FTX’s new amendment promises “billions of dollars in compensation,” but creditors are unhappy with certain provisions related to law firm Sullivan & Cromwell (S&C).FTX’s new revised proposal for repaying creditors, announced on May 7, includes an exculpatory clause, a provision that releases certain parties from liability if damages occur during the course of bankruptcy proceedings.In FTX’s case, S&C may have included a clause absolving it from potential liability, according to Sunil, a popular FTX creditor who is part of the FTX Customer Ad Hoc Committee, the largest group of over 1,500 FTX creditors.In an X post on May 8, Sunil…
Author: Crypto Flexs
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The Democratic Party of Korea is now pursuing the next necessary steps to fulfill its promise during the election campaign to revitalize Bitcoin exchange-traded fund (ETF) spot as the country’s primary virtual asset. The parties plan to submit a request to the Financial Services Commission (FSC), proposing that the FSC reconsider its assessment of the legal status of Bitcoin spot exchange-traded funds. The Federal Securities Commission (FSC) previously declared that domestic securities firms may violate the Capital Markets Act if they list an international spot Bitcoin exchange-traded fund (ETF). in koreaAdvocates for spot Bitcoin exchange-traded…
In order to make a practical contribution to the development of the Hong Kong tokenization market, the Hong Kong Monetary Authority (HKMA) has established the ‘Project Ensemble Architecture Community’. By developing industry standards and promoting interoperability between tokenized assets and wholesale central bank digital currencies (wCBDCs), the group plans to achieve its goals. The Hong Kong Monetary Authority (HKMA) aims to allow efficient and secure transactions using tokenized assets by establishing a framework for seamless interbank settlement of tokenized deposits. The goals of the Project Ensemble Architecture community are to: Establishing industry standards: The community…
What started at midnight on February 1, 2014, is now coming to an end. We are excited to announce the 9th and final launch of our Ethereum Proof-of-Concept series. We invite the community to join the ongoing Proof-of-Concept IX testnet in our current release, Olympic. It’s available now. The purpose of the Olympics is to test the limits of the Ethereum blockchain during the pre-launch period and see how the network holds up at a high level by spamming the network with transactions and rewarding those who do crazy things to the country. load level. At the same time, application…
Posted 1 minute ago In ~ Former US President Donald Trump plans to spend the day having dinner with his supporters after the trial. “Mugshot Edition” NFTU.S. media outlet Axios reported on Wednesday.erase According to reports He flew home to Palm Beach, Florida, on Tuesday to meet supporters for dinner at Mar-a-Lago the next evening. Citing a copy of the dinner invitation, Axios reported that dinner invitees individually purchased more than 47 NFTs at a price of $99 each.The presidential candidate reportedly complained outside court on Tuesday that he would rather campaign than attend a trial he described as a…
Controversy between legally exempt creditors of Sullivan & Cromwell SparksBankrupt cryptocurrency exchange FTX has introduced new amendments to its creditor repayment proposal that include a controversial exemption clause. If approved, this provision would release bankruptcy law firm Sullivan & Cromwell (S&C), along with all debtors, from future liability arising from its conduct during the bankruptcy proceedings.Details of Exemption ClausesThe amendment announced on May 7 aimed to secure billions in compensation to creditors, but it included an exemption clause, causing dissatisfaction. This legal provision seeks to protect certain parties from liability for damages resulting from bankruptcy enforcement. According to Sunil, a…
Revolut entered the cryptocurrency market with Revolut X. Legal uncertainty and competition may impact Revolut’s cryptocurrency expansion. On May 7, Revolut, a UK-based fintech company known for its mobile banking and payment solutions, took a major step into the cryptocurrency space with Revolut X. Explaining the motivation for this step, Leonid Bashlykov, head of cryptocurrency exchange product at Revolut, told The Block: “We put our customers at the center of everything we do, and we understand that competitive fees and easy entry/exit are the key things experienced traders want from a cryptocurrency platform.” Reasons for Revolut’s move In line with…
One possible optimization to compress Bitcoin transaction size is to avoid repeating redundant data between inputs. As the agreement changes, new transaction types will allow you to sign the following lists: txid:vout They are paired if they all share the same output script. Taking an extreme example, we have 1.6 million outputs with the script 1HckjUpRGcrrRAtFaaCAUaGjsPx9oYmLaZ. Using one of these P2PKH outputs costs 40+72vBytes (prevOut + scriptSig) per input. By aggregating scriptSig across inputs, transactions can be included only once per transaction, omitting 72 per input. When combining all these outputs, these optimizations can save approximately 115MvBytes of network data.…
Stolen cryptocurrency funds linked to a recent $71 million wallet impersonation scam are now on the move after six days of silence.On May 3, an investor fell victim to a wallet poisoning scam by sending $71 million worth of Wrapped Bitcoin (WBTC) to a bait wallet address. The scammer created a wallet address with similar alphanumeric characters and made small transactions into the victim’s account. Like most investors, the victim verified the wallet address by matching the first and last few characters and transferred 97% of total assets to the wallet address. However, the difference would have been noticeable in…
The cryptocurrency market has been strong over the past few months. bitcointhe first and most well-known cryptocurrency, made headlines with headlines like: continuous rise in prices. But cryptocurrencies are more than just an investment for businesses; they are opening the door to innovative new revenue streams. This article explores the different ways businesses can benefit from the cryptocurrency revolution in the growing world of decentralized finance beyond simple transactions (DeFi) Participating in cryptocurrency fundraising. Ready? Let’s learn more about how to make money with cryptocurrency. Cryptocurrency fundraising An initial coin offering (ICO) is a funding…