- Justin Sun: The bull market is coming, and we have to go big; Three Arrows Capital liquidator: It is expected that creditors can recover about 45.74% of the assets (12.22)
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Justin Sun: The bull market is coming, we have to make a big move
Sun Yuchen posted on the There is a chance! Don’t forget your original intention and you will come back soon!”
Three Arrows Capital Liquidator: Creditors are expected to recover approximately 45.74% of assets
Teneo, the agency responsible for the liquidation of Three Arrows Capital (3AC), estimates that creditors will recover about 45.74% of the assets in the bankruptcy.
Teneos liquidation co-heads, Russell Crumpler and Christopher Farmer, noted in a December report to creditors that the companys assets were valued at $1.16 billion as of December 18, while the value of claims identified for distribution was expected to be $2.7 billion. .
Reports indicate that Teneo has settled litigation with multiple parties, including DCG, Genesis, and BlockFi, increasing the company’s reported assets by approximately $292 million. BlockFi’s settlement is still pending approval. The report also noted that there were 154 claims filed against 3AC properties with a total value of $3.4 billion. Of that amount, $2 million of claims have not been recognized as allocated, while $32.2 million of claims have been rejected or are expected to be rejected, and $76 million worth of claims are in dispute.
In addition, the report mentioned that 3AC co-founder Zhu Su completed his house arrest sentence at home on December 20 after being arrested in Singapore. Meanwhile, liquidators continue to investigate 3ACs relationship with Tai Ping Shan, a company with which it worked closely. Legal fees have accumulated to $49.7 million during the bankruptcy proceedings.
Industry news
U.S. Court of Appeals Finalizes Confiscation of 69,370 Bitcoins Related to Darknet Silk Road
A U.S. appeals court on Wednesday finalized an authorization to formally seize 69, 370 Bitcoins (worth approximately $3 billion) and other cryptocurrencies associated with the now-shuttered darknet Silk Road market.
The decision was first handed down in August, but it will now take effect, according to a filing by the U.S. Court of Appeals for the Ninth Circuit. The filing on Wednesday names darknet Silk Road founder Ross Ulbricht as a defendant and two claimants and the U.S. government as plaintiffs.
According to the original indictment, the U.S. government had taken control of the cryptocurrencies after so-called Individual X hacked the darknet Silk Road and took control of its funds.
South Korea’s Financial Supervisory Service (FSS) Commissioner Lee Bok-hyeon will meet with U.S. SEC Chairman Gary Gensler next month to discuss cryptocurrency regulation.
We are coordinating specific schedules and agendas with the aim of strengthening cooperation between the two institutions, the FSS said.
On-chain data shows that Solana’s single-day DEX trading volume exceeded Ethereum for the second time in history, with daily trading volume exceeding $1.2 billion. Analysts believe that Solanas trend of gaining market share is likely to continue by providing a better user experience through low-cost fees and faster transactions, coupled with the recent wealth effect in the ecosystem.
Judge rejects request by SBF lawyers to delay sentencing
U.S. federal judge Lewis Kaplan refused to postpone the sentencing of Sam Bankman-Fried, the former CEO of bankrupt crypto exchange FTX, after his lawyers asked that the sentencing originally scheduled for March 28 be rescheduled to early to mid-2024.
SBF is scheduled to undergo a pre-sentencing interview Thursday with the U.S. System of Probation and Pretrial Services, which will recommend a sentence. His attorneys argue the defense needs more time to prepare for the sentencing process. The defense needs to gather materials required for sentencing submissions and prepare for pre-sentencing interviews, the attorneys wrote. They also argued that the governments sentencing submissions Disclosure documents are not due until February 2.
ETF event tracking
Coinbase researchers say the launch of a physical Bitcoin ETF in the United States could lead to a shortage of “regulated” Bitcoin and harm a popular trading strategy.
We are less than three weeks away from the possible approval of a Bitcoin spot ETF, with many believing trading could begin soon after. However, Coinbases head of institutional research David Duong and senior sales trader Greg Sutton said there are two key risks that could arise once these ETFs begin trading.
In a Dec. 19 podcast, Duong and Sutton said the launch of a physical Bitcoin ETF could cause problems for institutions purchasing BTC, as issuers would need to purchase enough Bitcoin to hold in the ETF.
Sutton said the second risk involves a more popular institutional trading strategy known as “basis trading,” which refers to exploiting the difference between the spot price of Bitcoin and Bitcoin futures contracts. According to data from Velo, potential profits from basis trading have surged by 20% in the past two weeks as trading volumes in Bitcoin spot and futures contracts surged. However, as institutional investors increasingly invest directly in Bitcoin (via spot ETF products), the basis will shrink, making the trade significantly less profitable.
Project News
Worldcoin stops providing Orb verification services in India, Brazil and France
Worldcoin will no longer offer its Orb verification services in India, Brazil and France. Tools for Humanity, the foundation responsible for overseeing the development of Worldcoin, said that it has expanded Orb to many markets this year and provided access for a limited time; it remains committed to working with global partners to ensure that it meets regulatory requirements and provides Providing safe, reliable and transparent services to verified users.
Avail provides data availability services for Starknet Layer 3 application chains on testnet
Avail is working with StarkWare to enhance data availability based on validity-driven application chains in Starknet Layer 2 networks.
This data availability solution will be integrated into the Starknet application chain developed using Madara, a customizable sequencer. These application chains will operate as Layer 3 in the Starknet ecosystem.
According to a statement, Layer 3 will be able to leverage Avail in multiple modes for data availability services. These modes include validium and sovereign rollup, each offering unique benefits in terms of transaction processing efficiency and certainty. These infrastructures will be available to the Madara chain following the planned mainnet launch in Q1 2024. Currently, developers can begin experimenting with Madara’s data availability interface on the testnet.
Andrei Grachev, co-founder of DWF Labs, posted on the X platform that the institutional-grade OTC trading platform DWF Liquid Markets will be launched in January 2024.
TurtSat has announced a partnership with DWF Labs, which will see the two parties promote and assist Ordinals’ high-quality projects and team development.
UniSat will support ARC 20 starting December 26
The UniSat team has announced a specific timetable for the launch of ARC 20 assets. Due to technical complexities and additional security considerations encountered during development, UniSat has decided to roll out Atomicals in phases, supporting ARC 20 assets first.
UniSat Wallet will support ARC 20 starting on December 26, 2023, followed by UniSat Marketplace on December 28 for ARC 20 assets, and finally UniSat Inscribe will serve ARC 20 assets on December 30.
The UniSat team emphasizes that to ensure the security of user assets, please avoid sending non-ARC 20 Atomics assets to UniSat Wallet at this time. Additional assets that fully support the Atomics protocol will be gradually introduced in future updates.
