Bankrupt FTX Closes $50 Million Sale of LedgerX, Amidst Growing Calls for Switch to Hybrid Exchanges
In November 2022, the cryptocurrency ecosystem was hit by a shock collapse. FTX, one of the biggest centralized exchanges at the time had irregularities in their books and had insufficient assets in reserve to match the withdrawals of customers.
As the bankruptcy proceedings of FTX moves forward, the company has now announced an agreement reached with M7 Holdings to sell its crypto derivatives platform LedgerX LLC to raise funds to reimburse users.
The bankruptcy proceedings of FTX serve as a constant reminder of why cryptocurrency traders are leaving centralized exchanges for innovative hybrid exchanges like Tradecurve.
FTX to Sell LedgerX for $50 Million
In a bankruptcy hearing on Tuesday, April 25th, the lawyers representing the beleaguered crypto exchange FTX agreed to sell LedgerX. FTX will sell its derivative trading platform to M7 Holdings, an affiliate of Miami International Holdings, Inc.
As per reports, the sale of LedgerX is expected to fetch up to $50 million which will be channelled to reimburse customers of the bankrupt crypto exchange.
The sale of LedgerX to M7 Holdings is scheduled to be heard and reviewed in court on May 4th. The sale is part of the ongoing effort since the FTX collapse to monetize assets from the collapse to return to affected stakeholders.
FTX, under Sam Bankman-Fried, acquired LedgerX – a crypto derivatives trading platform – in August 2021, in a bid to expand its spot trading services. FTX will collapse 15 months later, leading to the sale.
FTX’s Failure and the Birth of Hybrid Exchanges
The collapse of FTX in November exposed many cryptocurrency exchanges for not being transparent with their dealings of users’ funds. As a result of the FTX collapse, many crypto traders and users left centralized exchanges for decentralized ones.
However, not long after the migration, they soon discovered that decentralized exchanges were not as liquid or as easy to use as their centralized counterpart. The perfect solution has now become hybrid exchanges – as they combine the best features of the two exchange models.
In addition, some hybrid exchanges like Tradecurve offer more than both types of exchanges. Tradecurve is an all-in-one trading platform, where users can trade crypto, forex, stocks, and commodities all from a single account.
Tradecurve allows users to do this without the need for strenuous KYC requirements too. On the platform, traders will also have access to some of the perks of traditional trading platforms, including algorithmic trading, copy trading, advanced tools for analysis, low latency ultra-fast order executions, and even negative balance protection.
As the lack of trust in CEX rise, some companies are migrating to become hybrid exchanges. Phemex, a top 20 crypto exchange, is a good example. But, in the end, it is the collapse of FTX that opened the eyes of the crypto ecosystem to what more can be achieved outside of centralized exchanges.
With Tradecurve’s innovative foundations and positive outlook many experts believe the platforms native utility token $TCRV will become a top 10 cryptocurrency over the coming years, the presale is an excellent opportunity for investors to get involved in this exciting project with real-world usage.
Check the following links for more information about Tradecurve (TCRV):
Buy presale: https://app.tradecurve.io/sign-up
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Blockchain Gaming Project BOUNTYKINDS starts 2nd Public Sale in line with Alpha Test Launch on the Mainnet
This Next Level Blockchain Gaming Project is ready to take off!
About the BOUNTYKINDS NFT PUBLIC SALE
BOUNTYKINDS is a Web3 Metaverse game currently under development and is scheduled for official release this year on the Binance Chain, with its Alpha Test release this coming April, and its Beta Test release that follows soon after.
Due to the efforts of its development team, BOUNTYKINDS will be available on the mainnet for all Alpha test ticket holders, paving way for more players to be able to join the testing phase. To celebrate this, BOUNTYKINDS will be holding a second Public Sale as a love letter to their community who has been supportive since the initial stages of its project. This public sale will start from March 23, 2023 (9:00 AM UTC) and will last for almost a week, until March 29, 2023 (9:00 AM UTC). It will be selling exclusive package deals that consist of special upgraded Character and Weapon NFTs – special early bird rewards, energy token benefits, and much more awaits those who will purchase their NFTs during this special sale and join during the start of our official Alpha test release.
BOUNTYKINDS as a Game
Brought to inception by a team of players who see that there is room for improvement with the current state of Play-to-Earn blockchain gaming, BOUNTYKINDS will be a game built on the premise of creating a world where players can keep on having fun while grinding to obtain different characters and weapons, to the point where they would keep on wanting to immerse in the game’s engaging open-world environment.
The game itself will consist of multiple game genres such as all-time classics like board games, map adventure games, fan-favorites such as role-playing games (RPG) or in-demand games such as first-person shooting (FPS) games or battle royale MOBA games. These games and its areas will be determined by both players and developers, heavily putting emphasis on the “Contribute-to-Earn”, the main philosophy the project is promising to uphold with its triple token system.
The main tokens that will sustain its blockchain gaming ecosystem are the following: the governance token BOUNTYKINDS World DAO ($BKWD); the utility token, ($YU); and the Forbidden Fruit Energy token ($FFE). The latter two tokens are both listed on multiple platforms and are currently available for swapping on the BOUNTYKINDS Official Website or token platforms such as PancakeSwap.
The BOUNTYKINDS universe is going to be dictated by this unique achievement system where all contributions to the game would be quantified and scaled to a number. This number will decide the intricate reward values that come with playing the game. The goal of BOUNTYKINDS lies in bringing gamers from various cultures together, regardless of whether they are in the real world or in the blockchain space.
This is the last chance to get your hands on these one-of-a-kind NFTs before the start of the Alpha test, so make sure you don’t miss out on this!
BOUNTYKINDS Public Sale NFT Package List
1) Blue Character Sphere ×3 & Blue Weapon Sphere×3 & 1 α-ticket +100FFE(Energy token)
2) Blue Character Sphere & Blue Weapon Sphere
3) Blue Character Sphere & Yellow Weapon Sphere
4) Blue Character Sphere & Green Weapon Sphere
5) Blue Character Sphere ×3
Game Necessity: The Alpha Ticket
Alpha Tickets are like your key to the game – without it, you cannot start the BOUNTYKINDS gaming experience. Those who do not possess an alpha ticket must wait till the Beta phase or the official release of the game, or else they won’t be able to use the Character NFTs they possess. As one of the many alpha player perks, those joining the alpha version get to benefit from the higher quest rewards and better item drops.
Game Essential: Character Sphere
Spheres are GACHA item NFTs unique to the BOUNTYKINDS universe. These spheres can conjure Character NFTs and Weapon NFTs by being thrown into the GACHA (Wormhole). The sphere color determines the rarity of the NFTs that will come out from it. Characters and weapons adds an entirely new dimension to your gameplay, and is quintessential for
BOUNTYKINDS Official Site and Social Media Platforms
Official Public Sale Site: https://bountykinds.com/public-sale
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Revived Bitget Launchpad Gears up For BBO Panda Farm Token Sale
The leading spot trading Bitget exchange has decided to go ahead with a repeat deployment of its native Launchpad project to assist aspiring and promising early-stage projects with market entry and community scaling. The first project to be hosted on the Launchpad, starting February 16, will be the decentralized Panda Farm GameFi project, which will be putting 1,000,000 native BBO utility tokens up for sale.
The growing interest of cryptocurrency market users towards platform-assisted project launches has spurred Bitget to revive its Launchpad, which was put on hold in June of 2022, despite having showcased up to 29x ATH returns since its initial launch in February of 2022. Gracy Chen, the Managing Director of Bitget, has stated that the re-launch of the Bitget Launchpad is part of the new Go Beyond Derivatives strategy, which foresees the expansion of the exchange’s operations beyond the trading arena. The endeavor is also aimed at supporting promising early-stage startups that mean to have an impact on the industry and provide an innovative Web3 experience.
Panda Farm’s Tokensale
Panda Farm is a fully on-chain GameFi metaverse that provides its users with a gamified reward sharing experience. Players receive their winnings from a common prize pool for participating in various competitions. The Foodies Competition is set to become the first in a long lineup of events that Panda Farm promises to deliver in the coming months after the end of the token sale.
Bitget encourages its users to join the token sale, requiring them to hold a minimum of 100 native BGB tokens on their accounts to be eligible for participation. Allocation will be decided based on BGB tokens held on user accounts. Trading of the BBO utility token will be launched on the Bitget exchange starting February 20, giving all willing users ample time to stock up during the token sale.
Representatives of the Panda Farm project have praised the importance of the partnership with Bitget, highlighting the immense opportunities for community scaling that the listing on the Launchpad provides. Such a move is an important landmark for the project, allowing it to reach new investors and users seeking exciting entertainment.
Bitget has seen considerable traction in recent days, its native BGB token spiking in price by up to 80%. The development has pushed Bitget up the listing charts to the 12th position on Coinmarketcap by spot trading volumes. The exchange is expanding rapidly, adding up to 20 new assets per month, thus bolstering its already impressive lineup of 430 listed coins and 530 trading pairs at the time of writing. The slow thawing of prices of the cryptocurrency market’s leading assets, such as Bitcoin, is having a positive impact on trading volumes and is driving user interest towards trading venues and the promising projects they support.
Kraken Exchange Faces SEC Investigation for Alleged Sale of Unregistered Securities
Kraken, a major cryptocurrency exchange, is under investigation by the United States Securities and Exchange Commission (SEC) over the potential sale of unregistered securities to American clients. According to a Bloomberg report, the regulator’s probe is in an advanced stage and could result in a settlement in the near future. However, the details of the investigation remain undisclosed at this time.
This is not the first time that Kraken has faced scrutiny from regulators. In December 2022, the exchange settled a case with the Office of Foreign Assets Control (OFAC) over sanctions violations and paid a $362,000 penalty. In light of this, the ongoing probe from the SEC is not a positive development for the industry.
Cryptocurrency exchanges trading unregistered securities are considered a higher risk, as they are not subject to the same level of regulatory oversight as other financial instruments. Despite calls from SEC Chairman Gary Gensler for crypto platforms to register with the agency, Kraken’s incoming CEO, Dave Ripley, stated that the exchange had no plans to do so. This stance puts Kraken in the same boat as Binance, the largest crypto exchange, which has also faced repercussions for trading unregistered securities.
The crypto market experienced a brutal winter in 2022 following the collapse of institutions like FTX. This had a negative impact on many exchanges, including Kraken, which recently laid off 30% of its workforce. The head of the strategy at Kraken stated that the workforce reduction was independent of events like the FTX implosion.
If the SEC finds violations of securities laws, the outcome of the investigation could result in fines, penalties, or other punishments. The regulator’s investigation into Kraken comes as it also has an open investigation into one of the exchange’s competitors, Coinbase Global, over its token listings.
The SEC has not directly accused Coinbase of offering unregistered securities, but it did identify several tokens listed on the exchange as securities in a lawsuit as part of an insider trading case.
Kraken declined to comment on the report and the SEC did not immediately respond to a request for comment. Regardless, the outcome of the SEC’s investigation will be closely watched by the crypto community, as it could have significant implications for the future of cryptocurrency exchanges in the United States.
Court Greenlights Blockfi’s Plan To Repay Creditors With Crypto Mining Sale
BlockFi, a cryptocurrency exchange, filed for Chapter 11 bankruptcy on November 28. BlockFi was a victim of the contagion brought on by FTX’s collapse. The bankruptcy of the crypto hedge fund Three Arrows Capital in June coincided with a liquidity issue at the New Jersey-based exchange, which marked the beginning of problems. During the June crisis, former FTX CEO Sam Bankman-Fried offered BlockFi a life raft, but it swiftly deflated as the FTX enterprise collapsed.
Here is the latest update on the Blockfi fiasco.
Blocki wins approval to auction assets
BlockFi has won approval from a New Jersey bankruptcy court to begin auctioning off its bitcoin mining assets. It has suitors looking to purchase all or a portion of the business. In a filing earlier this month, the company stated that it had contacted 106 prospective buyers about purchasing all or a portion of the business. BlockFi’s petition states that it hopes to receive buyer offers by February 20 and end the auction a week later. The company will next submit the motion of sale to the court by March 1 for any agreement it comes to.
The court agreed that the sale of the assets is intended to maximise the recovery and “realizable value” of the corporation. With the court’s approval, more bids for BlockFi’s crypto mining assets are expected to come in.
According to the document, “all qualified bids” were to be sent by the deadline of February 20 to the parties listed in the bidding procedures. The qualifying bidders must submit their bids to the court by March 2 and the representatives of the creditor have until March 16 to oppose the sale of the assets to them.
Why is the bid so important for Blockfi?
BlockFi’s tight deadline is an attempt to get offers as soon as possible in order to capitalize on current market conditions, which have seen most cryptocurrencies rise following months of sideways price action.
According to the newspaper, BlockFi’s lawyer, Francis Petrie, told the court that the business has already received offers for various assets and expects more to come.
On January 24, it was revealed that as part of the bankruptcy procedures, BlockFi has been selling off $160 million in loans backed by over 68,000 Bitcoin mining rigs. Given the state of the cryptocurrency market, some loans were already in default when BlockFi began the process of selling them off last year.
It seems like Blockfi believes that auctioning off as soon as possible would help improve their situation. The situation around the fiasco is likely to improve.
A lawsuit Filed Against FTX and Sam Bankman-Fried for the Sale of Unregistered Securities
Since last week, the announcement of FTX’s collapse, previously one of the most valuable cryptocurrency exchanges in the world, has shaken up the world financial markets. Sam Bankman-Fried, the founder of FTX, has been named in an $11 billion proposed class action complaint that asserts fraud and the sale of unregistered securities.
SBF resigned as the company’s CEO after filing for Chapter 11 bankruptcy. However, millions of consumers’ and investors’ money was in danger. The case was filed in Florida Southern District Court by renowned law firms Boies Schiller Flexner LLP and the Moskowitz Law Firm.
The defendants allegedly took part actively in the “offer and sale of unregistered securities in the form of yield-bearing accounts,” according to the lawsuit.
The lawsuit stated that, “FTX’s business was based upon false representations and deceptive conduct. Although many incriminating FTX emails and texts have already been destroyed, we located them and they are evidence of how FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors from across the country.”
In the class-action lawsuit filed against FTX, various Hollywood and sports figures, including Larry David Naomi Osaka, and Tom Brady, have also been named as defendants. The claim is that because of their celeb status, these individuals promoted the company’s failing business strategy.
“Part of the scheme employed by the FTX Entities involved utilising some of the biggest names in sports and entertainment – like these Defendants – to raise funds and drive American consumers to invest … pouring billions of dollars into the deceptive FTX platform to keep the whole scheme afloat,” the lawsuit added.
After learning about the company’s loan arrangement with Bankman-Fried-founded cryptocurrency hedge fund Alameda Research, investors reportedly tried to withdraw roughly $6 billion from their accounts on November 6. This is when the collapse of FTX is said to have started. FTX’s demise resulted in the loss of $32 billion in value on November 9, according to reports, and the company suspended customer withdrawals on November 8.
BudBlockz Sets Sights on Ethereum and Binance Coin After Successful Private Sale
BudBlockz’s private sale of its native coin was a great success confirming the strong demand for the pioneer crypto cannabis project. The sale of more than 30% of the tokens allocated to private investors in under five days affirmed the market readiness for a project ready to revolutionize the crypto space.
BudBlockz Successful Private Sales
The strong demand at the private sale demonstrates the viability of BudBlockz, given its use case and value proposition in the cannabis and cryptocurrency sector. Investors acknowledging its use case is expected to be a key driver that should allow the project to reach the heights reached by previous projects such as Ethereum and Binance Coin.
The fast start with investors buying more than a third of the allocated tokens echoes similar success echoed by the likes of Decentraland and STEPN tokens that ended up being successes post-launch
The private sale of the BLUNT token was available at a 30% discount, with the token going for $0.015. The strong demand came despite the growing fear in the sector. Established tokens imploding in recent months owing to the broader market collapse seem not to have affected investors sentiments on the cannabis crypto project.
The tremendous success had everything to do with BudBlockz making the private sale less exclusive and thus open to the masses. Furthermore, the sale was open to anyone with an ERC20 compatible wallet, signaling BudBlockz is for everyone and not an exclusive clique of investors, as has always been the case with other projects.
Following the private sale, BudBlockz has already set itself up for tremendous success in taking advantage of the recreational cannabis industry’s growing maturity. Instead of turning to ATMs to enable the sale of the network’s native currency BLUNT, BudBlockz is already working on its own point-of-sale presence. The network is to complement other payment options without imposing too many costs on customers and retailers.
The capital raised through the private sale leaves BudBlockz in a solid financial position while establishing strong relationships with investors expected to contribute to its development. Additionally, the pre-sale should create a strong and resilient user community as BudBlockz seeks to transform the $200 billion cannabis sector through cryptocurrency.
Contrary to perception, BLUNT going on sale at a discount is not a giveaway. Instead, it is an invitation to be part of a project in its early stages of growth. The BLUNT token is on course to take advantage of the booming recreational cannabis market and consequently generate significant value for shareholders down the line.
Funds from the presale should go a long way in supporting marketplace development for asset-backed NFTs that BudBlockz is working on. The marketplace should allow BudBlockz to support other cannabis-related companies and products while enhancing BLUNT token use.
Learn more about BudBlockz (BLUNT) at the links below:
Official Website: budblockz.io/
Presale Registration:: https://app.budblockz.io/sign-up
Telegram Group: https://t.me/BudBlockz
Discord Server: https://discord.gg/s7hBFgvTmN
All BudBlockz Links: https://linktr.ee/budblockz