Bitcoin is now eyeing a lofty six-figure price target for 2024 amidst a surge in institutional investment pouring into the market.
In a recent analysis posted on X (formerly Twitter) on February 11, Ki Young Ju, CEO of analytics platform CryptoQuant, forecasted a staggering $112,000 per bitcoin for this year.
The introduction of the United States’ inaugural spot Bitcoin exchange-traded funds (ETFs) last month has paved the way for institutional funds to flow in.
Ki Young Ju concurs, with his latest market projection taking into account the impact of these investments on Bitcoin’s realized cap.
Realized cap indicates the collective price at which the BTC supply last changed hands.
As per CryptoQuant data, the combined inflows from ETFs could potentially inject an additional $114 billion into the existing $451 billion tally for this year alone.
“The Bitcoin market has witnessed $9.5 billion in spot ETF inflows per month, potentially elevating the realized cap by $114 billion annually.
Even with outflows from $GBTC, a $76 billion increase could push the realized cap from $451 billion to $527-565 billion,” remarked Ki.
The analysis also referred to the ongoing outflows from the Grayscale Bitcoin Trust (GBTC), which have notably decreased in the first month since its transition to a spot ETF.
Summing up the anticipated price movements, Ki provided a “worst-case” scenario range of $55,000 to $59,000.
READ MORE: Boosting Your Cryptocurrency’s Brand Before the 2024 Halving
BTC price projections for the upcoming year vary considerably, with bullish outlooks dominating the discourse for 2024.
Market observers are particularly intrigued by the block subsidy halving scheduled for April.
In recent discussions, more voices have lent credence to the possibility of a new all-time high occurring even before the halving event, now just over two months away.
Adam Back, CEO of Bitcoin technology firm Blockstream and a prominent cryptocurrency developer, expressed his views on X, hinting that BTC/USD could potentially surpass the six-figure milestone sooner than the consensus anticipates.
“On October 1st, 2021, Bitcoin surged past $47k as if it were yesterday, then proceeded to reach the $69k all-time high,” he wrote, alluding to Bitcoin’s recent surge to record highs.
“That upward trajectory took 41 days. With 70 days left until the halving, it’s just another indicator of what’s possible, and how we might see a new all-time high or even $100k before the halving.”
Grayscale CEO Michael Sonnenshein has urged regulators to approve exchange-listed options for spot Bitcoin exchange-traded funds (ETFs) in a recent post on February 5.
Sonnenshein highlighted the importance of options in supporting price discovery and assisting investors in navigating market conditions and achieving desired outcomes, such as income generation.
Exchange-traded options represent standardized contracts allowing investors to buy (via call options) or sell (via put options) a specific quantity of a financial asset at a predetermined price (strike price) on or before a specified date.
This enables investors to make predictions about the future movements of stocks, bonds, and the overall stock market.
These options are traded on exchanges like the Chicago Board Options Exchange (Cboe) and are subject to regulation by the United States Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Clearinghouses like the Options Clearing Corporation (OCC) provide guarantees for these exchanges.
Sonnenshein pointed out that when the SEC approved the first Bitcoin futures ETF in October 2021, options for the ETF were available for trading the very next day due to automatic effectiveness, leveraging existing rules.
READ MORE: FTX Bankruptcy Raises Questions Over Legal Team’s Lucrative Fees
However, this rule does not apply to commodity-based ETFs, including recently approved spot Bitcoin ETFs, which undergo a potentially lengthy review process akin to the 19b-4 process for spot Bitcoin ETFs themselves.
The Grayscale CEO advocated for equal treatment of similar financial products, drawing parallels between spot and futures BTC-based ETFs.
He highlighted that national exchanges, such as the New York Stock Exchange, have filed Forms 19b-4 to amend listing standards, allowing listed options on commodity-based ETFs, including spot Bitcoin ETFs.
Currently, the SEC is reviewing applications for listed options on spot BTC ETFs and has opened comments on BlackRock’s proposed options with Cboe.
Bloomberg ETF analyst Eric Balchunas suggested that the SEC could make a decision as early as February 15 or no later than September 2024.
Sonnenshein concluded his post by emphasizing the need for fair treatment of spot Bitcoin ETFs and the entire crypto asset class.
His advocacy aims to ensure that investors have access to a broader range of financial products and options, promoting transparency and market efficiency.
The Spanish Ministry of Finance, under the leadership of María Jesús Montero, is actively pursuing reforms to enhance its control and oversight of cryptocurrencies within the country.
Their primary objective is to enable the seizure of digital assets as a means to settle outstanding tax debts.
To achieve this goal, the ministry is currently working on legislative amendments to Article 162 of the General Tax Law.
These proposed changes will empower the Spanish Tax Agency to identify and confiscate cryptocurrency assets owned by individuals or entities who have delinquent tax obligations.
One significant development in this regard is the recent implementation of a royal decree, effective from February 1st.
This decree broadens the scope of entities with tax collection authority.
Previously, only banks, savings banks, and credit cooperatives were authorized to report to the Treasury.
This expansion allows the Treasury to strengthen its efforts in pursuing tax evaders and recover unpaid taxes more aggressively.
Furthermore, the Treasury intends to impose stricter reporting requirements on financial institutions, including banks and electronic money institutions.
They will be required to provide detailed information on all card transactions, making it harder for individuals to evade taxes through undisclosed financial activities.
The rapid pace of these regulatory changes reflects Spain’s proactive stance in establishing a comprehensive framework for cryptocurrency governance.
In October 2023, the Spanish Ministry of Economy and Digital Transformation announced plans to adopt the Markets in Crypto-Assets Regulation (MiCA), the first comprehensive European Union crypto framework.
READ MORE: Bitcoin Predicted to Reach New All-Time Highs in 2024 Despite Halving Challenges
This regulation is set to be implemented nationally by December 2025, six months ahead of the official deadline.
Spanish residents who hold cryptocurrency assets on foreign platforms have until the end of the next month to declare them to the tax authorities.
The declaration period began on January 1, 2024, and will conclude on the last day of March.
Individuals and corporations are required to disclose the value of funds held in their foreign crypto accounts as of December 31, 2023.
It’s worth noting that only individuals with crypto assets exceeding the equivalent of 50,000 euros (approximately $54,000) are obligated to declare their foreign holdings.
Those who store their assets in self-custodied wallets must report their holdings using the standard wealth tax Form 714.
These measures underscore Spain’s commitment to ensuring tax compliance and transparency in the rapidly evolving world of cryptocurrencies.
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Introduction:
In the world of cryptocurrencies, it is not uncommon to hear about a particular token skyrocketing, making investors who bet small amounts rich, or being touted as the “next gem” with its price expected to increase exponentially.
Projects like SatoshiVM or “Pepe the frog” are among those whose meteoric rise has likely caught your attention, even if it was too late to benefit from an interesting return on investment. While investing in small-cap projects is undoubtedly risky, it is also a good way to accumulate substantial income. After all, small market capitalization often means low-priced tokens with the potential for immense growth, provided the project takes off. In this article, we present four crypto projects that could prove lucrative for early investors.
Ape Terminal:
Ape Terminal is a new, fully decentralized launchpad gaining momentum. Equipped with a range of tools, from the most conventional to the most innovative, to maximize returns, it quickly made a name for itself and attracted investors.
This launchpad, a platform for launching new tokens, offers numerous advantages such as automated yield generation, copy trading, sell limits, buy limits, stop/loss DCA, and high-frequency trading.
According to Cryptorank, the average return of all projects launched on Ape Terminal is estimated at 13.66X. Notably, the project SatoshiVM, a layer 2 solution for the Bitcoin network using ZK Rollups technology compatible with the EVM ecosystem, was launched on this platform. Having achieved an impressive x280, the project became famous in a very short time. Moreover, Ape Terminal is soon expected to launch its own token, providing an opportunity to invest directly in projects available on the launchpad.
Ouinex:
Ouinex is a cryptocurrency trading platform targeting active traders. It brings the proven excellence of traditional financial infrastructure to Web3 through its experienced team.
Moreover, Ouinex is committed to providing a transparent, fair, and secure environment with extremely competitive trading fees. Supported by a strong community of investors and traders, in April 2023, during one of the worst periods the industry has faced, Ouinex successfully raised nearly 2 million dollars through its $OUIX token presale. This injection of funds allowed the Ouinex team to develop an innovative solution and acquire regulatory licenses in Europe and internationally. Indeed, it offers users the ability to trade on both crypto and traditional markets through a unified account.
Furthermore, this solution enables the use of cryptocurrencies as collateral to place orders on other markets. At the moment, Ouinex has not specified when or on which platform its $OUIX token will be launched. But one thing is for sure, you will hear about it soon.
Beoble:
Beoble is a communication infrastructure and ecosystem that enables users to use their wallets for decentralized messaging. Their product includes a web-based chat application and a toolkit allowing Dapp developers to integrate their creations into the Beoble ecosystem.
This innovative messaging platform supports most wallets and ensures end-to-end encryption for all messages. Among the prominent venture capital firms that have invested in Beoble are well-known names such as Digital Currency Group, Samsung Next, HashKey Capital, DWF Labs, GBV Capital, Token Bay Capital, and Momentum 6. It seems these investors have a keen eye, as the Beoble product has already been launched and managed to gather over 200,000 users in just a few days. This performance leads us to believe that Beoble’s token, scheduled for March, could see a significant price surge this year.
My Lovely Planet
My Lovely Planet is a Ubisoft Lab project that combines utility with pleasure, environmental impact, and gaming. The revolutionary idea behind this project is as follows: a real tree is planted for every virtual tree you plant in the game. Today, My Lovely Planet has 20,000 regular players and 50,000 subscribers. Its goal is to gather a community of 100 million players by 2030 to help save 50,000 endangered animal species, remove one billion tons of plastic waste from oceans, and plant one billion trees.
The game has won the Unity For Humanity award for its positive effects, and if we’re talking about it in this article, it’s because its creators are now offering a sale of $MLC tokens to increase the game’s visibility and fund its development. Given the project’s potential, it is highly likely that the unit price of its token can do well.
Conclusion
Cryptocurrencies remain a dynamic and evolving sector, offering potentially lucrative investment opportunities for those who can identify promising projects. The four we have presented in this article – Ape Terminal, Beoble, Ouinex, and My Lovely Planet – each stand out for their innovative approach and growth potential.
Ape Terminal, with its decentralized launchpad model, caters to investors looking to get involved in the initial phases of crypto projects. Beoble revolutionizes decentralized communication, providing a secure platform for cryptocurrency users. Ouinex brings an integrated solution for crypto and traditional trading, a significant advancement for active traders. Finally, My Lovely Planet combines environmental impact and entertainment, perfectly illustrating how blockchain can be used for social and ecological purposes.
Bybit, the world’s third-largest cryptocurrency exchange by trading volume, has taken a significant stride in the DeFi (Decentralized Finance) revolution by introducing Bybit Web3 Swap. This upgraded platform not only meets the evolving demand for token swapping but also pushes the industry forward by providing users with a secure and user-friendly environment for swapping tokens across various blockchain networks.
Ben Zhou, the co-founder and CEO of Bybit, stated, “Our mission at Bybit has always been to bridge the gap between traditional finance and the power of DeFi. With Bybit Web3 Swap, we’re fulfilling that promise by creating a simpler, user-friendly experience that caters to both experienced DEX (Decentralized Exchange) users and newcomers to the Web3 space.”
Bybit Web3 Swap, a crucial component of the #BybitWeb3 initiative, empowers users to perform decentralized token exchanges across multiple blockchain networks. This opens up opportunities for users to access a wide range of tokens, liquidity pools, and engage in activities such as yield farming and staking.
Key Features of Bybit Web3 Swap:
- Expanded Token Support: Bybit Web3 now supports over 2,000 tokens, providing users with a diverse selection for seamless and diversified token swapping.
- Intuitive Token Discovery: Users looking for tokens not listed on Bybit will be seamlessly redirected to Bybit Web3 Swap, where they can easily acquire the desired tokens.
- Cross-Chain Asset Bridge: Bybit Web3 Swap facilitates the transfer of assets between Ethereum (ETH), Binance Smart Chain (BSC), Polygon, Arbitrum, and other mainstream Ethereum Virtual Machine (EVM) public chains, enhancing platform versatility and user convenience.
- Streamlined One-Step Swap Process: Bybit Web3 Swap simplifies the user experience by combining approval and swap steps into a single seamless operation, making token swaps effortless.
Additional Benefits:
- No KYC Required: Bybit Web3 Swap stands out by eliminating the need for Know Your Customer (KYC) procedures, prioritizing user privacy and convenience.
- High Liquidity Access: Users can access the highest liquidity available in the market, ensuring optimal token swap rates across various decentralized exchanges (DEXs).
- On-Chain Transparency: All transactions on Bybit Web3 Swap are executed on-chain, providing full visibility into fund flows and trading mechanisms, instilling user confidence.
Bybit remains committed to staying at the forefront of innovation by continuously expanding the compatibility of Bybit Web3 Swap.
Upcoming integrations include Polygon zkEVM, zkSync, StarkNet, and Mantle Network, ensuring that users have access to the latest and most advanced blockchain technologies.
The impending launch of Bitcoin exchange-traded funds (ETFs) is generating a buzz, but VanEck advisor Gabor Gurbacs suggests that their initial impact on Bitcoin might be more subdued than anticipated.
In a recent post on X (formerly Twitter), Gurbacs contended that the immediate influence of a Bitcoin ETF might be overestimated, projecting that it could attract around $100 million in net inflows, primarily from institutional investors reshuffling their existing investments.
Nonetheless, Gurbacs is more optimistic about the long-term implications of these ETFs on the Bitcoin market. He drew a parallel with the gold market, recalling how the introduction of gold ETFs in 2004 led to a remarkable surge in gold prices.
Over eight years, gold’s value surged from $400 to $1,800, while its overall market capitalization expanded from $2 trillion to an impressive $10 trillion.
Comparatively, Bitcoin’s current market cap stands at $834 billion, roughly 41% of gold’s market capitalization in 2004.
Gurbacs speculates that once a spot Bitcoin ETF is approved in the United States, it could potentially emulate gold’s growth trajectory but at a much faster pace due to Bitcoin’s fixed supply and periodic halving events.
READ MORE: Major Asset Managers Revise Bitcoin ETF Applications as SEC Deadline Nears
Furthermore, Gurbacs underscores the significance of a Bitcoin ETF in legitimizing and destigmatizing the cryptocurrency in the eyes of institutional investors and nation-states, which could pave the way for substantial investment and adoption.
Eric Balchunas and James Seyffart, ETF analysts at Bloomberg, share Gurbacs’ sentiment.
Seyffart emphasized that many observers are fixated on short-term data points, such as the immediate influx of funds into the ETF upon approval, without fully grasping the enduring impact such a financial product could have.
As for the current state of the Bitcoin market, it is trading at $42,525, having risen 1.1% in the last 24 hours, according to TradingView data.
While some believe that the anticipated ETF approval will trigger a substantial and sustained price increase, others argue that it might be a “sell the news” event, potentially leading to a different market response.
There are dozens of crypto and blockchain PR agencies to choose from, and there’s no doubt that public relations (PR) is an essential part of successfully marketing any cryptocurrency project.
After all, media coverage in relevant news sites can shape public opinion and establish a company as a respected and trustworthy brand.
In this article, we rank the three best crypto and blockchain PR firms, providing an overview of their services, results, fees, and other important considerations.
1. Imperium Comms
In first place, we have Imperium Comms. They are a Dubai-based crypto and metaverse marketing agency, working with blockchain projects and start-ups across the globe.
They have secured positive media coverage for their clients in top-tier crypto and mainstream news sites, including:
- CoinDesk
- Bloomberg
- Cointelegraph
- The Wall Street Journal
- Yahoo Finance
- Crypto Daily
- Business Insider
- The New York Times
- Gulf News
In addition to generating positive media coverage for their clients (organic coverage and crypto press releases), Imperium Comms also offers a suite of other marketing services which can help a crypto project achieve its objectives and potentially go viral.
Somes of their other services include:
- Search Engine Optimisation (SEO) – Their team is experienced in helping businesses and websites rank on page one of Google for popular search terms.
- PR Writing – Imperium Comms offers press release writing services, in addition to other copywriting services.
- Media Buying & Banner Ads Management – They offer comprehensive ads management services, which can help crypto projects effectively advertise to their target audience via leading crypto news platforms.
The reason we’ve ranked Imperium Comms in first place is because they provide market-leading PR and marketing services, at significantly cheaper prices than other crypto and blockchain public relations agencies.
Furthermore, unlike other crypto PR agencies, they offer clients the option of paying for media coverage on an individual, results-only basis, so you don’t need to pay a monthly retainer or commit to an expensive annual PR package.
In fact, they offer organic media coverage in leading crypto and mainstream news platforms starting at just $599 per article.
Contact Details
Email: S.mulhem@imperium-comms.com
Telegram: @Sul98
2. Market Across
In second place, we have Market Across. They are a well-established crypto PR firm, based out of Israel.
They offer earned media coverage services, in addition to crypto and blockchain press release distribution.
While they are able to publish stories in some of the same sites as Imperium Comms, their prices are significantly higher and they require clients to pay a retainer.
Aside from PR, Market Across offers other crypto marketing services, such as:
- Content Distribution
- SEO
- Content Writing
- Thought Leadership
With regards to the cost of distributing a press release via their sister service, Chainwire, they charge $13,499 per PR if you go for their gold package, which includes Cointelegraph.
For comparison, Imperium Comms’ wire service – which includes Cointelegraph, Bloomberg, and other leading crypto news sites – costs just $6,999.
So, although Market Across is an effective crypto PR agency, their prices are on the high side, but still cheaper than many other crypto marketing firms.
Contact email: Info@marketacross.com
3. Melrose PR
Lastly, in third place in our crypto PR ranking, we have Melrose PR. Founded by CEO Kelley Weaver, Melrose PR is an effective crypto and blockchain marketing agency.
Like Imperium Comms and Market Across, they offer other sides aside from earned media coverage and press release distribution.
These other services include copywriting, thought leadership, and branding.
Furthermore, Melrose PR has worked with dozens of clients in the crypto and blockchain space, including:
- Decent Labs
- Moonbeam
- Foresight Ventures
- OpenNode
While their reach isn’t as strong as the other two crypto PR agencies mentioned above, they are still a good blockchain marketing firm and are worth consideration.
Contact email: Contact@melrosepr.com
Now that we’ve revealed the three best crypto PR agencies, we can explore what exactly falls under public relations – and why PR is so important in the crypto space.
What Exactly is Crypto PR?
Public Relations (PR) in the realm of cryptocurrency has an integral role to play in shaping the industry’s perception and driving its mass adoption. Crypto PR strategies harness the power of communication to bridge the gap between cryptocurrency companies and their stakeholders, be it potential investors, existing users, government entities, or the general public.
To understand the significance of crypto PR, one must first grasp the concept of cryptocurrencies and their underlying technology, blockchain. Cryptocurrencies are digital or virtual currencies that employ cryptography for security.
They are primarily based on the blockchain technology which is a decentralized ledger of all transactions across a peer-to-peer network. Cryptocurrencies like Bitcoin and Ethereum have disrupted traditional financial systems, introducing a new era of finance that promises decentralization, transparency, and efficiency.
However, despite the revolutionary aspects of cryptocurrencies, many challenges hinder their mass adoption:
- First, the complex nature of cryptocurrencies and blockchain technology can be off-putting for individuals unfamiliar with these concepts.
- Second, the volatility of the cryptocurrency market, coupled with several high-profile scams, contributes to a general perception of risk and instability.
- Lastly, regulatory uncertainty in many countries creates apprehension about the legality and future of cryptocurrencies.
How Public Relations Agencies Can Help
This is where crypto PR steps in. An effective crypto PR strategy can help overcome these barriers by fostering understanding, building trust, and influencing policy.
Fostering Understanding: Simplifying complex ideas and explaining them to a lay audience is a key function of PR. In the world of cryptocurrencies, PR professionals create and disseminate content that demystifies these technologies, presenting them as solutions to real-world problems.
This process involves hosting webinars, creating explainer videos, writing blogs and articles, and engaging in social media conversations.
Building Trust: In an industry where credibility is often questioned, establishing trust is paramount. Crypto PR endeavors to build a positive image for cryptocurrency brands, highlighting their transparency, security features, and real-world utility.
Press releases, case studies, testimonials, and thought leadership content can help a brand position itself as an industry leader. Furthermore, crisis communication strategies are essential for handling any negative events that might affect a brand’s reputation.
Influencing Policy: Crypto PR also involves advocacy work, aimed at influencing policy and regulatory decisions. By engaging with media outlets and policy influencers, crypto PR professionals can help shape a favorable regulatory environment.
READ: Former SEC Official Criticizes Ripple Ruling as ‘Troublesome on Multiple Fronts’
This often involves producing white papers, conducting industry surveys, and pitching story ideas that showcase the potential benefits of cryptocurrencies.
However, crypto PR is not without its challenges. The fast-paced nature of the crypto industry demands real-time responses.
Thus, PR professionals must stay abreast of all industry developments, regulatory changes, and market trends. Also, the global nature of cryptocurrencies requires a PR strategy that is multicultural and multi-lingual, to cater to audiences across different geographies.
How Much Does Crypto PR Cost?
Like other specialized PR services, the cost of hiring a crypto PR agency can vary considerably based on several key factors.
Agency Expertise and Reputation – As in traditional PR, crypto PR agencies that have demonstrated their expertise over time and built a strong reputation often charge higher fees.
They offer access to their vast network, crypto industry insights, and extensive experience in managing PR for crypto businesses. A well-established crypto PR agency also likely employs professionals who are deeply immersed in the crypto ecosystem and understand its nuances.
Scope of Services – The cost is largely dependent on the range of services needed. A comprehensive crypto PR campaign, including strategic planning, media relations, social media management, content creation, and crisis management, will cost more than a simple press release distribution or advisory role.
Project Duration – The length of the engagement impacts the cost. Long-term contracts, spanning over several months to a year, often come at lower monthly rates as they provide a reliable income stream for the agency and allow them to develop a deeper understanding of your project.
Geographic Location – Crypto PR agencies located in global financial hubs and major cities often charge more due to their access to bigger networks and higher operating costs.
ICO, DeFi and NFT Expertise – Given the complexity and regulatory scrutiny of Initial Coin Offerings (ICOs), DeFi projects, and NFT platforms, PR agencies specializing in these areas may charge premium rates. They bring valuable expertise in managing the unique risks associated with these projects, which justifies the higher cost.
In terms of pricing models, crypto PR agencies typically use the following:
Retainer: Retainer fees for crypto PR agencies can range significantly based on the factors mentioned above. As of 2021, retainers for a specialized agency typically start at around $8,000 per month and can go up to $30,000 or more for high-profile crypto PR firms.
Project-Based: For specific campaigns or projects, agencies might charge a flat fee. This could range from a few thousand dollars for a press release distribution to tens of thousands for a comprehensive ICO launch campaign.
Hourly: Though less common in crypto PR, some agencies might charge an hourly rate, particularly for consultation work or smaller projects. Hourly rates for specialized PR services like crypto can range from $200 to $500 or more.
While these costs might seem steep, it’s important to consider the value a specialized crypto PR agency can bring. Given the volatility of the crypto market and the rapid pace of change, having a professional team that understands the landscape can be invaluable.
A good crypto PR agency can help position your project favorably, attract the right audience, navigate potential crises, and ultimately, contribute to your project’s success. Therefore, the cost should be viewed as an investment rather than an expense.
Should I Hire a PR Employee Instead of an Agency?
Some crypto projects decide to hire an employee or a team or employees to handle their PR and marketing strategy.
While this can be effective, it’s advisable to still work with a PR agency in addition to your existing marketing employees, as they will usually have a better reach and better connections, especially in crypto PR.
As for smaller crypto and blockchain projects, it’s better to just work with a PR firm instead of hiring PR employees, as this way you have more flexibility and a lower average cost.
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Wallets connected to the now-defunct crypto trading firms FTX and Alameda Research have been in the spotlight recently, as they’ve moved a substantial $10.8 million across various platforms.
This movement was identified by the blockchain analysis firm Spot On Chain, which has been monitoring the actions of these entities since October 24th, revealing that they’ve transferred a staggering $551 million using 59 different cryptocurrencies.
The most recent transfer of $10.8 million was diversified across eight distinct tokens.
Among them, $2.58 million found its way into StepN’s GMT, $2.41 million into Uniswap’s UNI, $2.25 million into Synapse’s SYN, $1.64 million into Klaytn’s KLAY, $1.18 million into Fantom’s FTM, $644,000 into Shiba Inu, and smaller amounts in Arbitrum’s ARB and Optimism’s OP.
This saga began on October 24th when the FTX and Alameda wallets initiated a transfer of $10 million to a single wallet address.
READ MORE: Coinbase Reports Surge in Law Enforcement Requests, with the U.S. Leading the Pack
Subsequently, this amount was redistributed to accounts on Binance and Coinbase. A similar transaction of $13.1 million took place on November 1st, further cementing the pattern.
The movement of funds traces back to March when FTX and Alameda first commenced efforts to recover assets for their investors.
During this phase, three wallets associated with these entities shifted $145 million worth of stablecoins to multiple platforms, including Coinbase, Binance, and Kraken.
Notably, $69.64 million in Tether and the remaining $75.94 million in USD Coin were part of this transfer.
While it’s true that the troubled cryptocurrency exchange managed to recuperate over $5 billion in cash and liquid cryptocurrencies during this asset recovery period, it’s essential to acknowledge that its total liabilities still exceeded a staggering $8.8 billion.
This revelation sheds light on the complexities and challenges faced by crypto trading firms, even as they strive to manage and rectify their financial situations.