CarrieVerse token CVTX listed on Bitget

Korean Blockchain Game Publisher Joins UNGC to Bolster ESG ManagementWemade, a Korean blockchain game publisher, joined the United Nations Global Compact (UNGC) to bolster its environmental, social, and governance (ESG) management. The company announced its membership through a press release issued on Wednesday.Photo by Noah Buscher on UnsplashUNGC membershipSince its establishment in 2000, the UNGC has evolved into the largest corporate sustainability initiative worldwide. With a membership base of over 20,000 companies spanning across 162 countries, it serves as a platform for organizations to align their operations with ten principles encompassing human rights, labor, environment, and anti-corruption.Annual reportsUnder the guidelines of the UNGC, Wemade will fulfill its commitment by submitting an annual report called the Communication on Progress (COP). The company’s objective is not only to meet sustainable development goals but also to enhance its ESG management. Along with these endeavors, the company will strive to improve its corporate citizenship.ESG managementIn expressing his thoughts on the matter, Wemade CEO Chang Hyun-guk emphasized that the company’s inclusion in the UNGC would serve as a catalyst for driving sustainable growth through ESG management. He underscored its commitment to fulfilling corporate social responsibility and meeting global standards by practicing ESG management, given its position as a leading entity in the blockchain market.Wemade’s three main objectivesMeanwhile, Wemade is practicing ESG management centered on three main objectives: responsible environmental management, inclusive growth for future generations, and transparent governance.

B. Riley Financial Agrees Strategic Bitdeer Share PurchaseBitdeer, the Singapore-based crypto mining firm that emerged as a spin-off from the renowned mining manufacturer Bitmain, has solidified a significant pact with financial services firm B. Riley Financial, through a share purchase deal. This accord entails the sale of up to $150 million worth of Bitdeer’s Class A ordinary shares.Photo by Kelly Sikkema on UnsplashOption to buyIn a filing dated August 9 with the United States Securities and Exchange Commission (SEC), the terms of the agreement unveil a strategic arrangement. B. Riley will possess the option, albeit not the obligation, to procure a designated quantity of Bitdeer’s shares over a span of three years. Parameters of this agreement include a maximum acquisition of either 1 million shares or 25% of the shares of Bitdeer traded on the Nasdaq throughout this stipulated purchase timeframe.The filing states: “Pursuant to the Purchase Agreement, the Company has the right to sell to B. Riley Principal Capital II, up to US$150,000,000 of its Class A ordinary shares, par value US$0.0000001 per share (the “Class A Ordinary Shares”), subject to certain limitations and conditions set forth in the Purchase Agreement.”Amplified voting privilegesIn essence, this arrangement affords B. Riley a distinct position within Bitdeer’s echelons. Class A shares, which typically elude public trading, grant shareholders amplified voting privileges in contrast to their Class B counterparts. Ergo, this deal furnishes B. Riley with a tangible stake in the domain of crypto mining.Underpinning this transaction, Bitdeer has committed to compensating B. Riley with 0.5% of the deal’s total value in acknowledgment of its commitment to procuring these shares. Additionally, B. Riley will be indemnified for legal expenses and outlays, extending up to a cap of $50,000.Broader mining interestIt’s not the first time that B. Riley has shown an interest in crypto mining. It signed a $100 million equity deal with Iris Energy last year. Additionally, it’s one of the largest creditors of Core Scientific.Noteworthy is the fact that Bitdeer embarked on its journey to public status via a Special Purpose Acquisition Company (SPAC) deal with Blue Safari Group back in April. This strategic maneuver enabled Bitdeer to become public without taking the conventional route of an initial public offering (IPO).Marking a departure from the throes of the crypto winter, this SPAC deal entailed the fusion of a special purpose acquisition company with a private entity. Bitdeer’s subsequent Nasdaq debut wasn’t without its problems. Investors were lukewarm in the interest shown in the Bitdeer proposition, resulting in an immediate 30% price drop.Bhutan mining collaborationNotably, Bitdeer made headlines when it inked a partnership with Druk Holding and Investments (DHI) in May, signifying a collective stride towards establishing an ecologically-conscious, carbon-neutral digital asset mining venture within the realm of the Kingdom of Bhutan.Rooted in the visionary pursuits of Jihan Wu, the former Co-Founder of Bitmain, Bitdeer is distinguished for its cloud-mining services, a pursuit realized through its data centers stationed in Tennessee, Washington, and Texas. The company’s most recent operations report attests to the mining of 220 Bitcoin (BTC) via its self-mining enterprise in July, constituting an impressive year-over-year escalation of 41%.

3AC Co-Founder Disputes US Jurisdiction Citing Singaporean CitizenshipKyle Davies, the Co-Founder of the failed Singaporean crypto hedge fund Three Arrows Capital (3AC), has asserted that he is solely a citizen of Singapore and not of the United States.Photo by Towfiqu barbhuiya on PexelsEvading pursuit of damagesThe assertion may have relevance as it may mean that Davies can evade actions taken against him in a US court on the basis of a lack of jurisdiction. In a recent filing with the US Bankruptcy Court for the Southern District of New York (SDNY), Davies presented documents demonstrating that he had renounced his US citizenship in December 2020. He emphasized that he obtained citizenship in Singapore after being issued a passport in early 2021 and that he does not subject himself to the jurisdiction of US courts.$3.5 billion owedIn June it emerged that liquidators appointed for 3AC were seeking to recover $1.3 billion from the fund’s co-founders, Davies and Su Zhu. The firm reportedly owes creditors a staggering $3.5 billion.In the midst of public criticism surrounding the events leading to 3AC’s collapse, Zhu and Davies launched a platform called Open Exchange (OPNX), allowing trading claims against bankrupt crypto firms. Despite a deficit of goodwill for the duo in the crypto sector, they have been putting all their energies into the new venture.Last month, they outlined that they would donate future earnings from OPNX to 3AC creditors. It’s difficult to reconcile that claim when with this action, Davies is trying to evade contributing to creditors via the 3AC bankruptcy process and this legal action taken by the liquidator.Renounced citizenshipAccording to court documents, Davies officially renounced his US citizenship at the US Embassy in Singapore, citing his decision to reside in the country on a long-term basis. He revealed that he got married to a Singaporean national in 2017 and subsequently gained permanent residency in Singapore. Because Singapore does not permit dual nationality, Davies chose to renounce his US citizenship to establish himself fully as a Singaporean citizen.The submission of these documents came after 3AC’s liquidators requested a subpoena to gather information on the crypto hedge fund’s collapse. Both Kyle Davies and Zhu, were subpoenaed on Twitter, as their whereabouts were unknown. However, while Zhu, being a Singaporean national, might not be subject to the subpoena while residing outside the United States, Davies’ refusal to comply with the order led to discussions about holding him in contempt of court.In response to the subpoena controversy, Davies’ legal representatives claimed that he cannot be validly served with process as a non-party in the case, as he has not been a US citizen or resident since well before the case was initiated. They stated that the court lacks personal jurisdiction over him due to his renunciation of US citizenship. Accordingly, they requested that the Service Order and Compel Order, which were based on the assumption that Davies was a US citizen, be vacated.