Category: crypto

FTX’s bankruptcy plan has been approved, allowing it to repay customers with interest from recovered assets, totaling up to $16.5 billion. The plan prioritizes customer claims and is expected to distribute funds within 60 days. The exchange will pay 98% of customers nearly 119% of their account value.

Bitcoin’s nearly 10% drop last week was seen as a “healthy realignment” reducing price volatility risks, according to a Bitfinex report. The pullback, triggered by Middle East tensions, caused trading activity and open interest to decrease, leading to uncertainty in the market, influenced by CPI data and geopolitical factors.

Bittrex announced on December 29 that it will remove U.S. markets for top privacy coins Monero, Zcash, and Dash on January 15, 2021. Users have 30 days to withdraw their coins before the markets are removed. The exchange aims to assist during this transition period.

The Ethereum community is reviewing EIP 7781, which proposes reducing slot time from 12 to 8 seconds, enhancing transaction throughput by 33%. Supported by notable researchers, this change could improve decentralized exchanges’ efficiency and signal a shift back to Layer 1 scaling solutions while maintaining hardware accessibility for validators.

Bitget’s native BGB token experienced a sharp decline from $1.15 to $0.5344 on October 7, dropping 56% in minutes before recovering to $0.9754. The exchange pledged to fully compensate affected users and enhance trading safety. Analyst Ryan Lee emphasized BGB’s long-term resilience and community support amidst overall market sluggishness.

Last week, digital asset investment products experienced $147 million in net outflows, marking the first decline in four weeks. Despite this, trading volumes rose 15%. Outflows were significant in the US and Germany, while Canada and Switzerland saw inflows. Bitcoin and Ethereum remained key focuses for investors amid fluctuating interest.

Scam Sniffer reported the closure of a wallet drainer on The Open Network (TON) due to a lack of “whales.” This follows TON’s significant success, aided by games and Telegram integration. However, phishing attacks are rising, with the drainer suggesting users target Bitcoin instead, which has attracted increased malicious activity.

21Shares has urged the European Securities and Markets Authority (ESMA) to create standardized regulations for including cryptocurrencies in UCITS funds, emphasizing the current inconsistencies across EU countries. A unified set of rules would enhance investor protection, stabilize markets, and improve access to crypto investments amid the ongoing implementation of the MiCA regulation.

The UAE has exempted crypto transactions from its 5% VAT, effective Nov. 15, 2024, and retroactively applying to transactions since Jan. 1, 2018. This move aims to boost crypto adoption, aligning digital assets with traditional finance and attracting investment, with several firms planning operations in the region.

Vitalik Buterin, Ethereum co-founder, sold 10 billion Moodeng tokens for 308.69 ETH (approx. $762,000) to donate to anti-airborne disease technologies, giving 260 ETH to charity. Despite this, he retains 40 billion Moodeng tokens. Buterin advises memecoin creators to donate directly to charity, potentially through DAOs, to engage communities.