{"id":182933,"date":"2023-10-28T20:57:55","date_gmt":"2023-10-28T15:27:55","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=182933"},"modified":"2023-10-28T20:57:55","modified_gmt":"2023-10-28T15:27:55","slug":"blockfi-emerges-from-bankruptcy-worldcoin-halts-usdc-payments-and-more-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/blockfi-emerges-from-bankruptcy-worldcoin-halts-usdc-payments-and-more-crypto-news\/","title":{"rendered":"BlockFi emerges from bankruptcy, Worldcoin halts USDC payments and more – Crypto News"},"content":{"rendered":"
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Crypto lender BlockFi announced its emergence from insolvency this week, just a few days after FTX announced that it successfully reclaimed approximately $7 billion in assets<\/a>. FTX debtors, comprising FTX and affiliates, estimate that $8.7 billion has been misappropriated from customers. BlockFi has lent FTX more than $650 million, making it one of the exchange\u2019s largest creditors, which means its customers\u2019 repayment success is tied to FTX\u2019s ability to recover its assets.<\/p>\n

FTX\u2019s new management is also carefully considering its future options<\/a>, including selling the entire exchange \u2014 which includes its extensive customer base of over nine million \u2014 or partnering with another entity to revive the exchange. The possibility of an independent comeback is also on the table. <\/p>\n

BlockFi, on the other hand, has no option but to wind down operations, according to its court filings.<\/p>\n

This week\u2019s Crypto Biz looks at BlockFi\u2019s emergence from bankruptcy, BlackRock\u2019s spot Bitcoin exchange-traded fund (ETF) developments, and changes in Worldcoin\u2019s payment scheme.<\/p>\n

There\u2019s finally a light at the end of the tunnel for creditors of some of the bankrupted companies from 2022\u2019s crypto bear market. Roughly a year after filing for bankruptcy, companies such as FTX and BlockFi have started to return their customers\u2019 funds.<\/p>\n

BlackRock\u2019s spot Bitcoin ETF now listed on Nasdaq trade clearing firm \u2014 Bloomberg analyst<\/h3>\n

The iShares spot Bitcoin ETF proposed by investment firm BlackRock has been listed on the Depository Trust & Clearing Corporation (DTCC)<\/a>, suggesting potential approval by the United States Securities and Exchange Commission. In an Oct. 23 X (formerly Twitter) thread, Bloomberg ETF analyst Eric Balchunas said the DTCC listing was \u201call part of the process\u201d of bringing a crypto ETF to market. \u201cThis is [the] first spot ETF listed on DTCC, none of the others on there (yet),\u201d said Balchunas. Balchunas speculated that BlackRock may have already received the green light for listing the ETF from the SEC or was \u201cprepping everything assuming so.\u201d Based on the date of BlackRock\u2019s application, the SEC has until Jan. 10, 2024, to reach a final decision on approval or denial of the ETF.<\/p>\n

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The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC<\/a>. Again all part of the process of bringing ETF to market.. h\/t @martypartymusic<\/a> pic.twitter.com\/8PQP3h2yW0<\/a><\/p>\n

\u2014 Eric Balchunas (@EricBalchunas) October 23, 2023<\/a><\/p><\/blockquote>\n

BlockFi emerges from bankruptcy and opens wallet withdrawals<\/h3>\n

Crypto lending platform BlockFi has emerged from bankruptcy and is ready to pay back<\/a> some of its creditors, according to a blog post on Oct. 24. Withdrawals \u201care currently available to nearly all Wallet customers,\u201d the post stated, adding that BlockFi Interest Account and Loan customers will be able to withdraw some assets in early 2024. BlockFi\u2019s emergence from bankruptcy means it can now attempt to recover assets from other firms it believes owe it money. This includes bankrupt crypto platforms such as Three Arrows Capital and FTX. The total amount of distributed funds will depend on BlockFi\u2019s success in FTX bankruptcy litigation, among other factors.<\/p>\n

Ledger hardware wallet rolls out cloud-based private key recovery tool<\/h3>\n

Hardware wallet firm Ledger is rolling out<\/a> its cloud-based private key recovery solution despite facing significant criticism from the crypto community. Provided by blockchain protection platform Coincover, the solution is a paid subscription service allowing users to back up their secret recovery phrase. The rollout comes months after Ledger paused the recovery service in May 2023 in response to community backlash. Ledger CEO Pascal Gauthier subsequently said that the firm would launch the product only after its open-source code was released. The code for the Ledger Recover is now available on GitHub.<\/p>\n

Worldcoin to cease paying Orb operators in USDC as early as November<\/h3>\n

Worldcoin is set to begin paying its Orb Operators<\/a> \u2014 those rewarded for scanning people\u2019s eyes \u2014 with its native Worldcoin (WLD) token, phasing out USD Coin (USDC) as early as next month. The change will affect most jurisdictions. Worldcoin said the move to pay orb operators entirely in WLD was part of a \u201ctransitional phase\u201d following the official launch of the project on July 24. Data from Worldcoin\u2019s official Dune Analytics dashboard shows that the supply of the WLD token has grown from approximately 100 million at the time of launch to around 134 million as of this week.<\/p>\n

Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Crypto lender BlockFi announced its emergence from insolvency this week, just a few days after FTX announced that it successfully reclaimed approximately $7 billion in assets. FTX debtors, comprising FTX and affiliates, estimate that $8.7 billion has been misappropriated from customers. BlockFi has lent FTX more than $650 million, making it one of the exchange\u2019s […]<\/p>\n","protected":false},"author":2,"featured_media":182934,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-182933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/182933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=182933"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/182933\/revisions"}],"predecessor-version":[{"id":182936,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/182933\/revisions\/182936"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/182934"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=182933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=182933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=182933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}