Independent Examiner for FTX Bankruptcy: Dispute Between Parties

• FTX lawyers claim an independent examiner would be a waste of $100 million without benefiting equity holders or creditors.
• The US Trustee Andrew Vara has argued that an independent examiner is necessary due to the liquidity crisis FTX experienced.
• The official committee of unsecured creditors has objected to the appointment of an independent examiner, claiming it would be futile.

FTX, a cryptocurrency exchange, recently experienced a heavy downfall from a $32 billion market value to a liquidity crisis. This insolvency has had considerable implications for the entire crypto industry and as a result, US Trustee Andrew Vara was tasked with handling FTX’s bankruptcy and proposed the appointment of an independent examiner. However, lawyers representing FTX have argued that an examiner is not only unnecessary, but would be a waste of resources. They claim that the results of the investigations would coincide with those done by the committee of creditors, regulatory authorities, law enforcement agencies, Congress, and the new FTX CEO, John Ray.

The official committee of unsecured creditors has also filed an objection motion, claiming that the appointment of an examiner would be futile. This is because their job would not attend to the needs of the creditors, which is locating and recovering the assets of the defunct FTX exchange estate. Furthermore, the committee believes that the cost of the examiner would be too high, and would not benefit equity holders or creditors in any way.

The situation has prompted four Senators to submit a letter asking for an Independent Examiner. Meanwhile, several states have entered the FTX case to lend their support for an Examiner. The Securities and Exchange Commission (SEC) also asked for an Independent Examiner in the Enron case, and it is yet to be seen if they will do the same in this case.

Overall, the appointment of an independent examiner is a highly contested issue, with FTX lawyers, the committee of unsecured creditors, and the US Trustee all having different opinions on the matter. It remains to be seen what will happen, as this decision could have major implications for the crypto industry.

BitKeep Reimbursing Victims of $8M Crypto Hack: 50% of Funds by End of Feb

• BitKeep, a digital asset platform, is taking steps to reimburse users whose assets were stolen by hackers.
• The compensation portal will go live in the first week of February and 50% of the funds are expected to be compensated by the end of that month while the remaining funds by the end of March.
• The hackers made off with crypto assets worth $8M, with Ethereum (ETH), Binance Coin (BNB), and Tether (USDT) among the top cryptocurrencies used in BitKeep’s questionable transactions.

BitKeep, a digital asset platform, recently announced that it has taken steps to reimburse users whose assets were stolen by hackers. The corporation revealed on Twitter that it had created a closed-loop verification system to lessen the possibility of assets ending up in the wrong hands. This system incorporates victims’ multi-dimensional information such as wallet addresses, stolen amounts, and token details.

The hack occurred after the previous trading year and the hackers stole significant sums of cryptocurrency. According to BitKeep, the affected cryptocurrency investors downloaded a phony BitKeep program that ‘bad actors distributed.’ A report by transaction tracking experts revealed that Ethereum (ETH), Binance Coin (BNB), and Tether (USDT) were among the top cryptocurrencies used in BitKeep’s questionable transactions. In total, the hackers made off with crypto assets worth $8M. Unexpectedly, the hacking incident in December lined up with the earlier hacker activities in mid-October of the same year.

To ensure that victims of the hack are compensated, BitKeep will be launching a compensation portal in the first week of February. This portal will allow victims to submit their claims and receive reimbursement for their lost assets. The team also added that they intend to pay out 50% of the cash by the end of February and the remaining amounts by the end of March.

BitKeep wants to assure victims of the hack that they will be paid and that the company is taking all necessary steps to ensure the security of their assets. They have said that they are committed to protecting their users from further losses and will do whatever it takes to prevent future hacks. For now, users are advised to be vigilant and download only official BitKeep programs.

New Crypto Subcommittee Established in Congress to Regulate Failing Industry

• House Republicans are introducing a new crypto subcommittee in Congress.
• The committee will focus on the regulation and supervision of the failing crypto industry.
• The subcommittee will hold hearings and play a key role in creating laws to help financial technology reach underserved groups.

House Republicans have recently revealed plans to establish a new subcommittee in Congress that will solely focus on cryptocurrencies. The incoming chair of the Financial Services Committee, Republican Patrick McHenry of North Carolina, has stated that he intends to set up the panel in order to address the “big hole in how we structure the committee,” believing that the current setup does not devote enough attention to topics related to cryptocurrencies.

McHenry has been vocal about his priority on issues related to financial technology and has updated the Financial Services subcommittee chairs of the move. The formation of the digital asset group is a very clear indication that cryptocurrency has taken the lead when it comes to financial regulation in Congress, as the main focus of the Financial Services Committee has usually been on regulating banks, Wall Street corporations, and the regulatory agencies that oversee them.

The subcommittee will be responsible for holding hearings and playing a pivotal role in creating laws that will help financial technology reach underserved groups, as well as establishing clear standards across federal regulators. McHenry stated that the committee’s primary goal is to create regulations that will help ensure the health of the cryptocurrency industry, as well as its stability and security.

It is expected that the subcommittee will draw a lot of attention from lobbyists, as the decision taken by McHenry has been subject to heavy scrutiny. It is also important to note that the subcommittee will be the first of its kind, as Congress has never before established a body that deals exclusively with cryptocurrencies.

The move by House Republicans to introduce this new subcommittee is seen as a major step towards the regulation and supervision of the cryptocurrency industry. It is hoped that the new body will be able to address the current issues facing the industry and provide a platform for lawmakers to discuss and create laws that will ensure the health of the industry.

$252.5M Bitcoin Whale Transfer Signals Market Prep for Halving Event

• A whale transferred 15,000 BTC worth $252.5 million from a wallet 1KUr81 to a wallet 1LGAVQ after four years of inactivity.
• The recipient address already had 11,056 BTC, making the total holdings in the wallet 26,056 BTC, valued at approximately $439.2M.
• On-chain data suggests the whale purchased the 15,000 BTC in 2019 and stored it in the wallet before moving the funds to another whale wallet today.

Today, a major Bitcoin whale transferred a hefty 15,000 BTC worth $252.5 million from a wallet 1KUr81 to a wallet 1LGAVQ after a period of four years of inactivity. This is a major move, especially as the upcoming halving event is expected to have a major impact on the market.

According to LookOnChain, an online blockchain explorer, the whale transferred all 15,000 Bitcoin (BTC) from the wallet 1KUr81 to 1LGAVQ. The funds had been sitting idle in the bitcoin wallet for three and a half years since the owner transferred them to the wallet. The BTC was valued at $252.5 million at the time of the transaction.

Surprisingly, the recipient address already had 11,056 BTC, making the total holdings in the wallet 26,056 BTC, valued at approximately $439.2M. At bitcoin’s all-time high price, the wallet’s holdings equated to roughly $1 billion. However, bitcoin’s value has deteriorated in the mercies of the bear market that began to reign in the twilight months of 2022.

On-chain data reveals that the whale purchased the 15,000 BTC in 2019 and stored it in the wallet before moving the funds to another whale wallet today. The information is widely accessible through blockchain explorers. However, none has identified the address of any crypto entity, exchange, or OTC trading desk, leaving the identity of the whale a mystery.

The move is not unexpected. With the halving event of Bitcoin fast approaching, whales have been busy buying up coins. The halving event is expected to reduce the mining rewards for miners by half, which in turn could result in an increase in the price of Bitcoin.

This massive transfer of 15,000 BTC is yet another major move by whales in the market, and could be a sign of what is to come. Will the halving event result in a bullish trend in the market? Only time will tell.

Cardano on the Rise: ADA Price Grows 12% in 7 Days, Stablecoins Coming

• Cardano, the ninth most valuable cryptocurrency, has grown 0.83% to $0.268 in the past 24 hours and 12% in the past seven days.
• On-chain data provider Santiment reports that Cardano whale addresses with holdings of between 1 million and 100 million have become active once again.
• Cardano is working on several improvements for the blockchain network and will support two stablecoins by Q1 2023.

Cardano, the ninth most valuable cryptocurrency in the world, has been making headlines again due to its recent price activity. In the past 24 hours, the price of Cardano (ADA) has grown 0.83% to $0.268, while in the past seven days it has demonstrated a 12% growth. On-chain data provider Santiment has reported that whales with holdings of between 1 million and 100 million dollars worth of ADA are now operational once again.

The Cardano development team is working hard to improve the blockchain network despite the crypto winter that occurred in 2022. They are introducing several new features, including two stablecoins that will be supported by the Cardano blockchain platform by Q1 2023. The first token will be a USD-backed stablecoin called USDA that will conduct transactions on the Cardano network. Additionally, the team is working on other projects such as sidechains and interoperability for cross-chain transfers.

The Cardano community is anticipating a bullish run for ADA in 2023 as the network continues to introduce new features and improvements. The addition of the two stablecoins is expected to provide much-needed liquidity to the platform and attract more investors. Furthermore, the development team is working on a new consensus protocol that will improve the scalability of the network and allow for faster transaction times.

Ultimately, Cardano is positioning itself to become a major player in the cryptocurrency space in 2023. With an ambitious roadmap and the introduction of several new features, the Cardano team is hoping to transform the platform into a leading player in the industry. With more whales becoming active and the introduction of the two stablecoins, Cardano is certainly one to watch in the coming months.