Author: Lara

SEC Raises concerns over FTX’s Stablecoin Repayment Strategy

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The U.S. Securities and Exchange Commission (SEC) has issued a warning that it may contest FTX’s proposed repayment plan if it involves compensating creditors with stablecoins. This caution was detailed in a court filing submitted on August 30 to the U.S. Bankruptcy Court in Delaware. While the SEC has not declared stablecoin repayments illegal, it reserves the right to challenge such plans if they involve US-dollar-pegged crypto assets. This development comes as FTX seeks ways to address its obligations to creditors following its collapse in November 2022. FTX’s Repayment Strategies FTX is considering multiple approaches to settle its debts, including…

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BlackRock’s IBIT Experiences Net Outflows as Market Lacks Momentum

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On Thursday, U.S. spot Bitcoin exchange-traded funds (ETFs) saw $71.73 million in net outflows, marking the third consecutive day of declines. Among the affected funds, BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, recorded its first net outflows since May 1, with $13.51 million exiting the fund, according to SosoValue data. Other major Bitcoin ETFs also faced withdrawals. Grayscale’s GBTC saw $22.68 million in outflows, while Fidelity’s FBTC experienced $31.11 million in net exits. Additionally, Bitwise’s BITB and Valkyrie’s BRRR reported outflows of $8.09 million and $1.68 million, respectively. In contrast, Ark and 21Shares’ ARKB managed to defy…

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This Token is Defying the Prevailing Trend Among Altcoins

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With the rapid evolution of blockchain technology, there has been a spike in the number of cryptocurrency projects in the market. Among all listed digital assets, Bitcoin is one of the market’s most legitimate, valuable crypto assets of the market. BTC has marked several milestones in the past few, raising questions among enthusiasts about whether any other crypto will be able to compete. Following the approval of much-awaited Bitcoin spot ETFs, the momentum shifted, marking a massive inflow of funds. The entry of traditional financers and giant asset managers has changed the image of cryptocurrencies globally, facilitating massive growth in…

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