🌙 FTX Faces $9B in Govt Claims

FTX's coffers had largely run dry by the time Ray took over as CEO, with only 105 Bitcoin remaining on the exchange “against customer entitlements of nearly 100,000 Bitcoins.

Author

Mike Gavela
March 21, 2024

Crypto Roundup - Mar 21

In the realm of cryptocurrency and blockchain, recent developments highlight the challenges and regulatory scrutiny faced by the industry. The new CEO of FTX, John J. Ray, refutes claims of solvency made by the former CEO, emphasizing the dire financial straits of the exchange, including over $9 billion in government claims. Meanwhile, the odds of a spot Ethereum ETF being approved by the SEC have plummeted, with increased skepticism due to an ongoing investigation into the Ethereum Foundation. Additionally, Coinbase prepares investors for the upcoming Bitcoin halving, outlining its potential impacts on the cryptocurrency market, underscoring the event's significance in influencing Bitcoin's supply dynamics and market value.

Top Stories:

  • FTX's Ongoing Financial Turmoil: Highlighting the exchange's struggle with government claims and asset recovery efforts amidst bankruptcy proceedings.

  • Diminishing Hope for Ethereum ETF: Bettors' confidence wanes in the likelihood of SEC approval for a spot Ethereum ETF amid regulatory challenges.

  • Bitcoin Halving's Market Impact: Coinbase's briefing to investors on the expected effects of the Bitcoin halving on its value and the broader cryptocurrency landscape.

TOP STORIES

FTX CEO says former exchange faces $9B in government claims

Current FTX CEO John J. Ray says creditors wouldn’t be repaid if not for the “thousands of hours” of work by his team.

blockworks.co/news/new-ftx-ceo-on-government-claims

What are the odds of an Ethereum ETF approval after reports of a SEC probe?

Bettors' odds that regulators will approve spot Ethereum ETFs fell to an all-time low on Wednesday.

www.dlnews.com/articles/markets/bettors-pessimistic-that-sec-will-ok-a-spot-ethereum-etf

Upcoming Bitcoin halving ‘closely resembles’ last halving cycle: Coinbase

Coinbase Institutional penned a primer for investors ahead of the bitcoin halving set to take place in mid-April.

blockworks.co/news/coinbase-primer-investors-bitcoin-halving

FUNDRAISES

OTHER HEADLINES

‘Am I sorry? No’ — 3AC founder. $6B BTC laundered for fast food worker: Asia Express

"Companies go bankrupt all the time," says 3AC founder, Brit found guilty of laundering $6B in Bitcoin for fast food worker: Asia Express

cointelegraph.com/magazine/3ac-kyle-davies-brit-launders-6b-btc-fast-food-worker-asia-express

Do Kwon’s South Korea Extradition Uncertain After Challenge from Top Prosecutor

The Montenegrin High Court’s decision to extradite Kwon to his native South Korea over the U.S. overstepped the limits of its power, according to the supreme state prosecutor.

www.coindesk.com/policy/2024/03/21/do-kwons-south-korea-extradition-uncertain-after-challenge-from-top-prosecutor

Solana projects set to challenge Circle and Tether dominance in $3 billion stablecoin market

SOL-backed stablecoins have been a bust. But its “DeFi 2.0” projects are trying to change that.

www.dlnews.com/articles/defi/solana-projects-take-aim-at-usdc-tether-with-stablecoin

Coinbase’s latest Dogecoin proposal – What it means for DOGE holders like you

DOGE saw a surge in price following Coinbase's announcement to introduce a futures trading service for the memecoin.

ambcrypto.com/dogecoin-can-coinbases-latest-proposal-help-lift-trader-sentiments

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