#ACE FTX Debtors' Chapter 11 Plan Sparks Concerns Over Potential Losses for Creditors

FTX Debtors have unveiled an amended Chapter 11 reorganization plan, marking a crucial step in the defunct crypto exchange's turbulent journey. However, the proposal is likely to trigger significant losses for creditors, potentially amounting to millions of dollars. Here's a breakdown of the critical elements shaping the latest developments in the FTX bankruptcy saga.

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Valuation Plan Stirs Controversy

The core of the issue lies in the plan's proposition to value creditors' claims based on crypto prices as of November 11, 2022—the day FTX initiated its bankruptcy petition. This valuation method, while not uncommon, opens the door to substantial losses for creditors, given the considerable drop in cryptocurrency prices leading up to the bankruptcy filing. 

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Strategic Approach to Value Distribution

The estate, in a separate statement, emphasizes that the reorganization plan is meticulously crafted to "maximize and efficiently distribute value to all creditors." 

However, as witnessed in other high-profile crypto bankruptcy cases, the proposal is likely to encounter opposition from diverse creditor groups until it secures court approval. A scheduled hearing in 2024 will determine the fate of this crucial aspect of FTX's restructuring.

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Soaring Legal Fees Add to Complexity

Complicating the financial landscape further, FTX has been incurring substantial legal fees, a staggering $53,000 every hour in the three months ending October 31. 

The latest round of compensation filings reveals that bankruptcy lawyers charged at least $118.1 million between August 1 and October 31, averaging $1.3 million per day or $53,300 per hour over the 92-day period. #BONK #SATS #INJ #BTC $ETH $SOL $BNB

Coinbase, and Andreessen Horowitz Pledge $78M to Reshape Crypto's Political Narrative

#ACE #BTC #BONK #INJ #BinanceWish

Leaders within the cryptocurrency industry have collectively mobilized an impressive $78 million for super PACs, focusing on bolstering the influence of crypto-friendly lawmakers in Washington's political landscape. According to Axios, this substantial funding initiative will reshape the industry's image in campaign fundraising.

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Crypto Titans Rally Behind Fairshake PAC

A separate statement issued concurrently reveals Ripple CEO Brad Garlinghouse will publicly support "pro-crypto" candidates during the upcoming 202

The company joins a coalition pledging $78 million to back the Fairshake political action committee (PAC). Notable entities expressing support for Fairshake include Andreessen Horowitz, Ark, Brian Armstrong, Blockchain Capital, Wences Casares, Circle, Coinbase, and many other prominent names in the crypto sector.

Further, as Fairshake notes in its statement, influential entities such as Kraken, Lightspark, Messari, Paradigm, Potter Ventures, Fred Wilson, Cameron Winklevoss, and Tyler Winklevoss have contributed to its success. 

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Crypto's Ascent in Political Giving

In terms of political contributions, the crypto industry will rival more established sectors after amassing $78 million in just three months. 

Andreessen Horowitz, expressing their stance on political donations, emphasized their nonpartisan approach. They identify as single-issue voters, supporting candidates who favor a technologically enabled future. 

This aligns with the overarching goals of the super PACs—to advocate for responsible regulation that fosters innovation within the crypto sector. Moreover, Coinbase, a key contributor to this initiative, has a history of launching campaigns to mobilize crypto owners as advocates for change. 

$BTC $ETH $BNB

7RCC Pioneers ESG-Centric Spot Bitcoin ETF Filing With The SEC

Cryptocurrency investment firm 7RCC has taken a significant step in the environmental, social, and governance (ESG) space by filing an application with the Securities and Exchange Commission (SEC) to launch a spot Bitcoin Exchange-Traded Fund (ETF).

The proposed ETF, designed with ESG principles at its core, aims to provide a carbon-neutral investment avenue in the crypto market. Comprising 80% Bitcoin (BTC) and 20% carbon credit futures, 7RCC's ETF seeks to mirror daily movements in both BTC prices and carbon credit futures values.

The carbon credit futures are tied to the emissions allowance value under the European Union Emissions Trading System, the California Carbon Allowance, and the Regional Greenhouse Gas Initiative.

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Gemini to Serve As Custodian For 7RCC Bitcoin ETF
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has announced its role as the custodian for the 7RCC Bitcoin and Carbon Credit Futures ETF.

This collaboration is seen as a strategic move to offer investors a diversified portfolio, combining the innovative nature of Bitcoin with the progressive realm of Carbon Credit Futures. Despite the optimism surrounding this venture, ongoing debates persist regarding the practicality and regulatory acceptance of such a hybrid crypto investment vehicle.

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SEC's Evolving Stance On Spot Bitcoin ETFs
The Securities and Exchange Commission (SEC) is currently reevaluating its approach to spot Bitcoin ETFs following recent court rulings.

Analysts, including Bloomberg's James Seyffart, anticipate the approval of the first spot Bitcoin ETFs by the SEC in January 2024. Seyffart suggests that the SEC may strategically delay the approval of applications to ensure a simultaneous approval, avoiding giving undue advantage to a specific issuer.

#ACE #BTC #INJ $BTC

Fyde Treasury Secures $3.2 Million in Seed Funding Round

Fyde Treasury has pioneered a solution for a secure, non-custodial, “liquid vault" tailored for all cryptocurrency holders, from beginners to power users.

Fyde Treasury, a blockchain technology company led by a former NASA scientist, hasclosed a $3.2 million seed funding round marking a major stride towards tackling a critical industry concern - the management and scalability of on-chain crypto treasury holdings. The round was spearheaded by OP Crypto Ventures, with investments from Arrington Capital, Big Brain Holdings, and Merit Circle, among other notable funds and angel investors.

"We are more than excited to collaborate with Fyde in a long-lasting partnership. As Fyde progresses and their platform is released, we’re thrilled to function as the bridge between ourselves and other portfolio companies within the DAO. Each and every single one of them faces the same challenges of managing a treasury." – Tommy Quite, CFO & Co-Founder of Merit Circle

Fyde's founding team draws on a wealth of experience hailing from global financial institutions, web3, and academia. Team members hold distinguished PhD backgrounds and research positions from institutions such as Stanford, Cambridge, UCLA and business degrees from London Business School.

#ACE #BinanceWish $BTC $XRP

$BTC $BNB $BNB BNB Chain Unveils Ambitious GreenField Technology Roadmap Targeting Mass Adoption

#BONK #SATS #INJ
One of the groundbreaking elements of the Greenfield initiative is its focus on addressing challenges faced by Artificial Intelligence (AI), such as ownership, transparency, and innovation. 

Advancing the Future of Decentralized Storage

BNB Chain has announced the tech roadmap for its innovative decentralized storage network, BNB Greenfield. Tailored for both Web2 and Web3 developers and users, the roadmap aims to elevate performance, streamline development experiences, and fortify multichain capabilities.

Key Principles Driving BNB Greenfield's Roadmap

According to a recent press release, BNB Greenfield's mission is to introduce blockchain technology to the masses. There are three core principles that guide the roadmap: high performance, simplified development experiences, and the establishment of a robust multichain platform. 

At its core is a commitment to propel Storage Providers (SP) to new heights, quintupling upload and download speeds to efficiently handle a surge in transaction volumes.

Further, a pivotal aspect of the Greenfield initiative is the substantial increase in performance for Storage Providers. The upload speed is set to soar from 2MB/s to 10MB/s, while download speeds will experience an even more impressive leap, from 20MB/s to 100MB/s. This enhancement aims to revolutionize the network's efficiency in handling a higher transaction volume.

By aligning with popular Web2 and Web3 standards, the roadmap hopes to simplify the development experience. Additionally, a robust multichain platform will be implemented, enabling fully on-chain or decentralized apps (dApps) through cross-chain programmability.

With this move, BNB Chain plans to eliminate bottlenecks in the processing of high transaction blocks, thereby enhancing the overall performance of blockchain storage.

Integration of Artificial Intelligence (AI) with Web3