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Today in Crypto: FTX-owned Liquid to Start Refunding Customers in February, The Bahamas SEC Holds $3.5M of FTX Assets

Sead Fadilpašić
Last updated: | 2 min read
Source: AdobeStock / Syda Productions

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Exchange news

  • Liquid, a Japan-based crypto exchange owned by the now-bankrupt FTX exchange, released a plan to return assets to customers from February next year. Per the company statement, FTX Japan is developing systems to enable its customers to withdraw their assets via Liquid Japan. It will include a three-step process that will see customers open Liquid Japan accounts by mid-January, followed by balance checks, and the opening of withdrawals in mid-February.

Legal news

  • The Securities Commission of The Bahamas confirmed it holds $3.5 billion worth of FTX’s assets, which it had taken possession of in early November. The regulator said that assets would remain in its digital wallets until the Bahamas Supreme Court directs them to distribute the funds to the failed exchange’s customers and creditors, or until they receive clarity about how the firm’s insolvency is to be handled.

DeFi news

  • COTI Network, the layer-1 blockchain behind Cardano (ADA)’s upcoming Djed stablecoin, announced that it updated its network. “MultiDAG 2.0 hard fork event was successfully completed and the Mainnet is now live,” said the press release. The launch of the MultiDAG 2.0 protocol, it added, “heralds the full transition of COTI from a single currency infrastructure to a multi-token network.” COTI also launched the Bridge 2.0 wallet app and Explorer 2.0.
  • US-based tech company SafeMoon announced the release of the SafeMoon Token Monetization Innovation (TMI), a patent-pending invention that operates as follows: the exchange fees are charged upfront in the chain native token, freeing the entire swapped amount to be exchanged while preserving the liquidity pool; and the system adopts novel smart contracts in interacting with token liquidity pairings within the SafeMoon decentralized exchange (DEX) community in order to accomplish pre-transactional transparency, it said.

Investment news

  • Corp., a publicly-traded company that invests in Web3 assets and builds businesses linked to crypto staking, the metaverse, and play-to-earn gaming, released its financial results for the nine months fiscal year ended September 30. It reported a year-end cash balance of $5.8 million and digital assets – cryptocurrency balance of $7.3 million, for a total of $13.1 million; total assets of $20 million; and total revenue for the nine months of $678,000, among other points.

Community news

  • Tether, the company behind the USDT stablecoin, and the Swiss city of Lugano announced that the second annual Plan ₿ forum will be held on Friday, October 20 through Saturday, October 21, 2023. The first wave of tickets is on sale at a discounted rate that runs until January 31, or until they sell out. The first Plan ₿ forum attracted nearly 2,000 attendees, said the press release. Additionally, 20,000 CHF worth of transactions were processed in Lugano, including over 1,000 transactions over Bitcoin Lightning Network, close to 130 USDT transactions, and 200 LVGA transactions.

Career news

  • Bitcoin mining company Bitfarms promoted President and Chief Operating Officer Geoffrey Morphy to the position of President and Chief Executive Officer effective immediately, said the press release. Emiliano Grodzki has resigned as CEO and will remain a Director on the Board, while co-founder Nicolas Bonta will shift from the position of Executive Chairman to the role of Chairman of the Board of Directors.