XPLA Welcomes Mobile Game Idle Ninja Online on Its Mainnet

GameFi-Oriented MARBLEX Decides to Burn 670M MBX TokensMARBLEX, the blockchain subsidiary of South Korean gaming company Netmarble, is going to burn 670 million of its native token MBX on July 19, according to a press release. This move is part of MARBLEX’s plan to overhaul the MBX tokenomics, which was announced last month.This token burn event involves the elimination of 67% of the total distribution of 1 billion MBX tokens. The tokens earmarked for burning have no designated purpose.Photo by Cullan Smith on Unsplash99% support for burning tokensTo determine the fate of these tokens, MARBLEX conducted a voting process from July 4 to 10, allowing Marbleship NFT holders and MBX token holders to participate. The outcome of the vote revealed that 99% of the participants supported burning the tokens.In preparation for the token burn, MARBLEX plans to share information about the event on cryptocurrency data tracking websites CoinMarketCap and Xangle.Moving forward, MARBLEX intends to introduce an improved token burn policy in the second half of this year. The revision of its tokenomics will enhance the utility of the MBX token, contributing to the establishment of a sustainable and trustworthy ecosystem.MBX token usesAccording to CoinMarketCap, the MBX token is traded on centralized exchanges Bithumb, Huobi, Bybit, Gate.io, MEXC, and Indodax, as well as on the decentralized exchange KLAYswap. Token holders can use MBX to buy items in marketplaces, trade MBX for in-game tokens, and exchange MBX with other game players. Notable MBX games include A3: Still Alive, a battle royale MMORPG; Ni no Kuni: Cross Worlds, a fantasy MMORPG; The King of Fighters ARENA, a fighting game; and Meta World: My City, a Web3 property management game.

Concerns Hanging Over Huobi Result in Significant Net OutflowAmidst rumors swirling around its executives’ involvement in a Chinese investigation, Seychelles-headquartered cryptocurrency exchange Huobi has observed net outflows exceeding $73.3 million in the past week.Photo by Shubham Dhage on Unsplash$73 million net outflowAccording to data sourced from blockchain analytics firm Nansen, Huobi reported an outflow of tokens worth $505.9 million over the previous week, with an inflow of $432.5 million. This resulted in a net outflow of approximately $73.3 million.Notably, this net outflow seems to be gaining momentum, as the exchange witnessed an outflow of $32.9 million on Monday alone, based on Nansen data. Additionally, Huobi’s stablecoin balances experienced a significant 33% contraction, dwindling to $99.47 million within the seven-day span, as per the data.Unverified reportsHowever, the outflow of funds coincided with unverified reports. Techub News, a Hong Kong-based crypto media outlet, cited insider sources to suggest that at least three high-ranking Huobi executives had been apprehended by Chinese authorities for investigation. Huobi originated in China with Chinese founders, albeit it has based itself in Seychelles ever since the Chinese crackdown on crypto trading emerged.Huobi’s Head of Social Media, Jiayin Xie, acknowledged the rumors and likened the situation to being “invited to tea,” a colloquial Chinese expression for being summoned by authorities for questioning. Despite this, Xie expressed concern over the baseless nature of the allegations, suggesting that the path to restoration might be challenging yet necessary for the exchange’s resurgence.Justin Sun, an advisor to Huobi, responded cryptically by tweeting the number “4,” a term commonly used in the crypto community to counter FUD (fear, uncertainty, and doubt). He also retweeted Xie’s post, standing in defiance of the rumor.Alongside this specific difficulty, Huobi continues to grapple with financial challenges. Sun revealed that the exchange hadn’t posted a profit from last year’s third quarter to this year’s second quarter. Despite this, Sun remains optimistic, projecting a potential break-even in the present quarter and a return to profitability in the upcoming quarter.Crypto platform uncertaintyThe aftermath of widespread crypto platform failures in 2022 has resulted in both regulatory pushback and concern among the crypto community relative to the well-being of the platforms that remain standing. Both Huobi and Binance are front and center of this speculation and concern. The issue is that without independently verified audits carried out by reputable auditors, market participants simply have no way of telling if these platforms are solvent.Travis Kling, the Chief Investment Officer at Ikagai Asset Management didn’t mince his words in taking Houbi to task via Twitter: “You are clowns and criminals, and there’s a billion dollar hole in your balance sheet that customers will have to eat.” Kling has been equally scathing in his criticism of Binance and its founder Changpeng Zhao (CZ). Ikagai took a significant hit in the FTX collapse, and in its wake, Kling promised to speak out more and be more critical regarding emerging issues within the sector.As the net outflows coincide with reports of executive custody, the situation surrounding Huobi remains fluid. The exchange’s journey through these challenges will no doubt be closely monitored by the crypto community.

FTX Seeks Exclusion of Dubai Unit from Bankruptcy ProceedingsFailed crypto exchange FTX, which filed for bankruptcy in November, is now aiming to exclude its Dubai unit from the ongoing restructuring proceedings unfolding in the United States.Photo by Roman Logov on UnsplashNo previous business activityThe motion, filed with the bankruptcy court in Delaware on Wednesday, comes as FTX contends that its Dubai branch had not engaged in any business activities prior to the bankruptcy declaration, making its participation in the rehabilitation efforts unlikely.In the recent court filing on August 2, FTX put forth its argument that its Dubai unit, FTX Dubai, held a balance sheet that was solvent. Consequently, the exchange proposed that initiating a voluntary liquidation process in line with the laws of the United Arab Emirates (UAE) would expedite the distribution of its positive cash balance, settling liabilities, and liquidating assets.FTX Dubai, a wholly-owned subsidiary of FTX’s European arm, holds a sum of approximately $4.5 million across various accounts. However, $4 million of this amount remains restricted by the Virtual Assets Regulatory Authority (VARA) of Dubai, serving as a security measure for its license as a virtual asset service provider.Expired licensingFTX Dubai was originally awarded a license by VARA in July 2022, although it never got to a point where it offered any crypto-related services based on that license. On May 31 of this year, FTX Dubai management was informed by VARA that the regulator would not seek to renew the license if FTX Dubai didn’t act to terminate it. The license was subsequently suspended on July 12 by VARA.Licensing could have been useful to a new operator coming in to run the business. Earlier this week, the FTX Debtor filed a restructuring plan that leaves a path open towards relaunching the FTX International business outside of the United States. It’s clear that the current regulatory environment in the US is such that it’s simply not an attractive option to establish a restructured FTX business there.The FTX Debtor and its advisors are engaging with bidders for the business. In establishing a business on the right footing, it may be just as well that licensing will start afresh. To settle market doubts, the new entity will need to achieve a high level of compliance and industry-leading customer protections.FTX Dubai is now anticipated to collaborate with the designated liquidator to carry out essential administrative procedures, ensuring a systematic and efficient execution of the liquidation process. The company’s decision to file for bankruptcy on November 11, 2022, initiated bankruptcy proceedings for a total of 102 associated entities worldwide, reflecting the substantial impact of its financial turmoil.The matter is scheduled to be addressed in the court’s first hearing on August 23, shedding light on how the court will respond to FTX’s motion to remove its Dubai unit from the overarching bankruptcy proceedings in the US. This development underscores the complexities of a cross-border crypto bankruptcy, highlighting the intricacies of global regulatory frameworks in this evolving sector.