are too complicated for the normal users. The ideas were good, but I think we needed to improve the UX and UI,” Seo said, referring to the user experience and user interface.

“Previously, the way that users and even creators were looking at NFTs was just as an investment tool, rather than a tool for ownership. I think that was a kind of mismatch between the intention and then the result.”

Japanese messaging app giant Line plans to give its 196 million active users the ability to use decentralized apps (dapps) such as games and utilities.

The social network, which is mainly used in Japan, Taiwan, Thailand and Indonesia, will debut with 30 dapps in its portal by the end of January and plans for a further 150 by the end of the first quarter, said Sam Seo, the chairman of Kaia DLT Foundation, whose Kaia blockchain will host the applications.

Line's initiative reflects a growing trend of social media and messaging apps integrating blockchain technology to offer a wider range of services. Telegram, which has more than 900 million users, offers games including Catizen and Hamster Kombat over The Open Network (TON) blockchain. The so-called mini dapps (dapps within apps) also build on the popularity of utility functions added to programs such as WeChat.

“Games are the biggest portion," Seo said in an interview with CoinDesk. "The others are social apps, some DeFi and AI-based chatting dapps.”

The move to dapps comes after the relative failure of earlier blockchain experiments with NFT functionality. In March 2023, Instagram said it would disable the NFT features it introduced the previous year that allowed people to share NFTs they created or bought. And while Reddit’s Digital Collectibles still exist, Collectible Expressions — which were used to animate them — were removed in July this year.

Line itself also made a foray into NFTs, starting an NFT marketplace in Japan in April 2022 and rolling out its own-brand NFT stickers.

“NFTs are too complicated for the normal users. The ideas were good, but I think we needed to improve the UX and UI,” Seo said, referring to the user experience and user interface.

“Previously, the way that users and even creators were looking at NFTs was just as an investment tool, rather than a tool for ownership. I think that was a kind of mismatch between the intention and then the result.”

Howard Lutnick, chairman of Wall Street trading firm Cantor Fitzgerald, is in discussions with Tether's Giancarlo Devasini about Cantor’s multi-billion dollar program that will allow clients to borrow money using bitcoin as collateral, the Wall Street Journal reported on Sunday.

First announced in July, the lending initiative will start with $2 billion in funds, which could eventually grow to tens of billions of dollars. Tether’s potential inclusion in the project signals a deepening of the relationship between the stablecoin issuer and the trading firm.

Cantor — which has been the custodian for Tether’s U.S. Treasuries since 2021 — has also acquired a 5% stake in Tether, which issues the USDT stablecoin, worth around $600 million, according to the same report.

Tether operates the world’s most widely used stablecoin. Referenced to the U.S. dollar, it has a market cap of $132.76 billion, according to CoinMarketCap.

But the token has drawn scrutiny for its use by illicit actors, including those involved in scams, money laundering and sanctions evasion. Last month, the Wall Street Journal reported Tether was under investigation in the U.S. for possible violations of sanctions and anti-money laundering rules.

Tether branded the report “irresponsible” and accused detractors of glossing over its history of working with law enforcement and its efforts to crack down on misuse.

Under the Biden administration, several cryptocurrency firms faced regulatory crackdowns. Trump’s administration has indicated it will reverse course, with the president-elect and his family having launched several cryptocurrency projects, most recently World Liberty Financial.

Within Trump’s circle are several crypto advocates including Lutnick himself, who has taken on a key role in Trump’s team. He is currently serving as co-chair of the transition team and last week became Trump’s pick to lead the U.S.Department of Commerce, a role that would position him to influence the U.S. crypto landscape.

Lutnick said last week that if his position is confirmed he will step down from Cantor, as well as his positions at BGC and Newmark.

Sky Mavis, the web3 gaming firm behind Axie Infinity, laid off 21% of its workforce last week.

The web3 firm’s co-founder and CEO Trung Nguyen said on X on Saturday that the layoffs were not related to the company’s budget or financial health.

“Instead, it is a strategic move that allows for a sharper focus and positioning Sky Mavis for hypergrowth in 2025 and beyond,” he said.

According to Nguyen, the move came despite the year being “one of valuable growth and evolution”. Going forward the company will focus on its core products rather than trying to build products for all users, he said. The web3 creator will concentrate on its Ronin Wallet and Waypoint, Mavis Marketplace, Axie Infinity, Web3 game publishing, and expanding the Ronin Network for more builders. It is also working on a new Axie game.

In 2023, co-founder Aleksander Larsen said in an interview with Finoverse that the company had 250 employees at its main base in Singapore and across its subsidiaries in Vietnam, the U.S. and Norway. Sky Mavis did not immediately respond to CoinDesk's request for total headcount or the number of people impacted.

Despite bitcoin hitting new all time highs over the past few weeks and the prospect of a more succinct regulatory regime for crypto in the U.S. following the re-election of Donald Trump, several crypto companies have announced layoffs over the past month. Cryptocurrency exchange Kraken laid off 400 people, or 30% of its staff, on Oct. 31, according to tech layoff tracker Layoffs.fyi.

DYDX also cut 25% of its staff at the end of last month, and Consensys laid off a further 20%, or 162 people. Cuts have also taken place this year at Matter Labs, Polygon, Fireblocks, Sorare, Moonpay, Paxos and several other companies.

Howard Lutnick, chairman of Wall Street trading firm Cantor Fitzgerald, is in discussions with Tether's Giancarlo Devasini about Cantor’s multi-billion dollar program that will allow clients to borrow money using bitcoin as collateral, the Wall Street Journal reported on Sunday.

First announced in July, the lending initiative will start with $2 billion in funds, which could eventually grow to tens of billions of dollars. Tether’s potential inclusion in the project signals a deepening of the relationship between the stablecoin issuer and the trading firm.

Cantor — which has been the custodian for Tether’s U.S. Treasuries since 2021 — has also acquired a 5% stake in Tether, which issues the USDT stablecoin, worth around $600 million, according to the same report.

Tether operates the world’s most widely used stablecoin. Referenced to the U.S. dollar, it has a market cap of $132.76 billion, according to CoinMarketCap.

But the token has drawn scrutiny for its use by illicit actors, including those involved in scams, money laundering and sanctions evasion. Last month, the Wall Street Journal reported Tether was under investigation in the U.S. for possible violations of sanctions and anti-money laundering rules.

Tether branded the report “irresponsible” and accused detractors of glossing over its history of working with law enforcement and its efforts to crack down on misuse.

Under the Biden administration, several cryptocurrency firms faced regulatory crackdowns. Trump’s administration has indicated it will reverse course, with the president-elect and his family having launched several cryptocurrency projects, most recently World Liberty Financial.

Within Trump’s circle are several crypto advocates including Lutnick himself, who has taken on a key role in Trump’s team. He is currently serving as co-chair of the transition team and last week became Trump’s pick to lead the U.S.Department of Commerce, a role that would position him to influence the U.S. crypto landscape.

Lutnick said last week that if his position is confirmed he will step down from Cantor, as well as his positions at BGC and Newmark.

Sky Mavis, the web3 gaming firm behind Axie Infinity, laid off 21% of its workforce last week.

The web3 firm’s co-founder and CEO Trung Nguyen said on X on Saturday that the layoffs were not related to the company’s budget or financial health.

“Instead, it is a strategic move that allows for a sharper focus and positioning Sky Mavis for hypergrowth in 2025 and beyond,” he said.

According to Nguyen, the move came despite the year being “one of valuable growth and evolution”. Going forward the company will focus on its core products rather than trying to build products for all users, he said. The web3 creator will concentrate on its Ronin Wallet and Waypoint, Mavis Marketplace, Axie Infinity, Web3 game publishing, and expanding the Ronin Network for more builders. It is also working on a new Axie game.

In 2023, co-founder Aleksander Larsen said in an interview with Finoverse that the company had 250 employees at its main base in Singapore and across its subsidiaries in Vietnam, the U.S. and Norway. Sky Mavis did not immediately respond to CoinDesk's request for total headcount or the number of people impacted.

Despite bitcoin hitting new all time highs over the past few weeks and the prospect of a more succinct regulatory regime for crypto in the U.S. following the re-election of Donald Trump, several crypto companies have announced layoffs over the past month. Cryptocurrency exchange Kraken laid off 400 people, or 30% of its staff, on Oct. 31, according to tech layoff tracker Layoffs.fyi.

DYDX also cut 25% of its staff at the end of last month, and Consensys laid off a further 20%, or 162 people. Cuts have also taken place this year at Matter Labs, Polygon, Fireblocks, Sorare, Moonpay, Paxos and several other companies.