Essential Cryptocurrency Developments You Might Have Overlooked This Weekend

Over the weekend, cryptocurrency exchange FTX revealed its plans to start reimbursing its major creditors in 2025, with a total of $11.4 billion in assets. This announcement comes two and a half years after the shocking collapse of the exchange due to the misuse of customer funds by its leader, Sam Bankman-Fried.

In another development, former BitMEX CEO, Arthur Hayes, along with his co-founders, was pardoned by President Trump after a long legal battle over regulatory violations. The charges were based on the platform’s failure to implement basic customer identification procedures.

Despite the increase in the value of cryptocurrencies since the company's bankruptcy in 2022, the repayment to FTX creditors will be based on the value of cryptocurrencies at that time, causing dissatisfaction among many creditors.