FTX's $16Bn Bankruptcy Plan For Customers Finally Approved
FTX's $16Bn Bankruptcy Plan For Customers Finally Approved
Collapsed crypto exchange FTX has received court approval to move forward with its bankruptcy plan, paving the way for customers to finally reclaim their funds. US Bankruptcy Judge John Dorsey gave the green light on Monday, allowing FTX to distribute $16 billion recovered over nearly two years. This is a milestone in the company’s long recovery process following its implosion in late 2022.
FTX’s fall from grace was one of the largest scandals in crypto history, with co-founder and former CEO Sam Bankman-Fried currently serving a 25-year sentence for fraud. The approved plan will return funds to customers in cash, with most receiving at least 118% of the value in their accounts as of November 2022. However, some investors are upset they won’t be repaid in their original crypto assets.
HBO’s Satoshi Nakamoto Documentary Crypto Bets Explode
HBO’s upcoming documentary, Money Electric: The Bitcoin Mystery, is set to unveil the identity of Bitcoin creator Satoshi Nakamoto and crypto bettors are treating the reveal like a sporting event. According to director Cullen Hoback, the documentary’s release has sparked a frenzy of speculation on Polymarket, with over $6.3 million wagered on who will be named Satoshi.
As of now, candidates include Nick Szabo and Blockstream CEO Adam Back, with cryptographer Len Sassaman falling to second place after leading the race. Oddly, Hal Finney is trailing behind, while there will be plenty of speculation in the last 24 hours before the reveal. The personal story shared by Justin Newton in his article "Satoshi My Friend" is perhaps the best piece we read on the topic.
Donald Trump Bets Surge on Polymarket as US Election Nears
Former President Donald Trump’s chances of winning the 2024 US presidential election have surged to 53.8% on Polymarket, the highest since Kamala Harris was named as his opponent. Trump’s odds have been steadily rising on the decentralized prediction market, where over $1.4 billion in cumulative trading volume has been wagered on the election.
Even Elon Musk argued that prediction markets like Polymarket are more accurate than traditional polls since bettors have money on the line. Trump’s recent boost in odds follows favorable polling in key swing states like Pennsylvania, while some are speculating on potential appointments in his administration, including Robinhood’s Dan Gallagher as the next SEC chair if Trump wins.
ZachXBT Helps Recover Funds in $5M Coinbase Scam
Blockchain detective ZachXBT has helped recover $275,000 in stolen cryptocurrencies from an elderly victim of a social engineering scam, part of a broader $5 million fraud operation. The victim, targeted by scammers posing as Coinbase support, was convinced to move funds from their Ledger hardware wallet, leading to the theft of their life savings.
ZachXBT’s investigation traced 15 BTC and nearly $200,000 in USDT, revealing an increasingly common scam profile where hackers exploit trust in exchange security. This recovery comes amid growing concerns about rising crypto fraud, with analysts reporting a spike in stolen funds and ransomware activity in 2024.
Data of the Day
Solana is once again the clear leader in new token launches, accounting for 87% of the total 110,180 tokens deployed across all chains in 2024, according to recent data.
The blockchain saw an explosion of activity driven by the meme coin craze, with platforms like Pump.fun enabling easy token creation, making it a go-to for speculative traders.
While Solana leads in the number of new tokens, the competition with Base is fierce, with both chains accounting for over 80% of all token launches.
More Breaking News
- A new Ethereum proposal, EIP-7781, can reduce the blockchain’s slot time from 12 to 8 seconds to lower latency for rollups and boost throughput by 33%.
- Crypto exchange Bitget pledged to compensate holders of its native token, BGB, after a flash crash caused the token to drop 52%.
- An anonymous Solana trader turned an $800 investment in Moo Deng, a hippo-inspired meme coin, into a $10 million stash, only to see it rapidly burn.
- Ethereum co-founder Vitalik Buterin donated $182,000 in ETH, converted from billions in Moo Deng meme coins sent to him, to the biotech charity Kanro.
- The Hong Kong Securities and Futures Commission issued its third crypto exchange license under its new regime and aims to license more platforms in 2024.
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