TechCrunch Summary (2023-05-25 08AM)

Source: Arrington Capital-backed group to acquire Celsius assets

Summary
Investment firm Arrington Capital has placed the winning bid to acquire Celsius Network for $35m per year in management fees. The other members of the consortium, Fahrenheit, are crypto mining firm US Bitcoin Corp, Proof Group, Steven Kokinos and Ravi Kaza. Illiquid assets, such as the institutional loan portfolio and alternative investments, will be managed by a new team. Celsius creditors will own 100% of the equity of the new crypto entity.

Fact

💸 Celsius Network filed for bankruptcy back in July 2022 and will be acquired by consortium Fahrenheit for $35m per year in management fees.

👥 Celsius creditors will still own 100% of the equity of the new crypto entity, while liquid assets will be distributed to account holders.

🔄 Blockchain Recovery Investment Consortium, which involves Gemini Trust, will be the backup bid if a new chapter 11 bankruptcy plan is not approved.

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Source: On the internet, nobody knows you’re a bot

Summary
The advancement of AI technology is making it difficult for people to distinguish between what’s real and what’s not on the internet, creating a scary situation on the web.

Facts

🤖 Anyone can hide behind a screen name, leading to a dangerous situation on the internet.

🧐 AI technology is so advanced that it’s difficult to differentiate between an AI and a human.

🕵️ People have no idea what’s real and what isn’t on the internet.

🗳️ With the 2024 presidential election coming up, this situation could be disastrous.

💻 It may be impossible to dig ourselves out of this situation.

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Source: The revamped MoviePass goes nationwide

Summary
MoviePass is returning to the U.S. with a more measured approach to new movie access. The movie theater subscription service is launching across the country with four tiers, starting at $10/month and getting one to three movies a month. The service is designed to help drive traffic to all theaters during the critical summer season.

Facts

🎥 Four tiers for subscription: $10, $15, $20, $40 a month.

🍿 The tiers have credits which vary for each kind of showtime. Unused credits roll over up to two months.

💰 Tier $20 is the most popular which offers members 3-7 movies a month.

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