FTX, a leading cryptocurrency exchange, has announced that it has reached a settlement with its customers who had filed claims for their lost or frozen assets due to the platform’s bankruptcy. The settlement will allow FTX to distribute the remaining funds to its creditors and speed up the bankruptcy proceedings.
According to a blog post by FTX’s CEO Sam Bankman-Fried, the settlement was reached after months of negotiations and mediation with the customer representatives and the bankruptcy trustee. He said that the settlement was fair and reasonable, and that it would benefit all parties involved.
The settlement covers about 90% of the customer claims, which amounted to over $200 million in total. The customers who agreed to the settlement will receive a pro rata share of the available funds, which is estimated to be around 15% of their original claim value. The customers who did not agree to the settlement will have to wait for the bankruptcy court to decide on their claims, which could take years.
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Bankman-Fried said that the settlement was a result of FTX’s commitment to its customers and its responsibility to the crypto industry. He said that FTX had always acted in good faith and tried to protect its customers’ interests, even when it faced unprecedented challenges and difficulties.
He also thanked the customer representatives and the bankruptcy trustee for their cooperation and professionalism, and expressed his hope that the settlement would help FTX move forward and focus on its future plans.
FTX filed for bankruptcy in April 2023, after it suffered a massive hack that resulted in the loss of over $1 billion worth of crypto assets. The hack also triggered a cascade of liquidations and margin calls, which caused many customers to lose their funds or have them frozen on the platform.
The hack was one of the largest and most devastating in crypto history, and it sparked a wave of lawsuits and investigations against FTX. The exchange has been cooperating with the authorities and trying to recover some of the stolen funds, but it has also faced criticism and backlash from some of its customers and competitors.ftxx
According to a report by Chainalysis, a blockchain analysis firm, the hack was carried out by a sophisticated group of cybercriminals who exploited a vulnerability in FTX’s hot wallet system. The hackers managed to bypass FTX’s security measures and access its private keys, which allowed them to transfer large amounts of crypto assets from FTX’s wallets to their own addresses.
The hackers also used various techniques to obfuscate their tracks and evade detection, such as using multiple wallets, mixing services, decentralized exchanges, and privacy coins. The report estimated that the hackers were able to launder about 40% of the stolen funds within a few weeks after the hack.
The report also identified some of the possible motives and origins of the hackers, based on their behavior patterns, language preferences, and online activity. The report suggested that the hackers were likely motivated by financial gain, ideological beliefs, or personal vendetta against FTX or its CEO. The report also speculated that the hackers were likely based in Eastern Europe, Asia, or Africa, based on their time zones, IP addresses, and VPN usage.
The report concluded that the hack was a highly coordinated and sophisticated operation that required extensive planning, resources, and skills. The report also warned that similar attacks could happen again in the future, unless crypto exchanges improve their security systems and protocols.
The settlement is expected to be approved by the bankruptcy court in the next few weeks, and FTX will then proceed to distribute the funds to its eligible customers. Bankman-Fried said that he was confident that FTX would emerge from this ordeal stronger and more resilient, and that he was grateful for the support and loyalty of its customers and partners.
BNB Chain launches Greenfield mainnet for Decentralized Data Storage
BNB Chain, a blockchain platform that aims to provide decentralized data storage solutions, has announced the launch of its Greenfield mainnet. The Greenfield mainnet is the result of months of development and testing, and it introduces several features and improvements to the BNB Chain network.
According to the official blog post, the Greenfield mainnet offers the following benefits:
Enhanced security and performance: The Greenfield mainnet adopts a new consensus algorithm called Proof of Space-Time (PoST), which leverages the unused disk space of the network participants to secure the network and validate transactions. PoST is more energy-efficient and scalable than traditional Proof of Work (PoW) or Proof of Stake (PoS) algorithms, and it also enables faster transaction confirmation and higher throughput.
Lower costs and higher rewards: The Greenfield mainnet reduces the storage fees for users and increases the rewards for storage providers. Users can store their data on the BNB Chain network for a fraction of the cost of centralized cloud services, and they can also earn BNB tokens by sharing their data with others. Storage providers can earn BNB tokens by renting out their disk space to the network, and they can also participate in governance and decision-making processes.
More use cases and applications: The Greenfield mainnet supports various types of data storage, such as files, databases, streams, and smart contracts. It also enables interoperability with other blockchains and platforms, such as Ethereum, IPFS, Filecoin, and Binance Smart Chain. This opens up new possibilities for developers and users to create and access decentralized applications (DApps) that leverage the power of BNB Chain’s data storage network.
The BNB Chain team invites everyone to join the Greenfield mainnet and experience the advantages of decentralized data storage. Users can download the BNB Chain wallet and start storing and sharing their data on the network. Storage providers can download the BNB Chain node software and start offering their disk space to the network. Developers can access the BNB Chain SDK and API documentation and start building DApps on the network.
The BNB Chain team also thanks its community and partners for their support and feedback throughout the development process. The team states that the Greenfield mainnet is only the beginning of their journey, and that they will continue to work hard to improve the BNB Chain network and ecosystem.
Scroll confirms mainnet launch following on-chain indications last week.
Scroll, a decentralized data storage and management platform, has officially announced its mainnet launch on October 18, 2023. The announcement comes after several on-chain indicators hinted at the imminent launch last week, sparking excitement and speculation among the crypto community.
Scroll aims to provide a secure, scalable and cost-effective solution for storing and managing large amounts of data on the blockchain. Scroll leverages the power of smart contracts and decentralized storage networks to enable users to create, access and share data across multiple platforms and applications.
According to the official blog post, Scroll’s mainnet launch marks the culmination of years of research and development, as well as extensive testing and auditing. The mainnet launch also introduces several new features and improvements, such as:
A native token (SCRL) that serves as the utility and governance token of the platform. SCRL holders can use the token to pay for data storage and management services, as well as participate in the governance of the platform.
A staking mechanism that allows SCRL holders to stake their tokens and earn rewards for securing the network and providing data storage capacity.
A marketplace that connects data providers and consumers, allowing them to exchange data and services in a trustless and transparent manner.
A developer portal that provides tools and documentation for developers to integrate Scroll into their applications and leverage its data storage and management capabilities.
Scroll’s mainnet launch is expected to attract more users and developers to the platform, as well as increase the demand and value of SCRL. Scroll claims that its platform can offer significant advantages over traditional cloud-based data storage solutions, such as:
Enhanced security and privacy, as data is encrypted and stored on decentralized nodes that are resistant to censorship, tampering and hacking.
Reduced costs and complexity, as data is stored on a single platform that eliminates the need for multiple intermediaries and service providers.
Increased efficiency and performance, as data is stored on a distributed network that enables faster access and delivery.
Scroll’s mainnet launch is a major milestone for the project and the crypto industry, as it demonstrates the potential of blockchain technology to revolutionize the data storage and management sector. Scroll invites everyone to join its platform and experience its benefits firsthand.