Home Blog Page 193

FTX Chapter 11 Plan To Take Effect in January 2025, Kraken and BitGo To Assist With Recoveries

admin
-
0
FTX Chapter 11 Plan To Take Effect in January 2025, Kraken and BitGo To Assist With Recoveries


In a latest announcement, FTX and its affiliated debtors have revealed that its Court-approved Chapter 11 Plan of Reorganization will become effective on January 3, 2025.

First Distribution To Occur Within 60 Days

The first distribution is expected to occur within 60 days of the Effective Date. The Initial Distribution is limited to the Plan’s Convenience Classes. Separate record and payment dates for other classes of claims will be announced in due course.

John J. Ray III, Chief Executive Officer of the FTX Debtors noted: “For the past two years, our team of professionals have meticulously and efficiently worked to recover billions of dollars to reach this point.”

“The Plan becoming effective in January 2025 and the start of distributions are reflections of the outstanding success of the recovery efforts. We are well positioned to begin executing the distribution of recoveries back to all customers and creditors, and encourage customers to complete the necessary steps to begin receiving distributions in a timely manner,” he added. 

Kraken and BitGo To Assist In Recoveries

FTX also disclosed that it has entered into agreements with two companies to assist in distributing recoveries to both retail and institutional customers and other creditors in supported jurisdictions. The crypto exchanges Kraken and BitGo will facilitate recoveries to eligible creditors. 

Customers and creditors with allowed claims will receive payments either in cash or stablecoins, depending on individual preferences and jurisdictional guidelines.

Notably, Kraken has previously assisted in similar cases, including creditor payouts related to the Mt. Gox bankruptcy. Kraken expressed, “We are proud to support this distribution process, leveraging our experience in asset recovery and distribution.”

BitGo emphasized its commitment to security in handling assets during the repayment process. CEO Mike Belshe noted that it has safeguarded billions in crypto assets for institutions, prioritizing transparency and trust, and is honored to support FTX.



Source link

Lido Finance to discontinue its products on Polygon starting Dec. 16 – CoinJournal

admin
-
0
Lido Finance to discontinue its products on Polygon starting Dec. 16 – CoinJournal


Lido Finance to discontinue its products on Polygon starting Dec. 16
  • Lido Finance will end Polygon staking operations starting December 16, 2024.
  • Users must unstake MATIC before June 16, 2025, to avoid using explorer tools.
  • The decision is due to low adoption, zkEVM transition, and focus on Ethereum.

Lido Finance, the largest liquid staking protocol in the decentralized finance (DeFi) ecosystem, has announced plans to sunset its staking operations on the Polygon network.

The decision, finalized through a community vote and extensive discussions within the Lido DAO, marks a strategic shift in focus toward Ethereum.

What has caused the sunsetting?

The decision stems from several challenges faced by Lido on Polygon since its inception in 2021, following a proposal by Shard Labs.

Despite initial optimism, the Lido on Polygon product struggled with limited user adoption, insufficient staking rewards, and the resource-intensive nature of maintaining operations.

The transition of the Polygon ecosystem toward zkEVM technology further reduced the demand for liquid staking solutions, diminishing Lido’s impact as a foundational DeFi component.

Additionally, governance resolutions such as GOOSE and reGOOSE emphasized Lido’s strategic priority to focus on Ethereum, contributing to the reevaluation of its presence on Polygon.

Discontinuing Lido on Polygon

The process of discontinuation begins on December 16, 2024, when the interface for Lido on Polygon will no longer accept new staking transactions.

Users will then have a six-month transition period, ending on June 16, 2025, to withdraw their staked MATIC through Lido’s interface. After this period, withdrawals will only be accessible via blockchain explorer tools.

Throughout the sunsetting process, stMATIC token holders will no longer receive staking rewards. Between January 15 and January 22, 2025, Lido’s operations on Polygon will temporarily pause, during which withdrawals will not be possible.

Users are strongly advised to unstake their assets before the June 16, 2025, deadline to ensure a smooth transition.

Lido Finance, with a total value locked (TVL) of $38.4 billion as of December 2024, remains a dominant player in the liquid staking market. While discontinuing its Polygon products, the protocol’s decision underscores its commitment to adapting to market changes and prioritizing its Ethereum-based services.

Share this article
Categories
Tags



Source link

Avalanche Blockchain’s Largest-Ever Upgrade, ‘Avalanche9000,’ Is Live

admin
-
0
Avalanche Blockchain’s Largest-Ever Upgrade, ‘Avalanche9000,’ Is Live



Avalanche, a layer-1 blockchain launched in 2020 that’s now the tenth-largest by total value locked (TVL), activated its highly anticipated Avalanche9000 upgrade Monday, marking the ecosystem’s biggest technical changes to date.

The network has been prepping for these changes for months, with new features that will cut the costs for sending transactions, operating validators and building applications on the network.

Leaders at Avalanche have previously told CoinDesk that part of the goal with the upgrade is to attract developers to Avalanche and encourage them to create customized blockchains using its technology, known as subnets, or “L1s”.

The upgrade, also referred to as the Etna upgrade, consisted of seven improvement proposals. The two biggest changes that were implemented were known as ACP-77 and ACP-125.

ACP-77 is a proposal that introduces a new type of validator, so users can launch their own subnets. These new nodes are less costly to operate, with the aim of therefore bringing in more people to spin them up and create their own Avalanche-based networks.

ACP-125 lowers the base fee on Avalanche’s main network that runs smart contracts, known as the C-chain, from 25 nAVAX (about $0.00000098) to 1 nAVAX ($0.00000004.) The goal is to make it cheaper to compute on that network. One nAVAX equals one-billionth of one AVAX. (Avalanche has two other main chains:the P-chain, where users can stake AVAX and operate validators; and the X-chain, which is used for sending and receiving funds.)

The Avalanche Foundation announced that ahead of the upgrade, it raised $250 million in a token sale, led by Galaxy Digital, Dragonfly and ParaFi Capital.

Read more: Avalanche Raises $250M Amid Major Overhaul of Layer-1 Blockchain





Source link

FTX to Begin Repaying Customers in Early 2025

admin
-
0
FTX to Begin Repaying Customers in Early 2025


KeyTakeaways:

  • FTX to begin repaying creditors in early 2025, starting with claims under $50K.
  • Kraken and BitGo will manage FTX’s creditor repayment process, including KYC verification.
  • FTX’s repayment plan could allocate up to $16.5B, covering 98% of creditors.

FTX, the collapsed crypto exchange, is set to begin repaying its creditors and customers in early 2025, with the first round of distributions expected within 60 days of January 3, 2025. This implies a shift in the ongoing bankruptcy process as the exchange works to resolve its Chapter 11 proceedings. 

The court-approved reorganization plan for FTX is set to become effective on January 3, 2025. Following that date, FTX’s bankruptcy team, led by CEO John J. Ray III, plans to begin distributing repayments to creditors. 

The first batch of repayments is scheduled to go out within 60 days of the effective date, focusing on those creditors with claims under $50,000, which account for more than 90% of all creditor claims in the bankruptcy proceedings.

The distribution process will be managed by the cryptocurrency exchanges Kraken and BitGo. Both platforms will assist eligible creditors in recovery efforts. However, FTX customers are required to complete a series of steps to be eligible for repayment. 

This includes undergoing a know-your-customer (KYC) verification process, filling out necessary tax forms, and onboarding to either Kraken or BitGo before the effective date of January 3, 2025. 

FTX Payment Process and Distribution Details

According to the report, creditors will receive repayments based on the U.S. dollar value of their crypto holdings when FTX filed for bankruptcy in November 2022. This ensures that the repayment is aligned with the asset prices at that specific point in time. 

The initial distribution will focus on creditors with smaller claims, those with amounts of $50,000 or less. The remaining creditors, who hold larger claims, will be notified of the distribution schedule later.

Moreover, according to FTX’s finalized bankruptcy plan, the overall repayment plan could allocate up to $16.5 billion to creditors. This plan, finalized in October 2024, covers 98% of creditors, with expectations that they will receive 118% of their claim values in U.S. dollars.





Source link

Bitgo, Kraken Partner With FTX for Jan. 3 Payment Distribution – Bitcoin News

admin
-
0
Bitgo, Kraken Partner With FTX for Jan. 3 Payment Distribution – Bitcoin News



Bitgo, Kraken Partner With FTX for Jan. 3 Payment DistributionFTX Trading Ltd. (FTX) and its affiliated debtors have locked in Jan. 3, 2025, as the kickoff day for their court-endorsed Chapter 11 Reorganization Plan. FTX Creditor Distribution Is Coming Soon According to the press release, this date will also act as the debut distribution record for creditors within the plan’s convenience categories. In the […]



Source link

Bitcoin and Ether Lead Top Crypto Gainers; Can BTC and ETH Inspire XRP, Solana, Cardano, Shiba Inu?

admin
-
0
Bitcoin and Ether Lead Top Crypto Gainers; Can BTC and ETH Inspire XRP, Solana, Cardano, Shiba Inu?


Trump Taps Into Crypto Craze By Accepting Bitcoin, Ether, Solana, Shiba Inu, Dogecoin Donations

Advertisement

&nbsp

&nbsp

Bitcoin and Ethereum have led top crypto asset gainers following the last price rebound. Most traders expect a positive run based on both assets, citing growing institutional demand and the decentralized finance (DeFi) ecosystem. At press time, the total crypto market cap stands at $3.7 trillion, a 2.97% surge in the last 24 hours. 

BTC And ETH Dominate Inflows

In the last 24 hours, Bitcoin hit a new all-time high above $106K before a slight correction as bulls project higher gains. The asset is up 2.8% today, while weekly numbers soared 5% amid long-term whale acquisitions. On the institutional front, BTC products attracted $2 billion inflows in the last seven days, raising total assets under management (AUM) to $135 billion. 

Bitcoin’s dominance is largely due to increasing institutional crypto investment. This year, fund flows have hit new highs, resulting in a similar price pattern for the asset. In Q1 2024, Bitcoin hit an all-time high above $73K and soared past $100k following the US Presidential elections.

Donald Trump’s anticipated crypto push fuels the recent BTC movement. Talks about a strategic Bitcoin reserve in the United States have led to whales accumulating more assets. Generally, a jump in Bitcoin price affects the wider market with inflows to altcoins and meme tokens. Fund rotation away from BTC to altcoins can be characterized as the start of the altcoin season.

Like Bitcoin, Ethereum leads top crypto gainers with a 2.5% daily inflow alongside rising institutional volumes. The leading altcoin maintains its drive in addition to bullish speculations above $5,000. ETH trades at $4,049 as bulls take its market cap to $487 billion. 

AdvertisementFollow ZyCrypto On Google News

&nbsp

Ethereum recorded its consecutive seventh week of institutional inflow, which took figures in the last seven days to $1 billion. Overall, the asset’s AUM stands at $20 billion.

Impact on The Wider Market 

Most traders are projecting a wider fund flow to altcoins in the coming months. Although most of these assets are below water, analysts point to the previous cycle and the link between BTC and ETH on these assets. Crypto enthusiast @el_crypto_prof wrote on X.

“You’re facing the biggest Altcoin run in at least 4 years (probably more like 8, as everything reminds me of 2018). Every dip is meant to shake you out. Don’t forget that. Generational wealth is possible with alts in the next months imo.”

Top altcoins, XRP and Solana, sit slightly in the light green zone, with 5.2% and 1% gains, respectively.



Source link

Stanford Blockchain Club slams DOJ’s use of archaic laws in Tornado Cash case

admin
-
0
Stanford Blockchain Club slams DOJ’s use of archaic laws in Tornado Cash case


Join Japan's Web3 Evolution TodayJoin Japan's Web3 Evolution Today

The Stanford Blockchain Club has issued a scathing critique of the US Department of Justice’s (DOJ) prosecution of Tornado Cash developers Roman Storm and Roman Semenov, calling it an overreach of outdated federal money transmission laws.

In its report, titled “Tornado Cash and the Boundaries of Money Transmission,” the club challenged the DOJ’s use of 18 U.S.C. § 1960, a statute aimed at unlicensed money-transmitting businesses, to charge the developers of Tornado Cash, a decentralized Ethereum-based protocol.

The DOJ’s 2023 indictment labeled Tornado Cash an “unlicensed money transmitting business” for enabling users to anonymize crypto transactions.

The Stanford Blockchain Club argued that the statute, written before the advent of blockchain technology, fails to address the nuances of decentralized protocols like Tornado Cash, which operate through immutable smart contracts without intermediaries or custodians.

According to the report:

“The DOJ’s aggressive application of 18 U.S.C. § 1960 raises broader questions about the risks of stretching statutory language to cover novel technologies. This approach invites unelected officials and the judiciary to overstep their constitutional bounds, bypassing Congress’ authority to legislate.”

The report emphasized the constitutional implications of using executive enforcement to regulate emerging technologies. It warned that such actions circumvent the democratic process and risk stifling innovation by conflating legal use cases of privacy-preserving tools with illicit activity.

Stanford University, known for its leadership in both legal and technological innovation, has a history of engaging with complex regulatory challenges. The blockchain club’s report continues this tradition by delving into the tension between privacy rights and regulatory oversight in the digital finance space.

The Tornado Cash case highlights a growing debate about financial privacy and the risk of these new technologies being misused by bad actors.

Advocates, including the Stanford Blockchain Club, argue that protocols like Tornado Cash fulfill legitimate privacy needs by allowing individuals to protect their identities in transactions. Meanwhile, critics contend that such tools facilitate money laundering and other illegal activities.

The report’s release marks a significant contribution to ongoing discussions about how the US legal system can adapt to DeFi technologies. It remains to be seen whether the judiciary will consider such critiques as it continues to grapple with the complexities of blockchain regulation.

Mentioned in this article



Source link

Forte Unveils Open-Source Rules Engine to Support Safety and Economic Stability in Blockchain Development – Crypto-News.net

admin
-
0
Forte Unveils Open-Source Rules Engine to Support Safety and Economic Stability in Blockchain Development – Crypto-News.net


San Francisco, California, December 16th, 2024, Chainwire

Forte’s Open Source Rules Engine Empowers Web3 Developers with Dynamic On-Chain Compliance and Economic Solutions for Launching and Managing Digital Assets.

Forte has officially unveiled and launched the Forte Rules Engine, an open-source solution for developers to build safe, on-chain environments and manage digital asset economies for web3 apps. With the Rules Engine, developers can define and enforce rules, establish transaction guardrails, manage compliance obligations, and mitigate the risks of volatility and bad actors – all while supporting long-term digital asset utility and economic health. 

Developers can now utilize the Forte Rules Engine by visiting: forte.io/developers

“The future of blockchain development is at a pivotal moment where the need to build strong foundations that foster safe, sustainable environments is paramount for blockchain projects and communities to thrive,” said Bela Pandya, CEO of Forte, “The Rules Engine was built to deliver these foundational technologies to developers that enable on-chain safeguards across a wide array of critical functions. From anti-dumping controls on airdrops to guardrails ensuring digital assets never interact with sanctioned wallets, and custom controls designed to mitigate volatility and market manipulation, the Rules Engine empowers developers to launch their projects confidently. This marks a new chapter for blockchain development, driven by compliance, economic stability, and a renewed sense of trust in blockchain development with much more on the horizon for the Forte Rules Engine.”

Fully compatible with all EVM chains and web3 wallets, the Rules Engine provides developers the on-chain technology they need to build a safe, sustainable economy that their communities trust. This innovative suite of solutions aims to support:

Safe Environments for Digital Assets

The Forte Rules Engine employs on-chain guardrails to implement protective layers and safeguards that help mitigate risk and manage digital asset markets. The technology streamlines compliance navigation by leveraging Forte’s ecosystem of regulated partners to facilitate Know Your Customer (KYC) and Wallet protocols as well as sanctions enforcement, fostering responsible practices and building trust among users and communities. Through enhanced features such as Zero Knowledge (ZK) capabilities, developers can ensure privacy, verify identities, and assure transaction integrity.

Economic Stability

Developers will have access to a growing set of features designed to help launch, grow and scale a sustainable economy that their community can trust. This includes both templated and bespoke rulesets which can be designed to mitigate market volatility and manipulation, enforce token utility requirements, and effectively manage trading volume. 

The on-chain rulesets are designed for seamless integration and equipped with third-party integration options, ready to meet developer needs from day one. They offer the flexibility to adapt and evolve alongside the project, ensuring scalability and stability. 

Developers interested in leveraging the Forte Rules Engine for their next project can start building here. 

About Forte

Forte provides open-source, on-chain solutions that foster safe environments and support healthy and stable digital asset economies. Our trust and privacy-preservation solutions empower developers to manage compliance risk, promote economic stability, and leverage instant liquidity. Developers can deploy flexible and adaptable blockchain solutions that evolve with their dynamic needs – fully compatible with all EVM chains and web3 wallets. Forte and its ecosystem partners are currently working with acclaimed developers to redefine the future of blockchain innovation.  

Contact

Sibel Sunar
47 communications on behalf of Forte
[email protected]



Source link

Ether.Fi pitches buybacks for ETHFI stakers

admin
-
0


The proposal to buy back tokens with protocol revenues is intended as a new value accrual mechanism for tokenholders.



Source link

Bitpanda becomes first European firm to secure Dubai VARA in-principle approval – CoinJournal

admin
-
0
Bitpanda becomes first European firm to secure Dubai VARA in-principle approval – CoinJournal


Bitpanda secures in-principle approval in Dubai
  • Bitpanda has secured in-principle approval from Dubai VARA.
  • Dubai is emerging as a global crypto hub with a supportive regulatory environment.
  • Bitpanda plans to establish a regional headquarters in Dubai to expand globally.

Bitpanda, a prominent European digital asset platform, has achieved a significant milestone by securing in-principle approval from the Dubai Virtual Asset Regulatory Authority (VARA).

This approval positions the Austrian company as the first European crypto firm to gain entry into Dubai’s burgeoning digital asset market.

Dubai emerging as a crypto hub

Dubai has emerged as a global cryptocurrency and blockchain innovation hub, attracting leading firms worldwide. With its progressive regulatory framework, the United Arab Emirates (UAE) offers a secure and innovation-friendly environment for crypto businesses and investors.

Bitpanda’s approval underlines its adherence to the region’s stringent regulatory requirements, reflecting the firm’s commitment to compliance and transparency.

Following the in-principle approval, Dubai will serve as Bitpanda’s gateway to global markets, and plans are already underway to establish a fully operational regional headquarters in the city.

According to Eric Demuth, co-founder and CEO of Bitpanda, Dubai’s status as a crypto-friendly city and its vibrant ecosystem make it an ideal launchpad for the firm’s international ambitions.

“In Europe, we have built a reputation as the most trusted and regulated digital asset platform. Now, we are scaling this proven model globally, with Dubai and the UAE serving as our strategic launchpad for international expansion. The opportunities are immense, and we are uniquely positioned to seize them,” Demuth said.

Bitpanda still requires additional approval for full authorization

Despite receiving in-principle approval, Bitpanda must fulfil additional regulatory requirements to achieve full authorization to operate in the UAE.

Nevertheless, the company’s entry into Dubai signifies its commitment to playing a pivotal role in the region’s crypto ecosystem, contributing to the city’s reputation as a global leader in digital asset innovation.

With plans to collaborate with other financial entities in the UAE, Bitpanda is poised to solidify its presence in one of the world’s most promising crypto markets.

Share this article
Categories
Tags



Source link

1...192193194...909Page 193 of 909

We publish a comprehensive news feed covering all news relevant to crypto users. Our coverage includes major industry news, politics, and regulation, as well as practical consumer-level information. This includes handy DIY tips, links to useful tools, and unbiased reviews and opinions related to cryptocurrency.

Editor Picks

Latest News

Popular Categories

© Crypto Currency News