Top Crypto News Of The Day: Bitcoin Plunges, FTX Forfeited Assets, and More
Here is the top crypto news of the day curated by CoinChapter.com.
Bitcoin and Ether Plunges Amid ETF Outflows
Bitcoin (BTC) and Ether (ETH) experienced a downturn in the early hours of Tuesday’s Asian trading session. The market pullback resulted from the second consecutive day of net outflows from the U.S.-listed Bitcoin exchange-traded funds (ETFs) on Monday, dampening bullish sentiment. Bitcoin fell to nearly $66,500, erasing its Monday gains, while Ether dropped to $3,400, reversing last week’s gains.
Other major tokens, such as Dogecoin (DOGE) and Solana’s SOL, shed as much as 9% in the past 24 hours. Ton Network’s TON fell by 5%, while BNB Chain’s BNB outperformed the market with losses of just 1.5%.
Crypto News: FTX Victims Seek to Recover Through Forfeited Assets
FTX bankruptcy victims are petitioning for a ruling recognizing the failed crypto exchange’s forfeited assets as belonging to its customers rather than the bankruptcy estate. The filing comes in response to the estate’s recently proposed reorganization plan, which many FTX customers find unsatisfactory.
The victims’ attorneys, Adam Moskowitz and David Boies, stated in the filing that the bankruptcy process has left “FTX customers feeling ‘aggrieved and robbed,’ many of whom view the bankruptcy process as a ‘second act of theft.'” The lawyers assert that the jury found former FTX CEO Sam Bankman-Fried (SBF) had stolen at least $8 billion from FTX customers. They argued that if not for SBF’s crimes, the customers would currently own their crypto investments.
Read Full Story Here: FTX Collapse Aftermath: Who Gets the Billions in Forfeited Assets?
Uphold Exchange to Delist Six Stablecoins
Uphold informed its European users that it will end support for six popular stablecoins starting from July 1, 2024, as part of its efforts to align with the European Union’s Markets in Crypto-Assets Regulation (MiCA).
The six stablecoins set for delisting include Tether (USDT), Dai (DAI), Frax Protocol (FRAX), Gemini dollar (GUSD), Pax dollar (USDP), and TrueUSD (TUSD). Users must convert these stablecoins to a different cryptocurrency before June 28 to avoid the exchange automatically converting them into USD Coins.
Crypto News: Terraform Labs to Cease Operations
Terraform Labs reached a settlement with the United States Securities and Exchange Commission (SEC). The firm agreed to pay approximately $4.47 billion after a jury found the firm and its co-founder liable for the collapse of the Terra ecosystem.
Following the settlement, CEO Chris Amani announced that Terraform Labs would cease operations. They plan to sell key projects within the Terra ecosystem and transfer control of the Terra blockchain to the community.
Read Full Story Here: Terraform Labs to Dissolve, CEO Calls for Community Takeover
Top ZK Airdrop Recipients Sell Their Tokens
Nansen, a blockchain analytics firm, revealed that nearly half of the top wallets that received the new zkSync (ZK) token during Monday’s airdrop have already sold their entire allocation. This led to a 34.5% drop in the price of ZK since its launch.
The data shows that approximately 41% of tracked addresses sold their entire airdrop, while an additional 30.3% sold at least a portion of their tokens. The combined total amount sold exceeded 486 million ZK tokens. In contrast, just over 30% of the top receiving wallets have chosen to hold onto their ZK tokens.
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