There is a growing threat of distrust among netizens across the world. According to a 2022 study by the Pew Research Center, 64% of Americans are concerned about the reliability of the information they find online. Furthermore, a 2021 survey by the Reuters Institute for the Study of Journalism found that 54% of Americans believe it is difficult to tell the difference between real and fake data online.

These shocking statistics show how there can be distrust and doubt on verifiable data online. However, through the help of blockchain technology, bringing trust back to information found online might just be possible. VX Technologies, a firm that specializes in record creation and verification, revealed to the public their flagship platform AlphaDAPP that serves to bring data sovereignty to its end-users.

VX Technologies made the AlphaDAPP introduction at the London Blockchain Conference (LBC) held at the Queen Elizabeth II Centre last May 31 to June 2. Aimed to bring the world of enterprise, government and blockchain together, the LBC served to connect the brightest minds in the technology world and introduce how blockchain can disrupt industries.

VX Technologies President Justin Pauly participated in a panel about how verifiable data and digital sovereignty can be accomplished with AlphaDAPP. But first, he went on to talk about how AlphaDAPP is a foundational product that eases the long list of requirements for app development by putting data-on-chain, distributing the data, and having peer-to-peer verification for all users.

“When we put data on-chain through AlphaDAPP, we’re allowing a corporation to start an audit trail. Someone signed for this, now they’re an authorized signer. I’ve worked to go to school, right? Whether I complete that course or that final degree that I’ve taken my course, I have learned that information. You can’t take that away from me,” said Pauly.

“That is my sovereign thing that I’ve earned, and I think I should have a record of it. Whatever that may be, it brings trust. When we start bringing trust in education, into e-governments, into agriculture, into mining, into sustainability, these things are critically important,” he added.

Simply put, AlphaDAPP works by leveraging blockchain technology to enable enterprises to build trust and provide transparency into their apps. This platform mainly serves to ease down firms’ application and program development work from months to minutes, but it also ensures trust is built using blockchain’s inherent features of immutability, traceability and transparency.

Immutability means that once data is recorded and stored on-chain, it cannot be changed or tampered with. This happens because each block on the blockchain contains a hash or a unique identifier of the previous block—and all changes of data in one block invalidates hashes of all subsequent blocks. Traceability is done by emphasizing the distributed ledger technology (DLT) in the recording of data.

Being a distributed ledger means that data loss is prevented at all times. Data is distributed to each node or miner on the network. Because of this, each node has a master copy of all data on the blockchain. So, even if one crashes or goes bankrupt, no data will be lost because all other nodes will still be in possession of all the data held by that node. 

DLT also allows for the secure and transparent recording of data in a chronological order when it is combined with a public blockchain. This allows anyone to verify the accuracy and integrity of the data, as well as trace its source. Aside from it being a handy tool for law enforcement agencies to track illicit activities, it can also be applied to many different industries.

For instance, AlphaDAPP can be used to store medical records for the healthcare industry. And because AlphaDAPP provides immutability and transparency of data, doctors, patients, insurance agents and other stakeholders will be able to trust that the records they are accessing are verifiably authentic.

In the case of insurance claims, patients will be assured that they are getting what they deserve. On the other hand, insurance companies will also feel confident that they are not underpaying or overpaying claimants. Not only will this kind of system save time, effort and money in this age of digitalization, but it will also bring back the trust from the end user to the service provider. 

Healthcare is but one industry that AlpaDAPP can serve. Governments, which are in need of reliable and efficient digital systems, will also benefit greatly from this system of trust. Gaining back and building the people’s trust is crucial in establishing loyalty, which is a major factor to consider not only for brands, but most businesses.

According to HubSpot Research, 65% of consumers in the United States and United Kingdom “do not trust company press releases.” Distrust in the data that companies provide to the public is something that will negatively affect their margin. However, when the content of press releases, for instance, is based on verifiable data, then trust can be earned back. 

Data sovereignty is key in not only making digital systems highly efficient, but it is also crucial in building trust. This is extremely valuable today and in the future digital economy. 

The post London Blockchain Conference: Bringing Trust to Multiple Industries with AlphaDAPP appeared first on The Tech Outlook.

No one can deny how revolutionary the Bitcoin white paper published in 2008 under the pseudonym Satoshi Nakamoto is. The pioneering digital currency, which is also the first-ever functional implementation of blockchain, has given rise to a new era of digital economy. 

The innovation that is Bitcoin has also been plagued by controversy throughout the years since its launch. One of the issues that created much buzz in the early years of Bitcoin is the mysterious identity of Satoshi Nakamoto. It was only in 2015 when the man behind the famous pseudonym was revealed to be Australian scientist Craig Wright. 

Since he was outed, Wright has had to endure derogatory comments made against him to the point that his reputation has suffered greatly. This is because Wright believes that only in massively scaling Bitcoin will it survive and thrive to be the technical plumbing that will power a myriad of technologies, such as the metaverse, the Internet of Things (IoT) and artificial intelligence (AI).

Although Wright has had many critics, some have crossed the line with outright slander of his name on social media. They went beyond being rude and became obviously defamatory. Blogger and crypto influencer Peter McCormack, with almost 500,000 followers on Twitter, is one of them. 

The Case Against McCormack

Evidence submitted against McCormack is composed of 15 publications: 14 tweets and one YouTube video in which he was one of four guests engaging in a debate over Bitcoin Core (BTC) and Bitcoin Satoshi Vision (BSV). The latter is the Bitcoin implementation that Wright is currently supporting as it has restored the original Bitcoin protocol and unlocked limitless scaling.

“Craig Wright is a fucking liar, and he’s a fraud; and he’s a moron; he is not Satoshi. He can come at me in the fucking UK, he can take me to Court; he can come with his—his fucking billions of dollars; I don’t give a shit, come at me. Sue me, I don’t give a fuck; you’re still a liar, you’re still a fraud, and you’re still a moron,” McCormack said during the debate.

The 14 tweets submitted as evidence include McCormack stating the following:

• “Craig Wright is not Satosh.”
• “I believe that claiming to be Satoshi and promoting a fake version of Bitcoin is fraudulent.” 
• “BSV is a fake Bitcoin run by frauds.” 
• “I was right to allege Craig Wright fraudulently claimed to be Satoshi.” 
• “I believe Craig Wright to be a con man.” 
• “Let’s go to court and prove once and for all that he is a liar and a fraud. Craig Wright is not Satoshi.”

The tweets are numbered Publications 1 to 15, with complaint for number 11 being withdrawn. The YouTube video is referred to as Publication 16.

How McCormack Dealt with the Lawsuit

In a deleted tweet, which was also included in evidence, McCormack was quoted as saying “Craig Wright is not Satoshi! When do I get sued?” But when Wright finally filed a complaint of libel against him in the UK High Court of Justice, Queen’s Bench Division in 2019, McCormack seemed to have lost his bravado.

McCormack attempted to delay discovery, which is the process of handing in evidence by both parties. Because of this delay, he was asked to pay Wright £18,500. After discovery, in which McCormack tweeted that “Craig Wright submitted a crazy amount of evidence that he is Satoshi,” the social media influencer again suffered a great loss. Stablecoin Tether, which has been financially backing him in the lawsuit, backed out. 

Craig Wright submitted a crazy amount of evidence that he is Satoshi in my lawsuit. What’s your point? https://t.co/Y130Zaw7vy

— Pedro (@PeterMcCormack) December 4, 2020

Tether’s about-face is a sign of more bad news to come. McCormack’s legal team then appealed to the High Court that they will forgo the truth defense. Using the truth defense means that McCormack will no longer be trying to prove that his statements against Wright are true. 

In a sense, McCormack is admitting to the High Court that his statements are false and that Wright is indeed the real identity of the pseudonym Satoshi Nakamoto who created Bitcoin.

It also means that the trial is now focused on proving whether or not McCormack’s statements caused serious damage to Wright’s reputation. This may be a calculated move to winning the lawsuit as the burden of proof has been transferred to Wright’s camp. 

Even though McCormack has abandoned the truth defense, his legal team still submitted evidence that aimed to discredit the fact that Wright is Satoshi Nakamoto. The court rejected the evidence and asked him to pay 90,000 to Wright for this underhanded move. 

Having to pay a total of £108,500 before trial even started and with no Tether to pay for it, McCormack then delayed payment. For this, the High Court ordered him to go to London to present a status of his finances, which then forced him to pay the full amount plus interest. 

McCormack then tried to appeal to the sympathy of his followers by saying that he is in debt of about £500,000 to his lawyers because he was sued by Wright. But after a while, he boasted about having a new sports car and “buying” the Real Bedford FC football team. 

When questioned during the trial, McCormack then admitted that he did not actually buy the football team. Instead, he just took over it under the pretext that he will provide pre-selling sponsorship rights to cryptocurrency companies in exchange. 

The Verdict

The Wright v McCormack verdict, released on August 1, 2022, states that the Honorable Mr Justice Chamberlain has found McCormack guilty of defamation against Wright that caused serious harm on all 15 Publications. 

“The tweet by Hotep Jesus indicating that he had been persuaded by Mr McCormack that Dr Wright was a fraud provides evidence supporting the inference that Publication 16 in fact caused serious harm to Dr Wright’s reputation by lowering that reputation in the eyes of at least one influential individual,” Justice Chamberlain stated in the released High Court Approved Judgment. 

“In the light of the matters discussed at [132]-[138] above, I find it more likely than not that each of the Publications caused serious harm to Dr Wright’s reputation,” Justice Chamberlain added. 

It is a clear win for Wright. Not only was McCormack forced to completely give up on proving that Wright is not Satoshi Nakamoto in the trial, but he was also found guilty of all charges of defamation. However, the fact that Justice Chamberlain only awarded him nominal damages amounting to a measly £1 has again become fuel for Wright’s critics to disparage him on social media. 

It seems that McCormack’s supporters are forgetting the fact that McCormack already paid £108,500 plus interest to Wright before trial had even begun. On top of this, Wright can still appeal Justice Chamberlain’s decision to award nominal damages. 

It must be remembered that Wright also won the Kleiman v Wright trial last year in Florida. Ira Kleiman, estranged brother of Wright’s friend David Kleiman, sued Wright claiming that David Kleiman’s estate is entitled to half of the 1.1 million Satoshi coins amounting to over $600 billion due to a partnership between Wright and David Kleiman in creating Bitcoin. 

The Kleiman v Wright jury ruled that there was no partnership and that Wright alone created Bitcoin as Satoshi Nakamoto. After this vindication, Wright has also come out victorious in this libel case against McCormack. Whether or not Wright’s detractors continue to paint him as a fraud, the courts of law in two countries have now sided with him. 

The post Craig Wright Wins Defamation Lawsuit Against Crypto Influencer Peter McCormack appeared first on The Tech Outlook.

Do you want a reliable online trading platform? Opt for General Trust Group. This is a renowned trading platform online that is gaining immense popularity among investors due to its user-friendliness, all-inclusive trading services, and transparency. From share trading to crypto to swap, it has endless choices for its investors. Furthermore, the low transaction fees make it more preferable among the traders as compared to other such trading platforms. 

What is Swap Trading?

Swap trading is a derivative of finance allowing investors to trade for cash flows. This type of trading is based on an already-fixed price or interest rate of the chosen asset. You can speculate on the movement of the markets and mitigate the risks involved through this type of contract. Many types of swap trade are there like commodity swaps, currency swaps, and swaps on interest rates. Whatever type of swap you choose, General Trust Group will surely go a step further to make you the maximum profit from your trade. 

How Does Swap Trading Work?

Swap trading involves two parties. These two parties exchange the flow of cash from the predetermined interest rate or price of a chosen asset. Here, if one is paying the variable interest rate, then the other party has to be agreed to pay the fixed rate of interest. In this case, the cash flows generally take place either once in a year or on a quarterly basis. 

Why Should You Do Swap Trading? 

Swap trading offers various benefits to its investors. From speculating on the market fluctuations to managing the overall risks, swap trading goes a long way to help you make maximum ROI. As there will be a mutual agreement between the two parties regarding which party is going to pay what type of rate, one party will be able to hedge against the fluctuations of market prices. At the same time, the other party can leverage the movements of the exchange rates using his currency. 

Swap Trading at General Trust Group

As already said, General Trust Group is flooded with numerous trading options, including swap trading. This trading platform provides traders to access to a wide variety of swap contracts, considering their individual needs, market trends, and investment goals. 

Advantages of Swap Trading on General Trust Group

You can avail multiple benefits of swap trading by using General Trust Group as your trading platform. First of all, the platform has a group of experienced financial advisors who will advise regarding the framing of the strategy for the trading. Their wide range of options also enables investors to diversify their portfolios. Furthermore, low transaction fees of the platform ensure that traders can invest minimum and make maximum profits out of those invested amounts. The platform has a user-friendly interface which makes the transactions quick and the trading effective even for beginners. 

The Bottom Line

To sum up, General Trust Group is a user-friendly platform offering various types of swap trading options, making it an excellent choice for traders looking to diversify their portfolios and for the efficient management of trading risks. 

Disclaimer: Forex trading entails significant risks and is not appropriate for all investors. The possibility of incurring substantial losses should be taken into account. It is therefore important to understand the possible consequences of investing. Traders should weigh their earning potential against the risks involved and act accordingly. DO NOT GIVE YOUR COMPUTER/MOBILE REMOTE ACCESS UNTIL YOU HAVE FULL TRUST ON THE PERSON.

This is a sponsored article and TheTechOutlook.com takes no editorial responsibility for the same.

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While everyone was eagerly anticipating the development of Samsung’s own cryptocurrency exchange platform, a recent announcement has turned heads. In a press release, Crypto.com revealed a partnership with Samsung for the latest update of its app.

The update has been tailored to provide an optimized experience for Samsung Galaxy Z Fold devices. According to Crypto.com, this updated app will “enable increased productivity, multitasking, and ultimately deliver enhanced trading and analysis capabilities.”

This partnership promises to provide Galaxy Z Fold 4 device users with more tools and resources than ever before. Users will be able to compare a range of tokens simultaneously and more easily than on any other mobile device.

Eric Anziani, President and Chief Operating Officer of Crypto.com, stated, “This collaboration with Samsung will allow users to experience our app like never before. Together, Samsung and Crypto.com have optimized the Crypto.com App for the large-screen experience, taking advantage of the foldable form factor, to bring a more productive way of using the app for the trading and analysis of cryptocurrencies.” Crypto.com, founded in 2016, is currently used by more than 80 million customers worldwide.

The post Crypto.com announced first Cryptocurrency App optimised for Samsung Galaxy Z Fold 4 appeared first on The Tech Outlook.

The First Finance Ministers & Central Bank Governors (FMCBG) meeting under the G20 Indian Presidency is scheduled in Bengaluru and will be chaired by  Finance Minister Nirmala Sitaraman and co-chaired by RBI Governor Shaktikanta Das .

RBI on their official twitter account has shared the information that as the curtain raiser of this meeting held in Bangalore RBI’s e- ₹ as in the digital currency was showcased .

As a curtain raiser at the #FMCBG meetings under @G20India at #Bengaluru, @RBI's e-₹ (digital currency) showcased. Various delegates and Governor @DasShaktikanta visited stall.#RBI #RBIgovernor #G20Summit pic.twitter.com/TtFAhZ1j2J

— ReserveBankOfIndia (@RBI) February 23, 2023

In the image shared by them it can be seen that various delegates and Reserve Bank governor Shaktikanta Das have visited the Central Bank Digital Currency stall .

India’s Central Bank Digital Currency (CBDC) , Digital Rupee is issued by Reserve Bank of India as a digital token representing legal tender and is considered fiat money . This digital rupee is issued in the same denominations as the paper currency and coins currently in use .

Last year in a press release the Chief General Manager of RBI also stated that Reserve Bank will soon commence pilot launches of e- ₹ for specific use cases and as the extent and scope of such pilot launches expand , RBI will continue to communicate about specific features and benefit of e- ₹ , from time to time

RBI has also issued a concept note on CBDC which explained that this digital currency holds a lot of promises by way of ensuring transparency and low cost of operation among other benefits and potential to expand the existing payment systems to address the needs of a wider category of users .

The concept of this digital currency basically derived from crypto currencies , the only difference is that CBDC would be termed as a legal tender , easily transferable and legally recognized . The purpose of introduction of CBDC is risk mitigation in trade , business and commerce and also to control illegal , nefarious and money laundering activities carried out by certain cross sections of people .

The post RBI’s e- ₹ (digital currency ) showcased at FMCBG meeting as a curtain raiser appeared first on The Tech Outlook.

Here’s an update from the world of crypto and here’s what we know so far.

Recently, Doge Designer, an UI and UX designer who works at Doge Coin and My Doge Inc. posted a short video on Twitter. The caption of this video stated that users can now buy gift cards with DogeCoin. My Doge is a self-custodial social wallet designed for such transactions. This is exciting news for all cryptocurrency enthusiasts. At the same time, it is also an important update.

Have a look at this tweet attached here.

Now buy gift cards with Dogecoin @MyDogeOfficial pic.twitter.com/SutpJG7jWc

— DogeDesigner (@cb_doge) January 30, 2023

Gifting is one of the best ways to surprise someone whom you love. And, gift cards are a great way to initiate the process of gifting. As you know that you can now purchase gift cards with Doge Coin, here’s how you can do so.

How can one purchase gift cards with DogeCoin? Let’s try to understand how this works.

As per Gift Off which is a digital gifting solution,  users are allowed to purchase gifts with DogeCoin. In order to pay with Doge Coin, the buyer has to first select a gift card. Then, you need to select DogeCoin as the preferred payment method. Further, send the payment from your Doge Coin wallet.

As seen in the video posted on the tweet, you can also purchase Amazon gift cards or Hotels.com gift cards with DogeCoin. You can also purchase Steam gift cards with DogeCoin.

Are you excited about this new development in the world of cryptocurrency?

The post You can now buy gift cards with DogeCoin: Check details here appeared first on The Tech Outlook.

Currencies are almost always traded in pairs on the forex market, using one to buy another. Whether you realize it or not, you have almost certainly traded currency pairs before without being a trader, as this is done when you change spending money on holiday.

In this article, we’ll be sharing tips that’ll help you trade currency pairs and get up to speed with forex. Online trading in UK markets is increasingly popular and so knowing how to make the most out of the recent market volatility is key if you want to get good returns,

What is currency pair trading?

If you want to begin trading forex, having a fundamental understanding of what currency pair trading is will be essential. The main thing you need to know is that you will be buying one currency in exchange for another, looking for opportunities to make money in the process. This can be done when one currency increases in value compared to another, allowing you to keep the difference.

It’s super simple to begin trading currency pairs, too, as all you really need is a good internet connection and some money to place your first trades. Unlike other forms of investment, you don’t need to be super rich to get started in forex currency trading, as you can begin with as much or little as you want. In reality, it’s actually a better idea to start small and work your way up.

What can you trade with?

To get started in currency pair trading, you first need to figure out which currency pairs you want to trade with. As you’re just a beginner, there isn’t really a wrong answer and we’d recommend that you first start with a demo account so you can find pairings and a strategy that works for you. Each trader has their own preferences, so it’ll take time to find yours.

There are some trading pairs that are more popular than others, and while this doesn’t necessarily mean that they’re the best, it does mean that you’ll probably end up trading them sooner or later. These more popular currency pairs are EUR/USD (euro against US dollar), GBP/USD (Great British pound against US dollar), and USD/JPY (US dollar against Japanese yen).

Once you’ve done this and found a pairing that’s to your liking, you just need to place the trade. Whether you’ve done this for real or using a demo account doesn’t matter. All you need to do is watch the charts and decide when you want to pull the trigger.

What drives currency pairs?

While we all know that currency is a popular trading medium, it’s essential to understand the reasons why people trade and what causes the prices to change so dramatically. We commonly see currency prices vary due to real-world events that can impact the financial markets, such as inflation rate changes, economic forecasts, regulation changes, and much more.

While these events can have devastating impacts in the real world, they can be hugely beneficial moments for currency traders as it often means that there will be a period of market volatility. To those who are new to forex trading, this volatility can be scary, but after a short while, you’ll begin to see patterns in the chaos. You will be able to identify opportunities for you to capitalize.

This is why it’s so important to keep up to date with the latest news events and subscribe to as many financial and real-world newsletters as possible. Even if a story might first appear minor, it could have huge implications on the world of forex trading.

What are the benefits of trading currency pairs?

There are many benefits to forex currency trading but here we’ve listed just a few that should provide enough reason for you to get involved and begin your forex trading journey.

The market is liquid

The forex market is highly liquid and while this might sound like trading jargon, it means that there is almost always somebody looking to buy your currencies from you. The whole market is in constant flux and never seems to truly slow down for anything.

You can trade after hours

One of the most significant benefits of currency pair trading is that the markets are open 24 hours a day, 5 days a week. This makes it ideal for those who want to trade around their full-time job or other commitments, allowing for weekend rest time.

You can use leverage

Another considerable benefit of forex trading is that you can use leverage, meaning that you can control a large amount of money with only a small amount of investment. This can lead to higher profits but also carries more risk, so it’s not recommended for beginners.

The post Understanding How to Trade Currency Pairs appeared first on The Tech Outlook.

In the age of crypto and bitcoin, there is some important news for you. If you trust bitcoin, here’s something that is scary and hard to believe.

FTX, a humongous bitcoin firm is owned by its CEO Sam-Bankman Fried. He has been charged with fraud. FTX has been titled as a ‘scam’. However, he is now trying to cleanse his image by joining a new Twitter space meaning, a live podcast session with a person.

A Twitter user with the handle Coffee Zilla snuck into a session and asked him various questions. As per his research, Sam Bankman-Fried had been using Quickbooks, an accounting software meant for small businesses.

And guess what, he did the unbelievable. He literally asked him the most dreaded question by the CEO of FTX. He asked him how 8 billion dollars could just vanish from everyone’s accounts. The user also wrote a few lines on Twitter.

He wrote ‘FTX used QuickBooks for their accounting. Bruh’. Other users on Twitter started pouring in their comments. Many users found it hilarious. Some users created memes on it. While some shared existing memes.

The post went viral. It received 4987 retweets. It also received 944 quote tweets. It also received as many as 83.7 K likes. How crazy is that?

Are you aware of any other bitcoin scams?

Be on the lookout for more information on this news. Stay connected with us for more such tech-related news as well as the latest updates in the world of technology and innovation. We ensure to bring you unbiased, factual as well as accurate news.

The post Did FTX actually use QuickBooks for their accounting? : Here’s what we know so far appeared first on The Tech Outlook.

On December 1, 2022, the Reserve Bank of India (RBI) launched the retail trial for its digital currency. The RBI’s central bank digital currency (CBDC), often known as the e-Rupee or the “digital rupee,” is an electronic rendition of legal tender. The RBI has planned to roll out the retail digital rupee gradually, starting with a pilot program. Eight banks have been selected by the central bank for the initiative, which will be completed in two stages. The State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank will be the first four institutions to participate in the first round.

What does DIGITAL RUPEE mean? 

RBI mentioned “A token-based CBDC is viewed as a preferred mode for CBDC-R as it would be closer to physical cash,” means, The Reserve Bank of India issued a concept note on October 7, 2022, which states that the central bank has suggested a token-based tiered architectural approach for the retail digital rupee. Similar to banknotes, a token-based CBDC is assumed to belong to the person holding it. In a CBDC system based on tokens, the recipient of a token will confirm that the token actually belongs to him. Similar to banknotes, a token-based CBDC is assumed to belong to the person holding it. In a CBDC system based on tokens, the recipient of a token will confirm that the token actually belongs to him.

How will it works ?

Users will be able to shop and make purchases at their nearby Kirana stores using digital rupees. The exchange of digital rupees can take place between individuals (P2P) and businesses (P2M) (P2M). The e-Rupee would provide characteristics of actual money, such as trust, safety, and finality of settlement. The central bank stated, “As in the case of cash, it will not earn any interest and can be converted to other forms of money, like deposits with banks,”

According to the RBI, consumers and businesses would get digital rupees through middlemen like banks. The bank will provide a consumer virtual money when they deposit money. The other partner banks have not made any concrete statements about how clients would be able to obtain digital rupees.

Users would be able to conduct transactions using e-Rupee using a digital wallet provided by the qualified banks and kept on mobile phones or other devices, RBI has previously stated. Similar to how online transactions are carried out, customers will be able to use QR codes displayed at merchant locations to make payments through e-Rupee.

The post What is Digital rupee? How it works ? Know more about the digital rupee appeared first on The Tech Outlook.

FTX is one of the most popular cryptocurrency exchanges. They specialize in derivatives as well as leveraged products. FTX’s official account released a press release this evening. It is big news in the world of crypto and business. And, here’s what has been stated in it.

FTX Group of Companies including West Realm Shires Services Inc., Alameda Research Ltd. as well as 130 additional companies, has commenced voluntary chapter 11 proceedings of the United States Bankruptcy Code.  This happened in the district of Delaware, U.S. It has been done in order to monetize the assets of all global stakeholders. The CEO Sam Bankman-Fried resigned from his role. However, he will continue to be associated with FTX and work in other roles. John J Ray III has now been appointed as the new CEO of the FTX Group of Companies. Employees of the FTX Official will continue to work with the company. They will assist in the operations of this company.

This will help provide relief and maximize recovery for FTX’s stakeholders. The new CEO Mr. Ray added that the FTX has valuable assets to be effectively administered in an organized process. He mentioned that he wanted to ensure that every effort should be conducted with thorough transparency and diligence. Mr. Ray added a note for stakeholders. He mentioned that they must understand that the process is fast-moving and that the new team has been engaged only recently.

Various subsidiaries include Ledger X LLC, FTX Digital Markets Ltd., FTX Australia Pty Ltd. as well as FTX Express Pay Ltd.

What will happen next is a matter of interest and concern. Will the FTX Official be able to come out of this situation? For more such news, keep reading and supporting our work.

The post An official press release by FTX Group of Companies is live on Twitter: Here’s what it states appeared first on The Tech Outlook.