The FTX estate has identified 49 countries, including China—which represents 82% of withheld repayment funds—as ‘restricted foreign jurisdictions.’ The bankrupt crypto exchange is requesting additional time from a Delaware court to respond to more than 90 objections against its plan to halt repayments in these regions. A ‘Motion for Leave’ was filed to extend the deadline for presenting its case, with a hearing scheduled to address the dispute. The FTX Recovery Trust cited the high volume of objections as the reason for the delay, needing more time to draft and finalize its reply.
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FTX Sues NFT Stars and Delysium Over Token Disputes
The FTX Estate has sued NFT Stars and Delysium (operating as Kurosemi) in Delaware bankruptcy court, accusing them of failing to deliver tokens promised under SAFT agreements with Alameda Ventures. FTX seeks over 83 million SIDUS, 831,000 SENATE, and 75 million AGI tokens, along with damages and sanctions. The lawsuits allege contract breaches and violations of bankruptcy protections, with FTX claiming repeated attempts to resolve the disputes were ignored. This legal action is part of FTX’s broader asset recovery strategy following its 2022 collapse, which involved misuse of customer funds and led to founder Sam Bankman-Fried’s conviction. The complaints detail specific investment amounts and token vesting disputes, including Delysium’s alleged unilateral extension of vesting schedules.
read moreAvalon Labs & LayerZero Boost Cross-Chain Stablecoin Moves
Avalon Labs has selected LayerZero as its official interoperability protocol, enabling its Bitcoin-based stablecoin (USDa) and other tokens (sUSDa, AVL) to move effortlessly across 14 blockchains. LayerZero’s omnichain technology, trusted by investors like a16z ($55M commitment) and partners like Libre (RWA token expansion) and Wyoming (state-backed stablecoin), underscores its growing influence. Despite a recent 5.46% dip in ZRO token value, LayerZero’s settlements with FTX Estate and its expanding ecosystem highlight its pivotal role in cross-chain DeFi solutions.
read moreSEC Declares Meme Coins Not Securities Amid Shifting Crypto Regulations
The SEC has declared that most meme coins do not qualify as securities under federal law, clarifying their regulatory stance and applying the Howey Test. This shift allows creators to avoid SEC registration, although fraudulent activities may still face legal consequences. Meanwhile, the DTX Exchange is gaining traction with a presale surge, while Solana faces challenges due to a significant token unlock.
read moreSolana Faces Market Volatility Amid Declining Wallets and Upcoming Unlocks
Solana ($SOL) is facing significant market challenges, with a 2.24% decline in wallets holding over 100 $SOL, dropping from 154,653 to 151,184. The upcoming release of 9.75 million SOL from the FTX estate on March 1, 2025, is expected to increase selling pressure, contributing to ongoing volatility and uncertainty in the market. Despite a recent price surge above $250, SOL is now consolidating under $200, raising concerns about potential downward pressure and a sell-off if it fails to regain momentum.
read moreLayerZero Resolves Legal Dispute with FTX Estate Over Alameda Transaction
LayerZero has reached a settlement in its legal dispute with the FTX estate concerning a prior transaction involving Alameda. This resolution marks a significant step in addressing the complexities surrounding the fallout from the FTX collapse.
read moreBackpack Clarifies FTX EU Acquisition Amid Ongoing Disputes
Backpack has clarified its acquisition of FTX EU amidst ongoing disputes involving the FTX estate. The clarification comes as stakeholders seek resolution in the complex legal landscape surrounding the collapsed cryptocurrency exchange.
read moreFTX Estate Commences Third Round of SOL Token Sales Amid Market Downtrend
FTX estate concluded the sale of 1.8 million SOL tokens, collecting nearly $232 million in the second round auction, with a four-year vesting schedule for acquired tokens. Solana (SOL) price is down almost 5% in the past 24 hours and over 20% in the last seven days, as FTX estate commences the third round of sales for locked SOL tokens on May 1. Galaxy Trading, Pantera Capital, and Figure Markets CEO Mike Cagney are among the participants in the auctions.
read moreFTX Estate Concludes Second Round of Locked Solana Token Sales
The FTX estate is selling off locked Solana tokens in auctions to reduce debt, with bids ranging from $85 to $110. Galaxy Trading and Pantera Capital are among the investors acquiring these tokens, subject to a four-year vesting schedule. The estate plans to launch the next auction on May 1, with Figure Markets establishing a special purpose vehicle for bidding. The Solana token’s trading price has seen fluctuations, currently recorded at $174.2.
read moreFTX Estate’s Locked Solana Tokens Fetch High Prices in Recent Auction
The FTX estate is finalizing the second tranche of sales of locked Solana tokens, with bids around $100 going through. The estate is offloading 1.8 million SOL ($232 million) in an auction that has taken place over the last couple of weeks. Galaxy Trading and Pantera Capital are among the investors participating in the auctions, with the next auction set to start on May 1. The demand for the cryptocurrency remains strong, as evidenced by the increasing prices fetched in the recent auctions.
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