Schlagwort: crypto business

• FTX plans to start distributing $16 billion to creditors by March 2025.
• Distributions will begin 60 days after the Chapter 11 plan becomes effective in Jan.
• Customers must complete KYC verification and submit tax forms to receive payments.

The FTX estate, now under the leadership of CEO and Chief Restructuring Officer John J. Ray III, has revealed plans to begin distributing assets to creditors and customers by March 2025.

This follows a two-year period of intense recovery efforts after the collapse of the cryptocurrency exchange due to corporate mismanagement and fraud, which rocked the crypto world.

Ray, who stepped in after founder Sam Bankman-Fried filed for Chapter 11 protection in late 2022, has overseen the successful recovery of approximately $16 billion in cash and cryptocurrencies for the estate.

FTX distribution timeline

The timeline for distributions, outlined in a recent press release, marks a significant milestone in the lengthy process of compensating FTX’s creditors.

The company expects its Chapter 11 Plan of Reorganization to become effective in early January 2025, with the first distributions to begin within 60 days thereafter.

A key date in the process will be the distribution record date, which will coincide with the effective date of the reorganization plan.

To ensure they receive their share, customers must complete Know Your Customer (KYC) verification, submit required tax forms, and establish an approved account with one of FTX’s specialized distribution agents.

FTX’s restructuring efforts have been a lengthy and complex undertaking, but the company is now moving full steam ahead to distribute the recovered funds.

According to Ray, the process will be assisted by specialized distribution agents, who will help facilitate global payments to creditors and customers.

As part of the effort, FTX will finalize arrangements with these agents by early December, with specific instructions provided to customers through the existing portal.

While many creditors and customers will receive the majority of their assets back, the journey has been far from straightforward. The bankruptcy proceedings also saw Bankman-Fried convicted of fraud, sentenced to 25 years in prison, and facing appeals.

Meanwhile, other key figures in the scandal, such as co-founder Gary Wang and ex-Alameda co-CEO Caroline Ellison, received lighter sentences in exchange for their cooperation.

The FTX estate’s plan to distribute $16 billion signals a long-awaited resolution for many who were affected by the exchange’s collapse.

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• Gary Gensler will step down on January 20, 2025.
• Solana, XRP among cryptocurrencies to spike amid the news.

US Securities and Exchange Commission Chair Gary Gensler has announced his resignation from the agency effective January 20, 2025.

Gensler announced his exit from the Commission in a press release on Thursday, Nov. 21, with this coming a few weeks after the US elections that saw Donald Trump win.

During the campaigns, Trump promised to fire the vastly unpopular and highly-criticised SEC chair “on day one” of his presidency. The crypto industry largely expected his exit.

The news of his exit saw several cryptocurrencies rise sharply, with Solana and XRP jumping more than 10% to $257 and $1.20 respectively. Ethereum was up 5% to $3,359 while Bitcoin hovered above $98,000.

Gensler to step down

Gary Gensler took over as the SEC chair on April 17, 2021, taking the helm as the securities market’s chief following appointment by the Joe Biden administration. In the press release announcing his departure, he wrote:

“I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favor. I’ve greatly enjoyed working with my fellow Commissioners, Allison Herren Lee, Elad Roisman, Hester Peirce, Caroline Crenshaw, Mark Uyeda, and Jaime Lizárraga. I also thank Congress, my colleagues across the U.S. government, and fellow regulators around the world.”

Gensler also posted about his resignation in a thread on X.

One of the things the SEC came to be known for under his tenure was the regulation by enforcement approach that threatened to cripple the US crypto industry.

The SEC filed multiple cases against top crypto companies, including Coinbase, Binance and Kraken. Gensler also continued the lawsuit his predecessor filed against Ripple in December 2020 – which the regulator ultimately lost.

Gensler also came under fire following the dramatic collapse of FTX, which imploded in November 2022 and has seen five ex-FTX officials jailed or sentenced to time served.

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• Sui, a layer 1 blockchain network that supports decentralized finance, has resumed block production.
• The team says a bug that caused validators to crash has been fixed.

The Sui (SUI) team has announced the resumption of transaction processing after the network went offline for nearly two hours amid a “major outage.”

On Nov. 21, the Sui team had confirmed that the network had failed to produce any new blocks, stating that the team was working on a fix. The particular outage, which hit as the crypto market buzzed with enhanced activity, had lasted nearly two hours.

Sui’s team had earlier noted:

“Service Announcement: The Sui network is currently experiencing an outage and not processing transactions. We’ve identified the issue and a fix will be deployed shortly. We appreciate your patience and will continue to provide updates.”

However, Sui is now back online after a bug fix.

“The Sui network is back up and processing transactions again, thanks to swift work from the incredible community of Sui validators. The 2-hour downtime was caused by a bug in transaction scheduling logic that caused validators to crash, which has now been resolved,” the platform posted on X.

SUI price

Following the news, the price of SUI, the L1 blockchain network’s native token, declined sharply. Market data shows the price fell from highs of $3.62 to $3.36.

However, the SUI/USD pair traded around $3.49 at the time of writing, down 5% after a slight uptick as Bitcoin smashed past $98,000. Sui was looking to further trim these losses.

Key Sui network developments

Sui recently welcomed native support for the First Digital USD stablecoin, adding to the ecosystem’s expansion. FDUSD on SUI is set to bolster the network’s liquidity and transaction efficiency, bringing further benefits of decentralized finance to traditional finance.

The layer 1 blockchain’s total value locked (TVL) recently spiked past $1.3 billion amid several key developments. It included the native USDC launch on the network and Grayscale’s unveiling of its SUI Trust. Investment firm VanEck’s launch of a Sui-based financial product also added to the optimism.

According to DeFiLlama, Sui’s TVL stands at over $2.4 billion. The SUI token price has increased 78% in the past month and over 520% in the past year.

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Vantard, the meme coin index fund that offers a portfolio of the top Solana meme coins, has recorded a massive uptick. Meanwhile, Bitcoin (BTC) is eyeing further gains after breaking above $94,000.

Why is this outlook good for the market and in particular, Vantard (VTARD)?

Bitcoin surges to above $94k

With Bitcoin price rallying to above $94,000 as it rides the latest wave of demand, investor attention is on what next. Analysts forecast a surge past $100k and a parabolic rise in 2025. ETF demand and options trading amid a positive regulatory environment are key catalysts in this perspective.

However, as investors eye the flagship digital asset’s bullish course, interest is firmly on potential gems primed for a bull market explosion. In the current market setup, the upcoming meme supercycle has many traders looking at what next.

This is because whereas Bitcoin has captured attention with its impressive surge, some meme coins have vastly outperformed it in the past few weeks. Moo Deng for instance is up 179% in the past week and 379% in the past month, outpacing the top coin’s 2% and 39% respectively in that period.

But MOODENG is just one of the top Solana-based meme gems in the Vantard Meme Portfolio, with the overall performance of the index aligning with anticipation that the market is on the verge of a supercycle.

Vantard meme index fund: for the supercycle?

Looking at the crypto market charts today, data shows Vantard meme coin portfolio tokens have cumulatively spiked more than 25%. In comparison, top coins like BTC, ETH and SOL are registering upsides of +0.5%, -2.4% and -3.7% respectively.

Notably, Popcat, Goateus Maximus and Michi have all slumped amid meme coins’ market dip of 4% in 24 hours. However, the performance of MOODENG and hehe tokens have lifted the index, setting up a rally for the basket when sentiment flips positive.

Vantard is currently offering access to its portfolio via the sale of VTARD, the token representing the basket of coins in the index. Having exploded to $500k in its pre-seed sale, Vantard has shot to another $860k in the ongoing seed sale.

This comes as meme coins such as Chill Guy smash it with over 500% gains in 24 hours. Rebalancing means Vantard’s meme index will eye similar performers in its portfolio. VTARD enables holders to ride this wave without worrying about how to spot the next 100x or 500x token.

That’s why an early entry, with current VTARD price at $0.00015, may be the best way to position.

Want to learn more about Vantard? Visit the official website here.

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