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Andreessen Horowitz to share in windfall from Bored Ape crypto coin

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Andreessen Horowitz to share in windfall from Bored Ape crypto coin

Enterprise capital agency Andreessen Horowitz is among the many buyers that obtained a windfall this week when billions of {dollars} price of tokens have been issued to the creators, backers and house owners of the Bored Ape Yacht Membership digital collectibles.

Crypto merchants rushed to get a slice of the motion on Thursday when a consortium, during which Bored Ape creator Yuga Labs is the biggest single shareholder, debuted “ApeCoin”. Greater than $9bn price of ApeCoin modified palms within the first 24 hours of buying and selling, in line with information from CoinMarketCap.com.

A billion ApeCoin have been created on the Ethereum blockchain by an organisation that Yuga helped to discovered alongside a small group of backers and advisers.

The tokens instantly turned very worthwhile after tens of millions got away to Bored Ape holders on Thursday and so they started buying and selling on main crypto exchanges akin to Coinbase, FTX and Binance, the place another investor was in a position to purchase them.

ApeCoin’s launch is likely one of the most high-profile examples of “airdrops”, during which cryptocurrency initiatives successfully give away free digital tokens to collectors, staff and buyers, typically minting new millionaires in a single day. The cash tapped into the success of Bored Ape non-fungible tokens, which have taken off in recognition in current months.

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Earlier than public buying and selling started Yuga and its ApeCoin companions authorized the allocation of the tokens, handing crypto now price billions to a handful of insiders, in addition to Bored Ape holders, an environmental charity and the organisation’s treasury. A Yuga spokesperson mentioned token distribution was decided by a “giant group involving the contributors in addition to trade specialists they consulted”.

The 4 founders of Yuga — till lately recognized solely by their on-line pseudonyms akin to Gargamel and Emperor Tomato Ketchup — have been allotted 8 per cent. A bunch of “launch companions”, together with Andreessen and Hong Kong-based NFT and crypto investor Animoca Manufacturers, have been collectively given a 14 per cent allocation, in alternate for serving to put together for the issuance, a Yuga spokesperson confirmed to the Monetary Instances.

An extra 150mn tokens got to Yuga Labs itself, presently price greater than $2.2bn, whereas 470mn are to be held by the ApeCoin organisation itself and 150mn might be collected by Bored Ape NFT holders.

Holders of Bored Ape obtained a payout of 10,094 ApeCoin for every NFT they personal from the principle assortment, handing tens of thousands of dollars to house owners of a cartoon monkey that initially bought for about $250 and now trades for upwards of $250,000 on marketplaces akin to OpenSea.

A number of Bored Ape holders have been in a position to accumulate a whole lot of hundreds of {dollars} price of ApeCoin on Thursday, with one main collector claiming tokens valued at greater than $20mn on Friday.

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After unstable early buying and selling that noticed it swing from $39 to $7, ApeCoin’s worth had recovered to about $15 by 24 hours after its launch. That worth would worth the Yuga founders’ stake at greater than $1.2bn, whereas its launch companions maintain ApeCoin price $2.1bn. The founders and launch companions are presently restricted from buying and selling ApeCoin, with lock-ups unwinding in batches over the subsequent 36 months. Solely 28 per cent of the tokens are presently obtainable for buying and selling.

ApeCoin represents one in every of a brand new breed of crypto-centric “decentralised autonomous organisations”, or DAOs, that use airdropped tokens as a approach of divvying up governance rights, with these holding extra cash given a larger sway over the mission’s route. The cash may grow to be speculative monetary property used to entice new customers to a brand new platform or market.

Different members of the ApeCoin consortium embody Alexis Ohanian, co-founder of Reddit, Man Oseary, a music trade veteran whose shoppers embody Madonna and U2, and Horizen Labs, a blockchain developer.

A spokesperson for Yuga mentioned Andreessen obtained cash in alternate for helping with “general DAO governance design”. Andreessen declined to touch upon its involvement within the mission.

Yuga was in discussions with buyers together with Andreessen a few new spherical of funding that may worth it at between $4bn and $5bn, the FT reported final month. Yuga and Andreessen each declined to touch upon the potential financing.

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FAQ: As Trump inauguration moves inside, what to know on the last-minute changes

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FAQ: As Trump inauguration moves inside, what to know on the last-minute changes

President-elect Donald Trump’s inauguration ceremony is moving indoors to the Capitol rotunda due to a freezing blast of artic temps expected in D.C., he announced Friday.

In a post on his social media platform, Truth Social, Trump said he ordered Monday’s inauguration to be moved inside. The Joint Congressional Committee on Inauguration Ceremonies said in a statement that they’ll honor his request.

Of course, this last-minute change is having a major impact on everything from security to the thousands of spectators who booked hotel rooms and bought tickets to inaugural events.

Why is Trump’s second inauguration being held inside?

The D.C. area will be plunged into extreme cold as a piece of the polar vortex — an area of cold air that swirls around the Earth’s poles — brushes by the region.

Following some fresh snow during the day on Sunday, this extra-frigid air will move in Sunday night into Monday morning. Inauguration Day is often cold, but Monday looks to be especially brisk. The high is expected to be roughly 20°, with a low of 6°.

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“There is an Arctic blast sweeping the Country,” Trump posted on Truth Social. “I don’t want to see people hurt, or injured, in any way. It is dangerous conditions for the tens of thousands of Law Enforcement, First Responders, Police K9s and even horses, and hundreds of thousands of supporters that will be outside for many hours on the 20th (In any event, if you decide to come, dress warmly!).”

What parts of the 2025 inauguration will be inside?

Trump’s swearing-in ceremony will be conducted in the rotunda, where he will also deliver his inaugural address.

“The various Dignitaries and Guests will be brought into the Capitol. This will be a very beautiful experience for all, and especially for the large TV audience!” Trump wrote on Truth Social.

Capital One Arena in downtown D.C. will open for people to watch the ceremony and inaugural address on live video.

Then, instead of the traditional parade down Pennsylvania Avenue, the president will join supporters at Capital One Arena after his speech.

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“We will open Capital One Arena on Monday for LIVE viewing of this Historic event, and to host the Presidential Parade,” Trump posted on social media. “I will join the crowd at Capital One, after my Swearing In.”

Outdoor areas on the West Front of the U.S. Capitol, which were intended for tickets guests, will now be closed to those guests Monday, Capitol police said in a statement.

What’s staying the same?

Trump said in his post that other events would stay the same, including the victory rally at Capital One Arena scheduled for Sunday at 3 p.m.

He is still expected to attend three official inaugural balls Monday night.

If people had tickets to the inauguration, will they be able to use them at Capital One Arena?

Some 240,000 people hold tickets to attend inauguration on Monday. However, Capital One arena only can hold 20,000 people.

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News4 is still waiting for information as to what’s going to happen with those ticket holders. As of late Friday afternoon, several congressional social media accounts said they didn’t yet know and that ticket holders should keep checking back.

Will the inauguration security perimeter change?

That’s not yet clear. The U.S. Secret Service tells News4 they have contingency plans for matters like this. They said they may hold a news conference later Friday night or Saturday to go over the changes.

Trump is holding a rally at Capital One Arena on Sunday afternoon, the day before inauguration. As of late Friday afternoon, there was limited fencing set up around the arena. It’s unclear if that will now change.

There may also be a contingency plan being worked on, in case protesters go to the arena after Trump is sworn into office.

Are the planned Metro station closures still happening?

As of late Friday afternoon, Metro officials couldn’t say yet if there were any plans to change the number of Metro stations to be closed or to cancel those closures now that there won’t be a parade.

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The Gallery Place station next to Capital One Arena has entrances on H and F streets NW. Up until now, there were no plans to close those entrances outside the arena.

What other changes will have to happen?

It’s not just Metro and the Trump team that have to change everything. City leaders in D.C. have a lot of things that they have to now figure out.

There are 4,000 police officers coming in from around the country to line the parade route. Those officers will still be used because they still have to help watch the District to ensure everything is safe and to secure the areas around the inaugural balls.

When was the last time the inauguration was held inside?

President Ronald Reagan’s second inauguration in 1985 was held indoors due to a wind chill of -20°. It remains the coldest inauguration on record, with a high temperature of just 7°. The parade was also canceled that year, according to NBC News.

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As California Burns, ‘Octavia Tried to Tell Us’ Has New Meaning

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As California Burns, ‘Octavia Tried to Tell Us’ Has New Meaning

This article is also a weekly newsletter. Sign up for Race/Related here.

In the wake of the devastating fires in Los Angeles, many people are referencing the work of the science fiction writer Octavia Butler. Butler, who grew up in Pasadena, was the daughter of a housekeeper and a father who was a shoeshiner. She went on to become the first science fiction writer to win a MacArthur “genius” award. Her book “Parable of the Sower,” published in 1993, paints a picture of a California ravished by the effects of climate change, income inequality, political divisiveness and centers on a young woman struggling to find faith and the community to build a new future.

The phrase “Octavia tried to tell us,” which began to gain momentum in 2020 during the pandemic, has once again resurfaced, in part because Butler studied science and history so deeply. The accuracy with which she read the shifts in America can, at times, seem eerily prophetic. One entry in “Parable of the Sower,” which is structured as a journal, dated on “February 1, 2025” begins, “We had a fire today.” It goes on to describe how the fear of fires plague Robledo, a fictional town that feels much like Altadena, a haven for the Black middle class for more than 50 years, where Butler lived in the late ’90s.

In 2000, Butler wrote a piece for Essence magazine titled, “A Few Rules for Predicting the Future.” She wrote: “Of course, writing novels about the future doesn’t give me any special ability to foretell the future. But it does encourage me to use our past and present behaviors as guides to the kind of world we seem to be creating. The past, for example, is filled with repeating cycles of strength and weakness, wisdom and stupidity, empire and ashes.”

In one of the last interviews before she died in 2006, Butler spoke to Democracy Now!, an independent news organization, about how she’d been worried about how climate could devastate California . “I wrote the two ‘Parable’ books back in the ’90s,” she said, referring to “Parable of the Sower” and her 1998 follow-up, “Parable of the Talents.” These books, she explained, were about what happens when “we don’t trouble to correct some of the problems we are brewing for ourselves right now. Global warming is one of those problems. And I was aware of it back in the ’80s.” She continued: “A lot of people were seeing it as politics, as something very iffy, as something they could ignore because nothing was going to come of it tomorrow.

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Lynell George, a writer who lives in Los Angeles and the author of a book on Butler and her creative journey, has spent many years studying Butler’s archives at the Huntington Library in Pasadena. In 2022, we asked George to write about how Butler predicted the world we live in. As so many people are turning to her work during this time of tremendous loss, we wanted to share that story with our readers again.

In her piece, “The Visions of Octavia Butler,” George wrote: “In ‘Parable of the Sower,’ Earth is tipping toward climate disaster: A catastrophic drought has led to social upheaval and violent class wars. Butler, a fervent environmentalist, researched the novel by clipping articles, taking notes and monitoring rain and growth in her Southern California neighborhood. She couldn’t help but wonder, she later wrote, what ‘environmental and economic stupidities’ might lead to. She often called herself a pessimist, but threaded into the bleak landscape of her ‘Parable’ novels are strands of glimmering hope — ribbons of blue at the edges of the fictional fiery skies.”

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Donald Trump’s inauguration to be moved indoors because of ‘bitterly cold’ weather

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Donald Trump’s inauguration to be moved indoors because of ‘bitterly cold’ weather

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Parts of Donald Trump’s inauguration will be moved inside the US Capitol because of freezing weather that is forecast for Washington on Monday.

It will be the first time since 1985 — when a severe cold snap hit Ronald Reagan’s second inauguration — that a swearing-in ceremony has been moved indoors.

The president-elect announced the revised plans in a Truth Social post on Friday, saying he had ordered the inauguration address, as well as prayers and speeches, to be delivered inside the Capitol Rotunda as Reagan had done four decades ago.

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“There is an Arctic blast sweeping the Country. I don’t want to see people hurt, or injured, in any way,” Trump wrote.

“It is dangerous conditions for the tens of thousands of Law Enforcement, First Responders, Police K9s and even horses, and hundreds of thousands of supporters that will be outside for many hours on the 20th.”

The National Weather Service said an “enhanced winter storm threat” was in place for Sunday afternoon and evening, and predicted about 2-4 inches of snow would fall, with a “reasonable worst case” scenario of 4-8 inches.

“Bitterly cold wind chills” were expected Monday to Wednesday, the NWS said on Friday, as it forecast temperatures to be “well below freezing” during this period.

The agency is forecasting a high of about -5C at 11am local time on Monday, when the swearing-in ceremony is due to begin, with a wind-chill of -13C that it warned could result in hypothermia or frostbite without appropriate attire.

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Trump said the Capital One Arena — with a capacity of 20,000 — will be opened on Monday for a live viewing of the ceremony, and that he would visit the venue, located about 2km from the Capitol, following his swearing-in.

Other events, including a victory rally at the arena are scheduled for Sunday and inaugural balls set for Monday night, will continue as scheduled, the president-elect said.

Trump encouraged supporters who choose to come to “dress warmly!”

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