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FTX to fully repay investors after bankruptcy plan receives judge approval

  • FTX to repay 98% of its users around 119% of their claim value
  • Distributions will be made to creditors across more than 200 jurisdictions
  • FTX collapsed in November 2022 amid allegations of fraud and customer fund mismanagement

A US judge has approved FTX’s bankruptcy plan to use billions of dollars in recovered assets to repay users nearly two years after the crypto exchange collapsed.

On Monday, Judge John Dorsey in the US Bankruptcy Court for the District of Delaware approved FTX’s plan. By doing so, it enables the exchange’s debtors to repay 98% of users around 119% of their claim value as of November 2022 when the company filed for bankruptcy.

FTX projects the repayment to be between $14.7 billion and $16.5 billion after the total value of the property has been collected and converted to cash.

In a statement, John J. Ray III, CEO and Chief Restructuring Officer of FTX, said: “The Court’s confirmation of our Plan is a significant milestone on our pathway to distributing cash to customers and creditors,” adding:

“The estate is working to finalize arrangements to make distributions to creditors across more than 200 jurisdictions around the world.”

Before its collapse, FTX was a well-known and trusted platform in the crypto space. However, in November 2022, the exchange collapsed because of a lack of liquidity and mismanagement of funds, which eventually saw concerned investors withdrawing large volumes of money.

Sam Bankman-Fried, co-founder and CEO of FTX, was later arrested and sentenced to 25 years in prison for fraud and mismanaging the exchange. Caroline Ellison, former CEO of Alameda Research, was sentenced to 24 months in prison after pleading guilty to charges related to her role in the collapse of FTX.

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Infinex integrates Wormhole to power multi-chain DeFi app

  • Infinex is integrating Wormhole Connect for multi-chain in-app token transfers for its users.
  • The DeFi platform will also use Wormhole Queries to bolster security and for cross-chain asset recovery.

Infinex, a platform that seeks to bring more users to the decentralized finance space via multi-chain access to protocols and apps, has selected Wormhole as its primary interoperability provider.

The project founded by Synthetix creator Kain Warwick will use Wormhole’s technology to power in-app token transfers for its users. According to an announcement on Oct. 7, Infinex will leverage Wormhole Connect and Wormhole Queries to boost token transfers.

“Infinex’s vision is to simplify decentralized finance by creating a seamless, multichain user experience and providing the safest way to get onchain,” said Kain Warwick, founder of Infinex.

Efficiency and DeFi adoption

Wormhole features that will also benefit Infinex are efficiency and growing adoption across the decentralised finance ecosystem.

The platform’s interoperability infrastructure currently connects more than 30 blockchains. Protocols have tapped into Wormhole to power more than a billion cross-chain messages and asset transfers worth more than $45 billion.

Major industry players to leverage Wormhole integration include digital assets securities firm Securitize, decentralised exchange Uniswap, USDC issuer Circle and asset management giant BlackRock. Worldcoin also taps into Wormhole for its World ID integration on Solana.

The integration with Wormhole follows Infinex’s recent $65.2 million NFT sale that attracted Solana Ventures, Moonrock Capital, Framework Ventures and Wintermute.

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National Bank of Bahrain launches a Bitcoin investment fund

  • The National Bank of Bahrain launches the GCC’s first Bitcoin investment fund.
  • The fund offers accredited investors exposure to Bitcoin as a capital-protecting option.
  • Bahrain ranks fifth globally in Bitcoin holdings, emphasizing its crypto-friendly stance.

The National Bank of Bahrain (NBB) has made headlines with the launch of a groundbreaking investment fund aimed at providing accredited investors with exposure to Bitcoin.

This initiative marks the first Bitcoin-linked structured investment in the Gulf Cooperation Council (GCC) region, which includes countries such as Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

National Bank of Bahrain collaborating with APR Digital

In collaboration with APR Digital, the fund is designed to cater to the growing interest in digital assets, particularly Bitcoin.

Hisham AlKurdi, Group Chief Executive of Markets & Client Solutions at NBB, in a press release, expressed pride in introducing this innovative product, stating, “We are proud to introduce this bespoke structured investment, which blends the appeal of digital asset exposure with the security of capital protection.”

This move underscores the bank’s commitment to providing wealth management clients with secure and diverse investment opportunities.

Boost for Bitcoin adoption in Bahrain

As Bitcoin continues to gain traction worldwide, the launch of this fund is a significant boost for BTC adoption in Bahrain.

The country is currently ranked fifth globally for the largest Bitcoin holdings, with a portfolio of approximately 13,166 BTC, valued at around $844 million.

Unlike some nations that acquire BTC mainly through seizures, Bahrain has been actively accumulating the cryptocurrency, positioning itself as a leader in the digital asset space.

Furthermore, the Central Bank of Bahrain (CBB) has implemented a clear legal framework to foster the adoption of digital currencies.

Recently, the CBB granted a payment service license to the crypto exchange Crypto.com, allowing it to provide crypto services to Bahraini users, further solidifying Bahrain’s status as a crypto-friendly nation.

With the introduction of this Bitcoin investment fund, the National Bank of Bahrain aims to capitalize on the growing potential of cryptocurrencies, offering clients a unique avenue for portfolio diversification in an evolving investment landscape.

As interest in digital assets continues to rise, Bahrain’s proactive approach is likely to encourage further investment and innovation in the region.

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