Catégorie : Crypto News

FTX and its affiliated debtors announced on Dec. 16 that their reorganization plan will take effect on Jan. 3, 2025, and distributions will commence within 60 days.

FTX has partnered with BitGo and Kraken to manage the distribution process for retail and institutional creditors. According to the claim portal, these service providers will ensure distributions are executed efficiently and securely across supported jurisdictions while also allowing distributions through stablecoins.

The initial distribution will only apply to creditors in the plan’s “Convenience Classes,” and FTX will announce separate payment dates for other classes. Additionally, the firm noted that it will announce additional distribution service providers on its customer portal and official communication channels.  

FTX CEO John J. Ray III stated:  

“We are well positioned to begin executing the distribution of recoveries back to all customers and creditors, and encourage customers to complete the necessary steps to begin receiving distributions in a timely manner.”

Ray also emphasized the importance of meeting eligibility requirements to receive payments promptly, urging creditors to complete necessary steps via the FTX Debtors’ Customer Portal.

Eligibility  

Creditors eligible for the Initial Distribution must complete several key steps before the effective date, such as completing know-your-customer validations, submitting tax forms, and onboarding with distribution partners.:  

Distributions for transferred claims will only be made to holders whose claims are registered by Jan. 3, 2025, and meet a 21-day notice period without objection.   

FTX warned users to avoid phishing scams and reminded creditors that official communications will only come through verified channels. The company stressed that it will never request users to connect wallets or provide sensitive financial details outside the official customer portal.

US Bankruptcy Judge John Dorsey approved the $16.5 billion recovery plan during a hearing in Wilmington, Delaware, on Oct. 7. The total value is subject to falling to $14.7 billion after its cash conversion. 

The FTX collapsed in Nov. 2022 after its founder, Sam Bankman-Fried, and other executives mismanaged customers’ funds and used them in other ventures. Authorities estimate the FTX collapse left around 9 million customers and investors facing substantial financial losses.

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The crypto market has been on a bullish streak in the last quarter of this year, thanks to Donald Trump’s recent victory in the United States presidential election.

American investment management firm VanEck has shared ten predictions that could raise the crypto market’s valuation in the coming year.

Bullish Crypto Predictions From VanEck

VanEck’s first prediction focused on leading assets that would experience meteoric price growth next year. For example, BTC would attain $180,000, ETH would cross $6,000, SOL would surpass $500, and SUI would exceed $10.

The firm’s next prediction showed factors that could drive some of these price projections. With Trump’s bullish stance, VanEck expects the U.S. to adopt Bitcoin as a strategic reserve.

Following Trump’s selection of a crypto-friendly chairman for the U.S. Securities and Exchange Commission (SEC), applications for multiple crypto exchange-traded products (ETPs) will likely be approved. Additionally, Ethereum ETPs will feature staking, a function restricted under the Joe Biden administration.

Highlighting another factor that could aid BTC’s price growth, VanEck stated in another prediction that Bitcoin-based layer-2 networks will reach 100,000 BTC in total value locked (TVL). If this speculation comes true, it would be a 600% surge from this year’s TVL record.

The completion of the Ethereum Dencun upgrade from earlier this year allowed for increased blob activity. VanEck predicted that the Ethereum blob space will garner $1 billion in fees as more L2 rollups and “high-fee use cases” come to the limelight.

The stablecoin market has a daily traded volume of around $100 billion. VanEck projects this value to soar to as high as $300 billion by the end of next year. The firm explained that “this surge will be driven by adoption in global commerce, remittances, and integration with major tech and payment networks.”

DeFi and NFT Predictions

VanEck expanded its prediction to include artificial intelligence (AI). The firm stated that one million new AI agents will surface next year and be used in decentralized finance (DeFi), social media, gaming, and consumer applications.

Regarding DeFi, VanEck expects decentralized exchanges (DEX) to hit a peak of $4 trillion in traded volume and $200 billion in TVL. This surge would be fueled by AI-focused projects, “consumer-facing dApps, and tokenized assets.”

Another DeFi-focused prediction from VanEck projects dApp tokens, which will narrow the performance gap with L1 crypto assets. The investment company is optimistic that new projects themed around AI and Decentralized Physical Infrastructure Networks (DePIN) will drive growth.

The NFT market is not left out of the company’s projection. VanEck predicts that the NFT traded volume will reclaim $30 billion next year. Growing projects like Pudgy Penguins and Milady will drive this surge.

VanEck also predicted a surge in tokenized securities in the coming year. Although the market soared from $6 billion to $12 billion this year, the company expects this value to soar to as high as $50 billion next year.

Anchorage Digital has received a BitLicense from the New York State Department of Financial Services (NYDFS), enabling the firm to operate in one of the most heavily regulated crypto markets in the US.

The license, granted on Dec. 16, permits Anchorage Digital to provide institutional clients with access to a secure trading environment, offering deep liquidity and competitive fees.

The company emphasized that this milestone aligns with its focus on addressing the growing demand for regulated crypto solutions among financial institutions.

Focus on institutional solutions

Anchorage Digital’s BitLicense arrives at a time of surging institutional interest in digital assets, driven by a need for platforms that combine robust security measures with regulatory clarity.

The company’s trading desk is designed to cater to these demands, offering financial institutions a streamlined entry point into crypto markets.

The company’s trading desk, bolstered by its newly acquired BitLicense, is designed to support these needs by prioritizing security, efficiency, and adherence to regulatory requirements.

In addition to expanding in New York, Anchorage Digital recently introduced support for Ethereum liquid staking, which allows institutions to earn staking rewards without locking up their holdings.

The firm has also partnered with PayPal to create a stablecoin rewards program, further diversifying its offerings in the digital asset space.

Outlook for growth

With its BitLicense in place, Anchorage Digital is set to deepen its footprint in the US crypto market. The company expects its expanded services to be fully operational by early 2025, positioning it as a leader in institutional-grade crypto solutions.

The NYDFS BitLicense is widely regarded as one of the toughest regulatory certifications in the crypto sector. Anchorage Digital’s approval highlights its commitment to compliance and its ability to navigate the industry’s complex regulatory landscape.

By aligning itself with clear regulatory standards, Anchorage Digital is poised to strengthen its reputation among institutional clients while contributing to broader confidence in the US digital assets market.

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Crypto All-Stars is a groundbreaking staking platform for meme coins that has raised over $18 million in its presale.

With just four days remaining until the presale closes, some investors are rushing to secure their share of Crypto All-Stars ($STARS) tokens before the first exchange listings.

Revolutionizing Meme Coin Staking With the MemeVault

At the core of Crypto All-Stars lies its flagship feature, the MemeVault. This revolutionary staking platform brings together holders of popular meme coins such as Dogecoin ($DOGE), Shiba Inu ($SHIB), Pepe ($PEPE), and many more under one staking platform.

Users earn rewards in $STARS tokens by staking their favorite meme coins. Those who hold $STARS tokens earn even more depending on their holdings; the more $STARS they have, the higher their staking yield!

This incentive to grab and hold $STARS tokens while bringing different meme coin communities within one staking platform is designed to positively impact the $STARS token price.

Investors can trust that Crypto All-Stars prioritizes security and transparency. The platform’s smart contracts have been rigorously audited by respected firms SolidProof and Coinsult, providing peace of mind to participants.

These audits ensure that Crypto All-Stars adheres to the highest reliability and safety standards and that all meme coins staked at the MemeVault are safe from exploits.

Crypto All-Stars uses the ERC-1155 multi-token standard, which means it supports an infinite number of tokens. It is designed for efficiency, adaptability, redundancy reduction, and security.

Crypto Analyst Highlight $STARS Growth Potential

With its stunning presale success, Crypto All-Stars has attracted the attention of crypto influencers. Analyst ClayBro, a well-known commentator on meme coins, has lauded the project’s potential and claimed that $STARS could experience significant growth following its public launch.

ClayBro highlights investor FOMO, as over $1 million worth of STARS tokens are bought daily as the presale nears its end.

Building a Unified Meme Coin Community

The presale success has catalyzed the growth of the Crypto All-Stars community. With an active presence on platforms like X (formerly Twitter) with over 20k followers and Telegram with over 7k subscribers, the project is building a loyal following of meme coin enthusiasts.

Additionally, with the allocation of $STARS tokens, where 20% of the total token supply goes for the presale and 25% for the staking rewards, the Crypto All-Stars team ensures that community members and early investors will receive a large portion of the total token supply early on.

Following the token launch, a surge of interest is anticipated as holders from top meme coins flock to accumulate $STARS ahead of the MemeVault Ecosystem debut.

Final Countdown to Secure $STARS Tokens Before December 19

As the Crypto All-Stars presale draws to a close, investors have only four days left to participate in what is shaping to be a transformative project for the meme coin market.

With over $18 million raised and growing anticipation for its exchange debut, $STARS tokens present a unique opportunity for those looking to invest in what might be the next big crypto success story.

Users interested in joining a project that could redefine the meme coin staking landscape can visit Crypto All-Stars’ official website to learn more and secure their $STARS tokens before time runs out.

Visit Crypto All-Stars Presale

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The UK Financial Conduct Authority (FCA) has initiated a public consultation aimed at refining regulations for crypto, according to a Dec. 16 statement.

The initiative signals the FCA’s commitment to crafting a balanced framework that nurtures innovation while addressing risks in the crypto sector. It seeks to address pressing challenges, such as market abuse, financial fraud, and unclear disclosures, which undermine consumer trust.

The proposals also aim to introduce measures that improve transparency and ensure fair trading practices. By providing clear guidance, the FCA hopes to build a trusted and sustainable crypto market in the UK, encouraging growth and long-term investment.

According to the regulator:

“We are also suggesting certain firms, like authorised crypto trading platforms, share information with each other to help stop suspected market abuse. This will reduce fraud and help promote good practices in the sector.”

Efforts to strengthen regulation will also focus on preventing the proliferation of fraudulent tokens and restricting unregistered crypto firms. While public offerings of certain cryptocurrencies may face limitations, specific exemptions will apply to compliant platforms and services.

The consultation forms part of the UK government’s broader strategy to establish a robust legal framework for crypto. The framework builds on initial plans announced in 2023 and will eventually cover trading activities, stablecoin oversight, asset custody, and more. A draft regulation is expected in 2025, with full implementation of the regime slated for 2026.

The collaboration is part of the FCA’s aim to create an environment where innovation can thrive without compromising market integrity or consumer protection.

The consultation will run from Dec. 16 to March 14, 2025, with the regulator urging input from firms, legal experts, and individuals across the industry. It added:

“We want to develop a crypto regime that is fair, balanced and proportionate for all. We need input from the Government, our international partners, industry and consumers to help us get the future rules right.”

Ethereum extended its streak of inflows to seven consecutive weeks, accumulating $3.7 billion during this period, with $1 billion recorded last week alone.

This highlights improving investor sentiment toward the world’s second-largest cryptocurrency.

The Market: Zooming Out

According to the latest edition of CoinShares’ Digital Asset Fund Flows Weekly Report, overall, digital asset investment products saw $3.2 billion in inflows last week. This was the 10th consecutive week of positive momentum, bringing total inflows this year to a whopping $44.5 billion – over four times higher than any previous year.

ETPs have seen weekly trading volumes averaging $21 billion, making up 30% of Bitcoin trading on trusted exchanges. Bitcoin’s daily trading volume across all investment types on trusted exchanges averaged $8.3 billion this year, twice that of the FTSE 100.

Interestingly, Bitcoin investment products contributed $2 billion to the weekly inflows, reaching $11.5 billion since the US election. Amidst recent price surges, short Bitcoin products gained $14.6 million, although assets under management (AuM) for this category remain modest at $130 million.

XRP Sees Renewed Interest

After Ethereum, XRP was the biggest winner among the altcoins, seeing inflows of $145 million as hopes rose for a US-listed ETF. Another factor that could have catalyzed this trend was the imminent debut of Ripple’s newly NYDFS-approved stablecoin RLUSD.

Next up was Litecoin, with $2.2 million in inflows over the past week, followed by Cardano with $1.9 million and Solana with $1.7 million. Additionally, Binance and Chainlink attracted $0.7 million in inflows each. On the other hand, multi-asset products faced yet another setback, with $31 million in outflows during the same period.

Meanwhile, there was a positive trend across regions, with inflows recorded in all areas. The US topped the list with $3.14 billion in inflows. Next up were Switzerland with $35.6 million and Germany with $32.9 million over the past week. Brazil also saw strong inflows of $24.7 million, with Hong Kong, Canada, and Australia adding $9.7 million, $4.9 million, and $3.8 million, respectively. In contrast, Sweden faced outflows of $19 million.

Mark Longo, known for his viral pet Peanut the Squirrel, has issued a “cease and desist” letter to Binance for the unauthorized use of his intellectual property.

On Dec. 16, Longo took to his X account, Squirrel_Dad, to reveal his legal actions while alleging that Binance used images and stories tied to his animals without permission.

The legal action

In his letter, Longo’s legal team outlined their claims, accusing Binance of violating copyright laws and intellectual property rights.

According to them, Binance promoted the PNUT token on its platform using the name “Peanut the Squirrel,” the “PNUT” branding, and even a copyrighted image of Peanut wearing a cowboy hat. The memecoin token has a $1.08 billion market cap as of press time.

The letter stated:

“As an initial matter, your use of the phrase PEANUT THE SQUIRREL, the term PNUT, and the PNUT Image is identical to our client’s PNUT Marks. That is to say, the PNUT Marks and the Infringing Marks impart the same commercial impression, making them legally identical.”

Longo warned that he could file a legal action against Binance if his rights were not respected.

Binance has yet to respond to CryptoSlate’s request for comment on the matter.

Meanwhile, Longo hinted at further action to safeguard his creative work. He emphasized that this legal action demonstrates his resolve to protect his intellectual property and hold Binance and other infringing platforms accountable.

He wrote on X:

“This is the first of multiple cease and desist letters to be issued. I’m committed to protecting my creative work and sending a clear message: unauthorized use of my IP will not be tolerated.”

PNUT tokens controversy

The lawsuit highlights the rising popularity—and conflicts—within the peanut-themed meme coin ecosystem.

Peanut the Squirrel became a viral sensation during the US presidential election after Longo clashed with New York’s Department of Environmental Conservation (NYS DEC) over the seizure of a Peanut and a raccoon in his care. The incident sparked public outrage after the Peanut died, with many prominent voices offering support.

This controversy inspired the creation of numerous meme tokens, with PNUT emerging as the most notable. The digital asset was listed on Binance last month.

However, Longo’s recent post referenced a “Justice for Peanut” (JFP) token, which he described as the legitimate PNUT coin.

Meanwhile, the ongoing dispute has influenced the token prices. According to CoinMarketCap data, PNUT has dropped by 5.6%, while JFP has seen a 10% rise in the past 24 hours.

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