FTX will commence repayments to Bahamas-based creditors on February 18, starting with claims under $50,000, categorized as “Convenience Class.” Eligible creditors will receive 100% of their claim value plus 9% interest, with payments processed by BitGo. This marks a significant step in the recovery process nearly three years post-collapse, although other former FTX users must wait until March 4 for their reimbursements.
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News from BHS
Generated 1 posts last week IOTA Founder Critiques EU’s Digital Euro and Blockchain Adoption Challenges
IOTA’s founder, Dominik Schiener, has criticized the European Central Bank’s digital euro proposal for its slow adoption of blockchain technology, warning that Europe risks falling behind in the global tech race. He advocates for prioritizing blockchain and decentralized currencies to enhance financial freedom, as other regions advance rapidly with their digital currencies. Meanwhile, the ECB faces pressure to launch the digital euro amid concerns from banks about losing customers to digital wallets.
read moreECB urged to accelerate digital euro in response to US stablecoin growth
ECB board member Piero Cipollone has called for an expedited launch of a digital euro in response to President Trump’s initiative promoting dollar-backed stablecoins, which he argues threaten traditional banking systems. Cipollone highlighted that the rise of stablecoins could lead to disintermediation of banks, prompting the need for a central bank digital currency (CBDC) to maintain the Eurozone’s financial competitiveness. The ECB is currently exploring the digital euro concept, pending legislative approval.
read moreScott Bessent to Divest Bitcoin ETF Amid Treasury Secretary Nomination
Scott Bessent, nominated by President-elect Donald Trump as the next Treasury Secretary, plans to sell his stake in BlackRock’s Bitcoin ETF (IBIT) valued between $250,001 and $500,000, as part of federal ethics guidelines requiring divestment within 90 days of Senate confirmation. While his Bitcoin investment has garnered support in the cryptocurrency community, there is uncertainty about whether he must divest this particular asset. Bessent’s confirmation hearing is set for January 16, 2025, and he is expected to advocate for a pro-cryptocurrency stance, contrasting with the current Treasury Secretary’s critical view of Bitcoin.
read moreUS Prosecutors Plan to Search Do Kwon’s Social Media and Emails
US prosecutors are set to search Do Kwon’s Twitter and email accounts as part of their criminal case against him, expecting to uncover “multiple terabytes of data.” Kwon faces nine felony charges, including a recently added money laundering conspiracy, following his extradition from Montenegro. This case parallels that of Sam Bankman-Fried, who was also extradited and faced a superseding indictment in the US.
read moreComprehensive Review of Photon Sol for Crypto Memecoin Trading
Photon Sol is a cutting-edge trading platform tailored for Solana memecoin traders, offering unmatched speed and efficiency. With features like one-click trading, real-time data insights, and customizable settings, it simplifies the trading process for both veterans and newcomers. However, users have noted higher transaction fees and slow customer support as areas for improvement.
read moreSigma Bot Review A Comprehensive Multi Chain Trading Tool for Crypto Traders
Sigma Bot is a multi-chain trading tool on Telegram, supporting major blockchains like Ethereum and Binance Smart Chain. It features automatic chain detection, MEV protection, and advanced trading tools, making it suitable for both beginners and experienced traders. With a competitive 1% transaction fee, it has gained popularity, especially among memecoin traders, though it lacks recovery options for lost private keys.
read morePastor Charged in Multi Million Dollar Crypto Fraud Scheme Targeting Investors
Former pastor Francier Obando Pinillo has been charged in a $6 million crypto fraud scheme, allegedly deceiving 1,500 investors with a non-existent “Solanofi platform” promising high returns. He misappropriated funds, falsely claimed losses in FTX’s bankruptcy, and created fake account dashboards to maintain the scam. This case parallels a lawsuit against Colorado pastor Eligio Regalado, who raised $3.2 million through a fraudulent crypto token marketed to church members.
read moreCrypto Lobbying Transforms American Politics in 2024 Election Cycle
In 2024, crypto lobbying efforts led by Coinbase, Ripple, and Andreessen Horowitz transformed American politics, amassing nearly $300 million through a super PAC called Fairshake. This unprecedented spending strategy aimed to counteract negative perceptions following the FTX collapse and reshape the political landscape, demonstrating the industry’s newfound influence. By mid-2024, the crypto voter emerged as a significant force, shifting bipartisan support despite initial resistance from many lawmakers.
read moreFTX Debtors Recover 14 Million Dollars in Political Donations Amid Bankruptcy
FTX debtors have recovered over $14 million in political donations as part of their bankruptcy proceedings, settling with various political action committees. While former CEO Sam Bankman-Fried avoided campaign finance charges, he was convicted of fraud and money laundering, receiving a 25-year prison sentence. Other executives faced legal consequences, with some serving prison time for campaign finance violations.
read moreCantor Fitzgerald Plans Multi Billion Dollar Program with Tether Support
Cantor Fitzgerald is launching a multi-billion dollar program allowing clients to lend dollars using Bitcoin as collateral, starting with $2 billion in funding. The firm, which manages Tether’s assets, has a 5% ownership stake in the stablecoin valued at $600 million. CEO Howard Lutnick will step down upon his confirmation as US Commerce Secretary, transferring oversight of Cantor’s relationship with Tether to colleagues.
read moreGary Wang avoids prison time for cooperation in FTX fraud case
Gary Wang, former CTO of FTX, avoided prison time after cooperating with prosecutors against founder Sam Bankman-Fried, who was convicted of fraud. Wang, who pleaded guilty to four felony counts, testified that he was directed to modify software for Alameda Research, allowing it to withdraw billions. Currently, he is developing software to detect fraud in crypto markets.
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