Category Archives: Allgemein

• FTX debtors have filed a motion to dismiss their Turkish subsidiaries from the Chapter 11 bankruptcy proceedings.
• The motion states that dismissal of the entities is in the best interests of creditors and does not believe Turkish authorities will cooperate with US officials.
• Furthermore, lawyers for FTX requested permission to subpoena co-founder Sam Bankman-Fried, who has not responded to requests.

FTX Debtors File Motion To Dismiss Turkish Subsidiaries From Bankruptcy Proceedings

FTX debtors have filed a motion with the court requesting to dismiss its Turkish subsidiaries from the Chapter 11 bankruptcy proceedings. The defunct crypto exchange’s lawyers believe dismissing the entities „is in the best interests“ of creditors, and FTX debtors do not believe Turkish authorities „or any liquidator“ in the country will cooperate with officials from the United States.

Reasons For Dismissal Of Entities

According to a recent bankruptcy court filing, FTX debtors have submitted a motion to remove the company’s Turkish entities from the Chapter 11 proceedings. The FTX-related units named in the court filing include FTX Turkey and SNG Investments. The debtors claim that FTX Turkey was a locally operated crypto exchange and SNG Investments was a wholly-owned Alameda Research subsidiary that acted as a market maker. Shortly after FTX collapsed, lawyers say „Turkish authorities froze and seized substantially all the assets of the Turkish debtors.“

Subpoena Requested For Co-Founder SBF

The news follows FTX lawyers asking for permission to subpoena FTX co-founder Sam Bankman-Fried (SBF) and his inner circle. The filing notes that while SBF has publicly stated he’d like to „explain what happened“ and „try to help customers,“ he has „not responded or complied“ with requests. As such, they request authorization for a subpoena as necessary according to them filing.

Chapter 7 Conversion Not Optimal Solution

In addition, they stress that dismissal of the Turkish debtors‘ Chapter 11 cases is warranted given that conversion into Chapter 7 would not serve best interests of their estates nor creditors due to assets being frozen by government when Financial Crimes Investigation Board conducted an investigation on them shortly after collapse of exchange.

Conclusion

Consequently, this latest filing stresses importance for immediate dismissal of said entities from bankruptcy proceedings so as ensure quick resolution process among stakeholders where all parties are treated fairly accordingly without obstruction from foreign governments or other factors due course of action taken here by company’s legal team towards ensuring justice served properly amongst all involved parties within particular dispute resolution situation at hand here today regarding now defunct crypto exchange known as ‘FTX’

• The number of Bitcoin bridged to the Avalanche network has recently surpassed the value locked on the Lightning Network.
• The Avalanche network has 5,493 Bitcoin circulating, while the Lightning Network holds 5,248 Bitcoin.
• Wrapped Bitcoin is the blockchain with the largest number of tokenized Bitcoin, with 179,697 WBTC in circulation.

The recent surge in the number of Bitcoin bridged to the Avalanche network has surpassed the value locked on the Lightning Network. This is an exciting development for the cryptocurrency community, as it shows that the Avalanche consensus mechanism is faster than the Lightning Network.

At the time of writing, there are 5,493 Bitcoin circulating on the Avalanche blockchain, worth around $125.5 million using current BTC exchange rates. This is a significant milestone, as the Lightning Network only holds 5,248 Bitcoin, valued at around $120 million. This means that the Avalanche network is now processing more Bitcoin than the Lightning Network.

The Wrapped Bitcoin (WBTC) project is the blockchain with the largest number of tokenized Bitcoin, with 179,697 WBTC in circulation. This is an impressive achievement, as it shows that Ethereum is the most popular choice for tokenizing Bitcoin, with more WBTC than the Lightning Network and Avalanche combined.

The Avalanche network is a relatively new project, but it has already seen significant growth in its first few months. This is a testament to the developers behind the project, who have managed to create a network that is faster and more efficient than the Lightning Network.

As the Avalanche network continues to grow, it will be interesting to see how it compares to the Lightning Network. For now, it appears that Avalanche is the superior choice for Bitcoin transactions, and it is likely that the platform will continue to grow in popularity in the future.

• A hacker in Ho Chi Minh City, Vietnam was sentenced to 10 years in jail for stealing $13,000 USD from a cryptocurrency exchange.
• The hacker, Nham Hoang Khang, was charged with extortion and ordered to return the stolen money.
• Khang gained access to the exchange by exploiting vulnerabilities and obtaining personal data of 29,000 customers.

A hacker has been sentenced to 10 years in jail for stealing 300 million Vietnamese dong (around $13,000 USD) from a cryptocurrency exchange in Ho Chi Minh City, Vietnam. Nham Hoang Khang, the hacker, was charged with extortion and ordered to return the stolen money on Friday by the city’s People’s Court.

The crypto exchange was established by Vu Ngoc Chau in 2018 to connect potential buyers and sellers of cryptocurrencies, taking a fee for the transactions it facilitated. Users were required to open accounts and provide personal information such as phone number, email address and a copy of an ID document.

In October 2020, Khang used his phone to create multiple accounts on the platform. He discovered that the website, T-rex.exchange, had several vulnerabilities that could be exploited to get hold of both data and digital currency. The following month, the hacker managed to gain control over the account of a T-rex employee, allowing him to access around 30,000 USDT. The team detected the unusual transactions and locked the account to prevent further operations with the cryptocurrency.

Once he found that he no longer had access to the compromised account, Khang obtained the personal data of 29,000 customers and created a large number of fake orders while threatening with further cyberattacks. The owner of the exchange, Vu Ngoc Chau, was forced to pay the hacker to return the stolen data and money.

The Vietnamese Court has now ordered Khang to return the stolen money and sentenced him to 10 years in prison for his actions. The case has highlighted the importance of cybersecurity for crypto exchanges, especially in countries like Vietnam where there are still no legal regulations for the sector. It is hoped that this case serves as a warning to other potential hackers who may be targeting cryptocurrency exchanges.

• Robert Kiyosaki predicts a stock market crash is coming, suggesting now is the last chance to buy gold and silver at low prices.
• The guilty plea transcript of Caroline Ellison, Alameda Research’s former CEO, was recently unsealed. Her testimony claims that FTX Boss SBF directed her to co-mingle customer funds since 2019.
• As the United States Fed turns 109 years old, the dollar has lost 96% of its purchasing power since the Federal Reserve was created and a market strategist expects oil to “crush” other investments in 2023.

The world of finance has been abuzz this past week with news of predictions, mysteries, and even the celebration of a historical milestone. Robert Kiyosaki, the famous author of the best-selling book Rich Dad Poor Dad, says now may be the last chance to buy gold and silver at low prices, predicting a stock market crash will send prices of the precious metals higher. This comes as the crypto community has been curious about the former Alameda Research co-CEO Sam Trabucco, and his whereabouts, as the guilty plea of Alameda’s former CEO Caroline Ellison has been unsealed, revealing troubling information about customer funds.

In addition, as the United States Fed has turned 109 years old on Dec. 23, the dollar has lost 96% of its purchasing power since the Federal Reserve was created. Finally, one market strategist expects oil to „crush“ other investments in 2023.

Robert Kiyosaki is a widely respected author, investor and financial educator, and he is known for his bold predictions. In his latest prediction, Kiyosaki has warned that now may be the last chance to buy gold and silver at low prices, as he predicts a stock market crash will send prices of the precious metals higher. He believes that inflation and higher interest rates will be two key factors that will cause a stock market crash, and that investors should be prepared for the downturn.

The crypto community has been curious about the former Alameda Research co-CEO Sam Trabucco, as the guilty plea of Alameda’s former CEO Caroline Ellison has been unsealed. In her statements, Ellison described that she was the co-CEO and CEO of Alameda, and under those roles, she reported directly to the former FTX CEO Sam Bankman-Fried (SBF). The ex-Alameda CEO’s testimony details that she was instructed to co-mingle customer funds since 2019. It is still unknown what happened to Trabucco after he left Alameda Research.

On Dec. 23, the United States Fed celebrated its 109th birthday. Since its creation, the US dollar has lost a whopping 96% of its purchasing power, making it difficult for Americans to get ahead and save for their retirement. This has caused many to look for alternative investments to protect their wealth, such as gold and silver.

Finally, one market strategist expects oil to „crush“ other investments in 2023. With the increasing demand for oil due to the pandemic, oil prices are expected to continue to rise, and this could lead to great investment opportunities for those who are willing to take the risk.

All in all, it has been an eventful week in the world of finance. From Robert Kiyosaki’s bold predictions to the unsealed testimony of Caroline Ellison, investors have plenty to think about as they prepare for the coming year. Whether it be gold and silver, oil, or other investments, it is important to do your own research and make sure you are making the best decisions for your own financial future.

• At the end of 2021, many people thought that a handful of smart contract platform tokens, often referred to as ‚Ethereum killers,‘ would flip the second-largest crypto asset in terms of market capitalization in 2022.
• Ethereum (ETH) has outperformed its competitors in terms of market cap, decentralized finance action, and non-fungible token sales.
• Statistics from defillama.com shows Ethereum (ETH) has dominated the decentralized finance (DeFi) space, accounting for almost 60% of the total market cap, while other smart contract platform tokens have lost considerable amounts of value during the crypto winter.

The end of 2021 saw a surge of people believing that the second-largest crypto asset in terms of market capitalization, Ethereum (ETH), could be ‘flipped’ by a handful of so-called ‘Ethereum killers’. A number of tokens, such as BNB, solana (SOL), cardano (ADA), avalanche (AVAX), and polkadot (DOT), were identified as potential Ethereum killers by the publication Forkast in its editorial “The Top Five Ethereum Killers”. At the time, the top smart contract platform coins held an overall valuation of around $823 billion with ETH’s market capitalization representing 59.42% of the aggregate.

However, as the year 2022 draws to a close, statistics show that none of these tokens have succeeded in surpassing ETH, and many of them have lost considerable amounts of value during the crypto winter. According to data from Defillama.com, Ethereum has dominated the decentralized finance (DeFi) space, accounting for almost 60% of the total market cap, while other smart contract platform tokens have suffered losses.

ETH has outperformed its competitors in terms of market capitalization, decentralized finance action, and non-fungible token sales. As of December 30, 2022, the crypto economy’s top smart contract platform coins are valued at $239 billion, and ETH’s market cap is roughly $144 billion. This equates to 60.25% of the aggregate value of all the top smart contract platform tokens listed today.

It is clear that Ethereum has cemented its position as the leading smart contract platform token, despite the numerous attempts of so-called ‘Ethereum killers’ to unseat it. Ethereum has proven to be resilient, especially during the crypto winter, and it will likely remain the leading smart contract platform token in the foreseeable future.