BlockFi Emerges from Bankruptcy and Opens Wallet Withdrawals
Crypto lender BlockFi has announced its emergence from insolvency, allowing it to begin repaying some of its creditors. According to a recent blog post, withdrawals are now available to most of BlockFi’s Wallet customers, with BlockFi Interest Account and Loan customers expected to be able to withdraw assets in early 2024. BlockFi will also attempt to recover assets from other firms that owe it money, including Three Arrows Capital and FTX. The total amount of distributed funds will depend on BlockFi’s success in FTX bankruptcy litigation and other factors.
Ledger Rolls Out Cloud-Based Private Key Recovery Tool
Hardware wallet firm Ledger has introduced a cloud-based private key recovery solution despite facing criticism from the crypto community. Developed by Coincover, the paid subscription service allows users to back up their secret recovery phrase. Ledger had temporarily paused the recovery service earlier this year due to community backlash but proceeded with the launch after releasing the product’s open-source code on GitHub.
Worldcoin Transitions from USDC Payments to Native Token for Orb Operators
Worldcoin is planning to pay its Orb Operators, who scan people’s eyes as part of its project, with its native Worldcoin (WLD) token instead of USD Coin (USDC). This change will be implemented as early as next month in most jurisdictions. Worldcoin considers this transition a “transitional phase” following the official launch of the project in July. The supply of WLD tokens has grown from around 100 million at launch to approximately 134 million this week, according to data from Worldcoin’s official Dune Analytics dashboard.
BlackRock’s Spot Bitcoin ETF Listed on Nasdaq Trade Clearing Firm
The iShares spot Bitcoin ETF proposed by BlackRock has been listed on the Depository Trust & Clearing Corporation (DTCC), which suggests potential approval from the United States Securities and Exchange Commission (SEC). Bloomberg ETF analyst Eric Balchunas stated that this is the first spot ETF listed on DTCC, implying that BlackRock may have received approval from the SEC or is preparing for it. The SEC has until January 10, 2024, to make a final decision on approving or denying the ETF.
Hot Take: BlockFi and FTX Make Progress in Bankruptcy Recovery
The recent emergence of BlockFi and FTX from insolvency marks a turning point for creditors affected by the crypto bear market of 2022. While BlockFi is now able to repay its customers and pursue recovery efforts against firms that owe it money, FTX is exploring various options for its future, including a potential sale or partnership. These developments demonstrate the resilience of the crypto industry and its ability to bounce back from challenging times. As the market continues to evolve, it’s crucial for investors to stay informed about emerging opportunities and risks in order to make informed decisions.
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