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Bankrupt Crypto Firms FTX and BlockFi Allowed to Proceed with Claims Settlement

Bankrupt Crypto Firms FTX and BlockFi Allowed to Proceed with Claims Settlement

Bankrupt crypto companies FTX and BlockFi have been given the green light to continue negotiations for their claims settlement, according to a recent court ruling. United States bankruptcy judge Michael Kaplan ordered the removal of an automatic hold on proceedings between the two firms, allowing FTX debtors to pursue their arguments, defenses, counterclaims, setoffs, or other related matters. FTX and BlockFi filed for Chapter 11 bankruptcy status in November 2022 after FTX’s collapse. BlockFi is said to have had around $355 million frozen on the FTX platform, with an additional $671 million owed by Alameda Research. Both parties are required to file a mediation with the Delaware Bankruptcy court before December 24, 2023.

Impersonator Fakes BlackRock Filing for XRP Trust

XRP experienced a price rollercoaster on November 13 as news broke of a supposed BlackRock filing for an XRP exchange-traded product (ETP). The filing, which appeared on the Delaware list of corporations website, showed BlackRock registering the “iShares XRP Trust.” XRP’s price surged 12% to $0.73 within 30 minutes of the news, only to plummet back down after Bloomberg ETF analyst Eric Balchunas confirmed the filing was fake. Balchunas spoke with BlackRock and clarified that someone had likely impersonated BlackRock managing director Daniel Schwieger. The false filing caused confusion and volatility in XRP’s price.

CBOE to Launch BTC and ETH Margin Futures Trading

CBOE Digital, a US crypto-native exchange, has announced that it will launch Bitcoin (BTC) and Ether (ETH) margin futures trading on January 11, 2024. This move will make CBOE the first US exchange to offer both spot and leveraged derivatives trading on a single platform. Initially, CBOE Digital will offer financially settled margined contracts on Bitcoin and Ether, with plans to expand its product suite to include physically delivered products in the future, pending regulatory approvals.

Tether Mints 4 Billion USDT in One Month

Stablecoin issuer Tether has been actively minting new tokens, with 4 billion USDT issued over the past month. This accounts for nearly 18% of all USDT issued in 2023. On November 10, Tether issued 1 billion USDT on the Tron blockchain, following another 1 billion USDT issuance on Ethereum on November 9 and 2 billion USDT issued in two batches on the Tron blockchain on November 3 and October 19. Tether’s Chief Technology Officer and new CEO Paolo Ardoino referred to the latest transaction on the Tron network as a “USDT inventory replenish.” Tether has also burned some coins in the past, with the most recent burn of 1.2 billion USDT on the Tron blockchain occurring on August 22.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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