No, FTX distribution payments do not begin on September 30

According to the FTX bankruptcy estate, total claims from injured parties top $11 billion, as a court hearing to confirm the plan looms. 

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FTX creditors only getting '10-25% of their crypto back' creditor

Following the collapse of the FTX exchange, the FTT token collapsed by more than 80% and wiped away over $2 billion in customer value. 

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FTX creditors only getting 10-25% of their crypto back Creditor

Following the collapse of the FTX exchange, the FTT token collapsed by more than 80% and wiped away over $2 billion in customer value. 

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Brazils top prosecutor defends X ban, urges Supreme Court to end disputes

For Brazils Attorney Generals Office, the ban on X does not violate free speech rights in the country.

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Hong Kong virtual banks eye Web3 growth despite regulatory hurdles

Despite capturing just 0.3% of retail bank assets, Hong Kongs virtual banks are exploring opportunities in the Web3 space.

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Mox Launches Revolutionary Crypto ETF Trading with Ultra-Low Fees in Hong Kong

Mox, virtul bnk undr Stndrd Chrtrd, hs chivd milston by bcoming th first bnk in Hong Kong to offr dirct trding of spot Bitcoin nd Ethrum ETFs on its pltform. Announcd on August 7th, 2024, this lunch mrks strtgic mov to ctr to th rising customr intrst in cryptocurrncy mrkt xposur. This […]

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Solana Price Crashes Below $160 Amid Revelations Of FTXs Hidden SOL Stash

The Solana price has been rocked by the latest bombshell revelations surrounding the collapse of crypto exchange FTX. According to a whistleblower claiming inside knowledge of FTX’s operations, the now-bankrupt company is secretly holding a massive stash of Solana tokens – up to 8% of the entire SOL supply. Triggering Fears Of Massive Sell-Off By the numbers, if these allegations are true, this would equate to approximately 46.5 million SOL tokens worth about $7 billion at the current market price, which is $155 at the time of this writing.  Related Reading: Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA “I’m not saying Solana will go to zero, but if this news is true and FTX starts to sell the tokens in the open market, then it could dump the price of Solana significantly,”  warned a crypto user who spread the news on social media site X, known only as Wise Advice. In the wake of the news, Solana’s price plummeted below the critical $160 support level, dropping over 9% in the past two weeks and nearly 4% in the past 24 hours as rumors of FTX’s secret SOL holdings circulated.  Solana Price Risks Freefall The revelations come on the heels of the FTX estate’s previous sell-off of discounted SOL tokens to repay creditors affected by the exchange’s collapse. Just two months ago, Bitcoinist reported that the estate offloaded a $2.6 billion trove of SOL at around $102 per token. Venture capital firms like Pantera Capital and Figure Markets scooped up large portions of this discounted SOL allocation. It is worth noting that these tokens remain subject to a multi-year vesting period, limiting their immediate impact on Solana’s market dynamics. On the other hand, the alleged hidden FTX stash, if true, could overshadow the impact of these sales and pose a formidable challenge to the Solana price in the near term.  Related Reading: Bitcoin Down But Not Out: BTC To $700,000 Highly Probable Says Analyst With the potential for over $7 billion in Solana tokens to eventually hit the market, the cryptocurrency’s price may face intense selling pressure that could undermine its bullish prospects.  Still, it is imperative to note that these are only rumors and have not been confirmed by the exchange’s bankruptcy state, and that no further information has been released on the matter, including whether the state overseeing the exchange’s repayment operations plans to sell these tokens to repay creditors, if true. Potential $140s Plunge In terms of immediate price action, crypto analyst Pratty Crypto has highlighted several technical factors that could signal further downside continuation for the cryptocurrency in the coming days.  Pratty Crypto contends that Solana is facing a “lot of confluence” that points to a potential move towards the $140 zone. This includes Solana trading at a discount to the previous quarter’s mid-range, testing a key quarterly open level, and retracing 62% of its recent price run-up. In addition, Pratty Crypto warns that the deeper Solana’s price goes into the $130-$150 order block, the less likely it is to hold, potentially leading to more substantial losses.  Featured image from DALL-E, chart from TradingView.com

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US trustee challenges FTX reorganization plan, citing legal concerns

The objections raised by the US trustee and the creditor group are likely to play a significant role in the courts deliberations.

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HKMA Warns Public About Fraudulent Websites and Phishing Messages Related to Mox Bank

The Hong Kong Monetary Authority alerts the public about fraudulent websites and phishing messages related to Mox Bank Limited. (Read More)

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Massive Mt. Gox Bitcoin Shift Unlikely To Disrupt Prices, Says CryptoQuant CEO

Recent developments surrounding the repayment of creditors and investors of the defunct Bitcoin (BTC) exchange, Mt. Gox, have sparked concerns about potential effects on Bitcoin’s price.  As the market retraced over 20% from its three-month high above $70,000, the movement of 47,000 BTC to repay creditors has raised questions about the market’s stability.  However, industry [...]

The post Massive Mt. Gox Bitcoin Shift Unlikely To Disrupt Prices, Says CryptoQuant CEO appeared first on Crypto Breaking News.

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Colossal Buying Pressure For Bitcoin And Solana As FTX Plans $16B Distribution, Expert

In a significant development for the cryptocurrency industry, FTX, the exchange that collapsed in November 2022 under the leadership of convicted Sam Bankman-Fried, is preparing to distribute a staggering $16 billion in cash to its customers, which could lead to significant gains for Bitcoin (BTC) and Solana (SOL) prices.  Crypto researcher Xremlin has predicted that [...]

The post Colossal Buying Pressure For Bitcoin And Solana As FTX Plans $16B Distribution, Expert appeared first on Crypto Breaking News.

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Massive Sell-Off: Mt. Gox Bitcoin Payout Fears Wipes Out $170 Billion From Crypto Market

The cryptocurrency market experienced a substantial downturn on Friday, compounding the selling pressure witnessed over the past two weeks. The leading cryptocurrency, Bitcoin (BTC), retraced over 20% from its highs in June and May, dropping as low as $53,500.  The market decline was largely attributed to the long-awaited trustee overseeing the Mt. Gox bankruptcy, who [...]

The post Massive Sell-Off: Mt. Gox Bitcoin Payout Fears Wipes Out $170 Billion From Crypto Market appeared first on Crypto Breaking News.

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Mt. Gox Creditors Opt To HODL Bitcoin Rather Than Sell, CryptoQuant Data Shows

Amid the recent recovery from a significant price correction of over 25% that sent the Bitcoin price to a 6-month low of $53,500, the largest cryptocurrency on the market has since recovered to trade in the $66,000 to $68,000 range despite the start of Mt. Gox creditor repayments.  Investors, buoyed by prospects of continued price appreciation, have adopted a HODL stance, opting to retain their assets rather than selling them off following the alleged hack suffered by the Bitcoin exchange in 2011. BTC Hodlers Stand Firm Data from market intelligence platform Arkham reveals that Mt. Gox initiated a significant movement of $2.47 billion worth of BTC to new wallets, facilitating the distribution of 5,106 BTC worth $335 million to four distinct Bitstamp addresses on Wednesday.  Concurrently, creditors have commenced receiving their owed Bitcoin and Bitcoin Cash (BCH) through the US-based crypto exchange Kraken, as previously reported by NewsBTC on Thursday. Despite initial concerns of a sell-off akin to the June events, where the German police’s wallet sold over $3 billion in BTC, impacting Bitcoin’s market performance, analytics from CryptoQuant indicate a positive shift.  Related Reading: Road To $200: Crypto Pundit Reveals Key Levels To Watch For The Solana Price A notable increase in Bitcoin withdrawals from Kraken post-Mt. Gox reimbursements suggest that affected users opt to hold onto their coins, moving them from exchanges to cold wallets.  On-chain data compiled by the firm shows that in the past 24 hours alone, more than 5,000 BTC worth $329 million have been withdrawn from exchanges, contributing to the current consolidation price action and stability for the Bitcoin price over the past few days. Arkham’s data further illustrates Mt. Gox’s ongoing efforts to repay creditors, with over 50,000 BTC transferred from the exchange’s wallet out of a maximum of 142,000 BTC while retaining 90,344 BTC valued at approximately $6 billion in BTC. Echoing the sentiment of CryptoQuant’s findings, Alex Thorn from Galaxy Digital highlights that most creditors are long-term Bitcoin proponents with a profound understanding of the technology.  Thorn asserts that their preference to reclaim Bitcoin rather than opt for a USD payout signifies a strong inclination towards holding their assets rather than triggering a sell-off. Moreover, Thorn points out that the substantial capital gains implications of selling Bitcoin could dissuade creditors from liquidating their holdings. Bitcoin Price Analysis At the time of writing, the largest cryptocurrency on the market is trading at the $66,400 milestone, as it is a key support level for the Bitcoin price on its way to retesting the upper resistance walls with an eye on the all-time high of $73,700 reached on March 14th.  Adding to the bullish sentiment surrounding BTC’s price performance over the past week, the price may find notable support levels that could prevent further declines in the event of a sell-off by some Mt. Gox creditors in the coming days at $65,000.  Related Reading: Litecoin (LTC) Set To Wake Up, According To Legendary Traders Forecast Another key level for the bulls to watch is the $63,500 area, where the 200-day exponential moving average (EMA) is located, which, as seen in the daily BTC/USDT chart below, has previously accompanied the price on further gains and acted as a strong support for BTC.  Ultimately, it remains to be seen what stance creditors of the failed Mt. Gox exchange will take in the coming days and weeks as more repayments are expected to flood creditors’ wallets and what impact this may have on the price Featured image from DALL-E, chart from TradingView.com

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HKMA Warns Public About Suspicious Mox Bank Websites and Login Screens

The Hong Kong Monetary Authority (HKMA) alerts the public to suspicious websites and internet banking login screens related to Mox Bank Limited. (Read More)

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Mt. Gox Creditors Begin Withdrawing Owed Bitcoin And BCH Funds Via Kraken

After a decade-long wait, creditors of the now-defunct Mt. Gox Bitcoin exchange have finally begun receiving their owed Bitcoin (BTC) and Bitcoin cash (BCH) via the Kraken and Bitstamp crypto exchanges.  However, this had a notable impact on the cryptocurrency market, contributing to a nearly 4% drop in the price of Bitcoin after users confirmed the deposits to their wallets from the exchanges.  Mt. Gox Distributes Millions To Bitstamp And Kraken On an early Tuesday morning, wallet addresses linked to Mt. Gox initiated the transfer of $2.85 billion worth of BTC.  According to on-chain data from blockchain analytics platform Arkham, Mt. Gox executed the movement of $2.85 billion in BTC to new wallets with the primary purpose of distributing 5,110 BTC, equivalent to $340.1 million, to four distinct Bitstamp addresses.  Related Reading: Ethereum ETFs Witness Stellar Start As Trading Soars; Analyst Sees ETHs Price Reaching $8,000 In Q4 Bitstamp is one of the five exchanges that collaborate with the Mt. Gox Trustee to facilitate the return of funds to the exchange’s creditors, including Kraken and Japanese exchanges Bitbank and SBI VC Trade. Notably, Mt. Gox still retains possession of 85,234 BTC, valued at approximately $5.70 billion. While some users within the Reddit community have confirmed the receipt of Bitcoin returned by Mt. Gox through Kraken, Bitstamp users have reported not yet receiving their allocations.  Kraken had previously announced the successful reception of creditor funds from the Mt. Gox trustee amounting to over $3 billion or 48,641BTC, estimating a timeframe of 7-14 days for the complete deposit of funds into user accounts. Critical Support Zones For Bitcoin  In the aftermath of the Mt. Gox payouts, market data analysis platform CryptoQuant has spotted the price correction that BTC has experienced over the past few hours, with the company noting that it has impacted the line of 1-3 month BTC holders.  CryptoQuant emphasizes the importance of monitoring support levels, specifically highlighting the $63,600 area, representing the average purchase price of 3-6 month bitcoin holders. Crypto analyst Caleb Franzen, on the other hand, has observed Bitcoin returning to a familiar support zone, which has proven effective. Despite the temporary setback, Franzen contends that Bitcoin has displayed a pattern of higher highs and higher lows in the short term, indicating resilience amidst the current price volatility. Related Reading: Ethereum Price Stays Flat Despite Todays ETF Debut: QCP Explains Why Further insights provided by analyst Ali Martinez point to a potential double-bottom pattern with bullish relative strength index (RSI) divergence on lower time frames for Bitcoin. If confirmed, Bitcoin could see a rebound to $67,600, contingent upon the critical support level at $66,000 holding firm. Delving into on-chain data, Martinez underscores a crucial support zone for Bitcoin between $63,440 and $65,470. Within this range, approximately 1.89 million addresses collectively purchased 1.23 million BTC, highlighting the significance of this zone as a key area to monitor in the coming days. Featured image from DALL-E, chart from TradingView.com

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Celebrity memecoin promoter Sahil Arora banned by X

Despite mounting scam allegations and social media bans, Arora continues to promote celebrity memecoins and partnerships.

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FTX Seeks Customer Consensus: Multi-Billion Dollar Compensation Plan Goes To Vote

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo’s journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this [...]

The post FTX Seeks Customer Consensus: Multi-Billion Dollar Compensation Plan Goes To Vote appeared first on Crypto Breaking News.

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FTT Surges 50% On FTX Creditors Claims Settlement And Billions In Compensation: How High Can It Rise?

In a significant development, defunct cryptocurrency exchange FTX has unveiled a reorganization plan to reimburse almost all of its customers.  The announcement has sparked a substantial surge in the exchange’s native token, FTT, which recorded an uptrend of 52% over the past seven days, reaching a monthly high of $2.29 during Wednesday’s early trading session. FTX Unveils Debt Repayment Strategy FTX estimates its outstanding debts to creditors to be approximately $11.2 billion, as revealed in the reorganization plan published late Tuesday. The company has disclosed that it possesses between $14.5 billion and $16.3 billion, which it intends to distribute among the creditors. Under the proposed plan, customers with $50,000 or less claims will receive approximately 118% of the allowed claim amount. This compensation is slated to be disbursed to around 98% of the creditors, relieving FTX customers who have experienced locked funds since the exchange filed for bankruptcy protection in November 2022.  Related Reading: Bitcoin Suffers Massive Outflows Amid Crypto Market Uncertainty, Tops $284 Million FTX stated in a press release on Wednesday that the company could not utilize the appreciation of the missing tokens during the Chapter 11 cases. Instead, FTX had to identify other recoverable sources of value to repay creditors.  Following the departure of founder Sam Bankman-Fried, FTX appointed John Ray III as CEO. Ray, speaking on the matter in November 2022, expressed his astonishment at the “complete failure of corporate controls and such a complete absence of trustworthy financial information” witnessed at FTX. Ray further stated in the press release on Wednesday:  We are pleased to be in a position to propose a Chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors.  FTX’s founder, Sam Bankman-Fried, faced legal consequences, being convicted on seven criminal counts, including charges related to embezzling billions of dollars from FTX’s customers. Bankman-Fried was subsequently sentenced to 25 years in prison. FTT Bulls Eyeing $2.55 For Potential Breakout Continuation As of the latest update, the price of FTT has corrected to $2.050 after reaching its monthly high. This breakout occurred after consolidation between the $1.17 and $1.48 levels. At the current price level, FTT faces a significant resistance at $2.169, which has led to the ongoing correction. If FTT sustains its bullish momentum, the next resistance level to watch is $2.55 in the token’s daily chart.  A successful breakthrough of this level could potentially lead to a retest of the $3 mark, which has not been revisited since January. Related Reading: Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff On the other hand, if the price experiences a further correction, FTT bulls should closely monitor the $1.95 and $1.765 levels, as they serve as crucial support levels. It is essential to prevent a loss of the gains achieved over the past month, which amounts to an 18% increase during this period. Featured image from Shutterstock, chart from TradingView.com

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Market Analysis: How Will Mt. Goxs Bitcoin Distribution Affect Crypto Prices?

As the defunct cryptocurrency exchange Mt. Gox prepares to distribute around $9 billion worth of Bitcoin, some investors are worried about the potential impact on prices. However, industry experts and major creditors believe that any short-term volatility will be outweighed by BTC’s long-term bullish prospects.  With the approval of US spot Bitcoin exchange-traded funds (ETFs), many market experts anticipate that the market will absorb the newly available tokens.  Bitcoin Optimism Among Market Participants As reported by our sister website, Bitcoinist, Mt. Gox’s Japanese trustee, Nobuaki Kobayashi, recently announced plans to start distributing Bitcoin and Bitcoin Cash to creditors.  The process is expected to commence shortly, with most claimants set to receive their tokens before the end of October. However, concerns have emerged regarding the impact of this large-scale distribution on Bitcoin’s price. According to Bloomberg, significant creditors and long-time market participants remain confident in Bitcoin’s resilience despite concerns. Many intend to retain the distributed coins, anticipating continued price appreciation.  Related Reading: Ethereum Bloodbath: Over $55 Million In Longs Liquidated As Price Plummets Adam Back, CEO of blockchain technology company Blockstream and a creditor himself, emphasizes the illogicality of selling at the beginning of a potential bull market. Back suggests that waiting further, after a decade-long wait, could yield even greater returns.  According to the firm’s CEO Brian Dixon, other creditors, such as Off the Chain Capital, plan to sell Bitcoin only when better investment opportunities arise, recognizing Bitcoin’s historical performance as the best-performing asset in recent years. Dixon further highlights the significant maturation of the Bitcoin market since Mt. Gox’s bankruptcy. He argues that the potential impact of the distribution, although substantial in volume, is unlikely to have a lasting effect on prices.  Cosmo Jiang, a portfolio manager at Pantera Capital, notes that while the amount is significant, the distribution will occur over an extended period, making it less actionable regarding market impact. With around $26.6 billion in daily Bitcoin trading, the distributed tokens are expected to be absorbed without major disruption. BCH Sales In Mt. Gox Distribution? Creditors do not anticipate a simultaneous distribution of tokens to all claimants. Instead, they expect the trustee to distribute the coins in tranches, potentially prioritizing earlier-filed claims. This approach may mitigate any immediate market pressure.  Moreover, Galaxy Research estimates that credit funds, holding approximately 20,000 BTC, are unlikely to engage in significant selling. Instead, they are expected to distribute the Bitcoin to their limited partners (LPs) in kind. While BTC is anticipated to weather the distribution without major consequences, Bitcoin Cash (BCH) may face more pressure due to its lower ideological commitment from holders.  Alex Thorn, head of research at Galaxy, suggests that individual creditors owed the majority of tokens to be distributed this year, will likely be the primary source of sales, with some opting to sell their Bitcoin Cash. Related Reading: Near Protocol Breaks Out From Wedge Pattern: Why This Could Trigger A 37% Crash In summary, as Mt. Gox prepares to distribute billions of dollars worth of BTC, industry experts and major creditors remain optimistic, citing the maturity of the Bitcoin market, the potential for continued price appreciation, and the availability of newly approved ETFs.  While short-term volatility is possible, most stakeholders are confident that Bitcoin’s long-term prospects will outweigh any immediate market impact.  As of press time, the largest cryptocurrency on the market is trading at $67,900, representing a 1.3% price drop over the past 24 hours.  Featured image from Shutterstock, chart from TradingView.com

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FTX is Set to Begin $5 Billion Payouts to Users on May 30

FTX is preparing to return over $5 billion to its users and creditors. The repayments will begin on May 30 as part of its bankruptcy process. This step marks the next step in the bankrupt exchanges plan to return money to those who are owed. After three years of FTX bankruptcy, the collapsed exchange is […]

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