Crypto is Worthless, Go for Gold, Says Billionaire John Paulson - cyptoranking.com

2024-05-05

Popular crypto exchanges(2023 Update) 2024-05-05
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FTX recovers $7.3 billion in assets, boosting the value of its bankruptcy claims.Photo by Bybit on Flickr/ CC BY 2.0According to a Wednesday report by digital assets platform Matrixport, the market value of bankruptcy claims against crypto exchange FTX has more than tripled this year. This comes ahead of the founder and CEO Sam Bankman-Fried's impending criminal trial set to begin next week.The FTX bankruptcy has been a complex affair, racking up over $200 million in legal fees. But in the over-the-counter markets, where bankruptcy claims are traded, prospects for creditors have recently improved dramatically. Once perceived as a high-risk asset, FTX claims are now being dubbed as the most sought-after tickets by investors focused on distressed assets.FTX's Bankruptcy: A Brief RecapIn late 2022, FTX filed for Chapter 11 bankruptcy, creating one of the most complicated bankruptcy cases in U.S. history. Data from Matrixport indicates that the expected payout for FTX creditors has risen to an average of 37 cents on the dollar, up from just over 10 cents at the beginning of the year.John Ray III, a veteran Wall Street bankruptcy lawyer, has been steering FTX through the bankruptcy process. Under his leadership, FTX has managed to recover $7.3 billion of assets. These include $3.4 billion in crypto, $1.1 billion in cash, and $200 million worth of real estate in the Bahamas.Another factor contributing to the optimism is FTX's $500 million stake in AI startup Anthropic. The crypto exchange had acquired the stake using customer funds, making it a subject of creditor claims. Amazon's recent announcement of its intention to invest up to $4 billion in Anthropic could boost the value of these claims even higher.The Prospect of FTX 2.0A potential relaunch of the exchange, often referred to as FTX 2.0, could also play a pivotal role in the claims market. If the exchange manages to restart successfully, every creditor could become an equity owner, adding another layer of value to their claims.The market for FTX claims has been so active that Thomas Braziel, co-founder and managing partner of distressed asset investment firm 507 Capital, stated that investors are "clambering over each other for claims." The guide price for these claims currently hovers between 35-40 cents on a dollar, according to Claims Market, operated by distressed asset investor Cherokee Acquisitions.What's Ahead for Creditors and Investors?The increase in expected payouts for FTX creditors is a major turn of events. While this is promising news, it's worth noting that several factors could still influence the final outcome. These include ongoing legal proceedings and the potential for additional asset recoveries, such as a $2.1 billion claim against crypto exchange Binance and another $700 million claim from investment firm K5.The court's recent update about the $7.3 billion in recovered assets was a critical moment, leading to increased competition among claims buyers, according to Brian Ferrara, director of Cherokee Acquisition's Claims Market. Markus Thielen, Matrixport's head of research and strategy, pointed out that the actual price of a claim might still vary based on several factors like jurisdiction and the size of the claim.The FTX bankruptcy case has evolved into a paradoxical beacon of opportunity in the distressed assets market. What was once seen as a sinkhole of legal complexities and risks has become a hot commodity for a niche group of investors. This shift doesn't just reflect a change in the perception of FTX's bankruptcy claims; it also shows the volatile nature of value in the industry. Traditional metrics of valuation can be upended overnight by new asset recoveries, strategic investments, or even the hint of a successful relaunch.Kraken Explores Stock and ETF Trading, A First for Crypto Exchanges Crypto has had a sluggish year in terms of acquisitions and fundraises. This trend continued into the third quarter when two significant deals, anticipated to enhance the overall value, failed to close. Crypto is Worthless, Go for Gold, Says Billionaire John PaulsonMore recently, the launch of Ethereum futures-based Ether ETFs on the Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE) on Oct. 2 brought in less than $10 million in aggregate assets under management during the first week of trading. Suspected Phishing Messages: If users receive suspicious Binance scam phishing messages, it is imperative to exercise caution. Verify the authenticity of such messages through official channels or consult anti-fraud resources like the “Anti-Fraud Video Device” and “Anti-Fraud Video App.”

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Dogecoin Present Day Altman has been a long-time supporter of Bitcoin. In a blog post dated 10 years ago, Altman argued that a world transacting in Bitcoin would be more transparent. “A world where we all transact in Bitcoin would be much more transparent, and financial transparency is great. It’s perhaps the thing that would most reduce corruption,” Altman said.Rogan, Altman “very worried” about CBDCs, slams U.S. war on cryptoMeanwhile, both Altman and Rogan said they were “super against” CBDCs and expressed worry about the United States becoming a surveillance state.Rogan argued that CBDCs could give governments even more control over how people spend their money:“I’m very worried about central bank digital currency and that being tied to a social credit score. That scares the shit out of me. The push to that is not for the overall good of society, that’s for control.”Related: CBDC frameworks must guard user privacy, monetary freedom — BIS chiefAltman added he hasn’t been impressed with how the U.S. government has treated the cryptocurrency industry recently:“There’s many things that I’m disappointed that the U.S. government has done recently, but the war on crypto, which I think is a like, we can’t give this up, like we’re going to control this and all that. That’s the thing that makes me quite sad about the country,” he said.Magazine: Asia Express: China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival 19230_2018_4_1501_21151_Ju...“Investors in XRP for 2024 should stay informed about developments in technology, shifting regulatory landscapes, and macro-economic trends. Adoption of Ripple’s technology by financial institutions and the resolution of Ripple’s legal issues may also influence XRP’s performance.” What is Play-to-Earn Gaming? What’s so Special About it?

Hong Kong police warned users of the scam in an Oct. 9 post to its Facebook page dubbed “CyberDefender.” The committee recommended the Federal Public Ministry launch an investigation into all of Binance’s Brazil-based operations with a specific focus on tax evasion, money laundering and the financing of organized crime and terrorism. Best Crypto Exchange Based On Consumer Ratings|Investor's Business DailyYuga Labs, the company behind Bored Ape Yacht Club NFTs, acquired CryptoPunks’ intellectual property from Watkinson and Hall in 2022, with the pair writing at the time that they weren’t well-suited to the “day-to-day management that these kinds of projects require and deserve.” The Legendary TRU Band Room Joins Forces with SpottieLand in Decentraland In a groundbreaking development, the TRU Band Room, part of the Rocking Uniquehorns (TRU) community, has forged a strategic partnership with SpottieLand, the immersive virtual environment created by Web3 musician and entrepreneur, SpottieWiFi. SpottieLand, launched earlier this year within Decentraland (DCL), is quickly becoming a hub for music and art enthusiasts in the metaverse. TRU Band Room in Decentraland Since its inception in 2021, the TRU Band Room has hosted over 700 live shows, showcasing talents from more than 20 countries, making it a vital contributor to the burgeoning metaverse music scene. The partnership with SpottieLand marks a significant move for the Band Room, which will relocate to this exciting new space. Mark your calendars for the grand reopening on October 2nd at 10pm UTC. This event promises to be a game-changer for Decentraland users, as they will get the first glimpse of the revamped TRU venue. Notably, the updated TRU venue will feature an exclusive VIP floor accessible solely to holders of Rocking Uniquehorns NFTs. TRU Band Room has always aimed to create a larger and more captivating venue for its weekly lineup of artists, including renowned resident musicians like StoneyEye, Mr.Swe, and Ash Orphan. The collaboration with SpottieLand was a natural choice given SpottieWiFi's unwavering commitment to Web3 and metaverse music. Shelley VanWitzenburg (ShelleyVan), manager and host of TRU Band Room, expressed their enthusiasm for this partnership, emphasizing SpottieWiFi's pioneering role in the metaverse music space. “The commitment SpottieWiFi has shown to growth of Web3 and metaverse music is unprecedented. He’s a true innovator and pioneer in the space, and we couldn’t be more thrilled to combine our communities to help create further growth and opportunities for independent musicians,” said Shelley VanWitzenburg (ShelleyVan), manager and host, TRU Band Room. SPOTTIE.LAND SpottieWiFi, who is already well-known among metaverse music fans, has expanded his presence in Decentraland with the opening of SpottieLabs HQ. SpottieLand is poised to become the go-to destination for music and art aficionados in DCL, having hosted Web3 music powerhouses like Allan Kingdom, Stockz, Shark Anthony, and Nessy The Rilla. This commitment to supporting emerging metaverse musicians motivated the decision to partner with TRU. “TRU has been a pillar in Decentraland for over two years now, producing hundreds of live shows and consistently creating a space where musicians and fans from all over the world can connect in a meaningful way. We share the same vision and mission, so it's an honor to welcome the TRU team and community to SpottieLand,” said SpottieWiFi. The updated TRU Band Room, developed in collaboration with Switzerland-based Software Brauerei, WJ Designs, and Songbird Collective, boasts several enhancements, including the exclusive VIP floor. This VIP area, inspired by intimate music club atmospheres in cultural hotspots like West Hollywood, CA, and New York City, can be accessed through a portal in the main performance room's loft area or via two "Band Member" entrances in the new rear parking lot. Inside the VIP lounge, TRU NFT holders can enjoy a bar, booth seating, and a large screen for live music performances. Mint a TRU NFT to gain VIP access and support a musician in the process by selecting from the dropdown menu of artists who've performed in the venue. Outside the main venue, a beer garden offers Decentraland users an opportunity for pre-show entertainment. The front of the building features dynamic elements, including a dynamic billboard, animated lighting, and a lively version of the beloved TRU mascot, Steve. Later in the year, phase two of design updates will introduce a brand-new NFT record shop and tour bus. Don't miss the grand reopening of the TRU Band Room on October 2nd at 10pm UTC, located at coordinates 100,77 in Decentraland. The event will include live interviews with TRU venue manager Shelley Van, SpottieWiFi, and The Rocking Uniquehorns co-founder UniKorn, followed by MoFyah Monday with StoneyEye. Additional event details can be found here. This exciting partnership between TRU Band Room and SpottieLand is set to reshape the metaverse music landscape, offering unprecedented opportunities for both musicians and fans. Join us in this epic journey into the virtual world of music and art! Upcoming events Keep an eye on the Decentraland Events page for the next party. Find your friends wherever they are in the metaverse by setting up your Gate on Lighthouse, the open metaverse navigation engine! Follow TRU on Twitter & InstagramThe metaverse is real: Zuck's 'incredible' photorealistic tech wows crypto twitter

The free-to-play Web3 trading card game Gods Unchained has launched a new permanent game mode called Sealed Mode, where players will build a deck from a randomized pool of cards to triumph over each other. The idea is similar to that of FIFA Ultimate Teams Draft mode. In a recent tweet, XRP influencer WallStreetBulls (WSB) raised concerns about the supposed manipulation of XRP’s price, alleging that the perpetrators behind this manipulation are the wealthy elite. According to him, they are significant bankers representing a mere 0.01% of the market participating population. How to Fund MetaMask with ETHIn light of this, the crypto asset brokerage intends to roll out a stablecoin-based foreign exchange (forex) market by the end of September. 1. CryptoPunks

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