Category: crypto

FTX creditors will receive $1.6 billion on Sept. 30, bringing some customers to 95% cumulative recovery rates. Creditors must complete verification steps through the FTX Customer Portal, including KYC verification and selecting a payment method. Different creditor classes receive varying payment amounts under the reorganization plan. Previous distributions totaled $5 billion.

MetaMask is planning to integrate perpetual futures trading through Hyperliquid, as revealed in leaked code updates. The new feature will allow users to trade leveraged positions without leaving their wallet. Hyperliquid has quickly grown in the derivatives market, recording high trading volumes and revenue. The integration may be announced at Token2049 in Singapore.

BitGo plans to go public with an initial public offering, revealing over $3 billion in revenue for 2024. The company’s financial data shows significant growth in revenue and platform expansion, with a focus on institutional crypto custody solutions. BitGo aims to expand globally as regulatory frameworks evolve, targeting both European and US markets.

Grayscale’s Digital Large Cap Fund ETF (GDLC) had a successful debut on Sept. 19, with nearly $22 million in trading volume and 381,298 shares changing hands on NYSE Arca. The fund provides exposure to five major digital assets and manages over $931 million in assets. The SEC’s new generic listing standards are expected to streamline…

Binance founder Changpeng Zhao has backed Aster, a decentralized derivatives platform challenging Hyperliquid’s dominance. Aster became the largest holder of BSC-USDT, holding $131 million in USDT. Zhao praised the project’s Token Generation Event and its growth, leading to ASTER’s market capitalization climbing to $1.3 billion. Aster has quickly positioned itself among the largest decentralized derivatives…

Solana co-founder Anatoly Yakovenko is urging the Bitcoin community to transition to quantum-resistant security measures due to advances in quantum computing. He believes that Bitcoin should not wait until the threat is imminent and should speed up the migration process. Despite warnings, industry experts are split on the timeline for technological advancements. Yakovenko also highlighted…

Aave has reached $30.5 billion in active loans, representing 65% of total active loans across decentralized protocols. It also has a total value locked of $42 billion, making it the largest DeFi protocol. Aave generates significant fees and offers higher yields compared to traditional banking, attracting capital from investors.

The U.S. Treasury Department is seeking public feedback on regulations for stablecoins under the GENIUS Act. The process, which began on Sept. 18, aims to address compliance issues such as reserve custody and oversight. The law directs agencies to set standards for issuers, clarify tax treatment, and enforce anti-money laundering measures.

Stablecoin builders face a limited time to establish competitive advantages before the GENIUS Act is fully implemented, with critical regulatory details still uncertain. Companies that prepare early for compliance could gain lasting market advantages, while those who wait may struggle. Key areas for focus include reserve management, redemption mechanisms, freeze order compliance, and entity formation…

Elon Musk’s artificial intelligence startup xAI is seeking $10 billion in funding at a $200 billion valuation to support data center construction for AI development. The company is building an AI computing cluster in Tennessee. xAI previously raised $6 billion and merged with X. Musk opposes merging xAI with Tesla.