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Coinbase top officials made $1.2 billion from COIN shares sale: WSJ

Coinbase, the biggest cryptocurrency exchange in the United States, has seen its COIN shares peak in price in 2021, but since the start of...

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Kitchen Culture’s business transformation at risk – funds raised not accounted for

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SINGAPORE, Apr 21, 2022 - (ACN Newswire) - As the single largest shareholder of Kitchen Culture Holdings Ltd. ("Kitchen Culture") with a 21.19% stake, OOWAY Group Ltd. ("OOWAY Group" or the "Group") shares the frustration of many shareholders who raised concerns over matters of internal controls and governance ahead of Kitchen Culture's recent Annual General Meeting held on 18 March 2022.

We are deeply disappointed by the findings of Baker Tilly Consulting (Singapore) Pte. Ltd.'s ("BTC") latest report which confirm our worst fears regarding the shocking matters of concern which were first revealed in June 2021 after Kitchen Culture's Audit Committee engaged BTC to review its internal controls.

In August 2020, Kitchen Culture entered into a sale and purchase agreement and a shareholder's agreement with OOWAY Group to acquire a 30% equity stake in OOWAY Technology Pte. Ltd. ("OOWAY Technology") at a purchase consideration of S$23.92 million (the "Purchase Consideration") to be satisfied by way of the allotment and issue of 90,000,000 new ordinary shares in the capital of Kitchen Culture at an issue price of S$0.2658 per ordinary share ("Acquisition").

Mr Liu Yanlong, representative for OOWAY Group, said, "We welcomed Kitchen Culture as a strategic investor in OOWAY Technology given the mutual benefits of the acquisition, which was in line with Kitchen Culture's diversification strategy and OOWAY Group's expansion in the ASEAN region. OOWAY Group provided an opportunity for Kitchen Culture to leverage our network and capabilities, as well as to participate in the significant growth potential of Big Data analytics and Artificial Intelligence."

Kitchen Culture's diversification strategy was crucial as it had long suffered from recurring losses and negative operating cash flow from its core business as a kitchen solutions provider for 8 years and was in a dire state at the time of the acquisition.

The combination of the newly raised funds and OOWAY Technology's gilt-edge technical capabilities would have provided new engines for growth and hastened the return to profitability for Kitchen Culture.

Prospective investors present at OOWAY Group-led investment roadshows, eventually took up equity in Kitchen Culture, with the expectation of the game-changing business diversification through the acquisition of OOWAY Technology. Unfortunately, the raised capital has not materialised into any effort in business transformation.

Instead, we are deeply disappointed with the findings of the BTC report, which revealed that the gaps in Kitchen Culture's financial operating procedures led to[2]:

- Risk of misuse of Kitchen Culture's funds
- Risk of unauthorised use of proceeds obtained from the S$19.23 million of funds raised
- Risk of diversion of raised funds to purposes outside business diversification purposes
- Risk of questionable debt repayments to third parties
- Lack of independence and checks and balances in approving and processing payments
- Lack of accountability and traceability over entertainment expenses
- Lack of documentation for personnel hiring and pay increments
- Inappropriate operating structure involving multiple family members as management staff

These risks which were unknown to us prior to the acquisition have had a major impact on our growth plans as ongoing audits, investigations and lawsuits require significant time and resources, a challenging situation further compounded by the historical losses. Furthermore, Kitchen Culture has suffered reputational damage as a result of these issues.

Kitchen Culture's last traded price of S$0.08 per share marks an unrealised loss of close to 70% or S$16.72 million for the OOWAY Group following the completion of the acquisition. On the other hand, OOWAY Technology's value has remained stable during this period, which is also Kitchen Culture's key asset. As OOWAY Technology continues its development and making encouraging progress to grow its business, the long-term value of Kitchen Culture's stake in OOWAY Technology remains fundamentally intact.

Mr Liu added, "As a shareholder of Kitchen Culture, we have sustained significant losses, but we remain committed to growing our business together with Kitchen Culture and intend to provide the funding support needed in the near term to allay going concern issues."

The latest BTC report has identified S$7.22 million as "unmatched". This is a staggering sum and OOWAY Group hopes that the Management of Kitchen Culture investigates further to get to the bottom of this issue, so that any and all discrepancies will be ultimately accounted for to shareholders.

The Commercial Affairs Department (CAD) has recently requested for copies of the BTC reports for further review and investigation. We call on the new Board of Kitchen Culture to continue its relentless efforts to strengthen internal controls and implement BTC's recommendations without delay and to cooperate with the CAD to leave no stone unturned in fully resolving all outstanding issues, so we can lead the company in business transformation again.

Our confidence in Kitchen Culture's new Board to safeguard the interests of shareholders remains strong, but it must work hard to rebuild long-term value for Kitchen Culture and its shareholders.

BTC's Schedule of Matched and Unmatched Expense Items[3]
https://www.acnnewswire.com/docs/Multimedia/Low_OOWAY20220421.jpg

General Announcement:: UPDATE ON REVIEW BY BAKER TILLY CONSULTANCY (SINGAPORE) PTE. LTD. https://bit.ly/386bU8i
General Announcement:: ASSISTANCE IN THE REVIEW BY THE COMMERCIAL AFFAIRS DEPARTMENT https://bit.ly/3jWNY9U

[1] "Unmatched" refers to situations with any of the following criteria:
- Expenses cannot be traced to the bank statements
- Details of expenses cannot be traced to the underlying supporting documents
- Description of the expenses on the supporting document is not in line with the categories of utilisation as stated in Kitchen Culture's schedules
[2] These risks and gaps reflect the summary of findings listed in Kitchen Culture's response to SGX queries on 12 July 2021
[3] Rounded up to two decimal points

About OOWAY Technology Pte. Ltd.

OOWAY Technology is a big data AI technology company which uses innovative applications to creatively design intelligent digital products and models used in multiple fields. It does so by forming a closed loop of the entire process which includes data collection, model analysis, and intelligent applications.

OOWAY's development of an advanced technology platform - DIGIT (Digital Innovation of Global Integrated Trade) propels it to leading the way in a new era of B2B trading 4.0. By integrating the vitality of global trading businesses with emerging digital technologies, OOWAY's credit 3.0 technology is combined to construct a smart platform that ensures the authenticity and credibility of global trade whilst reducing costs, increasing efficiency and facilitating trade in a more reliable fashion. OOWAY brings to users the 5S operating framework, pushing out a new form of Ultimate Trade (UT). This has enabled global trade to evolve towards a new stage of standardization and intelligence.

Issued by OOWAY Group Ltd.

Media Contact:
Email: service@ooway.com

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comAs the single largest shareholder of Kitchen Culture Holdings Ltd. ("Kitchen Culture") with a 21.19% stake, OOWAY Group Ltd. ("OOWAY Group" or the "Group") shares the frustration of many shareholders who raised concerns over matters of internal controls and governance ahead of Kitchen Culture's recent Annual General Meeting held on 18 March 2022.

MuskMelon Token Debuts with Massive 6000% Returns to Investors

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DAKAR, Senegal, Apr 19, 2022 - (ACN Newswire) - MuskMelon, the latest entrant to the NFTs (Non-Fungible Tokens) and Gaming segment, rose during its first trading day on Bitmart and XT briefly returning 6000% to investors. MuskMellon is a utility token developed on Binance Smart Chain and Ethereum. 10,000 unique 3D NFTs came to the marketplace, tradeable in the gaming ecosystem.

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The evolutionary and disruptive industry is focusing on the utility of these NFTs. Metaverse integration has picked up pace, and the growth and benefits for the gaming industry are already prevalent. Experienced players entering the space with unique play to earn and NFT avatar models will lead to a more significant boost to the ecosystem.

Neal Mathews, Project Director of MuskMelon, said, "The tradeable part of the gaming ecosystem is scheduled for launch in May 2022, with the eagerly awaited Run Melon Run. This is the first Game to be launched on the platform that will host the Melon NFTs and merge the utility of the Melon Tokens, enabling users with dual benefits. The game will be available on iOS, and on Android after its launch."

MuskMelon allows meme creators to spread their word, build a strong community and earn. The entire process of MuskMelon is decentralized and helps aspiring meme creators showcase their talent to the world. The platform prides itself on being a community-driven initiative, which reignites the spark that brought the Blockchain-Cryptocurrency industry to life.

MuskMelon seems to be an ecosystem that wants to engage the global audience with NFTs and immersive gaming possibilities. Melons with a maximum supply of 10 billion tokens and are launched on the BEP20 and ERC20 networks. The MuskMelon community wanted to ensure maximum public participation and a fair sale.

For more information, please visit the website, at https://muskmelon.org/.

Media Contact:
Neal Mathews
E: hello@muskmelon.org
T: +221 774800422

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comMusk Melon, the latest entrant to NFTs (Non-Fungible Tokens) and Gaming, resulted in over 6000% returns to the investors on Day 1, traded on Bitmart and XT, developed on Binance Smart Chain and Ethereum. Over 10,000 unique 3D, NFTs launched with Gaming in the last month.

Quant Explains How Bitcoin Funding Rate Predicted The Latest Top

quant-explains-how-bitcoin-funding-rate-predicted-the-latest-top

A quant has explained how the Bitcoin funding rate (72 hour) may be able to correctly signal tops and bottoms in the price of the crypto. Bitcoin Funding Rate May Be Able To Indicate Tops And Bottoms In The Market As explained by an analyst in a CryptoQuant post, the 72-hour version of the funding…

The post Quant Explains How Bitcoin Funding Rate Predicted The Latest Top appeared first on Bitcoin News Miner.

Why Bitcoin Miners Keep HODLing Amid Massive Growth

As the bitcoin mining industry has grown by leaps and bounds in 2022, mining operations continue to hold onto their bitcoin for dear life.

RingFi technologically jumps ahead of Titano and Libero with its Risk-Free Notes NFTs.

RingFi, an innovative auto-staking protocol platform, once again shakes the market by announcing the launch of Risk-Free Notes NFTs, a system which allows long-term investments and ensures funds are released on the exit.

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Although it provides a similar service to Libero and Titano, the platform has gone a step ahead by unveiling its wRING token. RingFi multiplied by 20 the value of its $RING token by being the first to develop a wrapped token, $wRING, which in contraposition to its competitors, is an ERC-20 compatible token. This feature allows users to get the API (392,537%) while staking $wRING in other protocols, thus achieving the possibility of obtaining double rewards with a single token and a single investment.

About Risk-Free Notes NFT

RingFi will issue the first Risk-Free Notes NFTs next week, and they can only be minted by locking $wRING. This new financial product works like a guaranteed check that accumulates interest.

The smart contract contains the assets invested at the time of purchase plus rewards in $BUSD and $wRING that act as backing and interest, respectively. In addition, these NFTs may be traded on secondary markets.

The RFN NFTs allow long-term investment to obtain high interest or be sold on the secondary market for the current value of the invested tokens plus rewards. In both cases, it is profitable and not subject to risk since payment is guaranteed (assets are self-contained in the contract).

RingFi Main Concept

RingFi seems to be looking for the investors' welfare and allows them to liquidate their long-term position without losing the investment by allowing RFN NFTs to be traded on secondary markets or NFTs Marketplaces.

Although RingFi is new in the DeFi industry, it has achieved tremendous progress within a short period. Currently, it is ranked third only behind Titano and Libero.

According to the team, "The goal for RingFi is simple, to build a Crypto Reserve Currency that will still exist in the years to come and become the base for a future ecosystem that offers a range of crypto products and services, all built from a strong foundation of consistent high APY rewards.”

Social Media

Twitter: https://twitter.com/ringfiprotocol

Telegram: https://t.me/ringfiofficial 

Medium: https://medium.com/@ringfi

Discord: https://discord.gg/nfWfZSrm2p

Whitepaper: https://docs.ringfi.io/

Company Name: RingFi Inc.

Email: info@ringfi.io 

Website: https://ringfi.io/






Announcement of Establishment of CA GameFi, Inc․ For Developing Blockchain Games in the Global Market

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass AdoptionPRESS RELEASE. CA GameFi Inc., (headquartered in Shibuya-ku, Tokyo, Japan; Taro Yamamoto, Representative Director; hereafter CA GameFi), a subsidiary of CyberAgent Inc. (headquartered in Shibuya-ku, Tokyo, Japan; Makoto Fujita, Representative Director; listed on the TSE’s first section, Stock Code 4751; hereafter CyberAgent), now announces the establishment of the company to run blockchain game business on […]
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Announcement of Establishment of CA GameFi, Inc․ For Developing Blockchain Games in the Global Market

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass AdoptionPRESS RELEASE. CA GameFi Inc., (headquartered in Shibuya-ku, Tokyo, Japan; Taro Yamamoto, Representative Director; hereafter CA GameFi), a subsidiary of CyberAgent Inc. (headquartered in Shibuya-ku, Tokyo, Japan; Makoto Fujita, Representative Director; listed on the TSE’s first section, Stock Code 4751; hereafter CyberAgent), now announces the establishment of the company to run blockchain game business on […]

Announcement of Establishment of CA GameFi, Inc․ For Developing Blockchain Games in the Global Market

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass AdoptionPRESS RELEASE. CA GameFi Inc., (headquartered in Shibuya-ku, Tokyo, Japan; Taro Yamamoto, Representative Director; hereafter CA GameFi), a subsidiary of CyberAgent Inc. (headquartered in Shibuya-ku, Tokyo, Japan; Makoto Fujita, Representative Director; listed on the TSE’s first section, Stock Code 4751; hereafter CyberAgent), now announces the establishment of the company to run blockchain game business on […]

Ukraine Government Launches It’s NFT Museum Of War

NFT Museum Of War

To raise funds to assist its army and civilians who have been harmed by the ongoing Russian attack, Ukraine has launched its NFT museum of war. With just a few days having passed since Russia began its invasion of Ukraine, the Ukrainian government announced an appeal for contributions in cryptocurrencies such as Bitcoin, Ether, and USDT to aid in the support of its soldiers and citizens who had been displaced by the invasion. The response to this appeal for donations was overwhelmingly encouraging from the crypto community. According to Elliptic, a cryptocurrency analytics company, the appeal for donations netted more than $60 million in contributions. After previously planning to issue an airdrop to people who have donated crypto to help the country, Ukraine decided to go with an NFT project instead, hoping that more individuals will donate as a result of the sale of NFTs, as donors will have confirmation that they have made a donation. Ukraine’s NFT Museum of War The museum, which is named Meta History: Museum of War, was established to commemorate the Ukrainian identity and independence with NFTs depicting various days of the ongoing war. In it, a variety of digital images are shown, including warplane silhouettes, cartoon explosion images, and various photos of news stories.  A statement from Ukraine’s Ministry of Digital Transformation said that the project’s purpose is to preserve the memory of the genuine events of the war period, to transmit honest information throughout the digital community across the globe, and to collect contributions for the assistance of Ukraine. According to the website, each NFT will be sold for 0.15 ETH, and all revenues from the sale will be deposited into the country’s cryptocurrency wallet. NFTs are digital tokens that can be sold and traded. They contain valuable data stored on a blockchain, which is a type of digital ledger. It seems the Ukrainian government is looking to take advantage of the recent popularity of NFTs to bring in donations. 

The post Ukraine Government Launches It’s NFT Museum Of War appeared first on Cryptoknowmics-Crypto News and Media Platform.

Ukraine Government Launches It’s NFT Museum Of War

NFT Museum Of War

To raise funds to assist its army and civilians who have been harmed by the ongoing Russian attack, Ukraine has launched its NFT museum of war. With just a few days having passed since Russia began its invasion of Ukraine, the Ukrainian government announced an appeal for contributions in cryptocurrencies such as Bitcoin, Ether, and USDT to aid in the support of its soldiers and citizens who had been displaced by the invasion. The response to this appeal for donations was overwhelmingly encouraging from the crypto community. According to Elliptic, a cryptocurrency analytics company, the appeal for donations netted more than $60 million in contributions. After previously planning to issue an airdrop to people who have donated crypto to help the country, Ukraine decided to go with an NFT project instead, hoping that more individuals will donate as a result of the sale of NFTs, as donors will have confirmation that they have made a donation. Ukraine’s NFT Museum of War The museum, which is named Meta History: Museum of War, was established to commemorate the Ukrainian identity and independence with NFTs depicting various days of the ongoing war. In it, a variety of digital images are shown, including warplane silhouettes, cartoon explosion images, and various photos of news stories.  A statement from Ukraine’s Ministry of Digital Transformation said that the project’s purpose is to preserve the memory of the genuine events of the war period, to transmit honest information throughout the digital community across the globe, and to collect contributions for the assistance of Ukraine. According to the website, each NFT will be sold for 0.15 ETH, and all revenues from the sale will be deposited into the country’s cryptocurrency wallet. NFTs are digital tokens that can be sold and traded. They contain valuable data stored on a blockchain, which is a type of digital ledger. It seems the Ukrainian government is looking to take advantage of the recent popularity of NFTs to bring in donations. 

The post Ukraine Government Launches It’s NFT Museum Of War appeared first on Cryptoknowmics-Crypto News and Media Platform.

Cardano Price Prediction: ADA Price Retrace Towards $0.90 After Testing Two-Month Highs

ADA price trades with a negative bias on Friday. The price opened lower but quickly recovered to the session’s high. But, the continuation of the upside momentum seems limited now. The formation of a ‘double’ top formation suggests some profit booking in ADA price. ADA price fails to capitalize on the previous session’s gains. More

The post Cardano Price Prediction: ADA Price Retrace Towards $0.90 After Testing Two-Month Highs appeared first on CoinGape.

Cardano Price Prediction: ADA Price Retrace Towards $0.90 After Testing Two-Month Highs

ADA price trades with a negative bias on Friday. The price opened lower but quickly recovered to the session’s high. But, the continuation of the upside momentum seems limited now. The formation of a ‘double’ top formation suggests some profit booking in ADA price. ADA price fails to capitalize on the previous session’s gains. More

The post Cardano Price Prediction: ADA Price Retrace Towards $0.90 After Testing Two-Month Highs appeared first on CoinGape.

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