CRYPTO DIGEST \ NOVEMBER 26 - DECEMBER 9, 2022

While the global crypto industry is recovering from the recent dramatic FTX scandal and the oldest signature, dated Jan. 2009, shown by a mysterious Bitcoin miner, some market participants are ready to move on.

With CrossTower acquiring BEQUANT, Huobi and Poloniex building a partnership, Warner Music, Polygon and LGND building a new Web3 music platform, it seems like cryptoverse is getting ready for 2023.

Cryptocurrency exchange CrossTower Inc has decided to buy digital asset trading platform BEQUANT.

According to the acquisition agreement, CrossTower will get over 600 new professional exchange clients in addition to its existing client base. The incoming clients are collectively turning over $400 billion annually and are based across the United States, Europe, Asia and Latin America.

On Nov. 30, the Chinese crypto exchange Huobi and US-based Poloniex announced a strategic partnership.

The two exchanges will "progressively cooperate" on Huobi's HT coin ecosystem development, liquidity sharing and global compliance. The exchange stated that the Huobi Advisory Board plans to evaluate all Poloniex projects monthly, with top performers potentially directly listed on Huobi.

Crypto lender Genesis and its parent company Digital Currency Group (DCG) allegedly owe $900 million to Gemini's clients, according to a Financial Times report disclosed on Dec. 3, citing people familiar with the matter.

The problem is tied to the Gemini Earn program, which offers 8% earn interest on crypto lending and is operated by Gemini in partnership with Genesis.

Gemini has already assembled a creditor's committee and is working to recoup the funds from Genesis and DCG. To restore clients' trust amid fears of contagious spread following FTX's fall, Gemini announced on Nov. 29 its Trust Center, a dashboard showing metrics for funds held by Gemini and on the exchange's behalf.

Metallica's new album launch and upcoming tour created a buzz among music fans, and scammers started targeting them through social media impersonation.

Metallica quickly pointed out "the ugly side of social media" and asked fans to be cautious. Metallica also asked fans to limit their interactions to verified band accounts, especially when dealing with information that could be considered "wild and crazy to be true," and shared a list of its official social media channels on Twitter.

E-commerce and interactive platform builder LGND has announced a multiyear partnership with blockchain network developer Polygon and global entertainment company Warner Music Group to build a Web3 music platform called LGND Music.

LGND Music is aimed to be a music platform that supports "digital collectibles from any blockchain in a proprietary player," thereby making it possible for users to play their digital collectibles on the go. The launch is scheduled for January 2023.

LGND Music intends to deliver numerous features, helping music collectors to participate in a decentralized ecosystem based on full ownership of digital assets. According to the company updates, "users of the platform will also be able to buy and fully own music tokens and easily get started with digital collectibles by building a collection."