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Architecture Metaverse Platform STELSI Attracts Strategic Investment from Nexus OneSTELSI, a blockchain-based metaverse construction project, has announced that it has secured a strategic investment from global crypto asset venture capital firm Nexus One.Bridging architecture and the metaverseSTELSI is a Build-to-Earn (B2E) decentralized metaverse island that provides a realistic and intuitive extended reality (XR) experience where users can design, construct, and manage their own buildings. Built with the 3D creation tool Unreal Engine, it aims to support the seamless application of blockchain technology across various fields of the construction industry, including architectural planning and design, construction, and real estate. The platform also has its own token, STELSI, which users can earn by staking building NFTs.Photo by C Dustin on Unsplash“At STELSI, we are building a metaverse platform that converts the works of architects and artists into digital assets, providing new economic value and creative opportunities that have not been experienced before,” said the platform’s CEO Ryan Shim. “I believe that our efforts to make the traditionally conservative construction industry more flexible appealed to Nexus One as an attractive investment point.”Nexus One professionally invests in blockchain and crypto projects such as Klaytn, PlayDapp, and ProBit. Through its latest investment in STELSI, Nexus One aims to contribute to the development of more diverse content related to architecture, producing economic benefits and creative value within the realms of Web3, construction, and lifestyle.On the other hand, STELSI plans to use this opportunity to expand its services to produce various copyrighted content and foster its ecosystem.Promoting the world of digital artSTELSI had previously hosted the first STELSI Media Art Biennale on its metaverse platform back in June, where the company highlighted the potential of metaverse media art, a budding artistic field. Furthermore, it is consistently striving to promote the value of art through technology, as seen in “One Earth: Art Pia,” a digital art survival show currently streaming on the Korean OTT platform Wavve.The platform is also preparing for a token airdrop event ahead of the launch of its decentralized application (dApp) on October 16.

A Chinese creditor of failed crypto exchange FTX has filed an objection on his own behalf and that of 300 others, with a U.S. bankruptcy court against a motion lodged with a view towards excluding payouts to creditors resident in China, Russia and 47 other foreign jurisdictions.Photo by Mariia Shalabaieva on UnsplashPotential distribution forfeitureThe FTX Recovery Trust, an entity formed in January to oversee the FTX bankruptcy estate following the adoption of a plan of reorganization, filed a motion last week seeking the approval of the Delaware Bankruptcy Court in the United States to adhere to new parameters related to the claims of creditors residing in restricted overseas jurisdictions. Besides China and Russia, the list of restricted jurisdictions also includes many within the Asian region, including  Afghanistan, Iran, Iraq, Macau, Myanmar (Burma), Nepal, North Korea, Pakistan, Qatar, Bangladesh and Cambodia. The FTX estate claims that these jurisdictions have regulations and laws restricting cryptocurrency transactions. In such cases, the FTX Recovery Trust claims that it cannot break local laws.  The difficulty for creditors resident in these countries is that if it's deemed illegal to reimburse them, they won’t qualify for the next scheduled distribution from the estate. In that instance, distribution forfeiture will be triggered. Taking to X on July 7, FTXcreditor.com, an entity that has been buying up bankruptcy claims from FTX creditors over the course of the FTX bankruptcy process, highlighted the peril that creditors residing in these restricted countries may face. It stated: “Distribution forfeiture is triggered at every distribution record date. The first record date already passed, if your claim is still tied to a local KYC when the stamp drops, that tranche is potentially gone.” Short timeframe for objectionsMr. Purple, a pseudonymous distressed assets bankruptcy professional who has been advocating for FTX creditors since the collapse of the business in November 2022, concurred with this view in a subsequent post on X. He pointed out that an extremely short timeframe has been given to affected creditors to respond. The motion was filed on July 2 and objections are due by July 15. $500 million in claims are at stake which accounts for 5% of all creditor claims. Of this, 82% of these claims belong to Chinese creditors. In a series of follow-up posts, the bankruptcy professional describes several procedural issues that he believes will result in it being incredibly difficult for affected creditors to have their funds reimbursed.Mr. Purple concludes:”The incentives are designed to be extremely risk averse in finding [a legal opinion] that paying creditors is legal! [The estate’s lawyers will] take the fees and say its not legal.” In his court filing, the Chinese creditor, who is resident in Singapore, stated: “My family holds four KYC-verified accounts with aggregate claims exceeding $15 million USD.” . . . “We have fully complied with every procedural requirement under the Plan. The proposed motion now jeopardizes our right to distribution in an arbitrary and inequitable manner.” On X, he asserted that the FTX Recovery Trust’s motion “constitutes an impermissible and material modification of the Plan.” Aside from legal action, the only other potential solution for creditors residing in restricted countries is to sell their claims. However, claims buyers are pricing in greater risk with lower rates and less favorable terms.

Korea Investment and Securities Completes the Construction of Security Token InfrastructureKorea Investment and Securities (KIS) recently announced that it has become the first securities firm in South Korea to successfully establish an infrastructure for security token offerings.Photo by Joshua Sortino on UnsplashReal-world assetsSecurity tokens are a new class of securities that are based on distributed ledger technology, allowing individuals to invest in real-world assets (RWAs) that can be tokenized. Such assets include real estate, ships, airplanes, and artworks.In March, KIS initiated a security token consortium named “Korea Investment ST Friends,” collaborating with Internet-only banks KakaoBank and Toss Bank, AI company Kakao Enterprise, and blockchain developer Open Asset. Since May, the consortium has been diligently working with the principal objective of constructing an infrastructure leveraging distributed ledgers. Consequently, the group has finalized the development and testing of a system that manages the entire trajectory of security token projects, from issuance to liquidation.Cloud systemSpecifically, KIS has built its infrastructure on a cloud network, bearing in mind that the regulatory framework for security tokens is still in development. This cloud system is capable of adapting to regulatory modifications and implementing improvement updates. Moreover, it utilizes an agile development approach to encourage rapid decision-making and productive collaborations, enhancing time efficiency.Compatibility with the traditional systemThe newly established security token infrastructure is also compatible with the traditional security trading system. Achieving this compatibility posed numerous technical challenges as the new system operates on distributed ledgers, whereas the existing one relies on centralized servers.KIS is preparing to file patents for some of the technologies incorporated into the new system. These technologies encompass the payment of dividends through smart contracts, assurance of immediate settlements using deposits on distributed ledgers, and the management and safeguarding of personal information. By demonstrating the infrastructure’s capability and stability, the securities firm aims to gain a technological edge.Choi Seo-ryong, the head of the platform division at KIS, expects the new infrastructure to mark a significant milestone as distributed ledger technology merges with traditional finance. He further mentioned that the securities company will discover blue-chip assets meeting investor needs while committing to the stable establishment of the regulatory framework and the protection of investors.Moving forward, ST Friends will continue to enhance the stability and functionalities of the infrastructure through a series of field tests related to the entire process of security token products. Aiming to construct a security token ecosystem, the group will also concentrate on developing products by collaborating with various firms, including Korean content investment platform Funderful and real estate trading platform Valuemap.