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Nigerian Official Clarifies Misquoted $10 Billion Binance Fine Amid Tightening Crypto Regulations

Bayo Onanuga, a special adviser to the Nigerian president on information and strategy, has clarified reports surrounding the alleged imposition of a $10 billion fine on the cryptocurrency exchange Binance.

Contrary to earlier reports by the BBC, Onanuga stressed that the claims were a result of misquotation and misunderstanding.

He emphasized that there has been no finalized decision to levy such a fine against Binance and that his previous statements had been misrepresented.

Specifically, Onanuga mentioned that he had only discussed the possibility of a fine, indicating that nothing is set in stone as of now.

This development comes amidst increasing regulatory scrutiny of cryptocurrency exchanges in Nigeria, a move aimed at protecting the integrity of the Nigerian naira.

Binance, in response to the growing pressure, has discontinued the use of the naira in its peer-to-peer (P2P) trading services as of February 28.

The P2P platform, popular among Nigerian users since 2021, facilitates direct transactions between buyers and sellers without the need for an intermediary.

This service gained popularity following the Nigerian government’s ban on the crypto industry during the tenure of former President Muhammadu Buhari.

READ MORE: Bitcoin Trader Recovers $13,000 Mistaken NFT Purchase Thanks to Seller’s Generosity

The situation is compounded by the Central Bank of Nigeria’s (CBN) concerns over “suspicious flows” of funds through Binance’s Nigerian operations.

CBN Governor Olayemi Cardoso reported that in 2023 alone, $26 billion had been transacted through Binance from unverified sources and users, raising alarms over potential financial risks and the need for stringent oversight.

Further actions by the Nigerian government include the detention of two senior Binance officials in Abuja by the National Security Adviser’s office, highlighting the government’s intent to closely monitor and possibly regulate cryptocurrency exchanges to prevent undue speculation on the naira.

Despite these challenges, the CBN made a significant policy shift in December 2023 by lifting a two-year ban on banks’ involvement in crypto transactions.

This was accompanied by the issuance of guidelines for regulating virtual asset service providers.

Nigeria, having launched a central bank digital currency in 2022 and the naira-pegged cNGN stablecoin through the Africa Stablecoin Consortium in a regulatory sandbox in February, demonstrates a complex and evolving stance towards digital currencies.

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VanEck Launches Innovative NFT Platform SegMint, Revolutionizing Digital Asset Ownership and Fractionalization

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VanEck, a renowned asset management firm, is venturing into the nonfungible token (NFT) domain with the introduction of a novel self-custody platform named SegMint.

This move aims to mirror the success of its Bitcoin exchange-traded fund (ETF) in the United States.

The platform is designed to let users vault and fractionalize digital assets, offering keys that are tradable on its exclusive exchange.

Matthew Bartlett, the NFT community and Web3 head at VanEck, shared insights with Cointelegraph just before SegMint’s unveiling at NFT Paris.

As the first U.S. asset manager to propose a spot Bitcoin ETF back in 2017, VanEck has since been recognized for its active engagement in cryptocurrency ETFs and digital asset ownership realms.

Bartlett, who brings nearly two decades of experience from traditional finance and a passion for NFTs, spearheads the firm’s NFT and Web3 initiatives.

His assignment to build an in-house platform for NFT ownership and digital asset fractionalization was motivated by Jan van Eck’s directive and Bartlett’s own interest in NFTs, which he humorously described as being an “NFT degen.”

Bartlett’s journey into the NFT space began in 2017, involving activities such as minting and auctioning in Decentraland, as well as spearheading a free NFT giveaway linked to physical events at the New York Stock Exchange and Nasdaq.

Over the past seven years, VanEck has developed a comprehensive digital asset team, focusing on cryptocurrency investments and digital asset management.

READ MORE: Demigod NFTs: Army of Fortune’s Next Generation of Gaming NFTs

SegMint distinguishes itself by prioritizing self-custody and fractional ownership.

Bartlett emphasized the platform’s solution to common issues faced by other NFT platforms, particularly regarding custodial practices that restrict asset control and benefits like airdrops.

SegMint ensures users retain ownership through Web3 wallet-based vaults, allowing for the minting of tradable SegMint keys without relinquishing asset control.

The platform, which debuted on February 28, necessitates a Know Your Customer process for creating vaults and keys.

Bartlett expressed hope that SegMint would appeal to holders of prominent NFT collections, aiming to make top-tier NFTs more accessible globally.

Looking ahead, Bartlett sees potential in tokenizing real-world assets, such as real estate, vintage wines, and luxury watches, through partnerships with blockchain platforms.

He envisions a scenario where, for example, a vacation home is fractionally owned through tradable keys, democratizing access to high-value assets in a manner akin to a hybrid between Airbnb and traditional timeshares.

While acknowledging the challenges and time required to realize these ambitious projects, Bartlett remains optimistic about the innovative applications of blockchain technology in asset ownership and management.

VanEck’s Bitcoin ETF, approved by the U.S. Securities and Exchange Commission in January 2024, has already attracted significant investment, highlighting the growing interest in cryptocurrency investments among investors looking to diversify their portfolios.

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Proof of Talk Returns to the Louvre Palace as Agenda-Setting Event for Web3

Paris, France, March 5th, 2024, Chainwire

Uniting Web3 Visionaries and Global Leaders

Following the success of its 2023 edition, the Proof of Talk summit, heralded as the Davos of Web3, is back for its second year and brings together thought leaders, investors, CEOs, founders, exchanges, digital asset managers, and regulatory authorities for networking and thought-provoking sessions. Held on 10 and 11 June at the historic Museum of Decorative Arts in the Louvre Palace at the heart of Paris, this summit has its sights on delivering a unique event with a highly-curated audience dedicated to shaping the future of blockchain and global policy.

Last year, Proof of Talk welcomed over 1500 ecosystem participants, including key figures from Binance, VanEck, Ripple, and the World Economic Forum, alongside CEOs and founders of leading blockchain companies and government representatives. After the event distinguished investor, venture partner, and Proof of Talk attendee Leeor Groen, Managing Director, Spartan Group, aptly noted that it was “where Web3 meets the spirit of Davos.” The summit facilitated crucial discussions on rebuilding trust within Web3, reflecting the industry’s need for a platform that encourages genuine engagement, meaningful connections, and strategic collaboration. 

With the SEC’s recent spot Bitcoin ETF approvals and the Markets in Crypto-Assets Regulation bringing more clarity to the space in Europe, the stage is truly set for widespread blockchain adoption and development of digital assets beyond cryptocurrency. This year’s conference harnesses and reflects this revitalization and will assemble blockchain and Web3 professionals from around the world to engage with C-level executives, explore partnerships, and generate investment opportunities that will reshape industries and create new paradigms.

The highly-curated 2024 forum seeks to welcome over 2500 participants. Combined with a speaker lineup featuring CEOs, founders, and leaders of the Web3 and digital assets industry, the summit features impact-focused networking and a refined agenda. A few of the speakers include:

·     Joseph Lubin CEO and Founder at Consensys

·     Jenny Johnson, CEO, Franklin Templeton

·     Tim Draper, Founder, DFJ

·     Ophelia Snyder, Cofounder President, Ark 21 Shares

·     Mihailo Bjelic, Co-Founder, Polygon

·     Raoul Pal, Crypto Macro Economist

·     Yat Siu, Chairman, Animoca

·     John Wu, President, Ava Labs

·     Justin Sun, Founder, Tron

·     Marieke Flament, former CEO, Near Foundation 

·     Dominic Williams, Founder, DFINITY

·     Björn Wagner, CEO, Parity technologies and Polkadot

·     Jon Fink Isaksen, Head of Policy, Uniswap 

·     Matthew Siegel, Head of Digital Assets, Van Eck

·     Christopher Donovan, COO, NEAR Foundation

·     Lex Sokolin, Managing Partner, Generative Ventures 

·     Digital asset leads from over 30 major TradFi banks

·     Partners from 100+ attending VCs  

The summit’s agenda also actively reflects Web3’s growing importance, with over 20 panels, 10+ workshops, and over five keynotes and firesides on key topics shaping Web3’s future. These include real world asset tokenization, AI-blockchain integration, gaming evolution, and smart contract security.

Zohair Dehnadi, Co-Founder, Proof of Talk and Partner, X-Ventures: “We are overwhelmed by the positive feedback we received from our 2023 summit, with some attendees even sharing it reminded them of the World Economic Forum’s early days. We’re also delighted at all the interest from both speakers and potential sponsors for this year’s edition. Right now, the industry is on the brink of a new era, and we’ve harnessed this enthusiasm to curate an event with the most influential people from Web3, digital assets, and traditional finance to shape the agenda of the future. It’s important to provide an inspirational forum for these players, from founders and funds to legal experts and regulatory authorities, to engage in high-impact networking, share best practices, and have those necessary but tough discussions that will safely move the space forward. I’m proud to offer the industry such an exclusive experience at one of Paris’ most iconic locations, and am looking forward to seeing everyone in June!”

About Proof of Talk

Proof of Talk is setting a new standard in the Web3 conference landscape, positioning itself not just as another web3 conference but as a pivotal forum where the promise of decentralization comes to life. The summit uniquely combines the essence of traditional economic forums with the dynamic, decentralized Web3 community, fostering an innovative ecosystem of dialogue and action. It stands as a platform for change, where every voice, from the seasoned economist to the radical Web3 founder, contributes to a collective vision of a decentralized economic future. By facilitating engaging discussions and unparalleled networking, participants shape this new landscape. Learn more at www.proofoftalk.io

 About X Ventures

 X Ventures is a Germany-based digital assets investment fund dedicated to supporting and empowering entrepreneurs in the Web3 industry. Alongside its investment activities, X Ventures founded www.xschool.io, aiming to provide accessible education to future leaders worldwide.

Contact

Shanna Molina
Cognito
shanna.molina@cognitomedia.nl
+31 6 18 72 87 55

Oanda Launches Crypto Exchange in the UK

In a significant move for the UK’s cryptocurrency sector, London-based OANDA Crypto has announced its launch, signaling a positive development amidst the nation’s previously unclear stance on crypto regulation. 

This launch is particularly noteworthy given the backdrop of regulatory challenges that have led some of the best crypto exchanges in the UK to limit services. 

OANDA Crypto’s entry into the market is facilitated through its acquisition of a majority stake in Coinpass, a British crypto firm registered with the Financial Conduct Authority (FCA), underscoring a commitment to compliance.

The broader context of this development is the UK’s attempt to catch up with global crypto advancements. 

While regions like the US have seen the successful introduction of spot Bitcoin ETFs and the EU has moved forward with its MiCA crypto regulation package, the UK has been perceived as lagging due to regulatory uncertainties. 

However, the government is showing signs of wanting to expedite the establishment of clear crypto guidelines, with the Economic Secretary to the Treasury indicating a six-month timeline for new crypto and stablecoin legislation.

This move by OANDA Crypto comes at a time when the FCA is tightening its grip on crypto marketing, distinguishing crypto assets as “restricted mass market investments” and imposing stricter controls on their promotion. 

The FCA’s efforts also include issuing consumer alerts and removing non-compliant crypto products from app stores, along with introducing “positive frictions” to ensure user familiarity with crypto trading.

The launch of OANDA Crypto in the UK represents a blend of optimism and caution. 

It reflects the potential for compliant crypto businesses to thrive while highlighting the ongoing need for regulatory clarity and a balanced approach to fostering innovation without imposing undue barriers. 

As the UK government and regulatory bodies continue to refine their stance on cryptocurrencies, the industry watches closely, hoping for a strategic framework that positions the UK as a competitive player in the global crypto landscape.

UK Government Empowers Law Enforcement to Freeze Crypto Assets in Crime

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The UK government has recently taken a significant step towards strengthening its legal framework against the misuse of cryptocurrencies in criminal activities.

In a statutory instrument issued on February 29, it was announced that from the end of April, UK law enforcement will have the authority to freeze crypto assets tied to criminal acts without the necessity of a prior conviction.

This development is a part of the amendments to the Economic Crime and Corporate Transparency Act 2023, which grants the National Crime Agency expanded powers to confiscate and seize cryptocurrencies linked to illegal activities, bypassing lengthy legal processes.

The documentation further clarifies that this will enable the authorities to directly access cryptocurrencies held in exchanges and by custodian wallet providers.

An additional measure included in the amendment is the authority to eliminate crypto assets if deemed necessary.

Although the method for this was not specified, the common practice involves “burning” the crypto tokens by transferring them to a wallet from which they cannot be retrieved, effectively removing them from circulation.

This new law is scheduled to be enforced starting April 26.

READ MORE: Eight State Attorneys General Challenge SEC’s Authority in Kraken Lawsuit

The legislation, reported by Cointelegraph in September 2022, is designed to enhance the capability of UK authorities in combating crypto-related crimes, including cybercrime, scams, and drug trafficking.

It includes a provision for the recovery of crypto assets linked to criminal activities without the prerequisite of an arrest, addressing the challenge of perpetrators evading conviction by staying abroad.

Despite these advancements, concerns have been raised by a British national, a victim of crypto fraud who lost around $46,000, about the UK’s preparedness in dealing with cryptocurrency crimes, criticizing the agency’s response to his case.

In addition to these measures, the UK government is planning to introduce new regulations on stablecoins and crypto staking within the next six months.

At a Coinbase-hosted crypto event in London on February 19, Economic Secretary to the Treasury Bim Afolami expressed the government’s commitment to finalizing these regulations before the next election, slated for no later than January 28, 2025.

Afolami emphasized the urgency of these regulatory efforts, stating, “We’re very clear that we want to get these things done as soon as possible. And I think over the next six months, those things are doable.”

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Why an Integrated Crypto Marketing Strategy is Important

An integrated crypto market strategy is a comprehensive approach to trading and investing in cryptocurrencies, leveraging a blend of technical analysis, fundamental analysis, risk management, and diversification to optimize returns while mitigating risks.

This strategy acknowledges the volatile and unpredictable nature of the crypto market, incorporating various tools and methodologies to navigate its complexities effectively. Below, we explore the key components of an integrated crypto market strategy, highlighting how each contributes to a holistic trading and investment approach.

Understanding the Market Dynamics

The foundation of any successful crypto market strategy lies in a thorough understanding of the market dynamics. Cryptocurrencies are influenced by a wide array of factors, including technological developments, regulatory changes, market sentiment, and macroeconomic trends. An integrated strategy begins with keeping abreast of these factors through continuous research and analysis.

Fundamental analysis involves evaluating the underlying technology, use case, and team behind each cryptocurrency to assess its long-term viability. Meanwhile, technical analysis focuses on price movements and trading volumes to identify potential buying or selling opportunities.

Diversification

Diversification is a critical component of minimizing risk in the volatile crypto market. By spreading investments across different cryptocurrencies, sectors, and even asset classes, investors can reduce the impact of a poor performance in any single investment. An integrated strategy might include a mix of established cryptocurrencies like Bitcoin and Ethereum, along with smaller altcoins and tokens from emerging sectors such as decentralized finance (DeFi) and non-fungible tokens (NFTs). Diversification extends beyond cryptocurrencies, incorporating other assets like stocks, bonds, and commodities to further hedge against crypto market volatility.

Risk Management

Effective risk management is paramount in the crypto market. An integrated strategy employs various techniques to manage exposure and protect capital. Setting stop-loss orders, for example, can limit potential losses on individual trades. Position sizing is another crucial aspect, ensuring that no single trade can significantly impact the overall portfolio. Additionally, an integrated approach might use dollar-cost averaging to mitigate the effects of volatility, investing a fixed amount at regular intervals regardless of the asset’s price.

Staying Informed and Adaptable

The fast-paced nature of the crypto market requires investors to stay informed and adaptable. An integrated strategy emphasizes the importance of continuous learning and the willingness to adjust tactics in response to new information or market developments. This might involve reallocating assets as market conditions change, taking profits in response to short-term price spikes, or revising the investment thesis based on emerging trends.

Leveraging Technology

Technology plays a vital role in executing an integrated crypto market strategy. Automated trading bots, for example, can execute trades based on predefined criteria, enabling investors to take advantage of opportunities around the clock without constant market monitoring. Portfolio management tools help track performance across multiple exchanges and wallets, providing a comprehensive view of investments. Additionally, blockchain analytics platforms offer insights into on-chain data, helping investors make informed decisions based on actual network activity.

Press Releases

Submitting press releases in top-tier crypto sites, like Cointelegraph and Coindesk, is a key way to raise awareness and help a crypto project achieve its marketing objectives.

PRs can often lead to a wave of media coverage and heightened interest.

FTX Sets Lower Claim Window Prices for Crypto Assets, Sparking Investor Concern

FTX, the cryptocurrency exchange embroiled in bankruptcy proceedings, has initiated a claim window for affected crypto asset holders, offering payouts at rates considerably lower than the prevailing market values.

According to Wu Blockchain, the valuations set by FTX for major cryptocurrencies like Bitcoin (BTC), Ether (ETH), Solana (SOL), and Binance Coin (BNB) are markedly below their current market rates.

Specifically, BTC is priced at $16,871, ETH at $1,258, SOL at $16.24, and BNB at $286, in stark contrast to their market prices of $62,144, $3,424.62, $129.96, and $411.32, respectively.

This significant disparity in pricing has sparked outrage and concern among cryptocurrency investors, leading many to question FTX’s transparency and fairness.

The discontent has been palpable on social media platforms, where users are vocally demanding accountability from the exchange.

In response to the mounting criticism, PricewaterhouseCoopers (PwC) released a statement explaining the ongoing Chapter 11 bankruptcy proceedings involving FTX Digital Markets and its associated debtors.

The objective is to consolidate assets for a more streamlined settlement process.

PwC has announced a deadline of May 15, 2024, for creditors to file their claims through a dedicated portal, with the first interim distribution anticipated for late 2024 or early 2025. All claims are to be calculated in U.S. dollars.

Adding to the complexities, FTX has issued warnings about unauthorized third parties making bids on behalf of certain FTX debtors.

READ MORE: Bitcoin Trader Recovers $13,000 Mistaken NFT Purchase Thanks to Seller’s Generosity

This has led to a clarification regarding the sale of digital assets, which, as per a bankruptcy court order, is to be managed exclusively by Galaxy Asset Management.

FTX emphasizes that only Galaxy is authorized to oversee any transactions related to the bankruptcy proceedings, urging institutional buyers and regulatory-compliant entities to adhere strictly to this directive.

Moreover, FTX has received court approval to liquidate its over $1 billion investment in Anthropic, an artificial intelligence company, highlighting the extensive measures being taken to address the financial turmoil and fulfill creditor claims.

This development underscores the ongoing efforts to navigate the fallout from FTX’s bankruptcy and the intricate process of asset liquidation and creditor compensation.

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US Energy Officials Reach Agreement with Texas Blockchain Council and Riot Platforms

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U.S. energy officials have come to terms with the Texas Blockchain Council (TBC) and Riot Platforms, a Bitcoin mining company, to halt its proposed emergency survey targeting cryptocurrency miners nationwide.

In a filing dated March 2, it was disclosed that the U.S. Department of Energy, along with the Energy Information Administration (EIA) and the Office of Management and Budget (OMB), has reached an agreement with TBC and Riot to discontinue the collection of information from crypto miners for the proposed three-year emergency survey filed under the “EIA-862 Emergency Collection Request.”

The agreement stipulates that all previously gathered information from crypto miners, which was deemed intrusive by TBC and Riot, will be deleted, and any future data collected will also be discarded.

The settlement effectively terminates the temporary restraining order, which was initially slated to remain in effect until March 8.

Earlier, on Feb. 23, it was reported that the court had temporarily halted the U.S. energy regulators from gathering data while the lawsuit was ongoing.

READ MORE: Bullish Bitcoin Signals Point to Potential $180,000 Price Surge, Analysts Say

This decision followed arguments from TBC and Riot, convincing the judge that irreversible harm would occur without ceasing further data collection.

The plaintiffs contended that the survey could result in non-recoverable compliance costs, a credible threat of prosecution for non-compliance, and the disclosure of proprietary information.

While the EIA estimated that the survey would take approximately 30 minutes to complete, the court deemed this estimation “extremely inaccurate.”

TBC and Riot challenged this estimate, claiming that the compliance cost had already exceeded 40 hours.

However, both parties have consented to allowing the EIA to issue a new notice soliciting public feedback for a period of two months regarding the information it is permitted to collect.

“Defendants agree that EIA will allow for submission of comments for 60 days, beginning on the date of publication of the New Federal Register Notice,” the filing stated.

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Felix Reeves News – How This Crypto Trader Made His Fortune

Felix Reeves quit his job to trade crypto full-time back in 2018, and he has since been in the news on several occasions.

Felix Reeves began his foray into the world of cryptocurrency from a modest background, armed with nothing but a keen analytical mind and a voracious appetite for learning. Initially, Reeves worked in traditional finance, where he honed his skills in market analysis and investment strategy. However, disillusioned by the limitations and inefficiencies of traditional banking systems, he sought a realm where innovation was not just encouraged but was the cornerstone of its very existence.

The early days of cryptocurrency provided just the kind of revolutionary landscape Reeves was searching for. He was captivated by the potential of blockchain technology to democratize finance, ensuring security, transparency, and accessibility. With a small amount of savings, Reeves embarked on his crypto trading journey during the infancy of Bitcoin, navigating the uncharted waters with a blend of intuition and meticulous research.

Trading Philosophy and Strategy

Felix Reeves’s trading philosophy is deeply rooted in a balanced approach to risk and opportunity. He views the crypto market not as a gamble but as a chess game, where strategic moves, patience, and foresight dictate success. Reeves is known for his disciplined investment strategy, which emphasizes diversification, long-term holding, and the leveraging of technology for market analysis.

READ: Scotty Kilmer News – When Did He Buy Bitcoin?

One of the hallmarks of Reeves’s approach is his adept use of technical analysis combined with a keen sense of market sentiment. He developed a proprietary trading algorithm that analyzes historical price data and social media trends to predict market movements. This tool has been instrumental in his ability to time the market, identifying entry and exit points that maximize gains while minimizing losses.

Impact and Contributions

Felix Reeves has made significant contributions to the crypto community, both through his trading successes and his efforts to educate others. He runs a popular blog and YouTube channel where he shares insights into his trading strategies, market analysis, and predictions on future trends. His transparency and willingness to share knowledge have earned him a loyal following and have helped demystify cryptocurrency trading for many newcomers.

Reeves is also an advocate for the ethical and responsible use of cryptocurrency. He has spoken out against scams and schemes that prey on uninformed investors and has worked to promote security and fraud awareness within the community. Furthermore, he has been involved in various initiatives aimed at leveraging blockchain technology for social good, including projects focused on financial inclusion and charitable giving.

Challenges and Controversies

The journey of Felix Reeves has not been without its challenges and controversies. His outspoken views on certain cryptocurrencies and projects have sometimes drawn criticism and debate within the community. Moreover, the inherent volatility of the crypto market has tested his resolve and strategies, leading to moments of significant loss as well as gain.

Reeves’s experiences with regulatory scrutiny highlight the ongoing tension between the burgeoning crypto industry and traditional financial institutions. His advocacy for a more open and regulated crypto market has put him at odds with both crypto purists who favor total decentralization and regulators wary of the technology’s potential for misuse.

Legacy and Future

Felix Reeves’s legacy in the world of cryptocurrency is one of innovation, resilience, and a relentless pursuit of a more equitable financial system. As the crypto market continues to evolve, his story serves as a reminder of the potential for individual traders to not just succeed financially but to contribute to the broader societal understanding and acceptance of cryptocurrency.

Looking to the future, Reeves remains committed to exploring the frontiers of blockchain technology. He is particularly interested in the development of decentralized finance (DeFi) platforms and the potential for cryptocurrencies to integrate with emerging technologies such as artificial intelligence and the Internet of Things (IoT).

FTX Issues Caution on Investment Manager as Bankruptcy Settlement Advances

FTX, the bankrupt exchange striving to settle its obligations to creditors following its 2022 collapse, has issued a cautionary note regarding its authorized investment manager as it proceeds with asset sales.

In a post dated March 1, FTX clarified that the sale of digital assets mandated by the bankruptcy court is exclusively overseen by Galaxy Asset Management, the authorized investment manager.

The exchange warned of unauthorized third parties attempting to solicit bids on behalf of FTX Debtors.

Moreover, FTX emphasized that any sale of locked digital assets would adhere to the existing terms and conditions governing the unlocking schedule.

The exchange has been actively engaged in restructuring efforts and repaying creditors, having recovered assets amounting to $7 billion for this purpose.

READ MORE: Chainalysis Report Reveals Surge in Darknet Market Revenue Amidst Crypto Crime Landscape

Approval was granted by the United States Bankruptcy Court for the District of Delaware during a hearing on Feb. 22 for the sale of FTX’s stake in Anthropic, an artificial intelligence (AI) firm, valued at over $1 billion.

This decision followed a motion filed by FTX seeking authorization to sell its 7.84% stake in Anthropic, an investment made in April 2022 prior to its bankruptcy filing in November of the same year.

In December 2023, FTX proposed reimbursing claimants based on crypto asset prices at the time of bankruptcy.

While creditors advocated for “in kind” repayments for crypto holdings, Judge John Dorsey ruled in favor of the debtors in a Jan. 31 verdict, citing clarity in the law.

Former FTX CEO Sam Bankman-Fried was convicted on seven charges including wire fraud, securities fraud, and money laundering conspiracy in a criminal trial on Nov. 3, 2023.

His sentencing, scheduled for March 28, carries a maximum penalty of 110 years in prison.

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