First Mover Americas: BNB-Bitcoin Ratio Falls to Lowest Level Since August
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FTX bankruptcy claims are being picked up for 20 cents on the dollar in private over-the-counter (OTC) markets. The distressed asset fund managers doing so are projecting around a 50 cents on the dollar recovery in five years, an anonymous FTX creditor told CoinDesk. Most of the deals are private as not all claims are fungible. "There may also be a clawback period for those who tried to withdraw leading up to the bankruptcy, so the quality of claims is important," the source said. FTX, which went bankrupt in November, has an estimated 1 million creditors, with the 50 largest being owed a combined $3.1 billion.
Factor, the decentralized digital asset management platform built on Ethereum scaler Arbitrum, attracted over $4.3 million in trades in the first 12 hours after going live. Factor’s aim is to allow developers to be able to offer tokenized baskets, yield pools or derivative offerings to community users. Depositors to these products will profit from the upside created by those developers, who themselves earn a cut of fees. The initial coin offering for Factor’s FCTR token started with a $10 million target and will last for three more days, after which the resulting pool of money will be distributed to determine the initial price of FCTR in the open market.
The Litecoin network has effectively gotten its first NFT after a copy of its mimblewimble upgrade was placed on the platform’s blockchain. Bitcoin developer Anthony Gurrera forked the code behind Bitcoin ordinals to the Litecoin network, answering a challenge from a Twitter user who offered a public bounty of 15 LTC ($1,410) to the first party to fork ordinals to Litecoin. Ordinals Protocol has recently enabled Bitcoin-based NFTs by allowing users to inscribe references to digital art into small denominations of BTC.
Chart of the Day
- The chart by Kaiko shows daily trading volumes on centralized Nasdaq-listed cryptocurrency exchange Coinbase and dominant decentralized crypto exchange Uniswap since early January.
- Coinbase has seen more than $185 billion in trading volume so far this year. That's nearly double of Uniswap's tally of $93 billion.
- The data dents the narrative that crypto traders are increasingly flocking to decentralized platforms in the wake of FTX's collapse.
- Omkar Godbole