Crypto Morning News: FTX compensation plan not yet approved; Coinbase app returns to top downloads chart
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Crypto Morning News: FTX compensation plan not yet approved; Coinbase app returns to top downloads chart
Sui will unlock approximately 64.19 million tokens on October 1, worth $107 million.
Navigating Web3 tides with focused insightsAuthor: TechFlow
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FTX compensation plan not yet approved; rumors of distribution starting September 30 are false
TechFlow reports, citing CoinTelegraph, that recent social media rumors claiming FTX would begin distributing compensation funds to creditors and customers on September 30, 2024, have been proven false. According to the latest bankruptcy filings, the next court hearing to confirm the reorganization plan is scheduled for October 7, 2024, presided over by Delaware Bankruptcy Court Judge John T. Dorsey.
FTX’s distribution plan currently faces opposition from creditors. Creditors are demanding compensation in tangible assets such as cryptocurrency rather than cash. However, FTX’s legal team insists that payouts must be made in cash to avoid conflicts with existing bankruptcy laws and prevent procedural delays.
If the plan is approved, small claimants with claims under $50,000 could start receiving compensation by the end of 2024. Larger claimants may have to wait until the first or second quarter of 2025.
Multiple tokens including SUI and OP face major unlocks this week, totaling nearly $300 million
According to Token Unlocks data, several tokens will undergo significant unlocks this week, with a total value of approximately $295.7 million. Sui (SUI) will unlock about 64.19 million tokens worth $107 million on October 1. Optimism (OP) will unlock around 31.34 million tokens worth $60 million on September 30. Immutable (IMX) will unlock approximately 32.47 million tokens worth $59 million on October 4.
In addition, ZetaChain (ZETA), dydx (DYDX), Maverick Protocol (MAV), Cardano (ADA), Galxe (GAL), Manta Network (MANTA), and Liquity (LQTY) will also see token unlocks of various sizes next week.
CZ: Will continue investing in blockchain and AI; Giggle Academy to be a major part of life in coming years
Former Binance CEO Changpeng Zhao (CZ) shared updates on social media. CZ stated he is currently enjoying life and expressed gratitude for the support received during his darkest times. Regarding future plans, CZ mentioned that Giggle Academy will be a significant part of his life over the next few years. He will continue investing in blockchain, decentralized technologies, AI, and biotechnology, emphasizing his focus on long-term impact rather than returns.
Additionally, CZ plans to dedicate more time and funding to charitable and educational initiatives. He revealed he is writing a book, which is currently about two-thirds complete. CZ noted that Binance is operating well without his "behind-the-scenes guidance," which he described as every founder’s dream. Finally, he mentioned he looks forward to meeting everyone at future conferences.
Stacks Foundation: Nakamoto testnet upgrade successful; possible weekend reset
The Stacks Foundation announced in the early hours of September 28 that the planned Nakamoto testnet hard fork was successfully completed. Core developers identified some bugs related to node communication during the upgrade, primarily involving term extensions. While most testnet functions remain operational, there may be instances of missed sequencing. To address these issues, the testnet may be reset over the weekend.
As a result, the block height for the mainnet hard fork is expected to be slightly adjusted. Core developers plan to release updated details on the hard fork before Friday, October 4 (Beijing time). The Stacks Foundation emphasized that a secure and stable launch remains the top priority, and the schedule may be further adjusted if new issues arise.
Zhu Guangyao, former Vice Minister of Finance: Must study crypto development; U.S. policy shows major evolution
The 2024 Tsinghua Wudaokou Chief Economist Forum took place on September 28 in Beijing, where Zhu Guangyao, former Vice Minister of Finance, delivered a speech. Zhu called for greater attention to studying the development of cryptocurrencies. While acknowledging their negative impacts and risks, he stressed the importance of monitoring international developments and policy shifts, which are crucial for digital economic growth.
Zhu reviewed the history of cryptocurrencies, noting that for over a decade, the U.S. viewed them as highly disruptive to anti-money laundering and counter-terrorism financing efforts, with their price volatility also impacting global financial markets.
However, U.S. policy has undergone a significant shift this year, with Trump’s campaign platform explicitly including cryptocurrencies and publicly stating, “We must embrace crypto, or China will replace us.”
Moreover, the U.S. SEC has approved 11 Bitcoin ETFs for listing on stock and futures markets. Zhu also pointed out that emerging market and BRICS nations—such as Russia, South Africa, Brazil, and India—are also taking steps in the cryptocurrency space.
Mind Network raises $10 million in Pre-A round led by Animoca Brands
Mind Network, a fully homomorphic encryption (FHE) infrastructure provider, announced it has raised $10 million in a Pre-A funding round. Investors include Animoca Brands, Arkstream Capital, Cogitent Ventures, G Ventures, MH Ventures, Master Ventures, Moonhill Capital, SwissBorg Ventures, and IBC Group. Notable angel investors such as Mike Silagadze, CEO of Ether.fi, also participated.
Mind Network stated the funds will be used to advance FHE technology applications and expand security boundaries in decentralized networks, particularly in AI and Proof-of-Stake (PoS) ecosystems. Its recently launched MindV solution introduces an FHE voting mechanism designed to ensure consensus and data security in AI and PoS networks. Users can stake assets to obtain $vFHE and participate in network consensus and FHE voting. The company previously received support from Binance Labs, Hashkey, Big Brain, and Chainlink, and has been granted funding by the Ethereum Foundation for its FHE research.
Decentralized exchange Trader Joe rebrands to LFJ
Decentralized exchange Trader Joe announced on September 23 that it has rebranded to Let's F***ing Joe (LFJ) and unveiled a new brand identity. LFJ retains the original Joe mascot but gives it a more modern look, aiming to appeal to a broader crypto community. The new brand centers on the slogan "Let's Win Together" and promises simple, user-friendly solutions for everyday traders.
LFJ has also refreshed its logo design and color scheme, keeping its signature purple while replacing navy blue with black for a bolder, more striking appearance. The official website domain has changed to www.LFJ.gg. LFJ said it will focus in the coming months on building the ultimate on-chain trading experience, planning to launch new features such as an aggregator, loyalty program, portfolio system, and new protocols like Token Mill and a central limit order book.
Puffer Finance: Users affected during EIGEN airdrop to receive 50% extra PUFFER tokens
Puffer Finance, a liquid staking protocol built on EigenLayer, announced on X that inaccuracies in data provided by zkLink Nova caused issues during the EIGEN token airdrop. In response, Puffer Finance committed to remedial actions to ensure all users receive their rightful tokens. Affected users will receive an additional 50% in $PUFFER tokens as compensation, and all Puffer users will receive extra rewards as a thank-you for their support.
Viewpoint: Coinbase app returns to top download charts, retail Bitcoin investment boom may return
According to CoinTelegraph, recent data indicates Bitcoin is regaining popularity among retail traders. The official app of Coinbase, the largest U.S. cryptocurrency exchange, has seen a surge in downloads, signaling a potential resurgence in retail investment in crypto. Data from analytics account Bitcoindata21 shows that the Coinbase app typically ranks within the top 500 downloads on Apple’s App Store. After briefly dropping off the list this month, its popularity is rebounding.
As of September 28, the Coinbase app had climbed to #385. App download volumes show a clear correlation with Bitcoin price trends, having reached as high as #175 during bull market peaks and falling outside the top 500 during bear markets.
Crypto analyst Eugene: Bull market phase two即将 begins
Cryptocurrency analyst Eugene Ng (@0xENAS) shared his price predictions for the end of the current bull cycle on social media. Eugene stated that assuming Trump wins the election and the economy achieves a soft landing, he expects: Bitcoin (BTC): $100,000–$200,000 Ethereum (ETH): $4,000–$6,000 Solana (SOL): $500–$1,000 Total crypto market cap: $5–$10 trillion Eugene believes the second phase of the bull market is about to begin and advises investors to establish their strategies now.
Japanese firm RemixPoint discloses purchase of 750 million yen in BTC, ETH, SOL, and AVAX
Japanese company RemixPoint announced it has purchased 750 million yen (approximately 37 million RMB) worth of cryptocurrencies, including: 64.4 BTC (600 million yen) 130.1 ETH (50 million yen) 2,260.5 SOL (50 million yen) 12,269.9 AVAX (50 million yen) This purchase is part of the company’s previously announced 1.5 billion yen crypto investment plan.
The company stated the move aims to diversify currency risk and hedge against potential yen depreciation. Purchases will be made in batches, with completion targeted by year-end. RemixPoint pledged to disclose any material impact on its financial performance promptly.
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