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Appeals court orders an independent scrutiny of FTX bankruptcy

  • The federal appeals court in Philadelphia ordered that an independent examiner be appointed to scrutinize the FTX collapse.
  • Bankruptcy court judge John Dorsey had earlier denied the trustee’s request.

A federal appeals court has ordered following a three-judge bench decision that an independent examiner should scrutinize FTX’s bankruptcy case.

Federal court orders for appointment of an examiner in FTX case

The Associated Press reported on Tuesday that the appeals court in Philadelphia has reversed an earlier ruling denying a US bankruptcy trustee’s request for an independent examiner. US bankruptcy judge John Dorsey dismissed the trustee’s request in February last year.

Judge Dorsey had agreed with FTX’s argument that an examiner’s involvement would only duplicate what new CEO John Ray III, federal agencies and the committee of unsecured creditors was doing. 

FTX also argued that having an independent examiner was too costly.

But in its ruling last Friday, the appeals court agreed with the bankruptcy trustee’s position that FTX’s collapse, which followed allegations of massive fraud, warrants an independent review rather than rely on an internal investigation.

Judge Luis Felipe Restrepo, writing for the appeals court panel, noted that the trustee’s case raised “straightforward issues” and that the bankruptcy code provides for an independent examiner’s appointment.

An examiner, judge Restrepo said, will make public all findings. Debtor or creditors’ committees do not have such an obligation.

FTX filed for bankruptcy in November 2022 and its founder and former CEO Sam Bankman-Fried is awaiting sentencing after he was found guilty on all charges, including fraud. The sentencing is scheduled for March 2024. 

Earlier this month, US prosecutors hinted at not pursuing a second trial for Bankman-Fried.

The post Appeals court orders an independent scrutiny of FTX bankruptcy appeared first on CoinJournal.

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Bitcoin slips below $40k as Bitbot’s presale surpasses $300k

Key takeaways

  • Bitcoin has declined below the $40k level for the first time in nearly two months.

  • Bitbot’s presale has raised more than $300k a week after its launch.

Bitcoin’s selling pressure continues as BTC dips below $40k

Bitcoin, the world’s number one cryptocurrency by market cap, has been underperforming over the last few days. It is down by more than 20% since the spot Bitcoin exchange-traded funds (ETFs) were approved two weeks ago.

At press time, the price of Bitcoin stands at $39,761, down by roughly 1% in the last 24 hours. Despite the current bearish trend, market participants still expect the bull market to launch in full force this year.

The Bitcoin halving is barely three months away and it usually signals the beginning of a Bull Run. If the bullish cycle commences this year, Bitcoin and altcoins could record massive gains in the coming months. 

What is Bitbot? 

The current bearish trend in the market hasn’t put a dent in the Bitbot presale. It has been a week since the Bitbot presale began and it has already crossed an important milestone. 

The rising demand for Bitbot’s token can be attributed to its unique value proposition in the market. Bitbot is a Telegram trading bot that puts the power in the hands of the user. It is a self-custodial trading bot that enables users to trade via their cold wallets on Telegram. 

Bitbot provides an innovative way of trading as it leverages Telegram’s position as one of the leading social media platforms for crypto users. 

Per the development team, Bitbot will provide numerous powerful features to help traders grow their trading portfolios. The features would be institutional-grade, granting them access to world-class trading functions.

The Bitbot team comprises individuals with vast experience in various fields including traditional finance and blockchain. With Bitcoin expected to reach new highs in the coming months, trading volume will skyrocket in the crypto market if that happens. 

Bitbot’s trading innovations

Bitbot is working to develop excellent trading tools for traders. With the right level of adoption, its native token could become one of the biggest winners in the bull cycle. 

An exciting aspect of Bitbot is that the tool prioritises security. According to the team, Bitbot will work with Knightsafe to offer a self-custody solution. Thus, mitigating the typical risks associated with Telegram trading.

Part of the funds raised from the presale will be directed towards the development of anti-MEV and anti-rug solutions for users to protect their assets. These features would enable traders to protect themselves from bots artificially pumping transaction costs and block scam projects.

BitBot uses an ultra-flexible wallet management fuelled by non-custodial API technology. The trading tool also uses the open-source smart contract wallet to provide a way superior security level for the non-custodial solution to users.

Bitbot is working on a copy trading feature that would allow investors to copy the trades of the strongest performing wallets based on on-chain activities; predicted to be one of the most popular aspects of the product.

Bitbot raises over $300k in a week

The Bitbot presale is moving on excellently. The team has raised more than $300k a week after the presale began. The presale is currently in its second stage and the team is close to reaching the $410,000 target set for this round. 

The new milestone of $300k shows that Bitbot is gaining fast adoption within the cryptocurrency space. The $BITBOT token is going for $0.0105 in the current presale round and will increase to $0.011 once the third round commences. 

Per the whitepaper, 20% of tokens will be held by the Bitbot development team to fund ongoing development. 14% to marketing & CEX listings while 3% is allocated to exchange liquidity provision.

Click here to read more about Bitbot’s upcoming presale. 

Could Bitbot be a top performer in 2024? 

The US SEC has already approved spot Bitcoin ETFs and the Bitcoin halving is 89 days away. These catalysts could help push Bitcoin’s price to a new all-time high this year and the broader crypto market could benefit.

The Bull Run could favour low-cap gems and Bitbot could be one of the biggest winners. Bitbot is putting in the work to become an excellent project for cryptocurrency traders.

The post Bitcoin slips below $40k as Bitbot’s presale surpasses $300k appeared first on CoinJournal.

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$INJ Unlocked $139M in Tokens Amidst Market Crash; Presale Buyers Eye $GFOX as Market Tumbles

Altcoins are showing great signs of life. Now that Bitcoin’s ($BTC) moment in the spotlight has ended and the Ethereum ($ETH) rally is taking shape (despite the current market retracement), it is only a matter of time before altcoins start to make those famous daily double-digit gains. But not all altcoins are created equal, and when searching for the best cryptocurrency to buy now investors have to pay attention to tokenomics and token unlocks.

There is a minefield of hidden sell pressure heading into 2024, with more and more major unlocks for leading tokens. Injective ($INJ) unlocked $139 million in tokens of January 21st, which could hamper chances of a strong recovery once the carnage has passed for the broader market. Presale investors are eyeing the Galaxy Fox ($GFOX) presale, betting on deflationary tokenomics this year.

Injective ($INJ) Last Round Of Token Unlocks: $139 Million Of Sell Pressure?

Injective has been among the strongest performers in the final quarters of 2023 and the early parts of this year. However, despite being a top crypto to buy, token unlocks have made investors jittery with a cliff unlock occurring on the 21st of January.

A total of 4.33% of the circulating supply was unlocked, with the bulk going to the team and a portion going to advisors – two of the most likely groups to sell the token. $139 million of sell pressure will be making its way to the Injective order books over the coming weeks, and retail will be the ones charged with absorbing it. That’s a tall order, given the devastation of the market over the past week from Grascale and FTX dumping their $BTC.

Unlocks are always a tough time for price action. The team deserves to enrich themselves after building this top-of-the-line blockchain. Built using the Cosmos SDK, Injective has been custom-built for financial applications, including basic primitives such as an on-chain order book and MEV resistance. Still, this doesn’t change the fact that retail bidders will be the ones buying the team’s bags and eating the loss. 

Galaxy Fox ($GFOX) Presale Crosses $2.9 Million

Galaxy Fox has been attracting increased attention and capital over recent weeks as investors begin to understand the upside of holding deflationary assets in the bull market. Funding recently crossed $2.8 million, and nothing will stop this new hybrid token from smashing the $5 million milestone in the coming weeks. Could it be the best cryptocurrency to buy now in a sea of token unlocks?

The token burn, and fair launch mechanism leveraged by Galaxy Fox have driven most of this engagement as investors wake up to the reality of looming unlocks for almost all of the top ten cryptocurrencies and major altcoins. At the TGE, the majority of $GFOX tokens will be live, and presale participants will own 70%. This distributed ownership ensures no large wallets dumping.

Another leading feature in this ecosystem is staking rewards. Galaxy Fox has implemented a unique taxation system that funds staking payouts, allowing all $GFOX holders to earn yield on a deflationary asset. Early stakers can enjoy passive income while relaxing. The burn ensures a constantly decreasing supply, and this powerful combo is something to watch headed into the bull market.

Deflationary tokens could easily become the breakout stars this year. As demand for tokens increases during the bull market, especially tokens with passive income like $GFOX, and the total supply decreases, it will naturally cause a price spike. More capital chasing fewer tokens is excellent for early holders. 

Closing Thoughts: Experts Overweight Deflationary Tokens In Bull Market

Experts always dive into tokenomics, which is, unfortunately, not something many crypto investors take the time to do. Tokenomics play a massive role in figuring out the best cryptocurrency to buy now, and investors who ignore them put themselves at a disadvantage.

Solid deflationary tokenomics models are already starting to attract a premium, as seen with the recent rise in interest for $GFOX ownership. Get an allocation while it is still undervalued by participating in the presale today!
 

Learn more about $GFOX here:

Visit Galaxy Fox Presale | Join the Community

The post $INJ Unlocked $139M in Tokens Amidst Market Crash; Presale Buyers Eye $GFOX as Market Tumbles appeared first on CoinJournal.

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BIS unveils 2024 strategy: focus on CBDCs and tokenization

  • BIS’s 2024 Strategy Unveiled: CBDCs and Tokenization Key Focus.
  • Project Promissa to digitize Promissory Notes using blockchain tech.
  • Project Aurum advances CBDC privacy in retail payments with HKMA.

The Bank for International Settlements (BIS) is set to make significant strides in digital currency research, emphasizing central bank digital currencies (CBDCs) and tokenization in its 2024 strategy.

The BIS Innovation Hub has outlined a comprehensive program, featuring six new projects, exploring cybersecurity, financial crime, CBDCs, and green finance. Among the key initiatives are the second phase of Project Aurum and the launch of a blockchain-based tokenization project, Project Promissa.

Project Promissa: revolutionizing financial instruments with tokenization

Project Promissa, a collaborative effort involving BIS, the Swiss National Bank, and the World Bank, aims to usher in a new era for financial instruments. Focusing on digitizing promissory notes, a traditional yet paper-based financial commitment, the project leverages blockchain technology to enhance transparency and simplify management.

This proof-of-concept platform is set to revolutionize the handling of promissory notes by digitizing them, aligning with the BIS’s commitment to exploring innovative solutions in the realm of tokenization. The initiative is anticipated to conclude its proof-of-concept phase by early 2025.

Project Aurum: advancing CBDC privacy in retail payments

Building on the success of its wholesale interbank system and retail CBDC prototype in 2022, Project Aurum, conducted jointly by BIS and the Hong Kong Monetary Authority (HKMA), progresses into its next phase.

The project explores the privacy aspects of retail payments using CBDCs. With the HKMA’s achievements in developing a robust foundation for Aurum, the research now delves deeper into understanding the intricacies of privacy in retail CBDC payments. This initiative aligns with the broader BIS strategy, highlighting the pivotal role of CBDCs in the evolving landscape of digital currencies.

BIS’ additional initiatives

Alongside tokenization and CBDC-focused projects, BIS introduces four other initiatives – Project Leap, Project Symbiosis, Project Hertha, and Project NGFS Data Directory 2.0 – addressing cybersecurity, green finance, and financial crime.

These projects underscore BIS’s commitment to a multifaceted approach to shaping the future of financial technology. Additionally, the continued focus on projects like Mandala, Pyxtrail, and Cambridge showcases BIS’s dedication to innovation, automation, and experimentation across diverse aspects of the financial industry.

The post BIS unveils 2024 strategy: focus on CBDCs and tokenization appeared first on CoinJournal.

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OKX and HashKey Group eye partnership to promote crypto innovation in Hong Kong

  • OKX and Web3 technology company HashKey Group are eyeing a strategic alliance targeted at promoting virtual asset innovation and adoption in Hong Kong.
  • Elsewhere, the OKB token plummeted on Tuesday, dipping more than 25% to $39.

Crypto exchange OKX and Web3 technology firm HashKey Group, are looking to partner to promote virtual asset innovation and adoption in Hong Kong.

The companies said in a press release on Tuesday that the partnership will focus on various crypto related programs, including blockchain infrastructure, product development and education initiatives around virtual asset investment. 

OKX and HashKey Group’s efforts will target initiatives that comply with the Hong Kong regulatory framework, according to the announcement.

Notably, OKX and HashKey Group will look to tap into their respective company’s strengths and resources to drive growth across Hong Kong, one of the fastest growing crypto hubs in the world. 

Today’s news comes days after OKX revealed it had secured a VASP license from Dubai’s market regulator VARA.

What is happening with the OKB token?

On Tuesday, the price of OKB, the native token of the OKX crypto exchange, nosedived from above $52 to hit lows of $39. The early morning flash crash pushed the OKB market valuation down by more than $700 million.

While the OKX token has recovered some of the losses, it remains below $50. At the time of writing, it’s trading near $45 and at risk of further declines amid the broader crypto market bleeding.

Regarding the flash crash, OKX CEO Star Xu said in an earlier post on X that the exchange was investigating the crash. He has promised to give an update to the crypto community.

The post OKX and HashKey Group eye partnership to promote crypto innovation in Hong Kong appeared first on CoinJournal.