More than 9.3 million tokens will be unlocked Sunday, representing 1.2% of AXAX’s total supply.
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FTT Surges 50% On FTX Creditors’ Claims Settlement And Billions In Compensation: How High Can It Rise?
In a significant development, defunct cryptocurrency exchange FTX has unveiled a reorganization plan to reimburse almost all of its customers. The announcement has sparked a substantial surge in the exchange’s native token, FTT, which recorded an uptrend of 52% over the past seven days, reaching a monthly high of $2.29 during Wednesday’s early trading session. FTX Unveils Debt Repayment Strategy FTX estimates its outstanding debts to creditors to be approximately $11.2 billion, as revealed in the reorganization plan published late Tuesday. The company has disclosed that it possesses between $14.5 billion and $16.3 billion, which it intends to distribute among the creditors. Under the proposed plan, customers with $50,000 or less claims will receive approximately 118% of the allowed claim amount. This compensation is slated to be disbursed to around 98% of the creditors, relieving FTX customers who have experienced locked funds since the exchange filed for bankruptcy protection in November 2022. Related Reading: Bitcoin Suffers Massive Outflows Amid Crypto Market Uncertainty, Tops $284 Million FTX stated in a press release on Wednesday that the company could not utilize the appreciation of the missing tokens during the Chapter 11 cases. Instead, FTX had to identify other recoverable sources of value to repay creditors. Following the departure of founder Sam Bankman-Fried, FTX appointed John Ray III as CEO. Ray, speaking on the matter in November 2022, expressed his astonishment at the “complete failure of corporate controls and such a complete absence of trustworthy financial information” witnessed at FTX. Ray further stated in the press release on Wednesday: We are pleased to be in a position to propose a Chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors. FTX’s founder, Sam Bankman-Fried, faced legal consequences, being convicted on seven criminal counts, including charges related to embezzling billions of dollars from FTX’s customers. Bankman-Fried was subsequently sentenced to 25 years in prison. FTT Bulls Eyeing $2.55 For Potential Breakout Continuation As of the latest update, the price of FTT has corrected to $2.050 after reaching its monthly high. This breakout occurred after consolidation between the $1.17 and $1.48 levels. At the current price level, FTT faces a significant resistance at $2.169, which has led to the ongoing correction. If FTT sustains its bullish momentum, the next resistance level to watch is $2.55 in the token’s daily chart. A successful breakthrough of this level could potentially lead to a retest of the $3 mark, which has not been revisited since January. Related Reading: Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff On the other hand, if the price experiences a further correction, FTT bulls should closely monitor the $1.95 and $1.765 levels, as they serve as crucial support levels. It is essential to prevent a loss of the gains achieved over the past month, which amounts to an 18% increase during this period. Featured image from Shutterstock, chart from TradingView.com
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Solana Breakout: Crypto Analysts Confirm SOL Is Ready To Cross $200
Solana had previously touched $200 earlier in the year but this was only for a brief period before declining back down to $150. At this point, the Solana indicators are beginning to flash bullish, prompting crypto analysts to predict a resurgence above $200 for the altcoin. Solana Shows Growth On D1 Timeframe Crypto analyst Maximilian
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Gundam Breaker 4 Release Date Announced
Bandai Namco has finally revealed the release date of the highly anticipated Gundam Breaker 4 which will see the Gundam action game series make a comeback, this time based on the classic Gundam plastic model kits (Gunpla). The unveiling was part of a global showcase, which announced that the game would be coming out on
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SEC Allocating ‘Grossly Disproportionate’ Amount of Resources to Crypto, Says Lawyer Jake Chervinsky
Digital asset legal expert Jake Chervinsky thinks the U.S. Securities and Exchange Commission (SEC) is allocating a “grossly disproportionate” amount of resources toward regulating crypto. Chervinsky, the chief legal officer at the crypto fund Variant, blasted the SEC for recently sending out a Wells Notice to Robinhood’s crypto trading arm. A Wells Notice is a The post SEC Allocating ‘Grossly Disproportionate’ Amount of Resources to Crypto, Says Lawyer Jake Chervinsky appeared first on The Daily Hodl .
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AI Will Soon be a Trillion Dollar Industry, but Where Will the Money Go?
The AI industry is soon to become a trillion dollar industry. As the global economy is expanding, some sectors are performing better than others, but the AI industry is outperforming others by a huge margin. Because big tech companies are pouring in billions of dollars for developing the technology and every other side of business
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