Developments

#FTXrepayment As of March 2025, FTX has made significant progress in its bankruptcy proceedings, focusing on repaying its customers and creditors.

**Bankruptcy Plan Approval**

In October 2024, a U.S. bankruptcy judge approved FTX's reorganization plan, allowing the company to refund billions of dollars to its former customers. This plan aims to return more than 100% of customer claims, an uncommon outcome in bankruptcy cases where unsecured creditors typically receive only a fraction of their claims. citeturn0news14

**Asset Recovery and Distribution**

FTX has recovered approximately $7.3 billion of the original $8 billion in missing funds. The reorganization plan involves liquidating assets from FTX Ventures and Alameda Research to facilitate repayments. Government bodies have agreed to suspend high-value claims to prioritize creditor repayment. However, some creditors have expressed dissatisfaction with the valuation method of their claims and potential tax implications. citeturn0news14

#Repayment Methodology

FTX's repayment strategy involves repaying customers in cash based on the cryptocurrency values at the time of its bankruptcy filing in November 2022. This approach has faced criticism, as it does not account for subsequent increases in cryptocurrency values, potentially limiting recoveries despite recent market rallies. citeturn0news13

#Legal #Developments

In October 2024, a group of FTX investors voluntarily dismissed their proposed class-action lawsuit against the law firm Sullivan & Cromwell, which served as FTX's lead bankruptcy counsel. This decision followed reports that found the firm was not complicit in FTX's multibillion-dollar fraud. citeturn0news15

While the approval of FTX's bankruptcy plan marks a significant step toward reimbursing its customers, logistical issues and potential appeals could delay repayments, which are expected to start later this year. citeturn0news14

navlistRecent Developments in #FTX's Bankruptcy Proceedingsturn0news14,turn0news15

$ETH

💰 Codex Raises $15.8M to Build Enterprise Stablecoin Blockchain

Codex, a blockchain startup focused on stablecoins for enterprise use, has secured $15.8 million in seed funding led by Dragonfly Capital. The project, built on Optimism’s Layer 2, aims to solve UX and integration issues for businesses while ensuring low fees and regulatory compliance...

#fundraising #Developments #DiversifyYourAssets #PowellRemarks #NextCryptoETFs?

Pi Coin Price Doubles in a Week

#PiCoin (PI) has experienced significant volatility recently, with its price doubling within a week. After launching on February 20, 2025, the coin's price surged by 2,692%, reaching an all-time high of $2.98 on February 27 . This rapid increase was driven by factors such as the launch of Pi Network's Open Network and speculation about a potential listing on #Binance .

However, the rally was short-lived. The price then experienced a sharp decline, dropping by over 40% from its peak . Despite this, the coin rebounded, doubling in value within four days .

As of May 15, 2025, Pi Coin is trading at approximately $0.88, reflecting ongoing market volatility. #Analysts suggest that future price movements will depend on factors such as the completion of Know Your Customer (KYC) verification, migration to the mainnet, and potential exchange listings .

Investors should exercise caution and stay informed about #developments related to Pi Network's ecosystem and exchange listings.