FTX Seeks Sale Of $744 Million Trust Assets, ApeFest Attendees Report Vision Problem After Event

Here are some of the major developments from the world of crypto over the past few days
Crypto Developments, Cointelegraph
FTX, Crypto Developments, Cointelegraph

Insolvent cryptocurrency exchange FTX has asked the Delaware bankruptcy court for permission to sell several significant trust assets, such as assets worth about $744 million from custody service provider Bitwise and cryptocurrency asset management Grayscale.

The $744 million trust asset sale request comes after the judge approved the phased-out sale of nearly $3.4 billion in crypto assets a couple of months ago.

FTX debtors asked the court to permit them to liquidate trust assets in a November 3, 2023 filing, citing the need for the company to get ready for “forthcoming dollarised distributions to creditors.”

These trust assets are divided between five $691 million Grayscale trusts and one $53 million Bitwise trust. Many investors use these crypto trusts as an on-boarding tool, giving them exposure to cryptocurrencies without holding any.

ApeFest Attendees Report Vision Problem After Event

Several attendees to the November 4, 2023 Yuga Labs’ ApeFest event in Hong Kong have reported eye pain and vision loss, claiming they were exposed to improper lighting. Attendees said that due to the usage of inappropriate lighting, they experienced burns, blurred vision, and “extreme pain” in their eyes.

One participant, Crypto June, posted on November 5, 2023 on X (formerly Twitter): “Woke up in the middle of the night after ApeFest with so much pain in my eyes that I had to go to the hospital. The doctor told me it was caused by the UV from stage lights. Even though I attend festivals frequently, I have never encountered this. I attempt to comprehend how that may occur. The lamps appear not to have been safe.”

MC2 Finance Joins Cointelegraph Accelerator

Decentralised crypto wealth management platform MC2 Finance has become the latest participant of the Cointelegraph Accelerator program.

By making investing in decentralised finance (DeFi) easier, MC2 Finance hopes to attract users of both traditional finance (TradFi) as well cryptocurrency. The platform provides a framework for building regulatory-compliant digital asset funds without the need for ‘know-your-customer’ (KYC) norms.

MC2 Finance allows asset managers to trade a strategy as a token and rapidly establish non- custodial portfolio structures across various Blockchains. After that, users can automatically use their own cross-chain portfolios to follow the tactics of experts. Upon establishing a connection between a Web 3.0 wallet and MC2 Finance, users can freely investigate various token strategies, evaluate risks, and make well-informed decisions based on their objectives.

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