Blockchain & cryptocurrency market summary news – May 9

Indonesia establishes Crypto Assets Committee

Indonesia has established the Crypto Assets Committee under Bappebti. This committee is responsible for monitoring and managing the crypto market in Indonesia. Members of the committee include representatives from Bappebti, government ministries, crypto exchanges, payment institutions, associations and relevant experts. The committee's tasks are to analyze market reports, manage databases, assess risks and propose changes to the crypto asset list. Bappebti is committed to protecting consumers and ensuring business safety for businesses. The establishment of this committee aims to strengthen Indonesia's role in developing the crypto market.

FTX's largest group of creditors proposed rejecting the compensation plan

FTX's largest group of creditors has proposed rejecting the exchange's compensation plan. FTX has announced a new compensation plan for users and creditors after bankruptcy. This plan commits to returning all assets to related parties. However, FTX's largest group of creditors has proposed voting against the exchange's restructuring plan. They proposed to pay in cryptocurrency instead of the USD value at the time the exchange filed for bankruptcy. This group of creditors also criticized the way FTX's assets were handled and alleged that creditors had lost more than $10 billion in asset value. Lawsuits and relationships with the law firm Sullivan & Cromwell were also mentioned in this situation.

Injective plans to do layer-3 on Arbitrum

Injective is planning to develop layer-3 on Arbitrum, a layer-2 protocol. They will integrate inEVM with Arbitrum's Orbit infrastructure, creating a new layer for developers. This Layer-3 will be compatible with the Ethereum Virtual Machine (EVM) and connect to the Ethereum, Cosmos and Solana networks. This decision helps take advantage of Injective's fast speeds and low transaction fees. Additionally, inEVM will also reduce the circulating supply of INJ tokens through weekly protocol fee burning, thereby driving up the price of INJ. The project is also discussing tokenomics upgrades and adjusting on-chain parameters to mint new tokens. Injective wants to bring newness to the ecosystem and enhance the value of the INJ coin.