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Bankrupt cryptocurrency exchange FTX announced a new restructuring plan that, if approved, could finally give most of its customers access to money they lostplus interest.

The new plan provides for 98% of all customers, including those holding claims of $50,000 or less, to receive up to 118% of their allowed claims within 60 days.

FTX forecasts that the total value of assets collected, converted to cash, and available for creditors will be between $14.5 billion and $16.3 billion.FTX owes more than $11 billion to its customers.

The plan will require approval from the U.S. Bankruptcy Court for the District Court of Delaware.

John J. Ray III, chief restructuring officer of FTX, said: "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."

A previous plan proposed refunding up to 90% of distributable assets to customers. The recovered assets were those held by the company in various entities in the Bahamas, Australia, and the U.S.

Investors who withdrew more than $250,000 from the exchange in the nine days before its collapse were expected to pay a 15% fee on the value of the funds to avoid potential clawback.

One of the biggest criticisms of any FTX plans to repay its customers' lost funds is that it's returning money in dollars based on Nov. 11, 2022, cryptocurrency prices, not the cryptocurrency itself or repaying at its current value, which has appreciated greatly.

For example, bitcoin (BTC) was trading roughly around $17,000 on Nov. 11, 2022; today, its price is more than 3.5 times that at about $62,500.

FTX collapsed and filed for bankruptcy in November 2022 after commingling of customer funds between FTX and its Alameda Research investment arm meant customers were unable to withdraw more than $8 billion in investments that had been used for other purposes. Former FTX CEO Bankman-Fried was sentenced to 25 years in prison for crypto fraud in late March.

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FTX's New Plan Could Give 98% of Crypto Customers Back More Than They Lost - Investopedia

Occasionally, we feel compelled to remind everyone of the shebeens basic rule regarding cryptocurrency: When somebody comes up to you and says, Hey, look, I invented new money and theres no seltzer bottle or cream pie handy, run like hell in the other direction. In addition, there is an unusually high strange-to-normal ratio

Mr. Pan may not have been tripping balls when he delivered the speech, but you cant tell by that string of words pretending to be a sentence there at the end. Also, Im not exactly sure why Mr. Pan didnt go for the gold and saw poor Ted Carter in half. The whole scene lacked only a medicine wagon and a dancing bear.

For a while, it looked like crypto had evaporated. The SEC was all over it. Congress, with Senator Professor Warren in the lead, was questioning its bona fides. Its become plain, however, that the industry is counting on the 2024 elections to recapture its momentum and to make new and influential friends. From Public Citizen:

The rest of the crypto super PACs political war chests comes from billionaire crypto executives and venture capitalists, including $11 million each from the founders of the venture capital firm Andreessen Horowitz, $5 million from the Winklevoss twins, and $1 million from Coinbase CEO Brian Armstrong. In the six 2024 primary races now concluded where the crypto super PACs intervened, only one crypto-backed candidate lost. Eleven primary races that include crypto-backed candidates remain. The crypto super PACs have pledged to spend money in general-election Senate races in the battleground states of Ohio and Montana, which are seen as essential for securing a Senate majority. Democratic incumbents in both races have been critical of the crypto sector.

One of the two Republicans campaigning to challenge Senator Professor Warren this November is a crypto advocate (and lawyer) named John Deaton. From WGBH:

Deaton undoubtedly will benefit from that war chest that crypto has piled up, not one buck of it anything but good old American greenbacks. Thats irony for you.

Charles P Pierce is the author of four books, most recently Idiot America, and has been a working journalist since 1976. He lives near Boston and has three children.

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Cryptocurrency Super PACs Are Sweeping 2024 Elections - Esquire

Asset management firm Franklin Templeton sees growing potential in Solana to cement itself as the third-largest cryptocurrency in the market.

The asset manager with over $1.5 trillion in assets under management (AUM) took to X on May 2 to praise Solana,currentlythe fifth largest cryptocurrency by market cap.

Solanas growth is likely to continue because it is well-positioned to capture the next wave of crypto adoption, solidifying itself as the third major crypto asset after Bitcoin (BTC) and Ethereum (ETH), the firm said.

In the note shared on X, the firm revealed that Solanawas able tograb a part of the cryptocurrency acceleration during Q4 2023 through its round of native airdrops, which subsequently propped up the whole SOL ecosystem.

Franklin Templeton also mentioned the networks robustness. Solana was severely affected by FTXs meltdown in 2022 butmanaged to recoverwith solid adoption numbers. Owing to its low fees and scalability, Solana also capitalized on the memecoin craze, creating popular meme tokens, including BONK and WIF, which have remained among the top 100 cryptocurrencies by market valuation.

The Wall Street giant expects Solana to expand its reach as its performance and network effects position it to capitalize on thenextcrypto trends. The network is home to various initiatives deploying use cases, including payments, decentralized physical infrastructure network (DePIN), and compression non-fungible tokens (NFTs), which Franklin Templeton believes will help the blockchain usher in the next wave of adoption.

The firms note stated:

Crypto enthusiasts are wondering what the next big thing in crypto might be While we dont know the precise answer, wed argue there is a strong chance it happens on Solana.

While the institution acknowledged that increased activity had caused operational problems in Solana, it also recognized the efforts of developers working to fix these issues as soon as possible.

On Oct. 31, Dan Albert, the executive director of the Solana Foundation, revealed the launch of the testnet for Firedancer, an anticipated scaling solution for Solana.

The project, spearheaded by web3 development firm Jump Crypto since last August, is expected to enhance the networks speed, reliability, and validator diversity, with amainnet launch projected for the first half of 2024.

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Franklin Templeton foresees Solana as third-largest cryptocurrency - crypto.news

Fri 10 May 2024 4 min of reading by Evans S.

Jack Dorsey, co-founder of Twitter and fervent defender of Bitcoin, recently made a bold prediction: he envisions Bitcoin reaching the symbolic threshold of one million dollars by 2030. But what is fueling such a prognosis, and what could be the implications for the future of digital finance? This article delves deeply into Dorseys vision and the current dynamics of Bitcoin.

Jack Dorsey is not a newcomer to the crypto universe. Boasting a history of significant investments and initiatives to bolster the Bitcoin ecosystem, his enthusiasm for this digital currency is not recent.

He describes Bitcoin not just as a mere currency, but as a fascinating ecosystem and movement where every contributor, whether a developer, investor, or user, plays a critical role in enhancing its value.

Dorsey and his payment firm, Block, have developed Bitcoin wallets and ASIC mining chips, evidencing their commitment to supporting the growth and adoption of this cryptocurrency.

The decision by his retail payment solution, Square, to allow stores to convert a portion of their daily sales into Bitcoin, illustrates a strategy aimed at further integrating Bitcoin into the daily business transactions.

Jack Dorsey has always advocated for a more decentralized internet, a vision that extends to his view of Bitcoin.

Moving away from centralized platforms like Twitter, through projects like Nostr, he seeks to promote a tech approach that better respects user freedom and independence.

As reported by decrypt, this philosophy deeply resonates with the foundational principles of Bitcoin, which is itself a challenge to the traditional centralized financial system.

In interviews, Jack Dorsey has expressed his disappointment in decentralization attempts that end up replicating the same mistakes as centralized models, citing Bluesky as an example.

His support for Nostr, which he describes as a truly open protocol, shows his commitment to infrastructures that support anonymity and autonomy, values he seems to believe conducive to a future significant appreciation of Bitcoin.

However, the future of Bitcoin and its rise to a million dollars are not without challenges. The recent investigation by US federal prosecutors into Blocks compliance practices, including the handling of crypto transactions linked to terrorist groups, casts a shadow over the whole industry.

These issues underscore the importance of regulation and security in the cryptocurrency domain, aspects Dorsey and other industry leaders must address to realize their vision.

Jack Dorseys prediction that Bitcoin will hit one million dollars by 2030 is certainly bold, but it is part of a consistent long-term vision marked by a commitment to decentralization and technological innovation.

Yet, as contagious as Dorseys optimism may be, we cannot overlook the regulatory, technological, and economic hurdles that litter the path to this stratospheric valuation. The future of Bitcoin remains, as always, as uncertain as it is fascinating. Meanwhile, an ETF makes all the difference.

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.

Fascin par le bitcoin depuis 2017, Evariste n'a cess de se documenter sur le sujet. Si son premier intrt s'est port sur le trading, il essaie dsormais activement dapprhender toutes les avances centres sur les cryptomonnaies. En tant que rdacteur, il aspire fournir en permanence un travail de haute qualit qui reflte l'tat du secteur dans son ensemble.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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Bitcoin: Jack Dorsey predicts that the flagship cryptocurrency will reach 1 million - Cointribune EN

After its sharp rally earlier this year, the summer doldrums may have come early for bitcoin . The cryptocurrency is up 48% for the year thanks to bullish enthusiasm surrounding the debut of U.S. bitcoin ETFs in January and the April 19 halving . Bitcoin is on pace for its first positive week in the past six, according to Coin Metrics. However, it's fallen 11% in the second quarter and is off about 14% from its all-time high above $73,000, reached in March. Analysts remain optimistic on bitcoin long term, but they say the coming weeks will require some patience. "It could take three to five months for bitcoin to re-test recent highs," H.C. Wainwright analyst Mike Colonnese told CNBC. "So [we're] short-term neutral to cautious and bullish medium- to long-term on bitcoin and by extension the miners." BTC.CM= 3M mountain Bitcoin has fallen 11% this quarter Bitcoin miners offer high beta exposure to bitcoin and have historically outperformed it during bull cycles, he added. His top pick in the space is CleanSpark . Wolfe Research technical analyst Rob Ginsberg shared a similar view on bitcoin. "While we reiterate our stance that from a multi-year timeframe it makes sense to remain long, the signs of further near-term downside continue to compound," he said in a note this week. "We continue to ask ourselves if the latest rejection at $70,000 was the beginning of an epic double top." Colonnese also pointed out that corrections between 25% and 30% are "par for the course" for bitcoin, even in bull cycles. "We would not be surprised if bitcoin were to retrace to the low-to-mid $50,000 range over the short term as stubbornly high inflation, slowing economic growth and geopolitical issues remain key risks," he said. Bitcoin has held above $60,000 since the beginning of May, when it broke below that level for the first time since February. But analysts who study price charts see that level as vulnerable and have warned about downside risk as low as $49,000 . It's still early innings for bitcoin this cycle, however, according to Colonnese. Between the increased demand this year from bitcoin ETFs and the reduced supply from the halving, the cryptocurrency's supply-and-demand dynamics are attractive. His base case is that bitcoin will reach $100,000 this cycle. "Looking at previous price cycles, bitcoin has historically peaked between one to one and a half years after a halving event with the bull stage running longer in each subsequent cycle," Colonnese said. "Bitcoin rallied to over $67,000 in November 2021, 546 days after the third halving event occurred in May 2020." "Assuming a similar duration for this bull stage of the price cycle, bitcoin may not reach its cycle peak until October 2025," Colonnese added. CNBC's Michael Bloom contributed reporting.

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Bitcoin price may not retest this year's highs for another five months - CNBC