FTX Customers Will Vote on Refund Plan! - News from 06/26/2024

But also: VanEck announces an ETH ETF at 0 fees, Germany begins selling its BTC and ByBit becomes the 2nd largest exchange in the world

CRYPTOQUENT

JUN 26



READ IN APP 



Hello 👋

Welcome to our debrief of Web3 news from the last 24 hours.

Every day, in 2 minutes, discover the major developments and facts that are shaping the future of Web3.

A court approved FTX's plan to ask customers to vote on the repayment plan. We will explain everything to you ! 🤯

“Find out what you would do if you weren't afraid, and then do it. »

-Sheryl Sandberg



🔥 THE HOT NEWS OF THE DAY

FTX will seek customer feedback on repayment plan

A US judge has approved FTX's plan to probe creditors over its Chapter 11 repayment. Users will be able to vote on the proposed plan to repay funds stranded since the collapse.

The majority of FTX customers are expected to receive 119% of their assets as of November 2022, the date of the Chapter 11 declaration. Other creditors could recover up to 143% of their amounts owed. FTX will use crypto prices from November 2022 for redemptions. A customer with one Bitcoin during the crash would receive around $16,800, much lower than the current value of $61,000.

FTX recovered $16 billion in assets, including $12 billion in cash, enough to pay off all claims based on 2022 prices. Additionally, FTX will pay $200 billion in priority claims to the IRS.

💰 - ETFs are destroying bitcoins in circulation! - News from 06/11/2024

But also: ETH ETF issuers waiting for the SEC, ZkSync gets closer to the airdrop and UwU Lend victim of a Flash Loan attack

CRYPTOQUENT

JUN 11



READ IN APP 

Hello 👋

Welcome to our debrief of Web3 news from the last 24 hours.

Every day, in 2 minutes, discover the major developments and facts that are shaping the future of Web3.

As US BTC ETFs become more and more popular, the liquidity of these assets is drying up. We will explain everything to you ! 🤯

“I think the best way to succeed is to follow your heart. »

-Marissa Mayer



🔥 THE BURNING NEWS OF THE DAY

A shortage of BTC in anticipation?

The opening of spot Bitcoin ETFs causes a growing demand for BTC, exceeding one million units. This massive demand raises questions about a possible BTC shortage, exacerbated by the immediate capture of the last two months of mining production in a single week in June.

The arrival of traditional investors via spot ETFs is profoundly changing the dynamics of cryptos. This sector promises to pour tens of billions of dollars into the digital economy, with large-scale financial players.

Explosive demand for spot ETFs could lead to a Bitcoin shortage. Between June 3 and 7, Bitcoin ETFs in the United States absorbed 25,729 BTC, far more than the 3,150 new BTC mined over the same period. This trend could intensify the scarcity of Bitcoin, with significant consequences for the market!

$BTC $SOL #$BTC #DEX 😨 - Tether is worried about the arrival of MiCA! - News from 06/05/2024

But also: FTX finds an agreement with the US tax authorities, the EUR-L stablecoin throws in the towel and StarkWare wants to revolutionize the use of Bitcoin

CRYPTOQUENT

JUN 5
READ IN APP

Hello 👋

Welcome to our debrief of Web3 news from the last 24 hours.

Every day, in 2 minutes, discover the major developments and facts that are shaping the future of Web3.

After a week full of twists and turns, the SEC finally approved the launch of ETH ETFs. We will explain everything to you ! 🤯

“Don’t worry about failures; you only need to succeed once. »

-Drew Houston

🔥 THE BURNING NEWS OF THE DAY

Tether concerned about MiCA coming into force

Following Binance's announcement to restrict access to "unauthorized" stablecoins in Europe from June 30, Tether CEO Paolo Ardoino then expressed concerns about the impact of the EU MiCA regulation.

Richard Teng, CEO of Binance, clarified that unauthorized stablecoins will not be removed but their availability will be limited for European users. OKX and Kraken are also examining the impact of MiCA, with Kraken considering delisting USDT.

Tether is talking to regulators about capital reserve requirements, emphasizing that uninsured cash deposits are risky. Tether remains optimistic about the implementation of MiCA, but emphasizes the need for balanced policies to protect consumers and foster industry growth.

$BTC $ETH $BNB
💰 - Gemini Earn reimburses $2.18 billion to customers - News from 05/30/2024

But also: ETH ETFs accepted for political purposes, BlackRock updates its S-1 form and PayPal deploys its stablecoin on Solana

CRYPTOQUENT

MAY 30

Hello 👋

Welcome to our debrief of Web3 news from the last 24 hours.

Every day, in 2 minutes, discover the major developments and facts that are shaping the future of Web3.

Gemini Earn users have recovered their funds placed in kind, analysts now expect selling pressure. We will explain everything to you ! 🤯

“The great secret of success is that there are no secrets. It's about hard work, wise choices, and constant learning. »

-Meg Whitman

🔥 THE HOT NEWS OF THE DAY

Gemini reimburses $2.18 billion for Earn users

Gemini announced that users of its now-shuttered Earn product have recovered $2.18 billion of their digital assets, representing 97% of the total owed. This restitution was made in kind, with users receiving exactly the same cryptos they had lent, representing a recovery of 232% due to the increase in asset value over the past 2 years.

Cameron and Tyler Winklevoss, founders of Gemini, hailed the recovery as unprecedented in crypto bankruptcies. They reached an agreement with Genesis and other creditors to ensure that all Earn users would get 100% of their digital assets back in kind.

Gemini attributed Genesis' bankruptcy to financial fraud and a lack of regulatory clarity in the US, reaffirming its commitment to advocating for better regulations. However, analysts warn that these in-kind distributions could cause selling pressure as creditors could liquidate their assets. This increased activity could affect the prices of Bitcoin and Ethereum, which have fallen slightly recently.

 Mt. Gox transfers $9.4 billion and prepares to reimburse customers - News from 05/29/2024

But also: CZ forced to sell his shares in Binance France, Ryan Salame sentenced to 7.5 years in prison and ZKasino promises to reimburse investors

CRYPTOQUENT

MAY 29



READ IN APP 



Hello 👋

Welcome to our debrief of Web3 news from the last 24 hours.

Every day, in 2 minutes, discover the major developments and facts that are shaping the future of Web3.

Mt. Gox transferred a large amount of BTC as part of the start of customer refunds. We will explain everything to you ! 🤯

“Don’t worry about failures; you only need to succeed once. »

-Drew Houston



🔥 THE BURNING NEWS OF THE DAY

Mt. Gox customers soon to be reimbursed?

In a crucial step in the plan to repay creditors, more than 140,000 bitcoins, equivalent to approximately $9.6 billion, were transferred from Mt. Gox wallets to an unknown address in thirteen transactions on Tuesday. Mt. Gox, once the largest Bitcoin exchange in the world, closed in 2014 following a massive hack.

The market reacted negatively to these transfers, with bitcoin falling 1.6%, briefly falling below $68,000 after reaching over $70,000 on Monday. Nobuaki Kobayashi, the trustee of the Mt. Gox rehabilitation, assured that no sales of bitcoin or bitcoin cash had taken place and that the assets were managed securely.

The transfers included a $3 test transaction on May 20 and another for $160 on Tuesday. Other transactions ranged between $1.2 million and $2.2 billion in bitcoin. According to Bitinfocharts, all of Mt. Gox's bitcoins have now been transferred to a single address, a first in over five years. This initiative appears to be part of the plan to distribute assets to creditors before October 31, 2024.

$ETH $BTC $BNB

Read in the Substack app

Open app

🇺🇸 - Has Donald Trump become pro-crypto? - News from 05/29/2024

But also: ETH ETFs less popular than expected? Do Kwon continues to play for time and FTX completes $2.6 billion sale of $SOL

CRYPTOQUENT

MAY 29, 2024

Hello 👋

Welcome to our debrief of Web3 news from the last 24 hours.

Every day, in 2 minutes, discover the major developments and facts that are shaping the future of Web3.

During a recent appearance, Donald Trump announced that he would free Ross Ulbricht, the founder of Silk Road, if he is elected president. We will explain everything to you ! 🤯

“Don't wait until you're ready to make important decisions. Sometimes you just gotta jump. »

-Whitney Wolfe Herd



🔥 THE BURNING NEWS OF THE DAY

Donald Trump wants to convince pro-crypto people

As the US elections approach, Donald Trump seeks to conquer the crypto community. He promised to commute the sentence of Ross Ulbricht, founder of Silk Road, if he is re-elected president. Trump announced at the Libertarian National Convention in Washington, D.C., that he would release Ulbricht, who has already served 11 years in prison. Hours before this speech, Trump expressed his support for the cryptocurrency industry on Truth Social, criticizing the Joe Biden administration for its opposition to the sector.

Trump said the United States must lead in cryptocurrencies and vowed to stop Biden's efforts to "destroy" the industry. He also promised to protect the right to personal custody of cryptocurrencies and to block the creation of a central bank digital currency.

During his speech, Trump received cheers as he promised to release Ulbricht. In 2015, Ulbricht was sentenced to two life sentences for creating and running Silk Road, a darknet marketplace primarily used for drug trafficking.
📉

$USDC $SOL $BTC Hello 👋

Welcome to our debrief of Web3 news from the last 24 hours.

Every day, in 2 minutes, discover the major developments and facts that are shaping the future of Web3.

A JP Morgan executive expressed skepticism about the potential approval of the Solana ETF. We will explain everything to you ! 🤯

“Don’t worry about failures; you only need to succeed once. »

-Drew Houston



🔥 THE BURNING NEWS OF THE DAY

SEC Won’t Approve More Crypto ETFs According to JP Morgan

Investment bank JPMorgan has expressed skepticism about the SEC's approval of ETFs for Solana and other cryptocurrencies, following the recent approval of Ethereum ETFs. Nikolaos Panigirtzoglou, managing director and global market strategist at JPMorgan, shared his reservations with The Block, pointing out that the SEC considers most cryptocurrencies to be securities, thus complicating the approval of new ETFs.

The SEC's decision to approve Ethereum ETFs was complex due to ambiguity regarding Ethereum's status as a security. Panigirtzoglou believes the SEC will go no further in approving ETFs for cryptocurrencies like Solana, which it more clearly perceives as securities compared to Ethereum.#Web3

He believes that without a legislative change in the United States reclassifying most cryptocurrencies as non-securities, it is unlikely that additional crypto ETFs will be approved.