Crypto lender BlockFi made a remarkable comeback from bankruptcy this week, just days after FTX recovered $7 billion in assets. FTX’s debtors claim that $8.7 billion has been misappropriated from customers. BlockFi, one of FTX’s largest creditors, lent the exchange over $650 million, meaning its customers’ repayment depends on FTX’s ability to regain its assets.
FTX’s new management is exploring various options for the future, including selling the entire exchange, partnering with another entity, or making an independent comeback.
Though FTX’s prospects are uncertain, BlockFi is left with no choice but to wind down its operations.
This week’s Crypto Biz also covers BlackRock’s spot Bitcoin ETF development, Ledger’s cloud-based private key recovery tool, and Worldcoin’s shift in its payment scheme.
Creditors of bankrupt crypto companies are finally seeing some hope as FTX and BlockFi begin returning funds to their customers, around a year after filing for bankruptcy.
BlackRock’s spot Bitcoin ETF has been listed on the DTCC, indicating potential approval by the SEC. Meanwhile, BlockFi has emerged from bankruptcy and is allowing wallet withdrawals.
Ledger is rolling out its cloud-based private key recovery tool despite criticism. And Worldcoin plans to pay its Orb Operators in its native WLD token, phasing out USDC.
In other news, Solana’s native token SOL has surged in price, with asset management firm VanEck predicting further gains. However, there may be a potential pullback in SOL’s price, with indicators suggesting a possible decline.
As always, it’s essential to conduct thorough research and seek independent financial advice before engaging in cryptocurrency transactions.