The FTX estate is preparing to auction 22.3 million locked Worldcoin tokens, valued at approximately $37.7 million, at a significant discount. This sale is part of the estate's ongoing efforts to recover funds for creditors. Bids must be submitted by 8 p.m. ET on Wednesday, with discounts between 40% to 75% off the current market price of $1.69 per WLD token. Notifications on accepted bids will be sent by Thursday.
These tokens will unlock daily through 2028, with specific allocations planned. Earlier this week, Figure Markets CEO Mike Cagney discussed the auction and the potential for a fund to participate, similar to involvement in the discounted Solana (SOL) holdings sale earlier this year. The FTX estate currently holds $594 million in crypto assets, including $541 million in illiquid FTT tokens.
In another development, crypto asset manager Bitwise has filed a registration statement with the SEC for a spot XRP exchange-traded fund. The firm's objective is to provide exposure to the value of XRP held by the trust, minus expenses. BNY will administer the trust, while Coinbase Custody Trust Company will act as custodian.
Bitwise asserts that XRP is a decentralized digital asset and not a security, countering the SEC's previous stance. The SEC has yet to approve any spot XRP ETFs, and ongoing legal battles with Ripple complicate the situation further. If courts classify XRP as a security, the ETF may face liquidation under investment regulations.
In a significant operation, Australian Federal Police seized $6.4 million in cryptocurrency linked to organized crime as part of 'Operation Kraken.' The assets were deciphered from seed phrases found on hardware wallets associated with the suspect, who allegedly used the encrypted messaging platform Ghost for illegal activities.
During a recent conference, Tushar Jain discussed the crypto venture capital market's struggles post-pandemic, citing overvalued assets and stagnant prices. Despite the challenges, Jain remains optimistic about the industry's core principles.
Crypto trader Ansem reflected on the misalignment of incentives in celebrity memecoins, acknowledging past mistakes but expressing belief in the potential for future trends beyond memecoins.
In the next 24 hours, Eurozone PPI figures will be released at 5 a.m. ET, followed by U.S. jobless claims data at 8:30 a.m. U.S. FOMC member Raphael Bostic will speak at 10:40 a.m.
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