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Top Cryptocurrency News of the Day - 7/10/2024



Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.


Crypto exchange FTX's liquidation plan receives court approval


FTX has received court approval for its bankruptcy plan, enabling the company to repay its customers in full using approximately $16 billion in recovered assets since the once-prominent cryptocurrency exchange went bankrupt.



U.S. Bankruptcy Judge John Dorsey granted approval for the restructuring plan during a court session held in Wilmington, Delaware. He described FTX’s approach as a "model case" for managing a complex Chapter 11 bankruptcy process.


The approved plan is built on multiple settlements involving FTX’s customers, creditors, U.S. governmental bodies, and liquidators tasked with overseeing the exchange’s international operations.


Under these agreements, FTX is permitted to prioritize its assets toward reimbursing customers of its crypto platform before addressing other claims made by government regulators. The company intends to repay 98% of its clients, specifically those with account balances of $50,000 or less, within 60 days.


Once ranked among the world’s leading cryptocurrency exchanges, FTX experienced a rapid downfall when it emerged that its founder, Sam Bankman-Fried, had misappropriated customer funds to cover the risky financial activities of his hedge fund, Alameda Research. Bankman-Fried received a 25-year prison sentence in March for defrauding FTX customers and has since filed an appeal against his conviction.


FTX’s plan ensures that its customers will receive at least 118% of the account value as recorded in November 2022, which marks the date the firm filed for bankruptcy.


The company hailed the outcome as a significant success for creditors, attributing it to its effective efforts in reclaiming missing cash and digital assets during the turmoil of its collapse. Furthermore, FTX bolstered its financial position by liquidating other assets, including stakes in technology ventures like the artificial intelligence company Anthropic.


Europe not a top priority for Sam Altman’s Worldcoin, exec says


Worldcoin, the digital identity initiative co-founded by Sam Altman, the CEO of OpenAI, is redirecting its efforts from Europe to Asia and other regions, as stated by one of its executives.



Fabian Bodensteiner, managing director of Worldcoin Europe and a founding member of the team, mentioned that the project prioritizes regions where governments demonstrate a greater openness towards embracing new technologies.


During his address at the Sifted Summit, an event sponsored by the Financial Times and centered around European startups, Bodensteiner emphasized that Europe is no longer a major focus for Worldcoin. Instead, he pointed out that countries in the Asia-Pacific (APAC) region, such as Japan and Malaysia, along with Latin American countries like Argentina, present more favorable conditions for the adoption of emerging technologies.


National Bank of Bahrain rolls out its first Bitcoin investment fund

The National Bank of Bahrain has announced the launch of its inaugural Bitcoin investment fund, tailored specifically for institutional investors within the Gulf Cooperation Council (GCC) region, which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).


As reported by local media, the fund was established in collaboration with ARP Digital, a digital asset firm. This investment vehicle aims to provide investors with exposure to Bitcoin while capping potential gains at a predefined limit and offering 100% protection against losses.


Abdullah Kanoo, co-founder and co-CEO of ARP Digital, remarked, “This structured investment creates new opportunities for investors who are looking for a balanced approach to digital assets. By combining our digital asset expertise with NBB’s strong presence in the financial sector, we have developed a product that offers Bitcoin exposure within a highly secure framework.”


Bahrain has been increasingly successful in attracting digital asset businesses due to its ongoing efforts to establish a “crypto and fintech ecosystem that fosters innovation,” explained Eric Anziani, Chief Operating Officer of Crypto.com. He highlighted that Bahrain’s clear regulatory framework effectively balances consumer protection with the commercialization of digital assets.


Sen. Elizabeth Warren will debate lawyer John Deaton twice in October


According to recent reports from Massachusetts news outlets, Democratic Senator Elizabeth Warren and Republican candidate John Deaton are scheduled to participate in two debates ahead of the 2024 election, set for October 15 and October 17.


New England Public Media, in a notice dated October 7, confirmed that it will host the debate in Springfield on October 17 in collaboration with GBH News. The event will be moderated by political journalists Adam Reilly and Saraya Wintersmith. Additionally, the two senatorial candidates will engage in a debate in Boston on October 15, which will be broadcast on WSBK-TV.


It remains uncertain whether the topic of digital assets will be addressed during these debates. When contacted, GBH News declined to disclose the specific subjects that will be discussed in advance.


Senator Warren has been an outspoken critic of cryptocurrencies throughout her tenure, frequently linking digital assets to unlawful activities. On the other hand, John Deaton, an attorney, has expressed support for Ripple and other cryptocurrency firms currently involved in legal disputes with the United States Securities and Exchange Commission (SEC).


Recent polling conducted in September indicates that Senator Warren holds a significant advantage, leading by over 20 points against Deaton in a race that many view as a potential referendum on cryptocurrency policy. Deaton has been vocal on social media, accusing the SEC of adopting an “anti-crypto agenda” through its regulatory actions and has openly criticized SEC Chair Gary Gensler.


The debate over crypto regulation has gained traction among Democratic lawmakers and candidates. Several have urged the party to reassess its stance on the industry, especially as Vice President Kamala Harris campaigns against Republican Donald Trump in the upcoming presidential election. Since announcing her candidacy in July, Vice President Harris has made her first public statement on digital assets, expressing her support for the industry in September.


UN report highlights cybercrime surge in Southeast Asia, Telegram's role


The United Nations Office on Drugs and Crime (UNODC) has released a new report addressing cybercrime in Southeast Asia, marking the agency's second such report on the subject.



In its initial report, published in January, the UNODC was critical of Tether's involvement in the region's economy. The latest report continues to monitor the intersection of cyber-enabled fraud, underground banking, and transnational organized crime. While Tether is mentioned, this time the report places a much greater emphasis on Telegram, casting it in a more negative light.


Cyber-enabled fraud remains a significant issue in Southeast Asia, resulting in estimated losses of between $18 billion and $37 billion in 2023, with most of these losses attributed to organized criminal activities, according to the report.



This release comes at a particularly challenging time for Telegram's CEO, Pavel Durov, who was arrested in France on August 24 in connection with criminal activities conducted on the Telegram platform. Durov has since been released on bail in France.



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