Generating

15 related results were found.   
Subscribe Query
koinmilyoner
koinmilyoner
followers

$FTT FTX Refinances $10 Million Subsidiary with $500K Liquidation FTX's continued focus on earning cash to settle obligations is a key priority. A subsidiary of the debtor has filed to sell for $10 million at a steep discount. The decision was made after FTX decided not to proceed with preparations to revive its failed exchange. In the face of increasing pressure from creditors and authorities, FTX's CEO John Ray III is determined to repay debtors with cash. The estate of the now-defunct exchange is doing all it can to repay consumers, including looking through old transactions for crumbs and taking advantage of Bitcoin shorts, in order to sell assets at cheap prices. Aims to Offload DCI Holdings Terence J. Culver, the original CEO and seller of Digital Custody Inc. (DCI), is providing financing for the sale to CoinList, which is taking place at a steep discount of 95% from the original acquisition price of $10 million in 2021 and 2022. The FTX Debtors estate has filed to sell the subsidiary. Attorneys for FTX said in the document that DCI planned to act as a custodian for FTX.US and LedgerX. While it was part of the exchange's operations, it was never completely integrated until November 2022, when SBF filed for bankruptcy. Extract from the motion to sell. Following the announcement that FTX.US would not be revived, the estate attorneys said that DCI was considered an asset with little value, which led to the decision to sell it. FTX attorneys penned:"DCI is also no longer useful to the Debtors’ business given the Debtors’ sale of LedgerX and that it is unlikely for the Debtors to sell or restart FTX US." Even FTX's ex-CEO Culver made a bid for DCI—one of three. The potential of the acquisitions to speed up the changeover was a deciding factor for the debtors' estate. If the sale goes through, the debtors' estate will be charged a reverse termination fee of $50,000, although they have a short window to explore other proposals before concluding the contract, as long as the proper committees have authorized it. #Write2Earn #Ftt

15 days ago
AZCoinNews
AZCoinNews
followers

The bankrupt cryptocurrency exchange FTX is looking to sell one of its subsidiaries, Digital Custody Inc. (DCI), to CoinList, a platform for token sales and trading, for a mere $500,000. The deal, which is subject to court approval, represents a huge loss for FTX, which had acquired DCI for $10 million in two installments in 2021 and 2022. DCI is a company that provides custodial services for digital assets, such as storing, transferring, and securing cryptocurrencies. FTX had intended to use DCI to support its US operations, FTX.US and LedgerX, but the plan was thwarted by the bankruptcy of FTX’s former CEO and founder, Sam Bankman-Fried, in November 2022. According to the court filing, FTX’s lawyers stated that DCI was never fully integrated into FTX’s ecosystem, and that the company had no value for the debtors’ business after they sold LedgerX and failed to restart FTX.US. The lawyers also claimed that DCI had no other potential buyers, and that the sale to CoinList was the best option to maximize the value of the asset. The sale is being financed by Terence J. Culver, the original CEO and seller of DCI, who will provide a $500,000 loan to CoinList. Culver will also receive a 10% equity stake in CoinList as part of the deal. The transaction has been approved by the Committee of Unsecured Creditors and the Ad Hoc Committee of Non-US Customers of FTX.com, two groups that represent the interests of FTX’s creditors and customers. However, the deal is not final yet, as FTX has the right to solicit higher bids for DCI until three days before the hearing date, which is set for February 28, 2024. If FTX finds a better offer, it will have to pay a reverse-termination fee of $50,000 to CoinList. The court will also have to review and approve the sale before it can be closed. The sale of DCI is part of FTX’s efforts to liquidate its assets and repay its creditors and customers, who are owed more than $1 billion in total. FTX filed for Chapter 11 bankruptcy protection in November 2022, after Bankman-Fried was accused of fraud, market manipulation, and money laundering by the US authorities. Bankman-Fried, who was once the richest person in crypto, is currently facing criminal charges and civil lawsuits. Source: https://azcoinnews.com/ftx-to-sell-digital-custody-for-500000-to-coinlist-a-fraction-of-its-original-price.html

15 days ago
Cryptos Headlines
Cryptos Headlines
followers

SOL reached $100 after breaking a significant resistance on February 9, with potential to extend gains to $126.40 if buying pressure persists. Analysts foresee a bullish outlook for SOL in both the short and long term. Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On CryptosHeadlinesToken.com During the Chinese New Year celebrated on February 9, crypto prices, including Solana (SOL), received a boost. SOL’s price reached $110, rising by 10.12% in the last 24 hours according to CoinMarketCap data. Notably, this recovery coincided with the Solana development team’s report on the cause of the recent 5-hour outage. Solana Outage: Causes and Impact On Tuesday, February 6, Solana encountered a blackout, leading to transaction failures on the blockchain. During this period, the price of SOL experienced a significant decline. In a recent update, Solana identified that the issue stemmed from the LoadedPrograms encountering an infinite loop during network replay. This resulted in validators being stuck on a single block, impeding the processing of other transactions. To provide context, an infinite loop refers to a series of instructions that continuously run programs without termination. Solana further clarified that at the time of the outage, over 95% of the cluster stake was operating on version 1.17, causing most validators to stall on this block. SOL Price Analysis and Potential Movements On the 4-hour chart, heightened buying pressure propelled SOL above the $101.76 resistance level. Sustained buying momentum could push the token’s price further towards $120 in the short term. However, maintaining support at $95.11 is crucial for this upward trajectory. Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On CryptosHeadlinesToken.com The Relative Strength Index (RSI) at 69.20 indicates increased buying momentum and suggests potential for further growth. Yet, if the RSI surpasses 70.00, signaling overbought conditions, SOL may retreat to $97.74 before potentially rebounding if bullish sentiment persists. Moreover, the Moving Average Convergence Divergence (MACD) remains in the positive region, with the 12-EMA (blue) above the 26-EMA (orange), indicating clear upside potential for SOL. SOL/USD 4-Hour Chart (Source: TradingView) If bullish momentum prevails, SOL could reach $126.40, its level last seen on Christmas day. Conversely, profit-taking by traders could lead to a drop below $100 in the interim. Analyst Predictions for SOL’s Future Recent forecasts from various analysts indicate a bullish outlook for the L1 token. One investor, CryptoJelleNL, suggested on X that SOL could replicate Ethereum’s (ETH) trajectory in 2022, soaring from $350 to $3500 within a few months. If SOL follows a similar path, it could reach $1000 by the end of the year. Matthew Dixon, CEO of the crypto rating platform Evia, provided a more cautious short-term prediction. Despite the recent technical glitch, Dixon believes SOL’s rally will persist, foreseeing even higher prices ahead. $SOL  120 could be a fair upside target for  #Solana  where the c wave = a wave (making up a larger B wave) before we get a further downside correction. Therefore short term and long term positive with a medium term correction on the cards pic.twitter.com/uVYC3OTC5m— Matthew Dixon – CEO Evai (@mdtrade) February 9, 2024 According to his analysis, SOL could surpass $132 in the short term. However, Dixon anticipates a correction afterward, potentially driving the token down to $92 before another uptrend. Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice. #Solana #Bitcoin #Altcoin #Cryptocurrency #CryptoNews

15 days ago
CoinEdition
CoinEdition
followers

SOL climbed to $100 after breaching a crucial resistance on February 9. If buying pressure remains present, SOL could extend its gains to $126.40. Analysts predict a short and long-term bullish outlook for SOL. The Chinese New Year which was marked on February 9, came with good tiding for crypto prices and Solana (SOL) was not exempted. SOL’s price at press time was $110 after its previous attempts to hit the region were rejected. The increase meant that the token had increased by 10.12% in the last 24 hours, CoinMarketCap data showed. Interestingly, this recovery came on the same day the Solana development team gave its report on what caused the 5-hour outage during the week. Solana Publishes Outage Report  On Tuesday, February 6, Solana experienced a blackout that restricted users from making successful transactions on the blockchain. Coin Edition’s report also showed that the price of SOL plunged during the period. In the recent revelation, Solana noted that the LoadedPrograms hit the infinite loop during replay on the network. This caused validators to stall on one block, thereby, making it difficult to process other transactions. For context, an infinite loop is a sequence of instructions that continuously execute programs without termination. “Since at the time of the outage, more than 95% of cluster stake was running 1.17, nearly all validators were stalled on this block”, Solana explained. SOL to Keep Running Northward On the 4-hour chart, increased buying pressure saw SOL break past the $101.76 resistance. If SOL keeps up with the buying momentum, the token might extend its gains to $120 in the short term.  But that would only be the case if the bulls can defend the downward support at $95.11. The position of the Relative Strength Index (RSI) at 69.20 suggested increased buying momentum. It also implied that there is more room for growth. However, if the RSI crosses 70.00, SOL might be considered overbought. In this instance, the price could pull back to $97.74. But if bulls continue to load up buy orders, SOL’s price might recover northward.  Furthermore, the Moving Average Convergence Divergence (MACD) positioned in the positive region. Also, the 12- EMA (blue) was above the 26 EMA (orange), reinforcing the clear upside potential SOL had. SOL/USD 4-Hour Chart (Source: TradingView) If bulls continue to dictate the token’s direction, SOL might hit $126.40— which was last seen on Christmas day. But if traders decide to book profits in the meantime, the price might drop below $100. Market Players Are Bullish Meanwhile, recent predictions from different analysts suggested a bullish outlook for the L1 token. For instance, CryptoJelleNL, an investor, posted on X, that SOL might repeat what Ethereum (ETH) did in 2022 when the price moved from $350 to $3500 within a few months. Should SOL do the same, then the price could hit $1000 before this year ends. Matthew Dixon, CEO of crypto rating platform, Evia, was more conservative and gave his prediction for the short term.   According to Dixon, the recent technical glitch might not stop SOL’s rally, and he expects the price to move much higher going forward. $SOL 120 could be a fair upside target for #Solana where the c wave = a wave (making up a larger B wave) before we get a further downside correction.Therefore short term and long term positive with a medium term correction on the cards pic.twitter.com/uVYC3OTC5m — Matthew Dixon – CEO Evai (@mdtrade) February 9, 2024 Based on the chart he shared, SOL might surpass $132 in the short term. But after a while, the token could face correction which takes it to $92 before another upside. The post SOL Breaks Out as Solana Gives Report on Recent Outage appeared first on Coin Edition.

16 days ago
Cointelegraph
Cointelegraph
OpenAI seeks to diffuse internal tensions after Altman departure: Report
3 months ago
The Blockopedia
The Blockopedia
followers

🚨 Breaking News: Binance Ceases Support for Native Stablecoin BUSD In a significant development, Binance, the world's largest cryptocurrency exchange, has announced the termination of support for its native stablecoin BUSD. 📅 Key Dates to Note: December 15, 2023: Operations supporting BUSD will cease, following an order to halt BUSD minting due to reports of insufficient 1:1 backing.December 31, 2023: All BUSD withdrawals will halt.February 2024: Binance users can redeem BUSD until this date. 🛑 Reasons Behind the Decision: The New York Department of Financial Services (NYDFS) ordered Paxos, the issuer of BUSD, to stop minting after concerns arose about the stablecoin not being adequately backed. Circle, issuer of USDC, reportedly raised alarms, accusing Binance of mismanaging BUSD reserves. 🔄 Transition to FDUSD: Binance confirms that remaining BUSD amounts will be converted to FDUSD, a stablecoin issued by FD121, marking a shift in its stablecoin strategy. 💼 Regulatory Challenges and Background: This move follows a turbulent year for Binance in the US regulatory landscape.Recently, Binance settled a record $4.3 billion for violating money laundering and money transmitting laws.Founder and ex-CEO Changpeng Zhao resigned after admitting to individual charges and securing release on a $175 million bond. ⚖️ Legal Tussle: Zhao's defense team is endeavoring to return him to his residency in the United Arab Emirates before his February 2024 sentencing. However, the US Department of Justice is resisting, seeking to keep him on US soil. 🌐 Stay Informed, Stay Ahead: Follow The Blockopedia for Real-time Updates on Crypto Developments! 🚀 #BinanceCEO #BinanceTrends #crypto #cryptocurrency #crypto2023

3 months ago
Binance News
Binance News
followers

Changpeng Zhao, the CEO of Binance, recently provided guidance to users on how to manage crypto payments in contracts effectively. He suggested that the simplest model is for the contractual parties to agree on an explicit quantity of a defined digital currency, mentioning that this strategy helps avoid issues related to exchange rate conversion. However, he cautioned that this method's pitfall lies in the potential for the asset's price to vary in fiat terms, which can become problematic in agreements involving staggered payments over extended periods. CZ further discussed a scenario where a specific fiat amount needs to be paid in cryptocurrency. This method works smoothly if a stablecoin is involved, given the close pegging to fiat currencies. But it's wise to include a depegging limit and alternative choices, considering that even stablecoins can occasionally depeg. In situations where a contract specifies a USD equivalent to be paid in a cryptocurrency such as Bitcoin, it becomes essential to decide upon a method for calculating the conversion rate. Detailed methods like using the daily open price on Binance.com or a five-day average on the payment day could be included in the contract for objectivity. CZ also emphasized that contracts involving possibilities of early termination or deposits to be returned in the future should explicitly mention the return currency and its amount. He highlighted the common contractual pitfalls where parties argue over whether they should get the original Bitcoin amount or the accumulated USD, particularly in situations where one has appreciated more over time. Finally, he advised that contracts involving large amounts should consider aspects like treasury management or conversion rate management. Binance's Convert tool can facilitate such large-scale cryptocurrency conversions. These insights offer valuable help for those navigating the world of crypto contracts.

4 months ago

Yay! You have seen it all