Crypto lender BlockFi has announced its emergence from insolvency, just days after FTX reclaimed $7 billion in assets. FTX debtors estimate that $8.7 billion has been misappropriated from customers. BlockFi, one of FTX’s largest creditors, has lent the exchange over $650 million, meaning its customers’ repayment success depends on FTX recovering its assets.
FTX’s new management is considering options such as selling the exchange or partnering with another entity. However, an independent comeback is also a possibility.
BlockFi, on the other hand, has no choice but to wind down operations, according to court filings.
In other news, BlackRock’s spot Bitcoin ETF has been listed on the Depository Trust & Clearing Corporation, suggesting potential approval by the SEC. BlockFi has also emerged from bankruptcy and is allowing wallet withdrawals. Ledger is rolling out its cloud-based private key recovery tool, and Worldcoin will stop paying Orb operators in USDC as early as November.
Finally, Solana’s native token, SOL, has surged above $32 this week. Asset management company VanEck has outlined diverse valuation scenarios for SOL, with a potential 10,600% surge in price by 2030. However, there may be a potential pullback in price, with technical indicators signaling a potential decline.
Disclaimer: This information is not intended as legal, tax, investment, financial, or other advice. Always seek independent financial advice and understand the risks involved.