1. FTX announced that the restructuring plan will take effect on January 3, 2025 and start the first distribution
FTX and its affiliated debtors announced today that its court-approved Chapter 11 reorganization plan will take effect on January 3, 2025, with the first distribution expected to take place within 60 days of the effective date. FTX also announced today that it has reached an agreement with BitGo and Kraken to assist in the distribution of recoveries to retail and institutional customers and other creditors in supported jurisdictions under the plan. In addition, FTX filed a lawsuit against Gate on November 24, seeking the recovery of $40 million to return crypto assets held by the exchange. On-chain transfers show that at least $35 million has been returned to wallets controlled by FTX.
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2. Pudgy Penguins toy product QR codes were widely stolen
According to Suji Yan, founder of Mask Network, many Pudgy Penguins toy products were torn open in stores in New York today, with QR codes stolen. A sudden token airdrop caused many people to rush to Walmart to steal these products' QR codes that might qualify for the airdrop. It stated that the crypto community should condemn such behavior.
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3. Bitcoin reached an all-time high of $107,796 early this morning
OKX market data shows that Bitcoin reached an all-time high of $107,796 around 2:00 AM today, currently reported at $106,127, with a 24-hour decline of 0.14%. Coinglass data shows that a total of $428 million was liquidated across the network in the past 24 hours, including $219 million in long positions and $209 million in short positions. BTC liquidations amounted to $141 million, while ETH liquidations were $91.19 million.
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4. Trump: Will ensure Bitcoin and cryptocurrency thrive in the US
The elected President Trump attended the Blockchain Association's annual policy summit dinner and delivered an important speech. Trump stated he will fully support the development of the blockchain industry in the US, ensuring that related businesses remain in the US rather than moving to other countries. He emphasized: this is an emerging concept and industry that is thriving. We will ensure the global leadership position of the US in this field.
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5. Hong Kong commits to implementing a crypto asset declaration framework, with plans to complete legislative revisions by 2026 or earlier
The Hong Kong government recently announced that it has indicated to the OECD Global Forum on Tax Transparency and Exchange of Information that Hong Kong is committed to implementing a crypto asset declaration framework to enhance international tax transparency and combat cross-border tax evasion. Hong Kong commits to implementing the declaration framework with suitable partners on a reciprocity basis, with those partners required to meet standards for information confidentiality and security. Considering the latest timeline established by the Global Forum, the government plans to complete the necessary local legislative revisions by 2026 or earlier, and begin the first automatic information exchange under the declaration framework with relevant tax jurisdictions starting in 2028.
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6. Messari predicts that Solana will experience explosive growth in 2025
According to Messari's 2025 Crypto Theses report, Solana may see another strong year. It noted that in the third quarter of 2024, Solana's ecosystem financing reached $173 million, the highest since the second quarter of 2022. Additionally, a spot SOL ETF seems increasingly inevitable. The regulatory environment is expected to become more lenient, potentially driving explosive growth fueled by institutional interest.
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