Chainlink is playing an advanced role in Hong Kong’s push for cross-border payment functionality for its central bank digital currency (CBDC) experiments. Leaning on Chainlink’s infrastructure, participants in the pilot will attempt to move tokenized funds between Australia and Hong Kong. Chainlink Facilitates Cross-Border Digital Currency Exchange Chainlink’s Cross-Chain Interoperability Protocol (CCIP) has been tapped
Even after FTX collapse, the exchange isn’t stepping out of the spotlight. In the latest FTX News update, the bankrupt crypto exchange has launched a legal offensive to recover assets in a fresh effort to speed up FTX repayments.
According to a new press release on PR Newswire, FTX has filed lawsuits against NFT Stars Limited and KUROSEMI INC., the company behind Delysium. FTX claims these firms failed to deliver specific tokens that rightfully belong to its estate, even after multiple reminders and negotiation attempts.
With out-of-court talks failing, FTX is now seeking court orders to force the return of the disputed assets.
More Lawsuits on the Horizon
The legal push may just be getting started. FTX has warned that more lawsuits are coming, targeting other token and coin issuers who are allegedly holding onto assets. The exchange is actively reaching out, but if companies fail to cooperate, they can expect swift legal action.
The message is loud and clear: hand over the assets or prepare for a courtroom battle.
On the other side, Crypto analyst Eva Lenoir throws shade at FTX’s legal move, sarcastically calling it a “sheriff” act. She questions where this energy was when Sam Bankman-Fried was mishandling users’ funds, suggesting the lawsuits against NFT Stars and Delysium come far too late to matter.
Moreover, she also believes that the real losers are small investors who’ll bear the cost. She contrasts the chaos with Bitcoin, calling it strong, unshaken, and still shining.
Why FTX Is Ramping Up the Pressure
The FTX legal team emphasized that every asset recovery counts. Returning these tokens could significantly boost the funds available for FTX repayments to creditors who are still awaiting compensation after the exchange’s catastrophic collapse.
While FTX says it prefers to resolve matters amicably, it has made it clear it will not hesitate to pursue aggressive legal remedies if needed.
In its mission to maximize FTX repayments, the collapsed exchange is taking no prisoners. Lawsuits are now firmly on the table, and more companies could soon find themselves in FTX’s crosshairs.
FAQ
What happened to FTX?
FTX collapsed in November 2022 after it was revealed that the company misused customer funds and faced a massive liquidity crisis. This led to bankruptcy, legal investigations, and major losses for users and investors.
How are FTX lawsuits connected to FTX repayment efforts?
FTX lawsuits aim to recover missing crypto assets from companies and individuals. These recovered assets will directly contribute to increasing the FTX repayment pool for creditors.
What caused the FTX collapse?
The FTX collapse was caused by alleged fraudulent practices, poor financial management, and misuse of customer deposits. When these issues came to light, users rushed to withdraw funds, exposing the company’s insolvency.
Why is FTX suing companies like NFT Stars and Delysium?
FTX claims that these companies failed to deliver tokens that were supposed to be transferred to its estate. After unsuccessful attempts to settle the matter outside of court, FTX is now pursuing legal action to recover these assets.
The post FTX News: Lawsuits Filed to Recover Assets and Boost FTX Repayment appeared first on Coinpedia Fintech News
Even after FTX collapse, the exchange isn’t stepping out of the spotlight. In the latest FTX News update, the bankrupt crypto exchange has launched a legal offensive to recover assets in a fresh effort to speed up FTX repayments. According to a new press release on PR Newswire, FTX has filed lawsuits against NFT Stars …
The crypto market did not fare too well over the last seven days, with most of the altcoins noting a decline. However, heading into the second half of June, certain external developments could trigger a recovery in altcoins’ prices.
BeInCrypto has analyzed three such altcoins for investors to watch in the coming days and the direction in which they are heading.
Immutable (IMX)
Immutable X staking is set to transition to Immutable zkEVM this week, marking a significant milestone for the network and its users. This move is expected to bring bullish momentum to the platform, potentially influencing the price of the native token IMX in the coming days.
IMX has experienced an 8.7% decline over the past week, with the current price at $0.47. The altcoin is struggling to hold support at $0.46. However, if it successfully secures this level, IMX could target the next resistance at $0.49, with potential gains extending toward $0.53.
The Parabolic SAR is currently above the candlesticks, indicating a growing bearish trend. If this pattern holds, IMX’s price may continue to slide. A drop below the $0.44 support would signal further weakness, invalidating the bullish outlook and increasing the risk of additional losses for investors.
Reserve Protocol (RSR)
RSR is set to undergo its second-ever burn on June 20, following the successful 1.28 million RSR burn on May 21. This event is expected to play a key role in shaping the altcoin’s price action, potentially providing a catalyst for a new wave of investor interest and price movement.
The last RSR burn led to a notable 13.7% price surge. A similar short-term bullish scenario could unfold after the upcoming burn, particularly with the MACD indicator signaling a bullish crossover. If this momentum continues, RSR could target $0.0073, with the next resistance point at $0.0081, drawing further investor attention.
However, if broader market sentiment turns bearish, RSR might struggle to maintain support levels. A break below $0.0064 or $0.0059 would indicate significant weakness and invalidate the current bullish outlook. In this scenario, the altcoin could face a prolonged decline, making careful monitoring of market cues essential for traders.
THORChain (RUNE)
RUNE price has decreased by 5% over the past week, trading at $1.54, just below the $1.57 resistance level. This comes ahead of the V3.7.0 upgrade scheduled for THORChain later this week, which is expected to bring substantial improvements to the network, potentially impacting RUNE’s price.
The upcoming V3.7.0 upgrade introduces a range of changes to the THORChain network, which could lead to a surge in RUNE’s price. The Ichimoku Cloud also suggests a bullish momentum for the altcoin. If RUNE manages to reclaim $1.57 as support, it could drive the price towards $1.67, attracting further investment.
However, if broader market conditions turn bearish, RUNE might face a downward correction. A drop below $1.50 could signal further weakness, with $1.39 acting as the next support level. A break below this level would invalidate the bullish outlook, likely extending losses for investors.
After the XRP lawsuit update today, XRP lawyer Fred Rispoli predicts that both Ripple and the SEC will ultimately drop their appeals and settle the case with a reduced penalty. Judge Torres Rejects Joint Motion in XRP Lawsuit Judge Analisa Torres has denied a joint motion filed by both the U.S. Securities and Exchange Commission
