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đź’¸ FTX Payback
FTX wants to fully compensate customers and creditors. Plus, Germany seizes 50,000 Bitcoin from pirates.
Sebastian Soran
February 01, 2024
Happy Thursday, Zingernation! How does a teenager become an overnight millionaire without playing the lottery? Crypto, of course! A 17-year-old earned over $1 million from the Jupiter airdrop — and it was all part of his plan.
Today, FTX expressed its intention to fully compensate customers and creditors, Germany seized 50,000 Bitcoin from pirates and more.
Plus, this company reached record revenues with 250% YOY growth.
And, did someone forward you this email? Click here to subscribe to this Benzinga newsletter and more.
MARKET SNAPSHOT
FINTECH FOCUS
Briefly: FTX has expressed its intention to fully compensate customers and creditors who can validate their losses.
What Happened: During a court hearing in Wilmington, Delaware on Wednesday, FTX lawyer Andrew Dietderich emphasized the need for a thorough review of the multitude of claims filed against the exchange.
Quoted: “I would like the court and stakeholders to understand this not as a guarantee, but as an objective. There is still a great amount of work, and risk, between us and that result,” Dietderich said. “But we believe the objective is within reach and we have a strategy to achieve it.”
So What? Since the bankruptcy filing, restructuring advisers have been working to recover assets and resolve the intricate network of debts owed to various creditors, including customers who invested cash and cryptocurrency in the trading platform.
What Next: Read more here.
A MESSAGE FROM OUR PARTNERS
If the pandemic did anything positive, it would help e-commerce explode and generate a shift in consumer habits.
This company reached record revenues with 250% YOY growth. They also have strategic relationships with Microsoft and Lenovo and distribution agreements with retail giants Walmart, Costco, BJ’s, Sam’s Club, and Amazon. Also, the company has a licensing deal with The Walt Disney Company and the ONLY Disney-licensed STEM toy of 2023.
Discover why insiders are loading up and big names like Microsoft and Disney are forming relationships.
FIVE ZINGERS
No Ta-X-ation: #ReduceCryptoTax is trending on X, as advocates argue for fairer regulation of the digital asset space in India.
Bold Prediction: Standard Chartered predicts Ethereum ETFs will be approved by May 23, with a $4K price target.
Exiting Bankruptcy: Up to $3 billion will be repaid to Celsius creditors.
Don’t Bank On It: Deutsche Bank will cut 3,500 jobs as part of an ongoing operational efficiency drive.
Down Bad: Ripple co-founder Chris Larsen says his personal XRP accounts were hacked, but denies company network compromise.
CRYPTO CORNER
Briefly: Germany seized 50,000 Bitcoin from two suspects who used unlawful income to purchase the asset.
What Happened: German authorities announced the seizure, worth around $2.1 billion, after an investigation by Saxony prosecutors, Germany’s Federal Criminal Police Office and the U.S. Federal Bureau of Investigation.
Zoom Out: It is termed the most extensive seizure of Bitcoins by law enforcement in the Federal Republic of Germany.
Why It Matters: Authorities everywhere are struggling with Bitcoin's permissionless nature. Bitcoin can be seized if it is being used for illicit purposes or was acquired through unlawful sources of income.
What Next: Read more here.
A MESSAGE FROM OUR PARTNERS
If the pandemic did anything positive, it would help e-commerce explode and generate a shift in consumer habits.
This company reached record revenues with 250% YOY growth. They also have strategic relationships with Microsoft and Lenovo and distribution agreements with retail giants Walmart, Costco, BJ’s, Sam’s Club, and Amazon. Also, the company has a licensing deal with The Walt Disney Company and the ONLY Disney-licensed STEM toy of 2023.
Discover why insiders are loading up and big names like Microsoft and Disney are forming relationships.