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Treasury Secretary Yellen Highlights Economic Recovery and Addresses Financial Risks
Treasury Secretary Janet Yellen highlighted Biden Administration's economic achievements and ongoing financial stability efforts, focusing on banking, climate change, cybersecurity, AI, and digital assets in a testimony to the House Committee on Financial Services.
FTX Seeks Court Approval to Sell $175M Genesis Claim Amid Bankruptcy Proceedings
FTX has filed a motion in Delaware court to sell a $175 million claim against bankrupt Genesis Global Capital, aiming to optimize returns from the sale. The move is part of FTX's broader strategy to manage its financial recovery post-collapse, with the proposed sales procedure designed to ensure maximum value from the claim amidst Genesis's ongoing legal and financial challenges.
Hedera (HBAR) and Algorand (ALGO) Form DeRec Alliance for Decentralized Recovery
Hedera and Algorand ecosystems have united to form the DeRec Alliance, introducing a new standard for simplified and secure digital asset recovery, aiming to revolutionize the Web3 experience.
FTX Bankruptcy Legal Costs Hit $118.1 Million in Three Months
FTX's bankruptcy lawyers and advisers earned an average of $118.1M in fees between August and October, with Alvarez and Marshall leading the charges.
NFT Market Sees Upward Trend with Steady Increase in Weekly Ethereum Volumes
The NFT market has seen a significant recovery, with weekly Ethereum volumes increasing from 29,704 ETH to 68,342 ETH, with marketplaces like Blur and BAYC experiencing high trade activity.
BlockFi Triumphs Over Bankruptcy, Initiates Creditor Reimbursements
BlockFi, a cryptocurrency company, emerged from bankruptcy in October 2023 and has since implemented a plan to repay creditors and return digital assets to clients. The company is now focusing on asset recoveries from entities like FTX and 3AC, processing claims for fair distributions, and Wallet customers can withdraw assets.
Stars Arena Recovers Majority of Stolen Crypto
Stars Arena, a Web3 social media platform, has recovered about 90% of the 266,104 AVAX stolen in a security breach on October 7, 2023, following a settlement with the exploiter. The platform received 239,493 AVAX back, while awarding a 27,610 AVAX bounty to the individual. Post-recovery, Stars Arena is enhancing its security measures, including auditing a new smart contract to safeguard against future exploits.
iFinex Proposes $150 Million Share Buyback from Bitfinex Hack Victims
iFinex, Bitfinex's parent company, plans a $150 million share buyback to re-acquire shares given as compensation for a 2016 hack. The offer follows a valuation surge from $120 million in 2016 to $1.7 billion, providing an exit route for investors. Shareholders have until October 24 to respond to the buyback offer.
U.S. Prosecutors Aim to Sideline Asset Recovery Talks in Bankman-Fried Trial
U.S. prosecutors in Samuel Bankman-Fried’s trial have urged the court to disallow any arguments concerning the recovery of misappropriated FTX customer assets invested in AI startup Anthropic. This development arises as Bankman-Fried's investment could now be of higher value, potentially affecting the recovery prospects for FTX customers amidst the ongoing bankruptcy process.
Crypto.com's $10.5 Million Mistake Leads to Legal Fallout for Australian Couple
A Melbourne couple faces legal repercussions after Crypto.com mistakenly transferred $10.5 million AUD to their bank account. Thevamanogari Manivel and her partner, Jatinder Singh, allegedly spent the funds on property and other assets. Manivel has been sentenced to an 18-month community corrections order, while Singh is set to face a plea trial on October 23, 2023.