bankruptcy

In a fiery
CNBC interview this week, Trump declared war on legacy banking:
“SWIFT is a dinosaur. Banks charge you $50 to move money across borders like it’s 1985. With blockchain, it’s instant, cheap, and transparent. If banks don’t adapt, they’ll be extinct by 2035.”*
Trump’s credentials? He’s backing USD1, a new stablecoin, and headlining CoinDesk’s Consensus 2025 conference. His pitch blends populist rhetoric with Silicon Valley disruptor energy:
“Crypto isn’t just for tech bros. It’s for the truck driver in Ohio who gets nickel-and-dimed by overdraft fees. It’s for the small business owner frozen out by Wall Street.”

The Irony:
Now, the winds are shifting.
- SoFi just relaunched its crypto division, citing “regulatory clarity.”
- JPMorgan quietly expanded its blockchain-based payment network to 12 countries.
- A new bipartisan bill, the
*Digital Asset Innovation Act*, promises tax breaks for crypto startups.
“The government realizes they can’t fight the future,”* says Noto, SoFi’s CEO. *“But they can tax it.”
Conclusion: Crypto’s Civil War
Eric Trump, for all his contradictions, embodies this divide:
A populist championing decentralization while aligning with power brokers. Meanwhile, Bitcoin’s collapse exposes crypto’s original sin: any system claiming to democratize money inevitably becomes a tool for the wealthy.
The question isn’t whether blockchain will disrupt finance—it already is. The question is whether it’ll disrupt for the better, or just reshuffle the deck for a new elite.
“Crypto didn’t kill the banks. It just taught them how to code.”
#bankruptcy $BTC
$XRP

The #bankruptcy exchange #Mt.GOX has again shifted the deadline for paying creditors. Now the victims of the platform's collapse will receive their money only by October 31, 2025

Cryptocurrency #exchange Mt. Gox went bankrupt back in 2014 and has not yet completed the process of paying out funds to creditors affected by the collapse of the trading platform.

The deadline is being pushed back again

The new document states that most creditors have already received basic, interim and early payouts. However, some of the creditors have still not completed all the necessary procedures or have faced some problems during the disbursements.

“Many creditors have still not received their disbursements because they have not completed the necessary procedures to receive them. In addition, a significant number of rehabilitation lenders have not received their disbursements for various reasons, such as problems encountered during the disbursement process,” Mt. Gox said in a statement.

As a result, the deadline to receive these payments has been extended from October 31, 2024 to October 31, 2025 (Japanese time).

Cryptans aren't too upset

As of this writing, $BTC
is trading at $61,074. Over the past 24 hours, the cryptocurrency has slipped just over 1%. At the same time, bitcoin did not show any reaction specifically to the news from #MtGox .

According to Arkham, the Mt. Gox crypto wallet currently holds 44,905 bitcoins totaling over $2.7 billion at the current exchange rate. This is a significant amount of money, which is why many members of the crypto community have long feared that the exchange's payouts could “sink” BTC.

“Now the selling pressure on bitcoin after the $4 billion payout is a problem as early as 2025,” rejoiced a user on X (formerly Twitter) in his tweet.

Meanwhile, the bankrupt exchange has already moved its BTC holdings in the past. For example, on May 28, Mt. Gox moved $8.7 billion worth of crypto. Then representatives explained that this is how the trading platform is preparing for the first payments to creditors.

By the end of July this year, the platform had moved another 37,477 bitcoins worth $2.5 billion (at the exchange rate at the time). After that, the exchange reported that it had already completed 60% of payments to creditors.
#10MTradersLeague

The Cypriot securities regulator has once again extended the suspension of FTX Europe’s operations, allowing customers to withdraw their funds while keeping the platform closed for trading.
Suspension Extended by Another Six Months
The Cyprus Securities and Exchange Commission (CySEC) announced on November 5 that the suspension has been extended until May 30, 2025. This decision prohibits FTX Europe from offering its services, accepting new clients, or advertising in Europe. The regulator is responding to the need to protect client funds and ensure continuity in the restructuring process.

Ban on Operations, But Option to Return Client Funds
FTX Europe is allowed to conduct transactions necessary to return funds to clients, but it cannot expand its services or accept new customers. This suspension has now been extended for the fourth time since the initial operations halt on November 11, 2022, shortly after FTX filed for bankruptcy in the United States.
Brief History of FTX Europe
FTX Europe began operating as a regulated EU investment company offering multi-asset derivative trading only eight months before FTX’s bankruptcy. Following the bankruptcy filing in the U.S., the Cypriot regulator suspended FTX Europe’s license, citing the “suitability of management board members” and the need to protect client assets. Around this time, approximately $600 million in cryptocurrencies was reported to have been drained from FTX wallets.
Sale Back to Original Owners
FTX Europe, originally the Swiss startup Digital Assets AG, was acquired by FTX in 2021 for $323 million. FTX’s restructuring team later attempted to reclaim part of the funds spent on the acquisition due to an alleged “massive overpayment.” This dispute ended with a countersuit from the original owners. In February, an agreement was reached, with FTX selling its European division back to the original founders for $32.7 million.
FTX Europe Website Only for Withdrawals
FTX Europe’s website no longer offers trading, but users can view their balances and request withdrawals. Clients who do not withdraw their funds will see them transferred to a “client segregated account,” where they will be held for up to six years, as indicated in the FAQ section.

#cryptoregulation , #Ftx❓ , #CryptoNewsCommunity , #bankruptcy , #cryptoexchange

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